Accountancy & Tax | Accountants Bexleyheath

Bexleyheath Accountants

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 Bexleyheath, 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.

Can you help start-ups in in Bexleyheath?

If so, your logo, company details and link to your site could be here!

If you are based in in Bexleyheath or offer a product or service which could help existing local businesses and start-ups, we would love you to help you reach them. Our aim is to increase the chances of every new business's success by highlighting the help that is available in the area.

You are able to add a free listing or act as our recommended local partner for only £10 per year!

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Bexleyheath

Local partners

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.

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.

Further Advice and Help

Bexleyheath Accountants

Donal Lucey Lawlor, Chartered Accountants

Helping resolve taxing issues for employed, self-employed, contractors, subcontractors, partnerships and owner managed businesses:

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Donal Lucey Lawlor

Helping resolve taxing issues for employed, self-employed, contractors, subcontractors, partnerships and owner managed businesses:

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Boogles Ltd

Bookkeeping - bookkeeping service, bookkeeping training, bookkeeping books, bookkeeping franchise. We help SMEs with all things bookkeeping.

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Bradleys Accountants Limited

Bradleys Accountants Limited is an ACCA quality checked firm in Welling, Kent and it has been serving clients successfully since 1995. Our endeavour is to help new and established businesses to magnify their growth potential. We are proud of our legacy and our ability to constantly stay updated with the ever-changing accounting, taxation and business practices in the UK. Including Welling we deliver our services to businesses in local surrounding areas like Dartford, Sidcup, Eltham, Thamesmead, Bexley and Bexleyheath. Our finance, accounts and taxation services not only helps you to accomplish regulatory compliance but also saves your money, tackles your tax forms, minimizes your tax bills and helps your business to grow. We offer accountancy services for individuals, start-ups, contractors and small, medium and large businesses. Our range of services include but is not limited to: 1. Accounting services 2. Bookkeeping 3. Business advice 4. Annual accounts preparation 5. Management accounting & reporting 6. Tax services 7. VAT services 8. Budgeting & forecasting 9. Company secretarial services 10. Limited company formation 11. Payroll services

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Citygate Accountants

We are an independent and forward-thinking firm of accountants, consultants and practitioners, offering a full range of accounting, taxation and administration services, and providing a highly personalised service to a wide range of clients in the private, public and charitable sectors, to smaller businesses and UK taxpayers. Our wide range of clients include Sole Traders, Partnerships and Limited Liability Partnerships, Limited Companies, Individual taxpayers, Charities and Trusts. We have fully qualified Accountants with ACCAAAT certifications. The team has a wide variety of practice and industry experience. Our services include bookkeeping, accounting, taxation, payroll, financial planning, financial outsourcing, company formation, business plans and business consultancy. With the skills we possess, our expertise is particularly helpful to individuals, owner-managed businesses and small to medium-sized companies. There are a number of ways in which we can help you and our specialist services can provide valuable support in the day-to-day running of your business.

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My Office Accountant

We a lively forward-thinking firm of Accountants, Business advisor and Tax consultants . We servicing clients from different industry sectors. We work with business start ups and guide them on their business moves. We offer free advices to start up businesses.

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Robsons Accountants

The issues to consider when starting up in business. Business plans. Every new business should have a business plan. It is the key to success. If you need finance, no bank manager will lend money without a considered plan. We consider why you should draw up a plan and what it should include. Business structures - which should I use? Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The structure for you will depend on your personal situation and your future plans. Consider the options available. Considerations when starting a business. It is the ambition of many people to run their own business but there are many issues and pitfalls to consider. What issues should you consider when setting up in business? Could I really make a go of it? If you are looking to run your own business, it is worth looking at what is required to succeed. Credit control. We consider what you need to be checking in order to understand if your customer can support the amount of credit you are granting. Insuring your business When starting a new business, you will no doubt recognise the need for insurance. It can provide compensation and peace of mind should things go wrong but can also represent a significant cost. We consider the types of insurance you may need. Raising finance. Every business needs finance - we look at what type of finance is best suited to the development of your business. Sources of finance. The financing of your business is the most fundamental aspect of its management. Get the financing right and you will have a healthy business, positive cash flows and ultimately a profitable enterprise. We summarise the means of finance that are available and where we can help.

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Robsons Accountants

Just bring us your business ideas and we will help you to make them a reality! Most people starting up in business do so because they have a good business proposition and the enterprise and commitment to see it through...

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SAFFRON CHARTERED CERTIFIED ACCOUNTANTS

Saffron is a lively forward-thinking firm of Chartered Certified Accountants based near Stratford in East London, providing general accountancy and business advisory services. We pride ourselves in providing a high quality, proactive, personalised and friendly service to all our clients. We realise that as business owners clients would rather manage and develop their businesses than worry about the plethora of complex compliance issues that surround them. These are better left to us to deal with. We treat all work as priority and strive to deliver our services promptly and efficiently. Our fees are always agreed in advance so you know exactly how much to budget for.

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Simpson Wreford & Co

We are an independent firm of Chartered Accountants, we offer accounts, audit and business advisory services, as well as advice on corporate and personal tax matters. We understand how businesses work. We strive to offer you up to date, accurate information tailored with your business in mind. Not only do we provide the

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Taj Accountants

Based in Whitechapel, East London, Taj Accountants has many years of experience in the accounting and taxation industry. The company offers a range of accountancy services, and provides tax services and advice, cheap accounting services, cheap payroll, cheap tax return, cheap accounts for self-employed and cheap accounts for limited companies to clients throughout London. The company is located in Whitechapel, E1, East London (London). The firm aims to supply businesses with a professional accountancy services and has on-site facilities. The expert staff help clients increase the revenue. The service is intended to be cost effective every time. With a staff body of few fully qualified accountants, Taj Accountants has a professional team, qualified to a high standard.

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