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Accountancy & Tax in Sheffield

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Sheffield Business Category

Back to Sheffield main hub

Sheffield 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 Sheffield, 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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Packed with the information that you need to start or grow a business in Sheffield.

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Number Crunchers (Sheffield) Ltd

People often associate accountancy with fear, stress and confusing jargon. With all the pressures of running a business the last thing you need is more hassle.

At Number Crunchers we remove your accounting and bookkeeping headaches, leaving you free to concentrate on your daily business needs. We are friendly, approachable and always here to help.

We have been crunching numbers for over 24 years and have a real understanding of South Yorkshire and Derbyshire businesses. We are proud to say that some of our clients have actually been with us for all that time! We look forward to helping your business.

Mobile icon Call Number Crunchers (Sheffield) Ltd on:

01142483593

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Free Friendly Advice

Number Crunchers (Sheffield) Ltd

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.

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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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Sheffield Accountants

Number Crunchers (Sheffield) Ltd
People often associate accountancy with fear, stress and confusing jargon. With all the pressures of running a business the last thing you need is more hassle. At Number Crunchers we remove your accounting and bookkeeping headaches, leaving you free to concentrate on your daily business needs. We are friendly, approachable and always here to help. We have been crunching numbers for over 24 years and have a real understanding of South Yorkshire and Derbyshire businesses. We are proud to say that some of our clients have actually been with us for all that time! We look forward to helping your business.
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Nicholson & Co (Sheffield) Ltd
Nicholson & Co is a lively forward-thinking and progressive firm based in South Yorkshire and are proud to be accredited as an approved supplier by Business Link. We specialise in helping people who are wanting to start a business through to growing SMEs. So, if professionalism and integrity delivered with a fresh new approach to business sounds prefect for you or your business, the give us a call today We also offer SYOB members a 10% discount of all our services
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Nicholson & Co (Sheffield) Ltd
Nicholson & Co is a lively forward-thinking and progressive firm based in South Yorkshire and are proud to be accredited as an approved supplier by Business Link. We specialise in helping people who are wanting to start a business through to growing SMEs. So, if professionalism and integrity delivered with a fresh new approach to business sounds prefect for you or your business, the give us a call today. We also offer SYOB members a 10% discount of all our services
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C21 Accounting & Payroll Solutions
We provide bookkeeping and payroll services to small businesses and social enterprise in and around South Yorkshire and East Midlands in order to bring valued expertise into our our clients businesses, save on accounting fees and enable them to concentrate on building their business.
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Ian B Thompson & Co
We are a firm of Chartered Accountants near Sheffield City Centre.
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Leesing Marrison Lee & Co
We provide professional services to business and charity throughout the UK.
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Nominee Director
Its Important that before forming your company in the UK you can think appointing legal nominee directors. If you are setup, your business in the UK and looking for a nominee, then come to us we can help you, we are UK based professional company providing Nominee director services to registering UK companies as Ltds and LLPs. We also ensure the highest degree of privacy and confidentiality. Contact us for detail information.
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VAT Number UK
UK VAT Registration for domestic and overseas companies, VAT Return, Fee VAT advice from professional company with over 10 years of experience
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