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Free Resources for the Self Employed

08 - 07 - 2016

Going Self Employed? Here are some free resources to help with your business:

Becoming Self employed can be a daunting issue. Transitioning from your usual working hours to being your own boss, registering your company, contacting HMRC, advertising, making sure you have enough money in the bank to pay the tax man - there are plenty of tasks that you may not have even thought about yet! 

Foremans LLP are here to support all Start-Up Businesses and help with the start up of your company. We can register your company for you, we contact HMRC, we do your self assessment for you, we help you with paying yourself a salary and we make sure you have money in the bank when the taxman comes knocking! Not to mention all the other services involved so you can get on with doing what you do best! 

Not sure where to start? How about a free illustration? In fact all of our initial advice is completely free! Here are some more free resources you can use to help you with your new business –

Social Media 

Joining social media is usually completely free, such as setting up a business page on Facebook, Twitter, Instagram, Pinterest, and LinkedIn - there are loads! It's a great way of getting your brand noticed. You can also use websites such as Hootsuite to schedule your social media posts too! 

Blogs 

Reading blogs can be a great way of learning how other people grow their brand or how other successful business owners work. You can find so much information by reading blogs, including things like industry trends. By writing your own blog you can help gain brand awareness and other business owners can learn off you! 

Mail Chimp

Mail Chimp is a great way of designing and sending free email campaigns to potential and existing customers; Mail Chimp has great templates for different industries and is really easy to use! 

Google Drive

Great for accessing your work everywhere and saving files which aren’t on your computer so you have a back up if anything were to happen! You can also make spreadsheets, presentations to help you organise your work or to take to prospective customers! 

Free Business Banking

Many banks will offer free banking to business customers for an initial period. Foremans can also help with setting up your business bank account. Just give us a call!

Sometimes it can be hard to keep track of everything when you’re running your own business. This is where Foremans can help, saving you money in the long run. Foremans can do all the accountancy bits and pieces for you making your company more efficient, so you can concentrate on what you do best!

 

We offer free advice, so give us a call on 01244 625500 or just send us a message to see how we can help you become successful!

 

 

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Instant Information

Our tax calculator is speedy. It is designed to give you results as you enter valid data – on the spot, in front of your eyes! We update regularly to make sure it always reflects changes in tax law and practice.

01244 625 500

Fixed Data

Assumptions

General                                                                                                                              

• The user is over 21 and subject to tax in the UK
• The user wishes to minimise their tax liability
• The user is subject to national insurance i.e.he/she is not over retirement age
• Only current tax rates and limits are applied
• No tax mitigation payments are made e.g. pension contributions
• Only 3 digit letter 'L' tax codes shown in the drop down list can be entered 
• The user does not have a turnover greater than £100,000 where fewer reliefs and or higher taxes may apply

Expenses

• All miles claimed as expenses are for business use using a personally owned car or van
• All other expenses claimed are wholly, necessarily and where appropriate exclusively for the benefit of the business

Foremans LLP Charges

• Foremans fees associated with Limited Company, Sole Trader or Umbrella are as per published rates
• Foremans current Service Costs are allowed for in all calculations.

Holiday Pay

• Holiday pay is accumulated week by week by Umbrella or Agency employer but paid out during the year

VAT

• Limited Company or Sole Trader will be VAT registered
• Limited Company or Sole Trader will take advantage of Flat rate VAT
• Flat rate applied includes the benefit of the additional 1% applicable to the first year of VAT registration

Limited Company Conditions

• One director / one shareholder in a Personal Service Company
• Director of Personal Service Company elects to vote for 100% dividend after salary, costs and expenses
• Director's salary is maximum salary to the primary threshold for NI
• The Limited Company is trading normally i.e it is not subject to IR35 and is not a Managed Service Company

NOTES

• The Current tax rates are taken from the Fixed Data Table
• The current Value Added Tax Rate is 20% and is applied to all invoices and expenses as appropriate
• The Director's Salary is fixed in relation to National Insurance thresholds. Higher Rate Taxpayers should consider the advantages and disadvantages of a larger annual salary or bonus
• Higher Rate Taxpayers may wish to consider the advantages and disadvantages of shared ownership of their business
• Users with a tax code other than three digits and letter "L" may telephone or email our Development Department to request a detailed calculation
• Generally the use of an Umbrella rather than an Agency payroll is only efficient if sufficient weekly expenses are allowable and claimed
• The expenses claimed under an Umbrella should not prevent the proper operation of National Minimum Wage