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.
This template will help you to identify how much profit your business needs to make to cover your own personal outgoings.Download
An easy to use template. Instructions are included - just input your figures and the spreadsheet will perform all of the calculations for you.Download
Please note that one-time registration is required to unlock all of the free items on this site.
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.
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.
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
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.
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.
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.
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.
Tax Help Factsheets
Webinars, e-learning, emails and video for self-employed
Department for Business, Energy & Industrial Strategy
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
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