They can offer advice and help you comply with accounting and tax requirements.
If you are self employed or run a small enterprise in West-Yorkshire, it makes sense to use Accountants or Bookkeepers also based in West-Yorkshire. Local accountancy firms that are prepared to help small business and new business start ups in the area are listed below.
Nigel Wright Accounting
We are leading independent Chartered Certified Accountants based in West Yorkshire offering more than the usual range of accountancy services. We have a dynamic and commercially focused team with extensive experience ranging from worldwide, market leading businesses to individuals with personal wealth. We believe that our integrity and experience enable us to have a close and trusted relationship with our clients.
Nigel Wright Accounting
Tel: 01535 613395
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If you run your own business in West-Yorkshire 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.
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 primarilly 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 www.hmrc.gov.uk/online/new.htm
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.
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.
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.
You must register for VAT if:
Your taxable turnover exceeds the VAT threshold in any 12 month period, or You expect your taxable turnover to exceed the VAT threshold within the next 30 days, or 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 £82,000; if your turnover is below the registration limit, you can choose whether to apply for voluntary registration. The standard rate of VAT for 2015-16 is 20%.
See the official VAT website for full up to date details.
Tax Help Factsheets
Webinars, e-learning, emails and video for self-employed
Department for Business, Energy & Industrial Strategy
Nigel Wright Accounting
HBH Chartered Accountants
We are accountancy, tax and audit experts serving clients in Pontefract, Castleford, Wakefield and throughout West Yorkshire. All clients are individual and have different needs at different stages of their business careers. We aim to work closely with our clients and tailor our services to their particular needs to ensure that we really do make a difference! We can help you to control, manage and grow your business, to meet your compliance needs and filing obligations and reduce your tax liabilities. 01977 703343