Accountancy & Tax In Merseyside

Accountancy & Tax  In Merseyside
Accountancy & Tax  In Merseyside

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 Merseyside, 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

Oakes Accounting

Offering a personal and professional accounting and bookkeeping service for the small business and self-employed. We make accounting simple and provide an online UK wide accountancy service for one FIXED MONTHLY FEE, with no hidden extras. Free software and advice. No time consuming meetings necessary.

Oakes Accounting
Tel: 0151 342 7669

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Accountancy & Tax in Merseyside

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Your Accountancy Questions Answered

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If you run your own business in Merseyside 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.

See Full List of Accountancy Articles

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.

Cashflow Forecast
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.

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.

Please note that one-time registration is required to unlock all of the free items on this site.

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 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

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.

Accountants in Merseyside

Useful Start-Up Resources

If you can help new business start ups or existing small businesses in Merseyside , we would love to promote you here free of charge (add free listing).

We are Business Growth Accountants. We help business owners measure and improve the numbers that matter within their business. We work closely with our clients to help them grow and to achieve their business and personal goals including access to finance, business planning, business consultancy services, tax planning advice, and systemisation.
Offering a personal and professional accounting and bookkeeping service for the small business and self-employed. We make accounting simple and provide an online UK wide accountancy service for one FIXED MONTHLY FEE, with no hidden extras. Free software and advice. No time consuming meetings necessary.
At Kirkwood Wilson, we take a completely different approach to most accountancy firms and can do so much more for your business than just produce your year-end accounts. We fully appreciate the importance of improving your company profits and minimising your tax bills and we can add real value to your business - where it really matters! Our processes and services are unique within our industry and are guaranteed to improve your business efficiency and profitability.
DSG Chartered Accountants are on hand to help you through the start up process, offering advice on the right business structure for you, producing a business plan, applying for finance and well make sure you remain complaint with HM Revenue and Customs.
Bertram Burrows is member firm of The Institute of Chartered Accountants in England & Wales (ICAEW) with 50 years experience of providing accountancy and taxation advice to small and growing businesses and private individuals throughout the Wirral, Merseyside, Cheshire and North Wales.
We are a friendly, local firm of chartered accountants and we have been established for nearly 27 years. We have two offices - one in St Helens and another on the Wirral, and we aim to provide a high level of service to all clients, ensuring that they get the best quality advice from friendly and approachable professionals. We offer a complete range of accounting, taxation and payroll services and we also offer financial planning services through TCA Financial Planning. Our mission is to always add value - whether youre already established or just starting out, we work closely with our clients in order to get to know their businesses inside out, enabling us to identify opportunities to help improve profits and encourage growth.