Accountancy & Tax In Buckinghamshire

Accountancy & Tax In Buckinghamshire
Accountancy & Tax In Buckinghamshire

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 Buckinghamshire, it makes sense to use Accountants or Bookkeepers also based in Buckinghamshire. Local accountancy firms that are prepared to help small business and new business start ups in the area are listed below.

Recommended Local Partner

Wilkins Kennedy LLP

Wilkins Kennedy LLP Chartered Accountants and Business Advisers provide a full range of accounting and business advisory services to a diverse range of businesses and individuals across the UK and abroad.

Established in 1882 as a single regional office, the firm has expanded to 12 regional offices based across the South of England with a turnover of

Wilkins Kennedy LLP
Tel: 01494 545570
Web: http://www.wilkinskennedy.com

Free Friendly Advice

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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.

Personal Survival Budget
Personal Survival Budget

This template will help you to identify how much profit your business needs to make to cover your own personal outgoings.

Cashflow Forecast
Cashflow Forecast

An easy to use template. Instructions are included - just input your figures and the spreadsheet will perform all of the calculations for you.

Business Plan Template
Business Plan Template

One of the most important steps but is often ignored. This document will provide you with a clear road-map for your business.

Please note that one-time registration is required to unlock all of the free items on this site.

Latest Accountancy Articles

If you run your own business in Buckinghamshire and would like to learn more about accounts, bookkeeping, National Insurance, or VAT, we have compiled a library of useful resources and frequently asked questions which we hope that you will find both interesting and useful.

Main Accounting Considerations

Main Accounting Considerations

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.

Buckinghamshire Accountants

Useful Start-Up Resources

If you can help new business start ups or existing small businesses in the Buckinghamshire area, we would love to promote you here free of charge. (Add Your Business)

TaxAssist Accountants Milton Keynes provides a wide range of accountancy services including tax returns, annual accounts, payroll and bookkeeping. TaxAssist Accountants in Milton Keynes are a part of the largest network of accountants who offer a wealth of experience and expertise to over 65,000 small businesses right across the UK. We help a diverse range of small businesses including start-ups, sole traders, limited companies and landlords who operate in many industries. We are local experts in helping small business owners, the self-employed and individuals with all of their tax and accountancy needs in Milton Keynes and the surrounding areas. The practice is led by Prasanth Ganguly who has been a TaxAssist Accountant since 2015. Prior to joining the TaxAssist network Prasanth spent more than 19 years providing business consultancy, managing & delivering projects in various areas of finance, customer care & engineering, so understands the issues that bushiness face on a daily basis. Our friendly office is located in Luminous House,CMK, within walking distance of Sainsbury’s in CMK Hub, Sainsbury’s offers 3hours free parking. Opening hours are between 9.00am to 6.00pm Monday to Friday and 10.00am to 2.00pm on Saturday, with further appointment times available upon request. We provide unrivalled service to make your life easier. As clients, you will have direct access to Prasanth and benefit from the core accountancy and tax services, plus a range of additional services to support your business growth. Let us look after your financial compliance, allowing you to concentrate on your business.
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Wilkins Kennedy LLP Chartered Accountants and Business Advisers provide a full range of accounting and business advisory services to a diverse range of businesses and individuals across the UK and abroad. Established in 1882 as a single regional office, the firm has expanded to 12 regional offices based across the South of England with a turnover of
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Aston Black is a trusted local accountancy firm in Milton Keynes. Our dedicated team have been at the heart of the Buckinghamshire accounting scene for over twenty-five years, providing quality service to all our clients. We specialise in tax accountancy and bookkeeping services for small businesses, drawing on all of our regional experience to advise companies and freelancers across the county.
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Rouse Partners is one of Buckinghamshire
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St Clair is an accountancy firm in Old Amersham provides comprehensive accountantcy support and will visit clents homesoffices free of charge in Buckinghamshire.
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Start Up Funding