Having a good firm of accountants on your side will ensure that you have all the information and support that you need to help your business grow and flourish.
They can offer advice and help you comply with accounting and tax requirements.
If you are self employed or run a small enterprise in Adur And Worthing District, it makes sense to use an Accountant or Bookkeeper who is keen to help small business and new business start ups rather than struggle with the task yourself.
For sole traders who are self employed and require a self-assessment service package. I can assist in the following areas...
* Preparation of financial accounts in a format for self-assessment (where appropriate.)
* VAT returns
* Payroll
* General book-keeping
* CIS
On our initial meeting we will discuss your requirements, what I can offer you to assist your business with guidance and advice to possible savings you can make in starting up your business. I will provide you with a quote. I will explain all the records you need to keep and why it is important to do so.
My service enables you to focus on your business by removing the worry of meeting deadlines and the accountancy standards. I use a book-keeping package that I have designed, this prepares all your required documents to support your VAT and self-assessment tax return. I use HMRCs own payroll package.
I have experience in negotiating Audit and Tax fees, I know that having your accounts prepared correctly avoids expensive Audit and Tax fees.
With many years of handling IT systems of all shapes and sizes, I can assist in ensuring your accounts department is a supporting function and that it provides valuable information for you to run your business and is not just viewed as a cost centre.
I also offer an out of business hours service, because I know that for many, running a business is not just 9 to 5.
To arrange a meeting or to find out further information, please contact me via any of the options below, I look forward to hearing from you.
01903 24751
We are happy to promote anyone who is prepared to offer friendly support to local start-ups.
Our local partners have been kind enough to help us and are keen to help you too.
One of the first decisions you will need to make is which legal structure is likely to suit your new business and this will affect your accountancy obligations.
You can read a detailed article about your various options at: Sole Trader or Limited Company?
The information below primarily relates to self-employment but if you decide to trade as a limited company, you can read more here: Running a Limited Company.
You should tell HMRC as soon as you start self-employment, otherwise you may face a penalty. You are considered to have started self-employment when you have something to sell and either have a customer for your goods or services, or you are actively marketing your business.
You can let HMRC know about your self-employment by registering online for business taxes. A Self-Assessment Online account will automatically be set up at the same time. This allows you to send your Self-Assessment tax returns online. You will receive an Activation Code. You need to activate the service within 28 days. If you don’t, you will have to ask for a new Activation Code.
You can register online at https://www.gov.uk/log-in-register-hmrc-online-services/register
As a self-employed person, you pay a fixed amount of Class 2 National Insurance contributions (NIC). If your profits are above a certain limit, you may also have to pay Class 4 National Insurance contributions.
See Self-employed National Insurance rates for full details.
It is very important that you set up a record keeping system and keep all records and supporting documents. Records for the current tax year must be retained until 31 January 2022.
You must keep records of all money coming into and going out of your business. This includes all cash, cheques and credit card transactions.
Your records should be adequate to allow you to complete an accurate Self Assessment return. You will be expected to keep a full record of:
See Business records if you're self-employed for full details.
There are key dates that you need to be aware of during the financial year. These relate to reporting and payment of any monies due. A list of dates and full explanation can be found here.
You must register for VAT if:
You have 30 days from the date you meet any of these criteria to register.
Usually, VAT registration can be completed online and if you apply online, you will be enrolled automatically so that you can submit your VAT return online (there is no longer a paper version).
The current VAT threshold is £85,000; if your turnover is below the registration limit, you can choose whether to apply for voluntary registration. The standard rate of VAT currently is 20%.
See the official VAT website for full up to date details.
There is plenty of help for startups in Adur And Worthing District but where can it be found?
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