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Accountancy & Tax in Derbyshire

Key start-up information and list of local accountants

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Derbyshire 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 Derbyshire, 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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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

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

Coleman Bradshaw
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.
Accounting Solutions
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
Prime Accounts Ltd
We are an owner managed firm of accountants based in Chesterfield, Derbyshire but operating nationally. Established in 2006 our experienced team of qualified professional accountants work hard to become a valuable part of our clients business. Our goal is to become your most trusted advisor, to be the first call you make when you are considering any business decision. By working with our clients as closely as possible you can be sure we are best placed to help to advise you no matter what your goals are. For example, what is your 5-year plan, your 10-year plan? Have you ever been asked this? We take a different approach than most in that we start with your end goal in mind and set up a plan with you to work towards this. We know that trust is the main factor when considering your professional advisors so we just ask for 10% of your trust and let us earn the rest! Unlike many accountants we do not charge per phone call, after all what is the point in using an accountant if you daren’t call them in case they hit you with a big bill afterwards. Please contact us now to arrange a free business health-check and review, you’ll just be sorry you didn’t call us sooner.
Maple Accountancy
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. |
MS Accountancy Services Ltd
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
Smith Cooper
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.