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
Suffolk, 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
We are a firm of chartered accountants, offering a full range of services for small businesses. We offer a tailor-made package for each client to suit their needs on a fixed fee, which can be paid monthly to help ease your cash flow.
Services include: company set-up, business advice, bookkeeping, VAT returns, payroll, annual accounts and corporation tax returns, personal tax returns and tax advice.
We are Xero accredited advisers and are experienced in a wide range of cloud bookkeeping packages.
We are friendly, approachable and speak in plain English - not like the stereotypical accountant in a grey suit!
Please get in touch to find out how we can help you.
Sarah Goddard, Chartered Accountants
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.
Please note that one-time registration is required to unlock all of the free items on this site.
Personal Survival Budget
This template will help you to identify how much profit your business needs to make to cover your own personal outgoings.
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
One of the most important steps but is often ignored. This document will provide you with a clear road-map for your business.
If you run your own business in
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
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.
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
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.
Self-employed National Insurance rates
for full details.
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.
- 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.
Business records if you're self-employed
for full details.
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
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
official VAT website
for full up to date details.
If you can help new business start ups or existing small businesses in the
area, we would love to promote you here free of charge (add free listing).
Taxlogic - certified practicing accountants and tax advisers. SMALL BUSINESS SPECIALISTS
A sole practitioner offering a wealth of experience. Buying a business or starting from scratch? Need help with trading styles, tax, vat, paye and a host of other things - Make the call, well be happy to help. Its all part of getting to know you. There is no obligation and no fee until you give us instructions.
Fixed fees for your first year. Monthly payments. No setting up costs.
A local friendly firm of accountants specialising in small limited companies and start ups. We offer fixed annual fees that you can pay for monthly. All the usual services including payroll, accounts, bookkeeping, taxation.
FREE LIMITED COMPANY FOR NEW CLIENTS
Starting up a business can seem a daunting and lonely task. There are substantial risks involved when moving away from the security of employment to become a business owner.
We specialise in assisting owner-managed businesses take that leap and work closely with them ensuring that their legal, financial and statutory obligations are covered, allowing them to concentrate on utilising their own skills to their full potential and growing the business.
Whatever the size or activity of your business we can provide advice on:
* Business form - including sole-trader, partnership, company, charity;
* Statutory obligations - including company formation and set-up and dealing with HM Revenue & Customs;
* Preparation of business plans, budgets and cash-flow forecasts;
* Sourcing and arranging finance;
* Maintenance of your records and implementing internal procedures;
* Tax planning
If you are thinking about starting a business, arrange an appointment with us at the very beginning of your venture to ensure that you receive good advice and proceed in the best manner, avoiding unnecessary pitfalls in the future.