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Accountancy & Tax in Peterborough

Key start-up information and list of local accountants

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Peterborough Business Category

Peterborough 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 Peterborough, 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

MTE Solutions

MTE Solutions

MTE Solutions is focused on providing high-quality service and customer satisfaction and we will do everything we can to meet your expectations and give you a peace of mind.

MTE Solutions offer a full service to corporate and personal clients no matter how big or small covering all areas of Financial, Business Turnaround, Consulting, Forensic Investigation and Full Office Solutions in both the public and private sector.

MTE Solutions has expertise in working with clients in setting up new businesses and offices on either a virtual offline basis allowing them to be out of the office or on a realtime basis where clients have offices to use.

MTE Solutions are driven to meet the clients needs and give a 24-7 service to complete this. MTE Solutions offer a hands-on approach to our solutions, with a view to meeting all pre agreed goals.

All solutions are bespoke to the clients requirements and we would initially meet with you to discuss your issues on a free initial consultation.

Mobile icon 01733 237792

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.

Peterborough Accountants

Linda Carr Accountants
Linda Carr Accountants are a small friendly firm of chartered certified accountants based in Orton Southgate, Peterborough. We like to think were a bit different to your average firm of accountants. We wont blind you with science or talk jargon but well talk in plain English and look after you. You are our main priority. We believe we are here to help you do what you do best - run your business! We specialise in dealing with all the accounting and taxation needs, from Individual traders to small and medium sized businesses. Whether you are an established business or a start up business we are here to help you. Through our own experiences we know how difficult it can be to maintain a quality work life balance. Let us take the stress of your accounting needs, enabling you to spend quality time on your business or with your family.
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Account.com Ltd
Business Accounting Software from Accountz. Accountz software regularly receives top awards. Computer Shopper gave us 5 stars best buy for both our home and business applications. Join our family of users with confidence and get in control of your finances.
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Accountzcom Ltd
Business Accounting Software from Accountz. Accountz software regularly receives top awards. Computer Shopper gave us 5 stars best buy for both our personal and business applications. Join our family of users with confidence and get in control of your finances.
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Linda Carr Accountants
We are a small friendly firm of chartered certified accountants. We like to think we are a little bit different to your average firm of accountants. We wont blind you with science or talk jargon but we will talk in plain English and look after you.
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Watermill Accounting
Small business Accountants providing bookkeeping,Tax VAT and Payroll help. 25% discount on Award winning online accounting software.
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