Accountancy & Tax In Essex

McMillan Rose & Co - Chartered Certified Accountants
McMillan Rose & Co - Chartered Certified Accountants

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

Recommended Local Partner

McMillan Rose & Co - Chartered Certified Accountants

We are a qualified firm of accountants that are friendly, approachable, will deal with your queries quickly and at a reasonable price. Clients choose our firm over others as this is the level of service they receive. Check out our reviews.

Changing Accountants always seems daunting so why not meet us first, without any pressure over a cup of tea or coffee, and then have time to yourself to decide if we are the right firm for you.

You need to be able to rely on a firm you can trust and will get the job done within time constraints, thats where McMillan Rose are strongest as a firm of qualified Chartered Certified Accountants. If its advice on tax planning, including H M Revenue and Customs investigations, audit, limited company formation as well as bookkeeping, accounts, landlords rental statements, VAT and payroll services then McMillan Rose can provide those services and more.

We have many clients in various different types of sectors, including:

* contruction and building
* solicitors and barristers
* travel agents
* technology
* haulage
* service industry
* landlords
* and, much more.

Through giving the right advice when needed our clients have the confidence to expand their businesses when the time is right for them. Serious about your business? Then telephone us on 01245 326280 for a FREE meeting and parking to discuss how to increase your potential.

McMillan Rose & Co - Chartered Certified Accountants
Tel: 01245 326280
Web: https://www.mcmillanrose.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.

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 Essex 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.

Essex Accountants

Useful Start-Up Resources

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

We are a qualified firm of accountants that are friendly, approachable, will deal with your queries quickly and at a reasonable price. Clients choose our firm over others as this is the level of service they receive. Check out our reviews. Changing Accountants always seems daunting so why not meet us first, without any pressure over a cup of tea or coffee, and then have time to yourself to decide if we are the right firm for you. You need to be able to rely on a firm you can trust and will get the job done within time constraints, thats where McMillan Rose are strongest as a firm of qualified Chartered Certified Accountants. If its advice on tax planning, including H M Revenue and Customs investigations, audit, limited company formation as well as bookkeeping, accounts, landlords rental statements, VAT and payroll services then McMillan Rose can provide those services and more. We have many clients in various different types of sectors, including: * contruction and building * solicitors and barristers * travel agents * technology * haulage * service industry * landlords * and, much more. Through giving the right advice when needed our clients have the confidence to expand their businesses when the time is right for them. Serious about your business? Then telephone us on 01245 326280 for a FREE meeting and parking to discuss how to increase your potential.
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We are TBL, an independent firm of Chartered Certified Accountants serving Southend and the local area. Our goal, as trusted business advisors and tax gurus, is to make your life easier by dealing with the complexities of running a business. We work with local businesses from all sectors and of all sizes, including ambitious start-ups, to overcome challenges and solve problems. TBL serves ambitious start-ups from every sector. We help solve problems and advise on investment, strategy, regulation, and compliance. Get your business off the ground with TBL.
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Accounting & Bookkeeping Services in Essex Specialising with Start-up Companies handling every aspect of accounting & bookkeeping, making sure you stay compliant with HM Revenue & Customs as well as Companies House as and when needed.
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We are a forward thinking firm of accountants, based in Basildon, Essex and understand what it takes to let a business achieve its goals. We specialise in working with owner managed businesses who want to work with a quality driven, approachable and reliable firm of accountants. Although we are based in Basildon, our services arent restricted to those in Essex and we have many clients outside of this area. Whether you are a Sole Trader, Partnership or Limited Company, or are just starting out and want advice on setting up your business, please contact us to arrange a free consultation, either at our Basildon, Essex office or at your premises, to discuss what we can do for you and your business.
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Start Up Funding