Business owners across Kirklees will benefit from a new Government initiative aiming to make life easier for the estimated 2.9m home-based companies across the UK, according to a local small business accountancy specialist.
“This is welcome support for local home-based business owners,” said Nick Brook, who runs TaxAssist Accountants at Lockwood. “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 £300bn to the UK economy every year. The 2.9m home-based companies account for 59% of all UK small enterprise. Since 2010, the number of home businesses in the UK has increased by 500,000.