Accountancy & Tax | Accountants Mitcham

Mitcham Accountants

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 Mitcham, 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

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?
- Manage your cashflow better?
- Make your business dream come true?

Then we’re the accountants for you.

Contact us and arrange a relaxed, no-obligation chat 0116 2247122

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0116 224 71222

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Mitcham

Local partners

We are happy to promote anyone who is prepared to offer friendly support to local start-ups.

Our local partners have been kind enough to help us and are keen to help you too.

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.

Further Advice and Help

Mitcham Accountants

Bean Bag Financial Solutions

For the small-medium business owner, accounting and financialrisk management can be a burden. We’re here to change that. Let our team focus on the small but essential details so that you can focus on what matters most – building and growing your business. We offer comprehensive services that are effective and efficient. We take care of your bookkeeping, taxvat & payroll administration and accounting requirements. We prepare financial reports that are clear & accurate. We provide key financial services to empower you to make informed business decisions, manage risk and grow your business. The value of professional accounting and financialrisk management to a business cannot be understated. We offer the small-medium business a comprehensive range of services that empower you to make knowledgeable and effective business decisions. ACCOUNTING SOLUTIONS •Bookkeeping •Tax and vat •Payroll •Cloud services •Annual financial statements •Management accounts •Budgets and financial planning •Cash flow forecasts •Analysis of key performance indicators CORPORATE FINANCE SOLUTIONS •Business plans •Financial modelling •Business valuation •Transaction management MANAGEMENT SOLUTIONS •Managerial finance •Investment management TREASURY & RISK MANAGEMENT SOLUTIONS •Treasury review •Treasury policies and procedures •Interest rate risk management •Foreign exchange risk management •Cash management •Bank funding Our team is small but mighty. We have been working in the field of accounting and financial services for a combined 30 years and are motivated by a desire to help small businesses grow and thrive. We are highly skilled in what we do and are continually working to improve. Our team works every day to make your business shine brighter. There was a time when LED light bulbs weren’t particularly bright or effective because some of the light was reflected inwards. Researchers looked to nature for a solution and, mimicking the firefly’s exoskeleton, created bulbs that shone with 1.5 times more intensity. Similarly, we find solutions that are effective and efficient. We focus on the small details so that you can focus on what matters most – your vision and goals.

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Prime Numbers

Prime Numbers is a small and friendly accountancy service based in Carshalton. We offer a range of services to suit start ups including sole trader and limited accounts, self assessments, VAT returns, CIS returns and payroll. Although the owner has been in accountancy for many years, Prime Numbers is just over 3 years old and so we the know the pit falls and highs of starting a business in this current economic climate. Please contact us for a free consultation to discuss your business needs.

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Abros Ltd.

Chartered Certified Accountants , Registered Auditors ,Business Advisors and Tax Consultants

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Crunchers

South London Accountants. Specialists in Sole Traders, Self-Employed, Freelancers. Services include Annual Accounts, Tax Returns, Business support and advice, Seminars, Personal Finance Review.

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MDH

Accountants in Croydon. Chartered Certified Accountants, Business Advisers and Registered Auditors in Mitcham. Covering all accounting, taxation, business advice and auditing for small and medium sized businesses. Reliable and friendly firm covering the London and Surrey region.

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NM Accountancy Services

NM Accountancy Services Provide comprehensive tax, accounting, payroll, VAT, bookkeeping and other services to businesses and self-employed in Morden,Tooting, Epsom areas. NM Accountancy Services MORDEN provide a wide range of accountancy services including annual accounts, tax returns, payroll and bookkeeping. Our aim is to make your life easier. We will help by undertaking all the jobs you hate and that get in the way of running your business! NM Accountancy Services offer: 1) Personal Service Visiting clients at home or business in or out of normal working hours, both for initial meetings and collection of books etc. 2) Customer Satisfaction - Business standards in place to ensure deadlines always met and clients always happy. 3) Value for money - An agreed fixed price, no hidden charges or surprises and the option to pay monthly. 4) Friendly advice- Initial consultation is absolutely free. Office is located in Morden town centre, close to underground, bus station and car parks.

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StellarIPE Services Limited

Stellaripe is the trusted cloud-centric outsourcing partner that fits your accounting practice and business. We are a specialist provider of timely and professional accountancy services. Our high quality and prompt expertise frees-up the time of accountants and SMBs, helping them expand their service offerings and nurture client relationships, thus improving overall profitability. With more and more accounting apps, integrations and options than ever, you need simple, and more efficient accounting systems, robust controls, smart processes and cost-effective solutions that stay within your budget. Fierce competition and shortage of skilled staff in this so called "Gig" economy only drag you away from your business and personal goals.

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TaxAssist Accountants

At TaxAssist Accountants in Wallington & Mitcham we provide a wide range of accountancy, business and tax advisory services to all individuals, sole traders, limited companies and sub-contractors. We are part of a multiple awards winning franchise and we pride ourselves on being the small businesses champions. We offer you: Personal Service; We visit clients at home or business in or out of normal working hours Full customer satisfaction; Business standards are in place to ensure deadlines are always met and clients expectations are exceeded Value for money; An agreed fixed fee, no hidden charges or surprises and also the option to pay monthly with no interest charges. Majid is a qualified accountant with nearly 20 years of experience in working in commercial roles at both small and global organisations. He is passionate about putting his clients at the heart of what he does. He has the experience to support your business accountancy and tax needs, also in your budgeting and forecasting as well as your business funding and cash flow projection.

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