Banner image

Accountancy & Tax in Colchester

Key start-up information and list of local accountants

Colchester home page

Colchester Business Category

Colchester Accountants

Female accountant with a calculator

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 Colchester, 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

McMillan Rose & Co - Chartered Certified Accountants

McMillan Rose & Co - Chartered Certified Accountants

We are a qualified firm of accountants that are friendly, approachable, will deal with your queries quickly and at a reasonable price. Clients choose our firm over others as this is the level of service they receive. Check out our reviews.

Changing Accountants always seems daunting so why not meet us first, without any pressure over a cup of tea or coffee, and then have time to yourself to decide if we are the right firm for you.

You need to be able to rely on a firm you can trust and will get the job done within time constraints, thats where McMillan Rose are strongest as a firm of qualified Chartered Certified Accountants. If its advice on tax planning, including H M Revenue and Customs investigations, audit, limited company formation as well as bookkeeping, accounts, landlords rental statements, VAT and payroll services then McMillan Rose can provide those services and more.

We have many clients in various different types of sectors, including:

* contruction and building
* solicitors and barristers
* travel agents
* technology
* haulage
* service industry
* landlords
* and, much more.

Through giving the right advice when needed our clients have the confidence to expand their businesses when the time is right for them. Serious about your business? Then telephone us on 01245 326280 for a FREE meeting and parking to discuss how to increase your potential.

Mobile icon 01245 326280

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.

Colchester Accountants

McMillan Rose & Co - Chartered Certified Accountants
We are a qualified firm of accountants that are friendly, approachable, will deal with your queries quickly and at a reasonable price. Clients choose our firm over others as this is the level of service they receive. Check out our reviews. Changing Accountants always seems daunting so why not meet us first, without any pressure over a cup of tea or coffee, and then have time to yourself to decide if we are the right firm for you. You need to be able to rely on a firm you can trust and will get the job done within time constraints, thats where McMillan Rose are strongest as a firm of qualified Chartered Certified Accountants. If its advice on tax planning, including H M Revenue and Customs investigations, audit, limited company formation as well as bookkeeping, accounts, landlords rental statements, VAT and payroll services then McMillan Rose can provide those services and more. We have many clients in various different types of sectors, including: * contruction and building * solicitors and barristers * travel agents * technology * haulage * service industry * landlords * and, much more. Through giving the right advice when needed our clients have the confidence to expand their businesses when the time is right for them. Serious about your business? Then telephone us on 01245 326280 for a FREE meeting and parking to discuss how to increase your potential.
(+)
Ultimate Accounting & Tax Solutions
Expert management accounts report services - from basic profit and loss reports to staff reports, sales information and price trends.
(+)
TBL Accountants
We are TBL, an independent firm of Chartered Certified Accountants serving Southend and the local area. Our goal, as trusted business advisors and tax gurus, is to make your life easier by dealing with the complexities of running a business. We work with local businesses from all sectors and of all sizes, including ambitious start-ups, to overcome challenges and solve problems. TBL serves ambitious start-ups from every sector. We help solve problems and advise on investment, strategy, regulation, and compliance. Get your business off the ground with TBL.
(+)
JMK Group UK
Established since 2002. JMK Professional Services Ltd is a specialist accountancy practice that provides expert, tailored and compliant advice and support for contractors, freelancers and small businesses in the UK across any industry. Our staff are qualified and permanently employed in house. Our services are completely flexible and geared to the needs of our clients. We provide a fantastic, professional and personalised service at a competitive price point. Additionally we can provide compliant umbrella payroll services (JMK Group), back office software and bespoke smart phone applications for recruitment businesses looking for the leading edge of innovation. We understand how accountingumbrella companies can be numerous, short term, uncompliant and disorganised. This is why the group has been growing year on year since 2002 and has the sought after ISO 9001, Investor in People and Professional Passport accreditations. This is evidence of our commitment to internal quality. If you have a need for a professional organisation to partner with then feel free to contact me directly: Carl Thompson Senior Client Manager JMK Professional Services Ltd carl.thompson@jmkgroupuk.com 01895 447800 www.jmkgroupuk.com
(+)
FZCO Accountants
FZCO Accountants is a certified accountancy firm that enjoys a worldwide reputation for providing efficient and innovative VAT Registration and VAT Return services. We specialise in global ecommerce cross-border selling taxation, submitting VAT returns and VAT registration in the UK, EU, UAE, UAE and Saudi Arabia. We ensure that accounts, corporation tax, payroll and VAT/GST/ sales tax are prepared according to a timetable. Through our history of supporting ecommerce sellers, we have a strong understanding of the problems global ecommerce sellers face, which is why our professionals are able to guide you through any unforeseen circumstances step by step.
(+)
Chelmsford Bookkeeping Solutions Ltd
We are a small firm of professional bookkeepers who special in solutions for businesses and are keen to help start-up business choose the right software and set-up their systems. We can train you to use them too. We are certified in Sage, Xero and Quickbooks.
(+)
D8tamax Services Ltd
Accounting & Bookkeeping Services in Essex Specialising with Start-up Companies handling every aspect of accounting & bookkeeping, making sure you stay compliant with HM Revenue & Customs as well as Companies House as and when needed.
(+)
Direct Bookkeepers Limited
An EssexSuffolk border based accountany, bookkeeping and business growth advice company.
(+)
DLR Accountants
We are a specialist Small Business and start up accountants. Providing services to Sole Traders, Limited Companies and individuals. We offer fixed all inclusive low monthly fees We provide full range of services including FREE Start up advice FREE initial consultation Annual business accounts and tax returns Vat returns and advice Payroll and employment advice Specialise in Limited Companies
(+)
Dormer Finance Limited
We are a forward thinking firm of accountants, based in Basildon, Essex and understand what it takes to let a business achieve its goals. We specialise in working with owner managed businesses who want to work with a quality driven, approachable and reliable firm of accountants. Although we are based in Basildon, our services arent restricted to those in Essex and we have many clients outside of this area. Whether you are a Sole Trader, Partnership or Limited Company, or are just starting out and want advice on setting up your business, please contact us to arrange a free consultation, either at our Basildon, Essex office or at your premises, to discuss what we can do for you and your business.
(+)
Francis James & Partners LLP
Francis James & Partners specialise in providing a professional and personal solution for your day to day accounting needs. Using our qualifications and vast experience to complete the compliance work, we also apply our expertise and initiative to identify strategies that will help you achieve your business goals. Whatever your needs, we can help. Francis James & Partners is a modern firm of Chartered Accountants based in Leigh on Sea, Essex, offering accounts, taxation and business advisory and support services to a wide range of businesses and individuals. At Francis James & Partners we provide a cost-effective, high value solution to meet all of your financial needs. We work hard to get to know you in order to deliver timely, individual advice on how to improve your business and personal wealth.
(+)
The LowTax Group
At the LowTax Group we ensure that all our clients pay the lowest amount of tax that they legally can. We provide you with a full range of accounting, taxation and financial services as well as company formation and business services. You benefit from the highest professional standards and we communicate with you clearly, accurately and promptly. You will find us refreshingly different from many other accountants. Our style is informal and relaxed; no accountant-speak and stuffy grey suits here! For a complimentary consultation on your tax planning valued at
(+)
Wood & Disney
Triple Award Winning Firm of Qualified Chartered Accountants. Specialists in small family run businesses whether sole traders, partnerships, LLPs or Limited Companies. Startups welcomed.
(+)

Local help for startups

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

Select classification: