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Accountancy & Tax in Worcestershire

Key start-up information and list of local accountants

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Worcestershire Business Category

Worcestershire Accountants & Tax Advice

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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 Worcestershire, 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.

Recommended Local Partner

Vertis Accounting

Vertis Accounting

We are a small member firm of the Institute of Chartered Accountants in England & Wales.

We work with new businesses in Worcestershire and surrounding counties providing guidance and advice in all accounting and taxation matters.

Company Formations - Sole Trader & Partnership Accounts - Limited Company Accounts – Payroll - VAT Returns - Income & Corporation Tax Returns - Accounting Software

We pride ourselves on being friendly and approachable and have a keen focus on using plain English. We will guide you through the entire start-up process helping you to build solid financial foundations to aid your future success.

We specialise in implementing and supporting cloud accounting software and related applications. We are proud Silver Champion Partners of Xero. Xero, used by more than 650,000 UK businesses, is an essential low cost tool delivering user-friendly financial control, insight, visibility and a paperless accounting function saving business owners time, effort and money.

Our clients benefit from fixed monthly fees and unlimited advice and support throughout the year. We never issue surprise bills. Please call us for a free no obligation discussion.

Mobile icon 01905 928128

Main Accounting Considerations

Sole Trader or Limited Company

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.

Becoming Self-Employed

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

National Insurance

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.

Statutory Records

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:

  • All sales made and other business income, as it is earned.
  • The cost of all business expenses and purchases as you pay them, no matter how little they cost.
  • All purchases of business stock, goods and raw materials.
  • Mileage records.
  • Capital expenditure; keep a separate record of all purchases and sales of business equipment, machinery and vehicles, together with the receipts.
  • Keep a record of the market value of equipment or vehicles introduced into the business that you owned before starting your business.

See Business records if you're self-employed for full details.

Key Dates

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.

Value Added Tax (VAT)

You must register for VAT if:

  • Your taxable turnover exceeds the VAT threshold in any 12 month period
  • you expect your taxable turnover to exceed the VAT threshold within the next 30 days
  • you take over an existing VAT registered business as a going concern

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.

Worcestershire Accountants

Vertis Accounting
We are a small member firm of the Institute of Chartered Accountants in England & Wales. We work with new businesses in Worcestershire and surrounding counties providing guidance and advice in all accounting and taxation matters. Company Formations - Sole Trader & Partnership Accounts - Limited Company Accounts – Payroll - VAT Returns - Income & Corporation Tax Returns - Accounting Software We pride ourselves on being friendly and approachable and have a keen focus on using plain English. We will guide you through the entire start-up process helping you to build solid financial foundations to aid your future success. We specialise in implementing and supporting cloud accounting software and related applications. We are proud Silver Champion Partners of Xero. Xero, used by more than 650,000 UK businesses, is an essential low cost tool delivering user-friendly financial control, insight, visibility and a paperless accounting function saving business owners time, effort and money. Our clients benefit from fixed monthly fees and unlimited advice and support throughout the year. We never issue surprise bills. Please call us for a free no obligation discussion.
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Paul Alton Chartered Accountants
Paul Alton, the principal of the practice specialises in translating tax into English and helping individuals and businesses cut their tax bills.
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Turl & Co Accountants
We are an accountancy practice based in Worcestershire that specialises in small businesses.
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TLA Business Services
TLA Business Services is no ordinary accountancy practice. If you just want someone to do the books and tell you how much tax to pay, there are plenty to choose from. We could even recommend one to you. But if you want an accountant who will make a real difference to your business, we should talk. Our bottom line is that we love working with small businesses with ambitions to grow, and we are passionate about building your bottom line.
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Bradley & Associates
A firm of client-focused accountants based in Worcestershire offering hands on advice for both new and established owner managed businesses
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Engage Accountancy
Professional advice at an affordable price. Whether you are a Sole Trader, Partnership or Limited Company it is paramount that you ensure that your business affairs are in order and that all of your statutory obligations are met. Here at Engage Accountancy we provide a range of professional services and advice that is tailored specifically to the needs of our clients.
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Engage Accountancy
Professional advice at an affordable price. Whether you are a Sole Trader, Partnership or Limited Company it is paramount that you ensure that your business affairs are in order and that all of your statutory obligations are met. Here at Engage Accountancy we provide a range of professional services and advice that is tailored specifically to the needs of our clients.
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Rachael Hart ACA
Rachael Hart ACA is a chartered accountancy practice serving Worcestershire and the surrounding areas; providing private individuals and local businesses with a comprehensive range of accountancy, business and tax solutions.
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The Hughes Partnership
We are a leading West Midlands practice, and specialise in helping start-up businesses to grow and prosper. We provide a full range of accountancy and tax services in a hands-on and pro-active manner, which are cost-effective compared to our competitors.
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