TWD Accountants

TWD Accountants visited us to give a presentation on their accountating firm and gave us an insight into what to expect when setting up our own business, I found it extremely useful.

Key points I learnt were:

> If you earn less than £6475 a year you fall in the 0% tax rate

> If you earn less than £37,400 a year you fall in the 20% tax rate

> Anything over £37,400 a year and you fall in the 40% tax rate.

> You are expected to register yourself as self employed with HMRC within 3 months.

You must inform the tax office.

> Any trade must be accounted for, keep all invoices and receipts.

> Any travel expenses, materials bought for business etc, will be deducted from your annual salary which will determine which tax rate bracket you fall in.

Benefits for using TWD Accountants service:

> They will work out your end of year accounts and tax return.

> You will receive a complimentary 1 year use of book keeping online. Usually £24.99.

> There is a fixed fee service of £222 inc VAT.

> Free telephone advice.

We were provided with a useful booklet with all FAQs and knowledge about accounting. The presentation cleared up any issues I have had with Tax and I understand a lot more about it.