If you own or rent commercial premises, it is likely you will need to register for and pay business rates. However, if you are running your business from home it is unlikely you will need to pay business rates. Business rates are a tax levied on business premises by the UK government and delivered by local authorities. They are charged annually on business properties including shops, factories, offices, warehouses, bars and more. On the positive side, once you’re VAT registered and have your VAT number you can purchase products from other businesses VAT free. If your business is likely to have more than the VAT threshold in annual sales, you will need to register for VAT.
For many a small business owner, every penny needs to be accounted for. Now, you’ve worked out your core operating costs you’re in a good position to start building a budget. Creating a budget … Read More