“This is welcome support for local home-based business owners,” said Gary Perrens who runs TaxAssist Accountants, serving clients in Sudbury, Bury St Edmunds and surrounding areas. “The Home Business Initiative is designed to cut the red tape associated with running a business from home and encourage more people to take the plunge.
“Local entrepreneurs will no longer have to file for planning permission to run a home-based business, the majority will be exempt from business rates and a new tenancy agreement will make it easier to run businesses from rented accommodation.
“Business owners must still consider their obligation to register with HMRC as self employed and possibly even for VAT, regardless if their business is conducted purely over e-commerce sites. Some people may not even realise they are trading, but if you’re buying with a view to selling at a profit, there is a good chance you are self-employed and should register to complete a tax return. ‘Never assume’ is always the golden rule when dealing with HMRC.”
Recent research from the Department of Business, Innovation and Skills and entrepreneur organization Enterprise Nation, found that home businesses contribute £300 billion to the UK economy every year. The 2.9 million home-based companies are equivalent to 59% of all UK small enterprise. Since 2010, the number of home businesses in the UK has increased by 500,000.
TaxAssist Accountants Sudbury is a local business providing tax and accountancy advice and services purely to small businesses across Sudbury and Bury St Edmunds.
Member since: 17th March 2014
Hello! I'm Penny from thebestof Sudbury, shouting about the best local businesses from Hadleigh through the Clare. When I'm not doing that, you'll find me knitting socks or tending to my 6 chickens