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Hampton Accountants

Accounting Advice

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

Local Partners

Can You Help New Business Start-Ups?

Can You Help New Business Start-Ups?

Your information could be here! If you are able to help local small business owners and new business start-ups, we would be delighted to point them in your direction. We are keen to promote one relevant 'new-business friendly' business or organisation in each area as our recommended local partner on an exclusive basis.

http://www.syob.net/partners.php

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’ll receive an Activation Code. You need to activate the service within 28 days. If you don’t, you’ll 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.

Class 2 National Insurance

Cost £2.80 per week for 2015-16. As from 2015-16, this is collected via self-assessment. You can set up a Budget Payment Plan if you wish.

If your taxable profit is, or you expect it to be below £5,965 (2015-16) you can apply for an exception (SEE) from paying Class 2 NI, called small earnings exception (SEE).

You can apply for SEE when registering your self-employment or by completing a form CF10.

If SEE is awarded you could lose your entitlement to some state benefits, for example, the State Pension.

For more information about the State Pension, go to: www.gov.uk/state-pension

Class 4 National Insurance

If your taxable profit exceeds the lower profit limit (£8,060 for 2015-16), you may be liable for Class 4 NI contributions.

The rate is 9% of your taxable profit above the lower profit limit.

If your taxable profit exceeds the upper profit limit (£42,385 for 2015-16), 2% is charged on your profit above the upper profit limit.

Example - tax year 2015-16

Taxable profits £27,498
Less lower limit £8,060
Amount chargeable £19,438

Class 4 due £19,438 x 9% = £1,749

Statutory Records

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.

Accounting Period

You may find it useful to organise your records into accounting periods. These normally last for 12 months although they can be for longer or shorter periods, and end on a date which you choose.

Your first accounting period begins on the date you started in business and ends on the date you close your accounts each year and calculate profits. For example, you could close your accounts on 5 April to coincide with the end of the tax year or some other date appropriate to your business. It is entirely up to you but if you select a date other than 5 April you may have to do some additional calculations.

Business Expenses

You can deduct, from your profits, all you spend for the sole purpose of earning business profits. You cannot claim anything you spend for a non-business purpose, for example, premiums on personal insurance policies, Income Tax, personal National Insurance contributions or drawings. What you spend the money on affects whether you can get tax relief for it.

Allowable Business Expenses

An allowable business expense is money spent on the day-to-day running costs of your business. This can include things such as rent, lighting and heating of business premises, telephone and running costs of vehicles used in the business.

Capital Expenditure

Capital expenditure is money spent on items you would expect to last for a number of years. They are referred to as assets and would include items such as equipment, machinery and vehicles

Do not include these costs in your day-to-day business expenses, as special rules apply. You may be able to claim capital allowance but the amount you can claim will depend on a number officiators, such as the type of asset purchased and when it was bought.

Private Expenses

Where expenses relate to both business and private use, only the business part is allowable.

For example, rent, rates, lighting and heating bills for premises and telephone charges could be partly for business and partly for domestic purposes. Where there is both business and private use, cost must be apportioned to claim only the business part.

If you use a vehicle for both business and private use, there are two methods that can be used to calculate business motoring expenses. Whichever method you choose, you must keep mileage records to calculate the split between business and private use. Home to office (or fixed place of business) is classed as a private journey and is not allowable.

Evrite Weekly Accounts Book

The Evrite 707 Weekly Accounts Book is an ideal book for both VAT & No-VAT small businesses. We have included simple instructions and example pages and a video about the book available on youtube or via our website www.evrite.co.uk

The Receipts and payment pages cover every week of the year for your income and expenditure; Summary of Invoices pages allow you to group all your purchases together for each VAT quarter. Near the back of the book you’ll find Stock pages, Quarterly VAT Summary and finally Wages pages.

Accountancy Articles

If run your own business in Hampton or are planning to do so, we have compiled a library of useful resources and frequently asked questions which we hope that you will find both interesting and useful. Subjects covered include: accounts, bookkeeping, National Insurance, and VAT

Latest Accountancy Articles

Press release: Planning for success made easier for 120 female entrepreneurs in Derbyshire
Article: Why Now Is the Best Time to Start Your Own Business
Article: A wonderful day to start a business
Article: Five tips for starting an online business
Article: 5 Errors That Can Undermine Your New Business; "Skills To Start Business Not Same To Grow It", Says Author

See Full List of Accountancy Articles

Hampton Accountants

If you offer a product or service that can help new business start ups or existing small businesses in the Hampton area, we would love to promote you here free of charge. (Add Your Link)

 Free Tax E-Learning Course (HMRC)

Free Tax E-Learning Course (HMRC) Working for yourself? Got a lot of questions about tax, National Insurance, business records and expenses? If so, this HMRC e-learning course is for you.
http://www.hmrc.gov.uk/courses/syob2/syob2/index.htm |

