Who do I need to tell?

[Liane]

I'm opening up my new salon sat (eek!) And have informed my insurance, trading standards, health and safety and council. Do I need to tell anyone else? Thanks x

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[Miss-Hallx]

Just wanted to wish you the best of luck xx

 

[lila22]

Good luck xx

 

[Liane]

aw thanks :wink2: Have you got salons? Did you inform anyone else?

 

[izzidoll]

Clients?
:lol:

Good Luck with it all.

 

[extendthetrend]

Clients?
:lol:

Good Luck with it all.

Haha i was just about to say this CLIENTS!

Wishing you all the best with your salon:Love:

 

[KHS]

HMRC? If you were employed before, you need to tell them you're now self employed etc - we all love the tax man lol
PPL and PRS. if you plan to play music x
Wishing you all the best x

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[melanieloveswax]

Good luck!

 

[Liane]

HMRC? If you were employed before, you need to tell them you're now self employed etc - we all love the tax man lol
PPL and PRS. if you plan to play music x
Wishing you all the best x

Sent from my D5503 using SalonGeek mobile app

Ah yes, my music licence, I forgot that!!! I will be working full time in the days and the salon will be open evenings and all day (with staff) thursday, friday and sunday. I know you have to be vat registered if you earn over (i think) £60,000, I'm not envisaging that yet however do I still need to pay anything else to HMRC?

 

[BannerPenguin]

Ah yes, my music licence, I forgot that!!! I will be working full time in the days and the salon will be open evenings and all day (with staff) thursday, friday and sunday. I know you have to be vat registered if you earn over (i think) £60,000, I'm not envisaging that yet however do I still need to pay anything else to HMRC?

I think the vat threshold is closer to £70k.
You will need to pay tax to HMRC. If a limited company it will be corporation tax, if sole trader will be personal income tax.

 

[Debbsxo]

Local paper - free advertising?

Good luck - it'll be my turn in around 12 weeks so let me know how it goes xx

 

[Salon Tax]

The VAT threshold is £79k

 

[BannerPenguin]

The VAT threshold is £79k

Always best to ask the professionals such as yourself
Knew it was in the £70's somewhere.

 

[Liane]

Sorry to sound thick, but the Tax to be paid to HMRC is when the VAT returns go in at the end of the year isnt it? Or have I got that wrong? I don't start paying VAT straight away do I?

 

[BannerPenguin]

Sorry to sound thick, but the Tax to be paid to HMRC is when the VAT returns go in at the end of the year isnt it? Or have I got that wrong? I don't start paying VAT straight away do I?

You don't need to pay any VAT until you turnover £79k a year. You can voluntarily register for VAT but there isn't any need. If you do register for it, it has to be paid quarterly.

You will pay your tax at the end of the financial year.

 

[emsyj]

You might want to familiarise yourself with the information on tax and National Insurance on HMRC's website. You also ought to think about getting an accountant and making sure you know what records you are obliged to keep.

HM Revenue & Customs: Self-employed tax and National Insurance

 

[Dani Richie]

Apparently if you use the radio you need a full TV licence Xx

 

[Salon Tax]

You don't need to pay any VAT until you turnover £79k a year. You can voluntarily register for VAT but there isn't any need. If you do register for it, it has to be paid quarterly.

You will pay your tax at the end of the financial year.

Banner Penguin is quite the VAT expert

Ha but yes, exactly right. There are advantages to voluntarily registering for VAT such as you are able to reclaim the VAT that you pay out on things that you buy for the business, plus it avoids potentially accidentally not registering when required and facing penalties from HMRC.

However, that said, registering for VAT means that you would have the admin burden of completing VAT returns. Also, probably more importantly, you would have to pay VAT to the tax man, meaning that you would either have to pass this cost onto your clients, or make less profit yourself.

There's no right or wrong answer when it comes to VAT registration because every business will be different.

I run a firm which specialises in tax and accountancy services for the beauty industry so Liane (or anyone else), if you would like any more advice, please let me know

Helen (Salon Tax)

 

[BannerPenguin]

Banner Penguin is quite the VAT expert

Ha but yes, exactly right. There are advantages to voluntarily registering for VAT such as you are able to reclaim the VAT that you pay out on things that you buy for the business, plus it avoids potentially accidentally not registering when required and facing penalties from HMRC.

However, that said, registering for VAT means that you would have the admin burden of completing VAT returns. Also, probably more importantly, you would have to pay VAT to the tax man, meaning that you would either have to pass this cost onto your clients, or make less profit yourself.

There's no right or wrong answer when it comes to VAT registration because every business will be different.

I run a firm which specialises in tax and accountancy services for the beauty industry so Liane (or anyone else), if you would like any more advice, please let me know

Helen (Salon Tax)

lol not an expert I just feel it every quarter when I have to pay the VAT Man