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Accountancy & Tax in Keynsham

Key start-up information and list of local accountants

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Keynsham 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 Keynsham, 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

Summ-it Up

Summ-it Up

Providing Services as Individual as You are

For every client we look at your individual needs, what you want to get from your accounts and bookkeeping and, we build our services and fees around this. Whether fixed or flexible, we don’t have a standard tariff for most of our services, the fees are designed around your needs.
No two people are the same, and the same goes for businesses so with just a handful of clients, Summ-It Up Accountancy was started in 2009 offering a personalised bookkeeping, payroll and accountancy service for small businesses.
With on site visits in our local area of Martock, Somerset, or with the use of technology, like Skype or FaceTime, we can meet face to face for regular updates and make sure you keep in control of your business.

Why use Summ It Up Accountancy?

I set out to offer a personalised bookkeeping and accountancy service for small businesses, and with just a handful of clients, Summ-It Up was started in 2009.

No person is the same so I decided to apply that theory to businesses; what accounting needs one business has are not necessarily the same as its neighbour.

So that’s what I did, and still do to this day. For every client, we look at your individual needs, what you want to get from your accounts and bookkeeping and we build our services and fees around this. Whether fixed or flexible, we don’t have a standard tariff for most of our services, the fees are designed around your needs.

Give me a call to see how I can help.

Mobile icon 01935 609451

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 https://www.gov.uk/log-in-register-hmrc-online-services/register

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.

Keynsham Accountants

Summ-It Up Accountancy Services
Providing Services as Individual as You are For every client we look at your individual needs, what you want to get from your accounts and bookkeeping and, we build our services and fees around this. Whether fixed or flexible, we don’t have a standard tariff for most of our services, the fees are designed around your needs. No two people are the same, and the same goes for businesses so with just a handful of clients, Summ-It Up Accountancy was started in 2009 offering a personalised bookkeeping, payroll and accountancy service for small businesses. With on site visits in our local area of Martock, Somerset, or with the use of technology, like Skype or FaceTime, we can meet face to face for regular updates and make sure you keep in control of your business. Why use Summ It Up Accountancy? I set out to offer a personalised bookkeeping and accountancy service for small businesses, and with just a handful of clients, Summ-It Up was started in 2009. No person is the same so I decided to apply that theory to businesses; what accounting needs one business has are not necessarily the same as its neighbour. So that’s what I did, and still do to this day. For every client, we look at your individual needs, what you want to get from your accounts and bookkeeping and we build our services and fees around this. Whether fixed or flexible, we don’t have a standard tariff for most of our services, the fees are designed around your needs. Give me a call to see how I can help.
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TaxPlus Accountants
TaxPlus Accountants are a small accountants based in Street, serving the local community and the surrounding areas by providing accountancy, payroll, company secretarial, bookkeeping and taxation services. We offer a free no obligation initial consultation and flexible appointments to suit your needs. Home or work place appointments are welcomed. We pride ourselves as being extremely professional whilst remaining friendly and offer the non-stuffy approach which we believe enhances our personable approach. We feel the personal one on one relationship is invaluable so we can get to know our client and their business, which in turn helps us advise and help clients in a more informed way.
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James Coward ACA Chartered Accountant and Business Adviser
I started my own practice from scratch a few years ago and so I understand what it is like to start a business. I can offer help with business plans, dealing with HMRC and Companies House, getting started with accountancy software and record keeping and more. To get you started feel free to download my smart phone app available on Apple and Android as James Coward ACA, it is free to download and contains functions designed to help small business owners with tax etc.
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A Shamsi & Co.
Chartered Accountants and Business Advisers
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AIMS Accountants for Business
Sole Practitioner practice based in central Bath specialising in accounts preparation and tax returns for individuals and small business (sole traders, partnerships and limited). Also offering payroll services, VAT preparation and general bookkeeping.
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Arthur Croker & Co
We are an expanding private practice welcoming all new clients throughout Somerset. Limited companies,sole Traders, Partnerships. Free quotation at your business premises. Our first charge will be at the end of your accounting year when accounts are completed.
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Biznus Payroll Limited
Biznus Payroll takes the headache and confusion out of payroll with our accurate and efficient payroll outsourcing service. Providing you with all you need from setting up a PAYE scheme, pay calculations, payroll management reports, payslips and HMRC online returns.
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BPB Solutions Ltd
BPB Solutions is a local company offering a variety of business services including help for sole traders and small limited companies. We specialise in new business start ups so give us a call and see what we have to offer!
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Mark Bijok Associates
My firm is large enough to deal with any tax problem you may have, but small enough to provide a personal service. I have over 250 clients operating in all business sectors. All my staff are fully qualified and I have a unique set of skills gained over 25 years and so you can be assured of a first class reliable service. Small business specialists All sizes of business catered for Painless filing of your tax returns All types of tax problems solved Free meetings and e-news Evening and weekend appointments available Fixed fees agreed with you in advance.
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Mark Bijok Associates
My firm is large enough to deal with any tax problem you may have, but small enough to provide a personal service. I have over 250 clients operating in all business sectors. All my staff are fully qualified and I have a unique set of skills gained over 25 years and so you can be assured of a first class reliable service. Small business specialists All sizes of business catered for Painless filing of your tax returns All types of tax problems solved Free meetings and e-news Fixed fees agreed with you in advance Evening and weekend appointments available.
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Pearce & Co .
Chartered Accountant and Chartered Tax Adviser, offering expert advice with a friendly reliable service to clients in Bath and the surrounding area.
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