Accountancy & Tax In Derbyshire

Accountancy & Tax In Derbyshire
Accountancy & Tax In Derbyshire

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

Free Friendly Advice

If you would like some free friendly advice from a trusted local partner relating to any accountancy or tax matter, please complete and submit this form. There will not be any pressure nor will you be under any obligation to buy paid services.

We assure you that your details will not be used for any other purpose. We hate spam and promise not to bombard you with unwanted correspondence.

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 Derbyshire 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.

Derbyshire Accountants

Useful Start-Up Resources

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

Coleman Bradshaw are a progressive team of accountants and professional advisers providing accounting & business support services to ambitious small businesses and start-ups. We are here to minimise tax, maximise cash and profits, and provide peace of mind. So what makes us different? We communicate actively with our clients and business community. We love to help business to grow and become more successful, and we are committed to providing a highly responsive and energetic customer service experience - precisely what you need to support you in the fast-paced world of growing a small business or launching a start-up.
(+)
At ACCOUNTING SOLUTIONS we aim to provide a professional, invaluable service to our clients regardless of size. ACCOUNTING SOLUTIONS are a friendly, reliable but affordable accounting practice with over 20 years experience. We endeavour to remove the stress and hassle of dealing with the financial and tax affairs of your business by: Arranging appointments at a time and location that is convenient to you - outside office hours and at your premises if required Taking the time to understand your businessKeeping your tax obligations to an absolute minimumTreating you as an individual and with prioritySticking to mutually agreed deadlinesGiving value for money The following is a list of core services that we provide, but wed be more than happy to discuss anything not specifically listed. Preparation of Self Assessment Tax Returns Preparation of Accounts for Sole traders & PartnershipsPreparation of Accounts for Limited Companies and Limited Liability PartnershipsBookkeeping ServicesCompletion of VAT ReturnsPayroll BureauCIS ServicesManagement Accounts and Business AdviceCompany Formation and Company Secretarial Services
(+)
A leading accountancy practice based in Derbyshire for trusted advice to businesses and individuals. Perhaps you... * Need help sorting out your tax affairs; * Are starting in business & need advice; * Want help to grow your business; OR * Just need a friendly, proactive, efficient accountant.
(+)
We are a reputable firm of accountants with over 100 years experience. We do not just look to prepare accounts and tax returns but provide essential business and taxation advice. We especially provide a one stop shop for new and growing businesses by providing links for marketing, stationery, web design, training and other areas of advice. johna@mitchellsaccountants.co.uk |
(+)
We specialise in new start ups and small businesss either sole traders or limited companies. We are happy to help clients from the initial idea to the successful business lending a helping hand all the way
(+)
More than just number crunchers we offer proactive relevant advice to buisness owners from start ups to PLC. We have the facilities and people to be able to advise on all issues facing businesses.
(+)
Start Up Funding