Accountancy & Tax In Knightsbridge

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

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.

Download
Cashflow Forecast Template
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.

Download
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.

Download

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 Knightsbridge 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.

Tips to Keep Your Business Healthy

Bookkeeping tips for start-ups and self employed

Free Cashflow Template and Instructions

How to stay on top of late payments

How an accountant can help your business

See Full List of Accountancy Articles

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 primarilly 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 atwww.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, or You expect your taxable turnover to exceed the VAT threshold within the next 30 days, or 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 £82,000; if your turnover is below the registration limit, you can choose whether to apply for voluntary registration. The standard rate of VAT for 2015-16 is 20%.

See the official VAT website for full up to date details.

Knightsbridge Accountants

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

Free Tax E-Learning Course (HMRC)

Working for yourself? Got a lot of questions about tax, National Insurance, business records and expenses? If so, this HMRC e-learning course is for you.

Budgeting for your first self-employed tax bill

When you start working for yourself, you do not get your first tax bill for a while, so it may help your budgeting to start putting money aside now. The ready reckoner tool can help you with this. It shows you roughly how much money you might need to meet your Income Tax and Class 4 National Insurance bill. It doesn't take into consideration any Payments on Account you may have to make.

Clear House Accountants

Clear House Accountants are performance driven Business Accountants in London. We are chartered certified accountants focused on Startups and SMEs looking to grow their business. Using our IFIT Methodology and Business Intelligence, we continue to transform businesses across the UK.

Online seminars for businesses and the self-employed

HM Revenue & Customs (HMRC) offer a series of free online presentations or

Rodliffe Accounting Limited

We are a specialist CIMA qualified accountancy practice offering tailored accounting solutions to contractors, freelancers and small businesses. We also provide corporate and personal tax management solutions, tailored to individual needs. Our focus is on making sure businesses comply with regulation through ethical and proactive decision making, using communication that both cuts the complication and increases your profits.

Simple record keeping applications for mobile devices

To help small businesses with record keeping on the go, the commercial software industry, following consultation with HM Revenue & Customs (HMRC), are producing simple record keeping mobile applications for businesses below the VAT threshold. These applications may help you with maintaining good records and include links to HMRC guidance related to record keeping that you may find useful. The majority of these applications are free.

TaxAssist Accountants

TaxAssist Accountants are the largest network of accountants who focus their accountancy skills specifically on small businesses and taxpayers needing a tax return in the UK. We specialise in providing accountancy services, tax returns, payroll, bookkeeping, tax savings and tax advice to small businesses. We have over 38,000 customers including; Sole Traders, Partnerships, Limited Companies and Personal Tax Payers.

Why choose a single accountant when you can choose a team

Members in practice (MiPs) are chartered global management accountants in professional practice. They provide accounting services to businesses, but are not direct employees of these businesses. We will work together to achieve your goals, we support each other using our strengths to best advantage. You might only need one of us at first, but it's reassuring to know that when you need specialist advice you can access our full team. There are 1,400 members in practice in the UK.

Are You An Accountant
Seahorse (UK) Limited offers a range of services to accountants and bookkeepers. Whether you are thinking of starting your own practice, have recently started, or are in practice and are looking for a new direction. We aim to give you the support you would expect from a franchise but without the tie in, so you can be free to run your practice the way you want to. 01268 417631

Arnold Hill & Co LLP
Arnold Hill & Co LLP, based close to Trafalgar Square in London's West End, is a firm of accountants that offer a range of personalised accountancy services. Clients range from international companies, to family trusts and charitable foundations to small businesses. Services include personal taxation, bookkeeping, payroll, business consultancy and inheritence tax planning. 020 7306 9100

Bambridge Accountants
Bambridge Accountants has many years of accounting and tax experience, and provides accountancy and tax services to clients throughout the local area. The practice is situated in Mayfair, in central London. The practice delivers comprehensive accountancy and tax advice to businesses, which is professional and reliable for all clients. With a private office, the business also has friendly staff helping clients with their businesses. Bambridge Accountants has a wide group of customers, based throughout London, including private clients, sole traders and companies. 020 7409 5244

Ensors Chartered Accountants
Ensors is one of London's leading firms of independent chartered accountants and business advisors. Combining expertise and professionalism with a friendly, straightforward approach, the team at Ensors provide a comprehensive range of services for businesses and individuals 020 7250 4761

HFM Tax & Accounts
Friendly, understandable advice for new businesses with help with tax, accounting and payroll.nlet us help you start your business properly without losing focus on the important business of getting sales. 020 7917 9506

MDP Accountancy Services LLP
MDP Accountancy Services, based in Liverpool St. provide specialist accounting services to New Start-ups, Freelance contractors, Medical professionals and SMEs. With our vast experience in accounting we understand that one size does not fit all. With fixed rate packages for those new to contracting and bespoke services to businesses and individuals with more complex needs, MDP Accountancy Services will take the worry out of your accounting responsibilities. 020 7183 6169

Price Bailey
We offer both compliance and advisory services and we are very keen to help small local businesses. We also act for private individuals and sole traders and have specific expertise locally in the Charities, Healthcare, Professional services and Technology & Digital Media sectors. Our services include auditing, bookkeeping, business strategy, business systems and Sage installations and support, employer and payroll solutions, financial services, forensic accounting, insolvency and recovery services, tax and VAT compliance and advice and trust and fiduciary services. 020 7065 2660

Westleton Drake
With offices in London and Geneva, we are a firm of US and UK tax advisors who specialise in assisting Americans living abroad, plus other overseas nationals with 'non-dom' status in the UK. We can look after your US and UK tax affairs, and those of your businesses, to ensure a coordinated approach to your tax compliance and advisory needs. We work with individuals living and working in the UK, Switzerland and the US. We also specialise in assisting those running entrepreneurial businesses and are experienced in assisting US owned asset managers operating in Europe. 02031 786 041

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