edFirst.co.uk - Listed school supplier
We are Dorset based accountants, specialising in a variety of services from accounts reporting legislation to business planning.
01747 835 516
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FAQs

If you have any other questions, please contact us.

Please note that as rate bands and thresholds change we have not shown the amounts.

Grants and finance

Contact our office for details on Start-up grants and business plans.

What is the income tax year?

The income tax year is to the 5th of April each year.

How do I know if I have to fill out a tax return?

If you are self-employed, in a partnership, in receipt of income from land or property, or a director, or incur capital gains you will need to fill out a tax return.

Who pays what in National Insurance?

Employees pay a % of their earnings.
Employers pay a % on the employees Earnings (over a threshold)
Self-employed pay a set amount each week over a certain amount which rises if profits are over a set amount.

Men and women over retirement age might pay nothing but employers still have to pay a % on their earnings and children under 16 pay nothing.

What to do if I employ somebody?

Contact our office for details on the PAYE system. More frequent reporting to HMRC under the new Regulations April 2013.

How long do I have to keep my records?

The current requirement is 6 years.

Useful contact Details

HMRC www.hmrc.gov.uk
Start your own business www.syob.co.uk
Companies House www.companieshouse.gov.uk
Small business guide www.smallbusiness.co.uk

Some of our happy clients