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Accountancy & Tax in Middlesbrough

Key start-up information and list of local accountants

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Middlesbrough Accountants & Tax Advice

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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 Middlesbrough, 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.

Can you help start-ups in in Middlesbrough?

If so, your logo, company details and link to your site could be here!

If you offer a product or service which could help existing local businesses and start-ups, we would love you to help you reach them. Our aim is to increase the chances of every new business's success by highlighting the help that is available in the area.

You are able to add a free listing or act as our recommended local partner for only £10 per year!

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.

Middlesbrough Accountants

Baldwins Accountants
We are one of the UKs fastest growing accountancy firms and now part of the Cogital Group. We aim to help you achieve your business and personal goals by offering; national coverage on a variety of professional accounting and business advisory services, including up-to-the-minute technical and personal advice. Our growing success has developed from the commitment to excellent advice and support to our clients and their businesses. We provide a diverse range of specialist services and advice that is specifically designed to add value to your business. Helping you whatever you need and at whatever stage your business is at.
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Inglis Chartered Accountants
Inglis Chartered Accountants are a proactive, professional and practical firm of accountants based in York. We specialise in taking the pain of numbers away.
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HMBAccountants
We are CHARTERED ACCOUNTANTS and Tax Advisors providing a full compliment of services to businesses in the North East. We believe in building long lasting partnerships with our clients providing a robust compliance service (whatever your needs), sound business advice and value for money.
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Leonard Bye - Chartered Accountants
Small friendly firm of Chartered Accountants helping small and medium sized businesses grow and prosper.
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Philip Utley
A Yarm based graphic design service with many years, experience working with some of the UKs largest brands. With vast experience working on everything from corporate identity and branding to brochures and catalogues, Utterly Creative incorporates knowledge of current trends and cutting edge technology to bring dynamic designs to life all in line with todays ever changing marketplace. Utterly Creative delivers a variety of design solutions to business nationwide, with a fully equipped studio utilising the very latest design software packages on Apple Macintosh computers. Utterly Creative prides itself on meeting the needs of its clients. The consultancy is owned by Philip Utley whos has worked in the graphic design and print industries for over twenty years. Having worked for leading design agencies in the North of England on a wide variety of creative print and online projects for large and small businesses such as Ping Europe, Argos, ASDA, Jellycat and Hire Station to name a few.
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Sabre Accountants Ltd
We are local accountancy practice based in Middlesbrough, we offer a fixed price accountancy service and we provide business financial services and taxation. We offer our services in Stockton-On-Tees,Redcar, Thornaby, Billingham, Hartlepool, Darlington and York. Contact us for FREE Consultation.
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