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i would say ask your accountant
Hi Sarah,
Just go get a good accountant. If your doing well then this can be an interesting expense. Ask around from other gardeners if they are happy with theirs.
Best of luck
Paul
Your accountant should be advising you. Have they mentioned that you can back claim for large purchases that you still own from the last 3 years or so?. e.g Vans, tools
But they should be the ones driving this, don't try and do it all yourself.
By all means ask any specific questions but agree you need to be talking to your accountant as well.
It is often a pivotal moment in a businesses life and affects both +ve & -ve aspects but often the sign of a growing business if your underlying financials are in order.
Keep us posted 👍
You need to be a special type of person to be able to take 'your baby' to another level and then again, without losing touch with your orginal objectives.
When I started, two of us trotted along quite happily until work started to come in faster than we could cope, so we took someone on....... then another. I then began 'subbing out' excavations and brickwork - but soon reasilised this wasn't what I signed on for! I was losing touch, dashing from one site to the next and never quite happy with the work being done. Major decision, ease up a bit and stick with 4 employees.
Always been VAT registered, never really been a problem and we do our own books. With the VAT threshold as it is, any more than 2 employees will probably tip you over the limit.
Happy to help with basic stuff
another vote for getting an accountantacy/bookeeping firm on board - I only employ one person and the accountant does everything to do with HMRC, Pension, and stuff for £1k a year... bargain in my books :)
It's all so easy give it to your accountant that's what you them for mines brilliant
you have to get get involved just agree every 1/4 qutr
you just get on with the basics keep it simple
good luck
With 8 staff I am amazed you have only just gone VAT registered. I feel your pain about getting away from why you started, nothing insightful to add I'm afraid except to use your accountant as much as possible, and keep the favourite jobs for yourself
I agree, this is what you hire an accountant for. From the 1st April I believe new software has to be used for Digtal Vat. New rules this year that make things a little more complicated but that's for your accountant. Mine told me the software is about £30 per month but worth while. My only advice on from this is make sure you are charging enough to cover all these extra expenses. Another conversation with your accountant. I have had many staff in a previous business and your right it's a different hob to be manager not just a landcape gardener. It's not for everyone. I've chosen to keep it small and simple. Make sure your following your dream and not some one else's.
all the best of luck
I can't understand how you have 8 employees and only just started to pay VAT?
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