Accountancy & Tax In Devon

Accountancy & Tax In Devon
Accountancy & Tax In Devon

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

Recommended Local Partner

Woodwards Accountancy & Taxation Services

As a small business, I understand that time is your most precious asset. Thats why I travel to you.

We can arrange evening and weekend appointments to suit you, leaving your day free to concentrate on the things that matter most - your customers.

Together we will work in partnership to grow your business.

* Business Plans
* Cash Flow Forecast
* Company Formation
* Registration for VAT
* Registration for Payroll

Why not pick up the phone and lets schedule a meeting. That way we can decide if wed both be a good fit for one another, and I can demonstrate to you the trust that is the basis of every good accounting relationship.

You can reach me on 01803 228 628. Im looking forward to your call.

Woodwards Accountancy & Taxation Services
Tel: 01803 228 628
Web: http://accountants-paignton.co.uk

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.

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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 Devon 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.

Devon Accountants

Useful Start-Up Resources

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

Applied Business Solutions offer products designed to help a new business start up and grow. We offer Accounting software, business consulation, hosting, ePos systems and digital display & marketing.
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We are a local qualified accountancy practice, specialising in providing services to small businesses. Our focus is on being friendly, efficient and professional whilst delivering a quality and affordable service to our clients. Our hours are flexible and we can offer weekend and evening appointments. All of our fees are agreed in advance and we offer potential new clients a free initial consultation without obligation, to discuss all their ideas and requirements and to get them started on the right path. Why not contact us today?
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Ready to start your own business? But not sure what you need to put in place, whether you should be limited or a sole trader, who you need to tell, what legislation you need to comply with? Aegis specialise in small business start-ups - we can handle all the legislation for you from day one. Our popular Company Start-up Package covers all the legislative requirements in one go, and as a startup client we will guarantee to fix your accounting and company administration costs to an all-in-one affordable monthly fee for the entire year! As a client of Aegis you will enjoy day-to-day bookkeeping, monthly management accounts, VAT returns, company administration, year end accounts preparation and tax return filing - all in one FIXED monthly fee! Accounts shouldnt be taxing- and neither should accountants! Aegis look after the books, prepare the accounts and file your tax return - no fuss accounting- call now on 01395 511012 or visit our website.
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We are an accountancy practice located just outside the City Centre. We handle accounts preparation, book keeping, VAT returns, payroll etc for approimately 200 small to medium firms from one man bands to employers with 15 or more employees. Friendly & approachable are one of our bywords.
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Partners In Payroll Ltd was incorporated in July 2004. Angela Drummond and Julie Brown, both experienced book-keepers and accountancy trained, brought together their knowledge to offer a range of Payroll, Sage Accounts Training and Book-keeping services to small and medium size businesses. Through personal recommendation, the company has grown steadily and now spans the whole of Devon, into Somerset and Cornwall. Working from our offices or client premises, Partners In Payroll Ltd can offer an affordable comprehensive service tailored to the individual company.
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With offices in Exeter, Barnstaple, Bovey Tracey, Holsworthy, Honiton and Okehampton we are committed to supporting a diverse client base around the region, reflecting our breadth of expertise. Our accounting and advisory services cover the full spectrum 01392 211233.
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Chartered Accountants Free tax saving reviews Up to 25% off your current accountancy fees
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Start Up Funding