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Financials
Where to get support
Good financials underpin every business. This page is to signpost shop-owners to the necessary portals for basic tax and accounts procedures.
Financials: Services
Financials
We would always recommend you get an accounts advisor, if possible local so you can have face to face meetings if necessary.
Opening a business bank account is advisable to keep your business accounts separate to your personal finances. Some banks link transactions to your accountancy apps.
There are alot of new book-keeping apps available nowadays, Sage, Xero, Quickbooks, Expensify....its worth doing your research to get the right one for you. These will save alot of time at year-end when your accounts are due.
Card Machines - payment machines can be through a contract or without and can be fixed line or via wifi...hint: avoid signing up for long contracts.
Local funding from East Suffolk Council for Covid 19 and start up business funding can be found here. Along with  updates about the proposed Heritage Action Zone.
If you are self employed or a sole trader or a partnership you will need to register and pay tax under the self assessment scheme. You can do this online yourself. You may not need an accountant for this but you will need to keep records of all your transactions and receipts.
If your turnover is over £85,000 for the year you will need to be VAT registered and pay VAT at 20% on sales. You can claim this back on goods purchased.
If you register your business as a Ltd.Co. your business will need to pay corporation tax before you can take profits from your company.
If you employ staff via the PAYE scheme you will have to pay Employers' PAYE tax and NIC contributions. Click below for information about how to set this up.
If you are self employed you may wish to pay into your own pension or if you employ staff you may need to offer them a pension.
Financials: Testimonials
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