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Accountancy & Tax in Filey

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Filey Business Category

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Filey Business Category

Overview

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 Filey, 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.

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Free Friendly Advice

If you would like some free friendly advice from a trusted local partner relating to any accountancy or tax matter, please complete and submit this form.

There will not be any pressure nor will you be under any obligation to buy paid services.

Alternatively you can contact Andy Pringle by e-mail at andy@syob.net and he can help guide you with more information or the best person to contact.

Free Accounting Resources

The following items are in our FREE start-up pack and can be download individually or as part of the whole pack, which you can download here .

Business Plan Template

You don't know what you don't know!"; Plot your progress with this 125+ point checklist and make sure that you have considered all the key factors prior to starting your business.

Personal Survival Budget Planner

Worrying about paying your personal bills will distract you from the running of your business. This template will help you to identify how much you need to make each month to cover your outgoings.

Cashflow Forecast Template

An easy to use template, created in Microsoft Excel. Instructions are included - all you have to do is unput your figures and the spreadsheet will perform all of the calculations for you.

Latest Articles

When the Taxman Calls
The HMRC can come knocking on your door about any of the following government taxes: personal income tax and corporation tax, capital taxes (such as capital gains tax and inheritance tax), value added tax (VAT), excise duties and stamp duty land tax, environmental taxes such as Air Passenger Duty and the climate change levy, National Insurance contributions, child benefit and some other forms of state support including the Child Trust Fund, payments of Tax Credits and so on.
Schemes that seem too good to be true.
I hear a number of contradictory messages when it comes to tax.
Bookkeeping tips for start-ups and self employed
When you are new to self-employment, you have a million and one things to do and normally bookkeeping isn't at the top of the list.

Main Accounting Consideration

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 www.hmrc.gov.uk/online/new.htm

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.

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Filey Accountants

Inglis Chartered Accountants
Inglis Chartered Accountants are a proactive, professional and practical firm of accountants based in York. We specialise in taking the pain of numbers away.
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Accountancy Ryedale Ltd
By choosing Accountancy Ryedale to look after your business, you give yourself time to concentrate on whats important to you - your core business We are based in Malton, specialise in helping owner-managed businesses including START UPS in our surrounding area and work closely with our clients to help them achieve their business goals Our clients range from sole traders to medium sized companies and we offer a full spectrum of services. We seek to provide a high quality service that you would expect from a city firm, but in a local friendly way with fees tailored to your individual business needs, whether small or large
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GB Accountancy Services
Friendly local accountancy advice and services. Free initial meeting over a coffee to discuss the business and to demonstrate the value we can provide, both at initial start up, and as you grow in the future. Accountancy and tax services provided at very competitive rates, to allow you to focus on growing your business.
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Rayner & Co Limited
At Rayner & Co we like to offer our clients a personalised approach to accountancy, and tailor our services to our clients needs. Our partners and staff have years of experience in dealing with businesses of all sizes and industries, and we offer an extensive range of services to meet the diverse needs of our client portfolio. All new businesses need a helping hand in their early stages, and we take pride in our friendly, proactive and informative approach to client contact. We can offer advice and assistance from the conception of your business idea, and help with the budgets and forecasts needed prior to trading as well as advising on the correct structuring of the business, and advice on how best to maintain your financial records once the business is up and running. We aim to help you take the stress out of your accounting requirements, and can offer advice and assistance on efficiencies within your accounting function. We also offer an experienced and dedicated payroll team, who will help you take the stress out of your payroll reporting requirements, and ensure your RTI and other requirements are met on time. Please feel free to contact us for an initial free consultation, and we will be happy to help you unlock the potential in your business concept.
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