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Accountancy & Tax in Bradford

Key start-up information and list of local accountants

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Bradford Accountants

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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 Bradford, 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

Torevell Dent Ltd

Chartered Certified Accountants and Business Mentors

Most people who start up in business do so because they have a good business proposition and the enterprise and commitment to see it through, not because they are experts in the legal, financial, and fiscal aspects of running a business.

Indeed, these matters can often seem daunting, and even off-putting, to the budding entrepreneur. The good news is that you do not need to be an expert in these fields to succeed in business. All you need is the support of a team of trained experts. Thats where we fit in. Bring us your business ideas and well help you to evaluate them in a constructive and realistic manner. We can also help you:

- Decide on the most suitable structure for your business - sole trader, partnership, or limited company
- Prepare a business plan, cashflow projections, budgets, and trading forecasts
- Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
- Establish a good working relationship with your bank
- Complete any registration procedures with Companies House, Inland Revenue, or Customs and Excise
- Deal with company secretarial issues
- Set up a recording system for your internal use and for complying with statutory requirements

Start your new venture on a sure footing - call us for an initial consultation today.

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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

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.

Bradford Accountants

Nigel Wright Accounting
We are leading independent Chartered Certified Accountants based in West Yorkshire offering more than the usual range of accountancy services. We have a dynamic and commercially focused team with extensive experience ranging from worldwide, market leading businesses to individuals with personal wealth. We believe that our integrity and experience enable us to have a close and trusted relationship with our clients.
I am a qualified accountant who has worked in and with numerous small businesses over the last 20 years. I am also Financial Director of a Software company called Sett which is going through a period of sustained growth and now employs 12 people. My passion is to help smallmedium sized companies achieve their goals via the simple method of plan, do and review. Sounds simple, is simple but too few companies do it. The first step would be to review what your plans and goals are and what you will need to achieve them.
HBH Chartered Accountants
We are accountancy, tax and audit experts serving clients in Pontefract, Castleford, Wakefield and throughout West Yorkshire. All clients are individual and have different needs at different stages of their business careers. We aim to work closely with our clients and tailor our services to their particular needs to ensure that we really do make a difference! We can help you to control, manage and grow your business, to meet your compliance needs and filing obligations and reduce your tax liabilities.
Walter Dawson & Son
Walter Dawson & Son is an experienced firm of Chartered Accountants and Statutory Auditors based in the Yorkshire area. We pride ourselves on our individual approach to your finances, whether you are starting up in business or already well established. Our personal, partner-led service offers value for money and professional, straightforward advice. We aim to be flexible in our approach and offer visits to clients premises if required, to provide a service tailored to suit your specific needs. To find out how we could help you or your business, why not arrange a free initial consultation with a member of our team?

Local help for startups

There is plenty of help for startups in Bradford but where can it be found?

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