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
Diss, 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
Thain Wildbur Chartered Accountants and Business Advisers
Based in King’s Lynn, Norfolk, we work with all types of small and medium sized businesses and individual tax payers, providing a friendly, professional and affordable complete accountancy and tax solution tailored to meet your individual needs.
Our experienced team of qualified accountants and support staff will get to know you and work closely with you to help you achieve your business and personal financial goals.
Our support for you stretches well beyond essential compliance services. We aim to work with you to ensure the best possible chance of success for your business.
We adopt a cradle-to-grave approach to business advice. We can help you start a new venture, provide planning and support through the growth period and help you create exit plans when you want to hang up your boots or move on to other challenges.
The areas where we can assist you include:
- Business start-up planning and advice
- Raising business finance
- Financial management and information systems
- Computer systems and accounting software advice and training
- Cash flow forecasting and management
- Long term plans for your business and your exit
- Share valuation and business sales advice
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.
Please note that one-time registration is required to unlock all of the free items on this site.
Personal Survival Budget
This template will help you to identify how much profit your business needs to make to cover your own personal outgoings.
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
One of the most important steps but is often ignored. This document will provide you with a clear road-map for your business.
If you run your own business in
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
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.
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
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.
Self-employed National Insurance rates
for full details.
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.
- 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.
Business records if you're self-employed
for full details.
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
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
official VAT website
for full up to date details.
If you can help new business start ups or existing small businesses in the
area, we would love to promote you here free of charge (add free listing).
All Things Accounting is a blog that discusses about topics related to accounting, payroll, bookkeeping, income tax, property tax, consumption tax, financial audit and other relevant topics.
FREE consultation and advice
Getting your paperwork straight right from the offset
Cost effective record keeping for you and your new business
Jolliffe Evans is a family run accountancy practice started in 2005 to provide affordable Bookkeeping, Payroll and Accountancy services to individuals and businesses alike. As a company we have the experience to assist with your bookkeeping, payroll and accounts functions to help give you time to run, manage and grow your business. Whilst providing the financial information you need to make the important decisions. We are available to work on site or externally and have an extensive knowledge of Sage, Quickbooks, Excel Spreadsheets and Manual Record keeping.
Make It Count (Accountancy Services) Ltd is based in Blofield, Norwich and offers professional accounts support for all types of small and medium sized businesses, from self employed to limited companies. Services include: CorporationPersonal Tax returns, management accounts, VAT returns, Sage Payroll and PAYE Year End Submissions. We are a professional team and director Shirley Webb is a qualified member of AAT.
10% discount for the first two years.
GET YOUR FINANCES IN ORDER WITH THE HELP OF A PROFESSIONAL BOOKKEEPER
Are your businesss finances getting on top of you?
Spending evenings and weekends doing your paperwork?
Want to spend more time with family and friends?
Worried that your tax returns wont be submitted on time?
S Jarrett Bookkeeping provides flexible and affordable bookkeeping services to small businesses, sole traders and not for profit organisations in Norwich, Wymondham and South Norfolk. I am happy to come to you or work remotely and can provide services to suit your needs whether that be weekly, monthly or quarterly.
As an ICB-qualified bookkeeper you can be assured of an attentive, professional service at all times.
The benefits of using a bookkeeper:
- Ensure your paperwork is well-ordered and complete
- Ensure you identify all deductible expenditure to minimise your tax bill
- Ensure you submit tax and VAT returns on time with accurate data to avoid penalties and interest
- Identify payments and receipts which need to be chased, ensuring you manage your money and relationships with suppliers and customers
- Understand your business finances and take control of your future
The services I provide include:
- Inputting of transactional data (invoices, receipts etc) and keeping your records well-ordered
- Bank reconciliations
- Credit Control
- VAT Returns
- Management Reporting
- Draft accounts
Give me a call or visit my website to arrange a free initial consultation to discuss how I can help you.