Welcome to the UK Window Cleaning Forums

Starting or own a window cleaning business? We're a network of window cleaners sharing advice, tips & experience. Rounds for sale & more. Join us today!

When is best time to register your business

Panorama window cleaning

Active member
Messages
170
Location
Surbiton
Hey chaps,

Me again with annoying questions [emoji33] .

I was just wondering what the best time of year to register your business is. I've heard horrible stories of some people registering a month before tax return time and then having to pay an estimated tax amount and then further tax on top of that which they just couldn't afford.

Im in the position where I'm just about to start taking on my first jobs so id ideally want to register the business and be able to open a business bank account before i start officially working.

Do any of you have any advice as to when is best time to register your business and when to send off first tax return as to not be caught off guard financially

Thank you and sorry if its a bit vague...i just can't seem to get the info i need on the HMRC site

Sent using the Window Cleaning Forums mobile app

 
One thing that you don't need to do is open a business account. Use a personal account to pay you money into. HMRC look at all accounts with Your name on (if they wish to) have all cheque paying customers have it written to your name. A business account will only cost money after the first free period. They will charge for deposits writing cheques etc so unless you are looking to get a business loan then really no need. This is speaking as an ex bank staff member with 12 years experience experience (not all good u must say lol) also for correct advice should speak to an accountant, they will give you it straight might cost a fee quid but a good one will save you more than his fee!!

Sent using the Window Cleaning Forums mobile app

 
Not sure it makes any difference to be honest. If you start now, you'll have to do a tax return for this tax year (up to April 5th) and put your earnings from now to 5th April as self employed in it. You'll need to submit it by 31st Jan 18 and any tax you owe will need to be paid by then so there's plenty of time. If you started after 5th April then you wouldn't have to do a return until next April - jan and pay any tax you owe by jan 2019 Theres about 10 grand tax free allowance also so if your profits this year are less than that then you won't be paying any tax anyway. There's £145 a year class 2 nics though. But you need to register as self employed within 6 months or they might fine you. Probably know some of this anyway but hope it helps

 
Thanks guys, it is very helpful indeed.i actually had a long chat with a mate this morning who is a freelance sound engineer, registered as a sole trader and he gave me tons of good tips and advice..including not worrying about business bank accounts etc [emoji106] so yeah i feel a bit more up to speed now...just couldnt quite seem to find the answers i was looking for on google or the HMRC website. Have a good weekend chaps

Sent using the Window Cleaning Forums mobile app

 
Best time would have been April 6th then you wouldn't have had to mess about for the sake of a couple of months for this year's tax return. That said it might be a good thing to submit a return this year so you get used to the system and learn how to do your books so then next year yiu have a head start.

Whilst you don't need a business account i chose to get one just because it made me feel a bit more professional. When getting. When getting cheques they can be put on your business name just a nice touch lol but you don't need one unless your bank pulls you up on it.

 
Best time would have been April 6th then you wouldn't have had to mess about for the sake of a couple of months for this year's tax return. That said it might be a good thing to submit a return this year so you get used to the system and learn how to do your books so then next year yiu have a head start.
Whilst you don't need a business account i chose to get one just because it made me feel a bit more professional. When getting. When getting cheques they can be put on your business name just a nice touch lol but you don't need one unless your bank pulls you up on it.
I haven't registered yet adam so thinking maybe after 6 april.

Yeah I'm keen to get a business account too

Cheers

Sent using the Window Cleaning Forums mobile app

 
Back
Top