Navigating the maze of dealing with vital tax information is the subject of a free course next week for Warwickshire-based entrepreneurs planning to set up their own business.
Coventry and Warwickshire Reinvestment Trust (CWRT) has joined forces with CUBE Accounting in Rugby for the first time to run the workshop as part of its JumpStart project, which is part-funded by Warwickshire County Council, on Tuesday, February 9 from 11am-noon.
The JumpStart initiative provides support to people from the early stages of deciding whether to set-up their own company through to producing a business plan and determining whether their business idea will work financially.
CUBE Accounting owner Anne Wordsworth, who has been giving accountancy advice for the last 26 years, is hosting a workshop on behalf of CWRT called ‘Registering with HMRC and what is involved’.
She will be discussing topics ranging from the records which need to be kept to be HMRC compliant and the pre-trading and start-up expenses which can be claimed to when the first set of accounts need completing and when you start paying tax and national insurance.
Anne said it was difficult for people considering setting up their own business to find proper guidance on tax matters.
“If you are new to running a business or in the planning stage, it can feel daunting dealing with HMRC,” she said.
“The last thing you want to do is receive a fine for not filing the correct information by the correct date.
“It is important to set-up your paperwork correctly from the beginning so that you can concentrate on running your business.
“Unless you have a background in accountancy then it can be tricky particularly if you don’t understand the terminology.
“For example, if you are self-employed that means you are a sole trader or in a partnership. However, if you are a director you aren’t self-employed but an employee of your own company, so it is important you click on the right links on the HMRC website to complete the right information.
“I have been involved in the industry for 26 years and I set-up CUBE Accounting in 2013 since I like supporting local businesses and the local community. During Covid-19, many people have been shopping local because people want to support their local businesses rather than travel miles away.”
Sheridan Sulskis, Executive Director of CWRT which is based at Coventry University Technology Park, said this JumpStart workshop is ideal for people who have little or no expertise in dealing with their tax affairs.
She said: “The Coronavirus pandemic has certainly seen a big increase in people deciding to launch their own businesses either because they have been made redundant or it has given them time to think about their careers.
“This free HMRC workshop as part of our JumpStart business project will give residents from Warwickshire the opportunity to find out more about what is involved in registering with HMRC to avoid receiving an unexpected and unwanted bill for arrears as well as taking the stress out of it.
“We have organised a whole series of workshops this month and next month on a wide variety of topics which are all free so please get in touch to sign-up.”