Tax, record-keeping, national insurance: just a few of the fear-inspiring words for small firms and business start-ups. What is it we have to do? Where can we get help?
Glasgow Caledonian University’s U-Hatch team, set up to help entrepreneurial students, and HMRC have formed a link to provide informative facts to help growing businesses.
It includes videos covering such items as a brief introduction to VAT, and what sort of records you are required to keep as a self-employed person.
For many self-employed, making sure adequate funds are set aside to pay tax can be daunting. HMRC has created a Ready Reckoner, which shows you roughly how much money you will need to meet your Income Tax and National Insurance bill.
Working within UHatch gives you the opportunity to access detailed knowledge, increase your network of contacts and receive support in a number of other areas.
Whatever your idea, whether you see yourself as the next Mark Zuckerberg or Michelle Mone, or perhaps you want to turn your hand at earning some money from making your own jam, UHatch can help you on your way.
And for the Ready Reckoner: http://www.hmrc.gov.uk/tools/sa-ready-reckoner/index.htm.