Accountancy & Tax In South Shields

Accountancy & Tax In South Shields
Accountancy & Tax In South Shields

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 South Shields, it makes sense to use Accountants or Bookkeepers also based in South Shields. 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.

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 South Shields 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.

South Shields Accountants

Useful Start-Up Resources

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

A small friendly firm of accountants helping small and start up businesses to get the numbers right. With over 20 years experience with a diverse range of businesses we can give you as much or as little help as you need with your accounts, tax, bookkeeping and payroll and business planning. Get in touch for a chat about how we can help.
(+)
Locally based Accountant who understands the needs of Start Up Businesses. We will make sure you get everything correct from the beginning and help turn your start up to grow with sound business advice from professional with 25 years experience of finance and business. Fixed Fees and Monthly Payments to help with certainty of cost and cash flow.
(+)
I offer bookkeeping services locally in the Tyne and Wear area and throughout the UK, giving small companies the flexibility to choose as little or as much of my time as they require to get the job done. With over a decade experience in Accounts, I consider myself to be a good all-rounder with an adaptable and flexible attitude. My business delivers bookkeeping services to small and medium sized businesses in the Tyne and Wear area and throughout the UK, giving companies the flexibility to choose as little or as much of my time as they require to get the job done, which are intended to be cost effective for everyone. I provide a range of services that are tailored to each and every client depending on their requirements Bookkeeping is a time consuming process and takes a considerable amount of time, regardless of how adept you are with technology, manual data input is still required even in this day and age. Allow LC Bookkeeping Services to help you so that you can focus ON your business instead of IN your business.
(+)
We are a friendly local accountancy practice who specialise in small businesses, contractors and landlords. Please contact us for a chat if you are starting a business and we will help you every step of the way.
(+)
Payroll Services Outsourced is an established business offering an efficient, inexpensive payroll processing service to smallmedium sized businesses in the UK with piece of mind that their statutory obligations as an employer are being taken care of including RTI compliance. Our Payroll Service has no minimum payroll run fee and includes electronic filing of all mandatory RTI (Real Time Information) HMRC documents.
(+)
We are a Financial Accounting and Business Management Consultancy based in Ryton, Tyne & Wear. With over 35 years of experience in the provision of Accountancy and Business Management Services to local businesses, we are ideally placed to assist with the problems faced by growing businesses, large or small. Why not have a look at the services we provide then get in touch for an initial free consultation. If we can help, we will outline exactly how we propose to do that, together with costs and the timeframe involved.
(+)
TEDCO helps new and established businesses by providing information and advice on every aspect of running a business, including business start-up, survival, success and growth. TEDCO also manages three business centres in South Tyneside and one in Northumberland offering a range of workshop, manufacturing and office space with flexible terms.
(+)
Start Up Funding