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Accountancy & Tax in Chingford

Key start-up information and list of local accountants

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Chingford Business Category

Chingford 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 Chingford, 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

Marsdens Chartered Accountants and Business Consultants

We are a niche firm of Chartered Accountants and Business Consultants, specialising in providing cutting edge advice and growth tips to new and growing businesses.

We deal with clients in Central London, East London and Essex and take pride in offering a one to one bespoke, personalised service to you, explaining in detail and in plain English the most tax efficient ways to run your business, together with certain things you can and cannot do, must and must not do and we will also provide you with often secretly guarded marketing advice which is free and easy to implement and will enhance your chances of being a step ahead of your competitors so that you can bring in more and more business!

Take advantage of our many years of tax, accounting and commercial experience.

Ask us as many questions as you would like at your FREE initial meeting with us and allow us to give you, at that meeting, your complimentary copy of our Booklet Increase Your Profits and Reduce Your Tax

Mobile icon 07956 060232

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.

Chingford Accountants

AIMS
AIMS are the largest independent association of professionally qualified accountants in the UK specialising in working with SMEs. We offer a local service within a nationwide structure which gives access to the considerable resources of a national practice without the need to charge inflated costs. AIMS Accountants understand how to run a business in todays economic climate. We agree fixed fees in advance and do not charge by the hour; allowing us to establish a genuine relationship with our clients. We take time to get to know our clients and their business and provide them with essential business support without the concern of a large bill at the end of the year.
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Addcountax
Welcome to the Addcountax
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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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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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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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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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