Tax Implications
Owners of new small businesses need to register with the Inland Revenue within 3 months of starting up, or face a £100 fine. You will also need to notify the Inland Revenue if you employ staff. You can do this by calling the Employers Helpline on 08457 143 143. An adviser will ask you a few basic questions about your business; arrange for your payroll to be registered with the Inland Revenue and send you a New Employers Starter Pack containing all the instructions, tables and forms needed to get started. Once you are an established employer, the Employers Helpline will give help and advice on issues related to PAYE, NICs, tax credits and student loan deductions.
The Inland Revenue Website provides detailed information on the steps you as an employer need to take. It provides you with a planner - you will be able to see important events that you need to know each month. The planner lists what actions you need to take, what you can expect from the Inland Revenue, as well as advice about tax and National Insurance Contributions.
The Inland Revenue Business Support Team run courses for businesses who are taking on employees for the first time. The Events Diary will have details of forthcoming workshops. You may want to raise any issues you have through one-to-one advice sessions. General business courses, run through BRAVE and CSV, offer some guidance on tax.
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The Inland Revenue Website provides detailed information on the steps you as an employer need to take. It provides you with a planner - you will be able to see important events that you need to know each month. The planner lists what actions you need to take, what you can expect from the Inland Revenue, as well as advice about tax and National Insurance Contributions.
The Inland Revenue Business Support Team run courses for businesses who are taking on employees for the first time. The Events Diary will have details of forthcoming workshops. You may want to raise any issues you have through one-to-one advice sessions. General business courses, run through BRAVE and CSV, offer some guidance on tax.
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