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Accountancy & Tax in Whetstone

Key start-up information and list of local accountants

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Whetstone Accountants & Tax Advice

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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 Whetstone, 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

Pro Active Resolutions

Pro Active Resolutions

Running a business is both exciting and challenging. Your journey to success won’t be in a straight line. At times there will be diversions and bumps in the road.

Supporting businesses of all sizes is what we do. With a helping hand from us you will achieve success. We love working with small to medium-sized businesses (SMEs) who are looking to grow.

We’ll help you deal with the demands you will have to face and help guide you on the right track.

Want to:

- Know how much profit you’re making?
- Make more money?
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Then we’re the accountants for you.

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Main Accounting Considerations

Sole Trader or Limited Company

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 https://www.gov.uk/log-in-register-hmrc-online-services/register

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.

Whetstone Accountants

Lawrence Grant, Chartered Accountants
We are an established firm of accountants in Harrow since 1969, based in the Harrow area. We specialise in the financial, fiscal and legal aspects of running a business.
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GR MORGAN FORMATIONS
GR MORGAN FORMATIONS is an online company formation agent based in London providing business world class support and assistance in the following areas: company incorporation, bank account opening, registered address, VAT registration, accountancy, virtual office facilities. Multilingual team and focus on customer needs are our strength.
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RDP Newmans
RDP Newmans: Giving you a head start Deciding to set up a business is not an easy task and there are a number of obstacles, both financial and practical, that you may face along the way. In fact, recent research has shown that nearly half of all businesses in the UK fail within the first five years of launching. However, it doesnt have to be this way. Working with an accountant such as RDP Newmans can help your business stay in the best possible financial shape and allow you to take advantage of the opportunities for growth. Our team of accountant, tax and business advisors have years of experience helping clients from a wide range of sectors. This wealth of experience and expertise helps us to guide start-ups on the right path to success and we have helped a number of start-ups go on to enjoy significant growth. We offer a proactive and innovative approach to meeting clients needs, offering services for start-ups, including: * Accounts preparation * Audit * Bookkeeping and management accounts * Business advisory * Business planning * HR and Employment * Online accounting * Payroll * Tax planning * VAT advice and planning At RDP Newmans we have also put together a useful Guide to Running a Limited Company, which contains detailed advice and tips on how to set up and run a successful company. We can also provide advice on financing your start-up and have a team of dedicated independent financial advisers, in the form of RDP Financial Services, who can help you find the right solution for your needs. If you would like to receive a copy of our free Guide to Running a Limited Company or would like more information about our start-up services at RDP Newmans, please call 020 8357 2727 or email enquiries@rdpnewmans.com.
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Pros Assist
Pros Assist is a gifted team of qualified practicing members of the Institute of Financial Accountants notably headed by our leading Financial Accountant Alom. With over two decades of experience in private practice advising sole traders and partnership clients alike, Alom leads the Pros Assist team in offering expert advice in all matters relating to taxation and profit offering wide ranging business support advising clients on project viability, business planning and funding. At Pros Assist, we pride ourselves as a dedicated team of professionals to ensure all your needs are taken care of to the highest standard. All our staff are highly qualified and professionally trained with several years of experience and regulated by the Institute of Financial Accountants. We take a proactive approach to our work and make ourselves available when you are available. We are contactable during office hours and additionally out of office hours, evenings and weekends. Our mobile contact details are made available to our clients ensuring the highest level of care 247. For more information contact us via email: info@prosassist.com or call: 020 3697 0878
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Defries Weiss (Accountants) Limited
Defries Weiss, a friendly, professional accountancy practice, providing a proactive and personal service to owners and individuals. From our office in North London, we have easy access to central London, but our client base is nationwide.
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Lakers Chartered Accountants
Lakers Chartered Accountants was founded in 1986 with the single objective to offer client-focused professional services at an affordable price. Rather than just an accountant, Lakers integrate the key services of Taxation, Accountancy, Business Planning, Raising Finance, Management Consultancy and Training. The original spirit is still evident today as the company has grown from strength to strength and continues to pride itself on the expertise and experience in the service line it provides. Today the company aims to offer a service that extends well beyond providing a high quality accounting service. We see ourselves as business advisors, with the core objectives of increasing revenues and profits for our clients, whilst providing key strategic guidance for your business. Lakers work as a partnership with the client to advise, implement and monitor the business solution.
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My Office Accountant
We a lively forward-thinking firm of Accountants, Business advisor and Tax consultants . We servicing clients from different industry sectors. We work with business start ups and guide them on their business moves. We offer free advices to start up businesses.
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