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Accountancy & Tax in Sheffield

Key start-up information and list of local accountants

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Sheffield Business Category

Sheffield 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 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.

Recommended Local Partner

ENF Solutions Limited

ENF Solutions Limited

I will build my service to you around your needs. I want to get close to your business and deliver the best service. I can to help you achieve your business goals. I am on your side!

I am an ACCA qualified accountant with 20 years experience advising the small business owner on their taxation and statutory obligations.

I have broad experience with a variety of businesses. I have a friendly and approachable style and I will always try to find the answer to your problem.

Mobile icon 0114 233 6743

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.

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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Hawsons Chartered Accountants
Whatever size your business is, and whatever your future plans are, were with you. Our success is built on your Hawsons partner always having complete oversight of both your business and your personal wealth management providing tailored expertise whenever you need it.Our client for life philosophy means that whether you are just starting out, or in the growing phase, or even in the retirement phase, your Hawsons partner is ready to guide you every step of the way.
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Jacksons Accountants Limited
Were a Chartered Accountancy firm based around serving small to medium sized local businesses in Sheffield, just like yours. Located just off of Prince of Wales Road, were proud to serve the Sheffield area. As a leading, ambitious, independent firm of Chartered Accountants, Jacksons Accountants provide a full, end-to-end service for all your accountancy and business administration needs.From bookkeeping, annual limited company accounts, VAT and corporation tax returns to PAYE, pensions, CIS and even HR; Jacksons Accountants are your one-stop-shop built with you, the customer, in mind.If you need individual tax returns, your Sheffield Accountant can compile, file and submit your annual self-assessments, whether you are a sole-trader, landlord or anything else. Furthermore, our expert Chartered Accountants provide many additional support services such as management accounts, to allow you to project your ideas into the future and our business advisors can also provide assistance with loan and other funding applications. Whatever you need, whatever your size; how can Jacksons Accountants help you? You can pick and choose the services you require from us to meet the changing demands of your business.
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ENF Solutions Limited
I will build my service to you around your needs. I want to get close to your business and deliver the best service. I can to help you achieve your business goals. I am on your side! I am an ACCA qualified accountant with 20 years experience advising the small business owner on their taxation and statutory obligations. I have broad experience with a variety of businesses. I have a friendly and approachable style and I will always try to find the answer to your problem.
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Pisces Accounts Limited
"We are accountants for creative freelancers and creative agencies. We can help you with Tax Returns, Accounts, Self Assessment, VAT and Payroll. We can also help you with Business Advisory. Producing Cashflows, Budgets, Coaching and Accountability"
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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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Pisces Accounts Limited
"We are accountants for creative freelancers and creative agencies. We can help you with Tax Returns, Accounts, Self Assessment, VAT and Payroll. We can also help you with Business Advisory. Producing Cashflows, Budgets, Coaching and Accountability"
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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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Pisces Accounts Limited
Accountants for freedom-loving creative agencies. Take the stress out of running your creative agencies finances. We can handle your needs as you outsourced finance team. Get clarity, make better decisions and grow your business to give you freedom and the life you deserve
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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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