Accountancy & Tax In Spelthorne

Accountancy & Tax In Spelthorne
Accountancy & Tax In Spelthorne

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

Free Friendly Advice

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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 Spelthorne 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.

Spelthorne Accountants

Useful Start-Up Resources

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

Chartered Certified Accountants who specalise in assisting businesses set-up effectively, efficiently and minimise your tax liabilities.
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Figures Accountancy Services was established in October 1992 by husband and wife David Thewless FCPA and Mary Thewless FCPA. Its aim was to provide reasonably priced accountancy services predominately to sole traders and partnerships. The business and client base grew steadily as did the services offered. Figures Accountancy Services now provide services to small Limited Companies, Payroll Services and many related Tax and Accountancy services. Figures Accountancy Services currently have over 1,000 clients. They provide services to a range of clients, some with turnovers in excess of £3,000,000.
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Friendly Chartered accountants, we have extensive experience of working with start up companies and those trying to achieve growth. We can offer support and advise not just on accounting matters but funding, financial services, HR, Payroll and general business practice.
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I have been providing bookkeeping services to local businesss for over 13 years. I provide a bespoke service tailored to your business to help you keep on top of your finances while you concentrate on growing your business. I have recently left full time employment managing a bookkeeping department to start up my own practice, I know what it is like to start out in business on your own and how important it is to have a network of people around you for support. I am a Xero partner and also use Sage line 50 and Quickbooks to prepare your bookkeeping records for VAT returns, regular reporting and complete records for your year end accounts and tax return.
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DataFox helps startups and SMEs in Bedfordshire and surrounding areas, claim research and development tax credits. If you have developed a new product, process or service or had some software, technology or apps created for you or you have developed this in-house, you could be due a cash payment from HMRC or a reduction in corporation tax bill if you pay this. The government set up the scheme to promote innovation and this allows companies in the UK to reclaim some of the money invested in qualifying research and development - whether or not they are making a profit. This is an additional benefit to other forms of government funding and research grants which are available. Want a cash payment back from the government? Call Tony Martinez (Senior R&D Cosnultant) on 07544 220123 and have a chat. We have a strategic partnership with University of Bedfordshire and are helping companies they work with claim.
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MBSC Accountancy &consultancy ltd offers professional accounting services, taxation, business and accounts improvement consultancy services. Our professional approach towards work allows us to establish a personal professional connection with clients, to focus on their specific needs, taking into consideration their financial, corporate and private interests, for the purpose of reaching exclusive solutions in strict compliance with UK rules and regulations and specifically tailored for clients business needs.
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AZURE provides accounting and financial services to a wide range of small businesses, including Self Employed, Sole Trader, Limited Company and Partnership structures. Our focus is on providing a complete service to our clients to ensure they have the maximum time available to focus on their business and their customers. Our services range from basic book-keeping to full preparation of statutory financial statements, tax returns and payroll and everything in between! We provide a flexible, tailored and cost effective solution for each of our clients, as we understand that no two clients and their needs are the same.
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FRAccountants is a small accountancy practice based in Redhill, Surrey and offering a wide range of accountancy and bookkeeping services: annual accounts, tax returns, VAT returns, Quickbooks bookkeeping. Professional and personal service, competitive fixed fees.
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Gibson Hewitt Outsourcing Ltd are Chartered Accountants based in West Byfleet, Surrey. Starting a new business can be a stressful experience with so many new issues to address and control. We are experienced in assisting new businesses and can guide you through the various stages which would include: Deciding on the right business structure - sole trader, partnership or incorporated company. Identifying who to register with and how - eg HMRC PAYE VAT. Advice on how you can draw profits from the business efficiently. Agreeing an appropriate funding share structure and introducing you to bankers and other financiers. Preparing or agreeing a business plan with you. Visit our website for more information www.gibsonhewitt.co.uk or call Robert Hewitt on 01932 336149
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Chartered accountant, Tax and general business advice and support. Free consultation - Ask for Erin.
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Start Up Funding