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Accountancy & Tax in Cornwall

Key start-up information and list of local accountants

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Cornwall Accountancy

Choose a local accountant

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 Cornwall, 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.

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We have been helping start-ups in Cornwall since 2005.
Start Your Own Business in Cornwall
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Download our free start-up guide

Packed with the information that you need to start or grow a business in Cornwall.

Recommended Local Partner

Whyfield

Whyfield

Whyfield is very much a modern firm of accountants. Their Truro-based team are highly accredited and highly regarded throughout Cornwall, Devon and across the UK.

They're Making Tax Digital experts and have helped hundreds of businesses make the switch over to systems that show how your business is performing in an instant! They offer everything you’d expect from an accountant, from bookkeeping and payroll to VAT returns and year end accounts, so you won’t be short of choice when it comes to support.

They’re also experienced business advisors who help turn ideas into thriving start-ups. As a relatively young firm, who set up in 2014, they are perfectly suited to help new start-ups navigate the usual hurdles of starting a business. In fact, they’ve grown considerably since opening their doors and have won a whole host of awards along the way, so you couldn’t be in better hands if you’re looking to start up and grow your business.

If you're looking for great value service and a modern thinking accountant, look no further!

Get in touch with their team for a free 30-minute chat to see how they can help you: 01872 267 267b

Mobile icon 01872 267 267

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.

Free Friendly Advice

Whyfield

If you would like some free friendly advice from a trusted local partner, please complete the form.

There will not be any pressure nor will you be under any obligation to buy paid services.

Alternatively you can contact Andy Pringle at andy@syob.net and he can help guide you with more information or suggest the best person to contact.

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, which you can download here .

Business Plan Template

You don't know what you don't know!"; Plot your progress with this 125+ point checklist and make sure that you have considered all the key factors prior to starting your business.

Personal Survival Budget Planner

Worrying about paying your personal bills will distract you from the running of your business. This template will help you to identify how much you need to make each month to cover your outgoings.

Cashflow Forecast Template

An easy to use template, created in Microsoft Excel. Instructions are included - all you have to do is unput your figures and the spreadsheet will perform all of the calculations for you.

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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 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.

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Cornwall Accountants

Whyfield
Whyfield is very much a modern firm of accountants. Their Truro-based team are highly accredited and highly regarded throughout Cornwall, Devon and across the UK. They're Making Tax Digital experts and have helped hundreds of businesses make the switch over to systems that show how your business is performing in an instant! They offer everything you’d expect from an accountant, from bookkeeping and payroll to VAT returns and year end accounts, so you won’t be short of choice when it comes to support. They’re also experienced business advisors who help turn ideas into thriving start-ups. As a relatively young firm, who set up in 2014, they are perfectly suited to help new start-ups navigate the usual hurdles of starting a business. In fact, they’ve grown considerably since opening their doors and have won a whole host of awards along the way, so you couldn’t be in better hands if you’re looking to start up and grow your business. If you're looking for great value service and a modern thinking accountant, look no further! Get in touch with their team for a free 30-minute chat to see how they can help you: 01872 267 267b
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Blackwell Bate Accountancy & Tax
Blackwell Bate was formed specifically to allow clients to run and build their businesses, leaving us to provide daily tax, payroll and accounting support giving total peace of mind. Our approach to relationships and service delivery helps hundreds of clients exploit new opportunities and improve performance which enhances the value of the company. All our Clients are treated individually, no Client receives a lower level of service as they are smaller clients. All clients receive the same exceptonal level of expertise. This includes a fixed fee, unlimited phone and email support at no extra cost, along with meetings to discuss accounts, tax or any other advice you may need. Blackwell Bate is the only accredited PCG Accountant in Cornwall, Devon and Somerset.
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ASK Bookkeeping
ASK Bookkeeping offers flexible bookkeeping services to small and medium sized business and start ups. We can undertake VAT Returns, Online Filing, Payroll and Corporation Tax. If your cash flow is tight and you would prefer to do your own bookkeeping we can offer full training and support to ensure your accounts are kept in order. We also offer an accountancy service. Our fees are payable on a monthly basis with no hidden costs enabling you to budget accordingly. Contact Anne for a Free Initial Consultation.
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MJD Accountancy Services
Whether you are looking for a bookkeeper, an accountant or someone to process your payroll we can help. We cover VAT, CIS, Payroll, Self Assessment for sole traders, partnerships and limited companies, Bookkeeping on a Weekly, Monthly or Quarterly basis and Business Health Checks.
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