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Accountancy & Tax in Plymouth

Key start-up information and list of local accountants

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Plymouth 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 Plymouth, 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

VA Accountancy

VA Accountancy

VA Accountancy provides tailored business solutions, designed to match your business’ needs now and in the future. We work closely with our clients throughout the year to ensure a pro-active, reliable and professional service for you and your business, with no hidden surprises.

Contact us to arrange a free, no-obligation meeting to discuss how we can support you and your business.

Mobile icon 01884 798140

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.

Plymouth Accountants

Aegis Accounting
Ready to start your own business? But not sure what you need to put in place, whether you should be limited or a sole trader, who you need to tell, what legislation you need to comply with? Aegis specialise in small business start-ups - we can handle all the legislation for you from day one. Our popular Company Start-up Package covers all the legislative requirements in one go, and as a startup client we will guarantee to fix your accounting and company administration costs to an all-in-one affordable monthly fee for the entire year! As a client of Aegis you will enjoy day-to-day bookkeeping, monthly management accounts, VAT returns, company administration, year end accounts preparation and tax return filing - all in one FIXED monthly fee! Accounts shouldnt be taxing- and neither should accountants! Aegis look after the books, prepare the accounts and file your tax return - no fuss accounting- call now on 01395 511012 or visit our website.
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Bruton Young Bookkeeping
Bookkeeping and accountancy services with no jargon or hefty fees
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Applied Business Solution
Applied Business Solutions offer products designed to help a new business start up and grow. We offer Accounting software, business consulation, hosting, ePos systems and digital display & marketing.
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Butterford Accountancy Services
We are a local qualified accountancy practice, specialising in providing services to small businesses. Our focus is on being friendly, efficient and professional whilst delivering a quality and affordable service to our clients. Our hours are flexible and we can offer weekend and evening appointments. All of our fees are agreed in advance and we offer potential new clients a free initial consultation without obligation, to discuss all their ideas and requirements and to get them started on the right path. Why not contact us today?
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VA Accountancy
VA Accountancy provides tailored business solutions, designed to match your business’ needs now and in the future. We work closely with our clients throughout the year to ensure a pro-active, reliable and professional service for you and your business, with no hidden surprises. Contact us to arrange a free, no-obligation meeting to discuss how we can support you and your business.
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Bishop Fleming Chartered Accountants
Bishop Fleming is wholly committed to providing businesses and individual clients with the full range of pro-active support and advice. Teams include some of the region
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BOOKWISE - The Payroll Bureau
Nation-wide payroll bureau providing only payroll services.
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C T B Book Keeping
Its lonely at the top let us accompany you on the way. Accountancy and Book Keeping Services for small to medium sized businesses including start ups. Full range of services including book keeping and accounts preparation, tax returns, VAT returns, payroll and general business advice from one who runs their own business. Competitive rates.
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CTB Book Keeping
We are an accountancy practice located just outside the City Centre. We handle accounts preparation, book keeping, VAT returns, payroll etc for approimately 200 small to medium firms from one man bands to employers with 15 or more employees. Friendly & approachable are one of our bywords.
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David A Summers
Accounts preparation, tax returns, management accounts, VAT, payroll, company formation, small business advice.
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Drummond Bookkeeping and Accountancy Service LLP
Drummond LLP provide quality bookkeeping & accountancy Services in Devon and Cornwall. Drummond exists to give you the confidence you need that all of your accountancy needs are taken care of. Trust Drummond for all of your accountancy needs.
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Drummond LLP
Drummond LLP provide quality bookkeeping & accountancy Services in Devon and Cornwall. Drummond exists to give you the confidence you need that all of your accountancy needs are taken care of. Trust Drummond for all of your accountancy needs.
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Francis Clark LLP
Starting or buying a business is a major and exciting commitment and our specialist new business team is here to help you. Our job is to make sure you get off to the best possible start by helping you avoid red tape and by providing you with a service that leaves you free to do what you are good at. We can ensure you get the best advice on the issues that you will need to address including, the business
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Mike Gabb Bookkeeping
Mike Gabb Bookkeeping is an established practice providing core accounting services for small businesses and sole traders. Mike Gabb is a Registered Bookkeeper and Fellow of the International Association of Bookkeepers working in Plymouth and Saltash. Mike works on his own, either visiting clients or in his home office, ensuring you of his personal attention at all times. This also means his overheads are kept low and this is reflected in his charges. He offers a free initial consultation and carries full and appropriate liability insurance.
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Partners In Payroll Ltd
Partners In Payroll Ltd was incorporated in July 2004. Angela Drummond and Julie Brown, both experienced book-keepers and accountancy trained, brought together their knowledge to offer a range of Payroll, Sage Accounts Training and Book-keeping services to small and medium size businesses. Through personal recommendation, the company has grown steadily and now spans the whole of Devon, into Somerset and Cornwall. Working from our offices or client premises, Partners In Payroll Ltd can offer an affordable comprehensive service tailored to the individual company.
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Simpkins Edwards LLP
With offices in Exeter, Barnstaple, Bovey Tracey, Holsworthy, Honiton and Okehampton we are committed to supporting a diverse client base around the region, reflecting our breadth of expertise. Our accounting and advisory services cover the full spectrum 01392 211233.
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the fresh accountancy company
Chartered Accountants Free tax saving reviews Up to 25% off your current accountancy fees
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Turnbull & Co Accountants Limited
Turnbull & Co Accountants Limited provide a forward thinking accounting service, enabling small business owners to achieve their goals. We want to be part of your team, to help you succeed in business. We pride ourselves on offering more than book keeping and tax services. Call us now and find out how we can help you
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