Accountancy & Tax In Lincolnshire

Accountancy & Tax In Lincolnshire
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 Lincolnshire, it makes sense to use Accountants or Bookkeepers also based in Lincolnshire. 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 Lincolnshire 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.

Lincolnshire Accountants

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

Forrester Boyd

Forrester Boyd is one of the largest independent chartered accountancy practices in Lincolnshire and the Humber region. Established in 1935, our growth has been based on a simple philosophy. We recognise that the needs and circumstances of our clients are all different and that every client deserves a truly personal service. We may be one of the largest practices in the area, but we are not a large faceless organisation, in fact our high ratio of partners and qualified accountants to staff ensures that our clients benefit from quick partner response and senior managers are always available in the absence of the main partner contact. Supporting our 13 partners are a host of specialist teams including tax, corporate finance, payroll, IT and financial services giving our clients access to in-depth advice and expertise when needed.

Payserve Limited

Our bookkeeping service can take the strain out of routine day to day bookkeeping and is designed primarily for Sole Traders and Small Businesses. With over 30 years experience in the licensed trade, we specialise in bookkeeping for pubs, restaurants and independent hotels.

TaxAssist Accountants

TaxAssist Accountants Bourne provides a wide range of accountancy services including tax returns, annual accounts, payroll and bookkeeping. TaxAssist Accountants in Bourne are a part of the largest network of accountants who offer a wealth of experience and expertise to over 65,000 small businesses right across the UK. We help a diverse range of small businesses including start-ups, sole traders, limited companies and landlords who operate in many industries. Chris & Angela Cottee have operated a local friendly accountancy and tax practice for over 16 years within the Deepings & Bourne area. Being a family run small business ourselves we are able to understand your business needs and problems and we are focused on helping you grow, not just completing your accounts and tax returns (although we’ll do that too!). We provide accountancy services and tax returns, business start up advice including help with business plans, company formations,VAT, payroll, CIS returns, bookkeeping (training & support) and much, much more. We offer a genuinely proactive service getting you thinking about your business and where it is heading. Because we are a small business ourselves, we give easy to understand, no nonsense advice from your accountant - theres a first! All our fees are agreed in advance there are NO hidden extras, we also operate variable methods of payment.

Tyers Accountancy

Tyers Accountancy specialises in providing accountancy and business support for the smaller business: sole trader, partnership and limited company. We provide friendly personal service and advice with just one point of contact so you will always talk to the same person! You can call at our office or were happy to come to your home. We are here to help you get your business started up and running smoothly, and well handle the necessary registrations for you. We provide: A FREE initial consultation with no obligation so you can have your questions answered without pressure. FREE bookkeeping software to help you get started. Thats one less cost to think about! The software can be enhanced if your requirements grow at a later date. We also provide full bookkeeping training and support. Tax enquiry cover with FREE legal and business helpline. Our cover helps to greatly reduce the anxiety of tax enquiries. Our rates are extremely competitive - in many cases far below prices youll find on the High Street. We provide support for all areas of your business including: Accounts preparation Self assessment and Tax Returns Payroll administration VAT advice, VAT Returns and registration Limited companies and incorporation Bookkeeping service plus software and training We would be very happy to help you whatever your business needs. Please feel free to contact us for your free first meeting.

Tyers Accountancy

Tyers Accountancy specialises in providing accountancy and business support for the smaller business: sole trader, partnership and limited company. We provide friendly personal service and advice with just one point of contact so you will always talk to the same person! You can call at our office or were happy to come to your home. We use our knowledge and experience to help you get your business started up and running smoothly, and well handle the necessary registrations for you. We provide: A FREE initial consultation with no obligation so you can have your questions answered without pressure. FREE bookkeeping software to help you get started. Thats one less cost to think about! The software can be enhanced if your requirements grow at a later date. We also provide full bookkeeping training and support. Tax enquiry cover with FREE legal and business helpline. Our cover helps to greatly reduce the anxiety of tax enquiries. Our rates are extremely competitive - in many cases far below prices youll find on the High Street. We provide support for all areas of your business including: Accounts preparation Self assessment and Tax Returns Payroll administration VAT advice, VAT Returns and registration Limited companies and incorporation Bookkeeping service plus software and training We would be very happy to help you whatever your business needs. Please feel free to contact us for your free first meeting. Tyers Accountancy Tel: 01469 533203

Grimsby & Cleethorpes Enterprise Agency
The Enterprise Agency is North East Lincolnshires leading source of independent and confidential advice for both new business starts and existing businesses. Welcome to our website which has been designed to offer a range of information and support to help new and growing companies succeed in business. 01472 312121

Hatfield & Co
Hatfield & Co is a small firm of Chartered Accountants in Gainsborough, Lincolnshire. Were here to give professional and relaible advice to individuals in the area, and to business of any size. If youre thinking of starting a new business, we can help you with getting your idea off the ground and help you manage and grow your new startup business. Initial consultations are free and without obligation. 01427 325779

Lincolnshire & Rutland Education Business Partnership
By working with The EBP to support your local schools and colleges, you will be influencing the employees of tomorrow. Students and teaching staff benefit enormously from the influence of employers, they can be given a clear idea of the skills, attributes and qualities employers are looking for. 01522 574 100

Taxback Services
All aspects of bookkeeping offered by an ACCA qualified accountant. Can do work from own premises or work at clients. Self assessments also completed and submitted for the self employed. Very reasonable rates with an exceptional service 7861751006

Tyers Accountancy Ltd
Local accountant offering friendly personal service and advice. Were happy to help you with setting up your new business. We provide just one point of contact so you wont be passed from pillar to post. FREE bookkeeping software. Bookkeeping training. Tax enquiry cover including FREE legal and business helpline. Competitive prices. 01469 533203

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