Budgeting for your first self-employed tax bill

Budgeting for your first self-employed tax bill When you start working for yourself, you do not get your first tax bill for a while, so it may help your budgeting to start putting money aside now. The ready reckoner tool can help you with this. It shows you roughly how much money you might need to meet your Income Tax and Class 4 National Insurance bill. It doesn't take into consideration any Payments on Account you may have to make.
http://www.hmrc.gov.uk/tools/sa-ready-reckoner/index.htm |

Euro Accounting Ltd

Euro Accounting Ltd Euro Accounting Ltd is an independent and modern accountancy practice offering a full range of accountancy, taxation, payroll and audit services to customers throughout the UK to small and multi-million pound businesses. We speak 6 languages. We also provide a unique and bespoke service by assisting our clients with business development. In addition, we help businesses increase their profits by finding them new clients or suppliers which will help them develop their businesses. All these services are completely FREE. We prepare Corporation tax or Income Tax from We incorporate your Limited Company for
http://www.euro-accounting.com | 0778 986 2405

Online seminars for businesses and the self-employed

Online seminars for businesses and the self-employed HM Revenue & Customs (HMRC) offer a series of free online presentations or ?
http://www.hmrc.gov.uk/webinars/index.htm |

Quick Formations

Quick Formations Looking to set up a new company, we can offer a full company formation service from only
http://www.quickformations.com |

Walsall Accountancy

Walsall Accountancy Small business specialist. Services including self assessment tax returns,company accounts,bookkeeping,CIS returns,vat,home visits, inexpensive rates.
http://www.walsallaccountancy.co.uk | 01902 605589

Why choose a single accountant when you can choose a team?

Why choose a single accountant when you can choose a team? Members in practice (MiPs) are chartered global management accountants in professional practice. They provide accounting services to businesses, but are not direct employees of these businesses. We will work together to achieve your goals, we support each other using our strengths to best advantage. You might only need one of us at first, but it's reassuring to know that when you need specialist advice you can access our full team. There are 1,400 members in practice in the UK.
http://www.cimaaccountant.com | Contact via website

ABDS Accountants and Auditors
Starting a new business can be a daunting prospect. We at ABDS are there to help from the outset. Starting with a practical proactive advice, producing a business plan, forecasts and provisions for growth, but it all starts with a free initial ...

ACCOTAX- Accountants & Tax Consultants
Accotax Is One Of The Uk Low-cost, Fixed Fee Accounting And Tax Consultancy Firm Based In Mitcham, London Serving Clients From All Over The Uk. we Offer Our Clients Friendly, Reliable And Stress-free First Class Professional Services By Equipping ...

Accountability
Accountability was formed in 1992 to provide quality accounting services with a focus on personal attention to small and medium sized businesses. We offer a range of products and services which enable you to choose the level of support you need to ...

Ahead 4 Figures Ltd
Free advice for start up companies Free, no obligation quotes Out of hours contacts Polish speaking member of ...

AJB Accountancy
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Alan Rhodes - AIMS
Accounting and Bookkeeping Accounts and Bookkeeping Statutory Accounts Personal and Corporate Tax Returns and tax planning VAT and payroll services ...

Approved Accounting Limited
We are a family run firm of accountants with a refreshing approach to accountancy. We look after businesses in Hampshire, Surrey, West Sussex, London and beyond. Our emphasis is the promotion of online accounting for small businesses, as this ...

Apto Accounting
We are a firm of qualified accountants with over a decade of experience of providing tax, legal and accountancy advice to professional contractors and small ...

Are You An Accountant?
Seahorse (UK) Limited offers a range of services to accountants and bookkeepers. Whether you are thinking of starting your own practice, have recently started, or are in practice and are looking for a new direction. We aim to give you the support ...

Artema (Goal Centred Accounting) Limited
Goal Centred Accounting means you're not just getting the books done, the taxes paid, and staying on the right side of the HMRC. It means you are happy, fulfilled, thrilled with life and your work, and you have the time to do what you love. You're ...

Atkinson Accountancy Limited
Atkinson Accountancy is a boutique firm of Chartered Accountants based in Southampton, Hampshire. We offer a fixed fee service and free instant online quotes. - Limited Company Accounts from 399. - Personal Tax Returns from ...

Black & White Chartered Certified Accountants
We are a small firm of proactive Chartered Certified Accountants with offices in Alton, Blackfield and Southport. We specialise in owner-managed businesses, business start-ups, small-to-medium sized companies and self employed individuals. We also ...

Butterford Accountancy Services
Qualified accountancy practice specialising in small businesses and offering an overall business advisory service. We providing support throughout the year, not just when you need to submit forms or have a ...

C Humphries Bookkeeping & Accounts
Offering a friendly, professinal and reliable bookkeeping and accountancy service for individuals and small businesses. ...

