Accountancy & Tax | Accountants London-Central

London-Central 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 London-Central, 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

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London-Central

Local partners

We are happy to promote anyone who is prepared to offer friendly support to local start-ups.

Our local partners have been kind enough to help us and are keen to help you too.

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.

Further Advice and Help

London-Central Accountants

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.

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Euro Accounting Ltd

Euro Accounting Ltd is an independent and modern accountancy practice offering a full range of accountancy, taxation, payroll and audit services to customers throughout the UK to small and multi-million pound businesses. We speak 6 languages. We also provide a unique and bespoke service by assisting our clients with business development. In addition, we help businesses increase their profits by finding them new clients or suppliers which will help them develop their businesses. All these services are completely FREE. We prepare Corporation tax or Income Tax from

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Accountancy Direct

Our services are best utilised when starting a business as we can advise on running your company in a tax efficient manner. We can spread our fees on a monthly basis helping your cash flow. Please call for a free consultation.

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Arnold Hill & Co LLP

Arnold Hill & Co LLP, based close to Trafalgar Square in Londons 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.

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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.

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Ensors Chartered Accountants

Ensors is one of Londons 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

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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.

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KinsellaTax Investigations

Are you under investigation by HMRC for tax evasion or tax avoidance? Our tax enquiry experts can help you resolve your tax enquiry. Speak to us today for a stress-free solution.

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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.

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My Office Accountant

We a lively forward-thinking firm of Accountants, Business advisor and Tax consultants . We servicing clients from different industry sectors. We work with business start ups and guide them on their business moves. We offer free advices to start up businesses.

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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.

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SK Bookkeepers

Self Assessments. Annual Accounts. Tax Returns. VAT returns. Bookkeeping. Payroll

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Taj Accountants

Based in Whitechapel, East London, Taj Accountants has many years of experience in the accounting and taxation industry. The company offers a range of accountancy services, and provides tax services and advice, cheap accounting services, cheap payroll, cheap tax return, cheap accounts for self-employed and cheap accounts for limited companies to clients throughout London. The company is located in Whitechapel, E1, East London (London). The firm aims to supply businesses with a professional accountancy services and has on-site facilities. The expert staff help clients increase the revenue. The service is intended to be cost effective every time. With a staff body of few fully qualified accountants, Taj Accountants has a professional team, qualified to a high standard.

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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.

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