Accountancy & Tax In Somerset

Accountancy & Tax In Somerset
Accountancy & Tax In Somerset

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

Recommended Local Partner

Summ-it Up

Providing Services as Individual as You are

For every client we look at your individual needs, what you want to get from your accounts and bookkeeping and, we build our services and fees around this. Whether fixed or flexible, we don’t have a standard tariff for most of our services, the fees are designed around your needs.
No two people are the same, and the same goes for businesses so with just a handful of clients, Summ-It Up Accountancy was started in 2009 offering a personalised bookkeeping, payroll and accountancy service for small businesses.
With on site visits in our local area of Martock, Somerset, or with the use of technology, like Skype or FaceTime, we can meet face to face for regular updates and make sure you keep in control of your business.

Why use Summ It Up Accountancy?

I set out to offer a personalised bookkeeping and accountancy service for small businesses, and with just a handful of clients, Summ-It Up was started in 2009.

No person is the same so I decided to apply that theory to businesses; what accounting needs one business has are not necessarily the same as its neighbour.

So that’s what I did, and still do to this day. For every client, we look at your individual needs, what you want to get from your accounts and bookkeeping and we build our services and fees around this. Whether fixed or flexible, we don’t have a standard tariff for most of our services, the fees are designed around your needs.

Give me a call to see how I can help.

Summ-it Up
Tel: 01935 609451
Web: http://www.siua.co.uk

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.

We assure you that your details will not be used for any other purpose. We hate spam and promise not to bombard you with unwanted correspondence.

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 Somerset 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.

Somerset Accountants

Useful Start-Up Resources

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

Providing Services as Individual as You are For every client we look at your individual needs, what you want to get from your accounts and bookkeeping and, we build our services and fees around this. Whether fixed or flexible, we don’t have a standard tariff for most of our services, the fees are designed around your needs. No two people are the same, and the same goes for businesses so with just a handful of clients, Summ-It Up Accountancy was started in 2009 offering a personalised bookkeeping, payroll and accountancy service for small businesses. With on site visits in our local area of Martock, Somerset, or with the use of technology, like Skype or FaceTime, we can meet face to face for regular updates and make sure you keep in control of your business. Why use Summ It Up Accountancy? I set out to offer a personalised bookkeeping and accountancy service for small businesses, and with just a handful of clients, Summ-It Up was started in 2009. No person is the same so I decided to apply that theory to businesses; what accounting needs one business has are not necessarily the same as its neighbour. So that’s what I did, and still do to this day. For every client, we look at your individual needs, what you want to get from your accounts and bookkeeping and we build our services and fees around this. Whether fixed or flexible, we don’t have a standard tariff for most of our services, the fees are designed around your needs. Give me a call to see how I can help.
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TaxPlus Accountants are a small accountants based in Street, serving the local community and the surrounding areas by providing accountancy, payroll, company secretarial, bookkeeping and taxation services. We offer a free no obligation initial consultation and flexible appointments to suit your needs. Home or work place appointments are welcomed. We pride ourselves as being extremely professional whilst remaining friendly and offer the non-stuffy approach which we believe enhances our personable approach. We feel the personal one on one relationship is invaluable so we can get to know our client and their business, which in turn helps us advise and help clients in a more informed way.
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I started my own practice from scratch a few years ago and so I understand what it is like to start a business. I can offer help with business plans, dealing with HMRC and Companies House, getting started with accountancy software and record keeping and more. To get you started feel free to download my smart phone app available on Apple and Android as James Coward ACA, it is free to download and contains functions designed to help small business owners with tax etc.
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We are an expanding private practice welcoming all new clients throughout Somerset. Limited companies,sole Traders, Partnerships. Free quotation at your business premises. Our first charge will be at the end of your accounting year when accounts are completed.
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Start Up Funding