CFW Chartered Accountants
CFW are a friendly firm of Chartered Accountants serving clients in Northamptonshire and beyond, including Corby and Kettering. We are pro-active advisers with services tailored to your specific business needs. Our Partners and staff are very ...

Clere Counting
Clere Counting offers freelance bookkeeping services for all sizes of limited companies. With over 7 years hands on experience of working on accounts in a variety of sizes of companies, from start up to established, I can carry all aspects of sales ...

Counting Beans Accounting
A cost effective, friendly practice offering the full accounting service from sub-contractors to limited companies. Book-keeping services, VAT and CIS returns, management accounts, payroll. tax returns, company ...

David Hancock & Co
Can help Start Ups, Company Formations, Smaller Businesses, Growing Businesses, Larger Businesses, Businesses Requiring Audits, Our Clients, Tax Return Only, Charities, Property Letting. Webb House, 20 Bridge Road, Park Gate, Southampton, SO31 ...

Ellingsworths Chartered Certified Accountants
Ellingsworths Ltd Chartered Certified Accountants provide a high-quality, specialist and personal service to UK Construction Businesses and their Owners. We combine clear advice and great customer service to give a complete specialist accounting and ...

ESITAAS
We take a special interest in start ups whether you are a one person operation with no aims to grow or an entrepreneur starting out that wants help to make their business grow! So whether you need help with all the formalities of keeping books and ...

Finch Lynton Limited
Working alongside small and medium sized businesses, we provide a wide range of accountancy services. No matter how basic the task, our accountants work hard to make sure that you benefit from the services that we ...

First Booked
First Booked specialise in accurate bookkeeping services for small businesses and medium businesses, covering all aspects of sales and purchase ledgers including bank reconciliations, management reports, cash flow, online payments, VAT returns and ...

H.T.LEE
Local accountacy practice offers book-keeping, payroll, accounts preparation and taxation services for small and medium size business. ...

Hashtag Accountants
Hashtag Accountants is a fresh, friendly, fixed price accountancy practice based in the Wolverhampton area. We aim to provide a full range of accountancy services to contractors, subcontractors, freelancers, partnerships, sole traders, SME's, small ...

HKM Accountants
HKM Accountants well established company and leading with chartered certified accountants is an independent accountancy practice with 10 years of experience. We have a unique innovative approach to provide advice and accountancy services to small ...

Horswills Tax Accountants & Business Advisors
A leading firm of tax consultants based in Southampton. We provide all the accountancy and business advice you need. Perhaps you need help sorting out your tax affairs; are starting in business and need advice; want help to grow your business; or ...

Jj accounting solutions
We offer book keeping monthly and annual accounts help you get set up with the ...

Jones Business Admin
We focus on book-keeping & Accounts for new and existing small businesses and offer as little or as much help as you need so you c! an really keep your costs ...

K G Book-Keeping
I offer a friendly reliable service for sole traders and small businesses. I can collect/deliver locally. I am an Associate Member of The Institute of Certified Bookkeepers and am fully insured. I offer special rates for new businesses and am ...

KinsellaTax Investigations
Are you under investigation by HMRC for tax evasion or tax avoidance? Our tax enquiry experts can help you resolve your tax enquiry. Speak to us today for a stress-free ...

KinsellaTax Investigations
Are you under tax investigation by HMRC or want to do a voluntary disclosure? KinsellaTax Investigations act on behalf of taxpayers when locked in disputes with ...

Mcalistair Accounting
McAlistair is a specialist accounting service, offering professional bookkeeping services throughout the UK. No Hassle, No Stress, Just Accounting! We offer clients a cost efficient and reliable solutions to PAYE, payroll, self-assessment, VAT, tax ...

McTernan Associates Ltd
Chartered Tax Advisor with over 20 years experience in helping small businesses and start ups, I specialise in dealing with the self employed and small limited companies as well as handling Revenue enquiries and investigations. Accounts, book ...

Moore Stephens
Moore Stephens provide a wide range of accountancy, tax and advisory services including financial solutions to businesses, entrepreneurs and individuals across the region. Our start up services include examination of business structure, accounting ...

Morris Crocker
Simple, accurate and cost effective accounting and tax planning for start-ups, entrepreneurs and small companies. Morris Crocker helps many local businesses get established so are well aware of the teething troubles you are likely to face in the ...

N & B Bookkeeping Ltd
With over 10 years experience producing accurate, timely and professional accounting information for all kinds of businesses, you can rest! assured that your company's accounting information is being well looked after. We pride ourselves on our ...

N & B Bookkeeping Ltd
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N & R Accountancy Services
Family run business specialising in SMEs. We offer a friendly yet professional ...

