Accountancy & Tax In Skelmersdale

Accountancy & Tax In Skelmersdale
Accountancy & Tax In Skelmersdale

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 Skelmersdale, it makes sense to use Accountants or Bookkeepers also based in Skelmersdale. Local accountancy firms that are prepared to help small business and new business start ups in the area are listed below.

Free Friendly Advice

If you would like some free friendly advice from a trusted local partner relating to any accountancy or tax matter, please complete and submit this form. There will not be any pressure nor will you be under any obligation to buy paid services.

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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.

Latest Accountancy Articles

If you run your own business in Skelmersdale 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.

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 www.hmrc.gov.uk/online/new.htm

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.

Skelmersdale Accountants

Useful Start-Up Resources

If you can help new business start ups or existing small businesses in the Skelmersdale area, we would love to promote you here free of charge. (Add Your Business)

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.
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As a Preston-based Accountants, we offer a wide range of advice for business start-ups. We are also members of the Shout Network and are able to introduce you to many other Preston professionals and trades people. We hope to build a strong relationship with you so that you will feel able to call us when you need clear, concise and helpful advice as you develop your business. We will treat you with confidentiality, respect and sensitivity at all time
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We are new to the area and have recently joined up with an existing local practice. We have a wealth of experience in advising business start ups and can offer a full range of services. We advise on the best method of operating: sole trader, partnership or Limited Company. We advise on VAT registration. Our initial consultation is always free.
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Friendly, affordable and reliable accountancy services. Let us take away the hassle of your bookkeeping requirements allowing you more time to focus on the running and progression of your business. We offer bookkeeping, payroll, credit control, cashflow, VAT processing and financial reporting and are always happy to assist with any officepaperwork related tasks to free you up.
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Accountancy services practice specialising in SMEs and micro businesses, established 30 years. offices in Blackpool, Blackburn and Manchester. 30 staff to support you in your business free use of boardroom facilities, full telephone ongoing support (FOC) VAT, PAYE, sole trader partnership Ltd Co accounts, tax returns etc
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We offer a friendly and approachable accountancy and tax service. Our accounting service will be personalised and tailor made for your budget. If you wish we will help you do what you can do for yourself to reduce our involvement and keep costs down. We hope to build a strong relationship with you so that you will feel able to call us when you need clear, concise and helpful advice as you develop your business. We will treat you with confidentiality, respect and sensitivity at all time
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We are Preston accountants offering a friendly and approachable accountancy and tax service. Our Preston accounting service will personalised and tailor made for your budget. If you wish we will help you do what you can do for yourself to reduce our involvement and keep costs down. We hope to build a strong relationship with you so that you will feel able to call us when you need clear, concise and helpful advice as you develop your business. We will treat you with confidentiality, respect and sensitivity at all time
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We are a general accountancy practice so work with a wide variety of small business owners. Within our practice are experienced and well qualified staff from professional backgrounds. All work is carried out in house - we dont sub-contract work abroad. We aim to establish and maintain close working relationships with our clients and make positive and practical suggestions to help your business.
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We offer a startup package called Day One Assist, whereby we organise all your financial needs and records to start you off on the correct and legal footings.
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Practical, jargon-free advice from our Partner Dean Logan FCA and his Team, based on 30 years experience as Practising Chartered Accountants and Business Advisors. Serving clients in Ashton under lyne and Blackpool and across Lancashire and the UK. Small business accountants and tax advisors covering all business areas. We offer detailed advice on all available Cloud Accounting systems (for HMRCs looming MTD requirements) and also specialist advice for Online Traders.
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For a personal, professional and local service
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Holden Associates are a family run firm of professionally qualified accountants, business and taxation consultants based in Lancashire and within easy reach of Liverpool, Preston, Southport, Manchester and the surrounding areas. Holden Associates provide a comprehensive range of tailor made services to all their clients, so whether you are a start-up, early years or established business at Holden Associates we will always treat you as an individual and not a number.
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We are a pro-active firm of accountants, specialising in small and medium enterprises, offering a range of services including statutory accounts, company secretarial services, personal & corporate taxation, payroll, bookkeeping and VAT.
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We are a small accountancy practice specialising in small businesses and start-ups. We can offer all the usual compliance work such as accounts and tax returns and can also assist with payroll, book-keeping, VAT Returns and raising finance for your business
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In order to save businesses time and money, South Ribble Borough Council offers a dedicated service, free of charge. The Economic Development Team will act as a single point of contact, offering a range of beneficial information.
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The Tameside Business Family has a team with a wide range of skills and experience. They can help you develop your business from a germ of an idea onwards - as far as you want to take it. Read the information below and decide who is best suited for your needs or telephone us on 0161 342 2058 for further advice.
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A true Independent Financial Advisory service, we offer a personal service to Directors, Principals and managers as well as sole traders operating in Lancashire and throughout the country. We focus on investments and pensions, creating and protecting wealth fo individuals and businesses. Often this includes creating an income from capital in an appropriate tax friendly manner.
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TQS Solutions mentor, train and provide support services to new and existing businesses around Finance, Accountancy and Bookkeeping. TQS Solutions have supported over 30 start up businesses since 2008 and train in partnership with St Helens Chamber, West Cheshire & North Wales Chamber, Preston Chamber and St Helens College.
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Start Up Funding