Phipps Henson McAllister
We are a firm of Chartered Accountants based in Northampton and Banbury offering accounts, taxation, business advisory and support services to a wide range of businesses and individuals across Northamptonshire, Oxfordshire and surrounding areas. ...

Pomelo Bookkeeping Services
At Pomelo Bookkeeping we can efficiently run the administration and financial side: along with all the statutory requirements that go with it. The VAT returns will be done on time and the tax returns submitted within the Inland Revenue deadlines. ...

QA Chartered Certified Accountants
QA are a niche accountancy practice who specialise in helping start up businesses, freelancers, contractors and small companies. We help with all aspects of the start up process, including, for one person limited companies, advising on IR35 ...

Roger Smallman & Co
30a Bedford Place, Southampton SO15 2DG Established in Southampton since 1984 is Roger Smallman and Co. a small business accountants offering expert advice on taxation issues from VAT to Capital Gains Tax. Our members of staff have had several years ...

Rufus Paul Chartered Certified Accountants
We are a professional team of accountants offering bespoke accounting solutions for your private or business needs. We can provide a fully outsourced finance solution or simply prepare your annual accounts and ensure you fully comply with your legal ...

Sarah Sear Chartered Certified Accountants
Small, friendly firm of chartered certified accountants offering all aspects of accountancy and taxation work. We offer fixed fees that are very ...

Simpkins Edwards LLP
Chartered Accountants, Tax Consultants and Business Advisers Simpkins Edwards is a leading chartered accountancy firm in the South West with offices in Exeter, Barnstaple, Holsworthy, Okehampton and Honiton. We work with businesses and individuals ...

Simple record keeping applications for mobile devices
To help small businesses with record keeping on the go, the commercial software industry, following consultation with HM Revenue & Customs (HMRC), are producing simple record keeping mobile applications for businesses below the VAT threshold. These ...

SK Bookkeepers
Self Assessments. Annual Accounts. Tax Returns. VAT returns. Bookkeeping. ...

SP AUDIT SERVICES LIMITED
SP AUDIT SERVICES LIMITED is a firm of ...

St Clair
St Clair is an accountancy firm with offices in Southampton and provides comprehensive accountantcy support and will visit clent's homes/offices free of charge in Hampshire. ...

Stress Free Bookkeeping
Does bookkeeping give you a headache? Do you wish you could spend more time with your loved ones than with your invoices? StressFree Bookkeeping works with Xero to help your small business increase its profits and decrease its taxes, leaving you ...

Sue Aitken Accountancy
Providing bookkeeping, VAT, Payroll, CIS services for small and medium sized businesses. Part Time Accountant service. Acting Finance Director service. Please see our website for further information and pricing. All services tailored to your ...

Tax Clarity
Tax Clarity is a small friendly firm of Chartered Certified Accountants based in Worcester Park that provides Accountancy, Bookkeeping, VAT, Payroll, Tax and other Business Advisory Services to a variety of individuals and business clients ...

TCS Accountancy Ltd
We are an accountancy practice situated in Worthing. We operate a very competitive, transparent and fixed pricing policy, with no hidden extras and each service tailored around your needs, not ours!! 10% OFF all fees in the first year & 5% OFF in ...

The Accounting Company Northants Ltd
The Accounting Company Northants is a professional bookkeeping and financial management company that specialises in helping small and medium sized businesses in Northamptonshire and the surrounding area to succeed. We offer financial management at ...

The Payroll & Tax Accountants Ltd
The Payroll & Tax Accountants Ltd are affordable Accountants specialising in Payroll, Company Tax, Bookkeeping and other Accounting functions. Call us to arrange a free 1 hour meeting. ...

The Payroll & Tax Accountants Ltd
The Payroll & Tax Accountants Ltd are affordable Accountants specialising in Payroll, Company Tax, Bookkeeping and other Accounting functions. Call us to arrange a free 1 hour meeting. ...

The Tax Owl Accountants and Tax Advisors Ltd
Friendly and affordable accounting and tax services from a local family business. We offer a full business service from book keeping, payroll, VAT to the final accounts and tax returns. We will deal with HMRC on your behalf and run your finance ...

TM Professional
Our Only Agenda is Your Agenda! When you work with us you will see we are more than the traditional 'audit and tax'. We design our services around you, to help your business grow and protect your profits. We are dedicated to offering unrivaled ...

TML
For all of your accountancy, auditing and taxations requirements "Through knowledge comes tax savings and asset ...

Viva Photography
Award winning and professionally qualified commercial and advertising photographer with over 25 years experience in supplying creative and productive images. Equipped ground floor studio with easy access and excellent light control, ideal for ...

Watermill Accounting Limited
At Watermill Accounting we provide Startup advice for new firms ,Accounting, Taxation,VAT and Bookkeeping services. ...

West End Accounting
I am also a local start up business, so a very friendly face to start your business with. Chartered Accountant with many years experience in ...