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Accountancy & Tax in Basingstoke

Key start-up information and list of local accountants

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Basingstoke 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 Basingstoke, 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

Strelitzia Accounting Limited

Strelitzia Accounting Limited

We offer a wide range of tax and accounting services, including business start up advice and support.

Our prices are fair and if you find it cheaper elsewhere we will match your quote.
With our flexible approach we tailor our service to your unique requirement so that you pay only for what you need.

Mobile icon 07399748467

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.

Basingstoke Accountants

Strelitzia Accounting Limited

We offer a wide range of tax and accounting services, including business start up advice and support. Our prices are fair and if you find it cheaper elsewhere we will match your quote. With our flexible approach we tailor our service to your unique requirement so that you pay only for what you need.

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On the Spot
On The Spot Accountants - On Site. On Time. On Your Side. The spot on business service in Hampshire. The accountancy and tax advice service youve been waiting for. Face-to-face advice from an experienced, qualified, commercial accountant. Your questions replied to promptly and fully - no subcontracting or delegating. You decide when your accounts and tax returns are prepared, with year round support. On Site - Teresa visits you to understand your business and to save you time. On Time - Teresa works with you as your year end approaches to agree the timetable to file your accounts on time. On Your Side - Teresa acts in your best interests to ensure you claim the tax allowances you should. Contact me now for a free no-obligation 1 hour consultation. With our fixed fee policy, transparent and friendly approach, I can help small businesses and individuals with their accountancy and tax needs. Thanks for reading! Teresa Rogers On the Spot Accountants On Site. On Time. On Your Side. Practical understandable tax accounting solutions for your business.
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Continuum
We are an established local firm of accountants who have served the small business community in Hampshire and the surrounds for many years. We deal exclusively with start up and young, growing businesses and have over 100 years of combined experience in this field. Consequently, we have little doubt that you will conclude we know all there is to know when it comes to providing sound advice and services to new entrepreneurs covering bookkeeping, accounting, business tax, company tax, VAT, payroll and all other relevant financial and corporate matters. What neither you or we know though is the most important thing of all - are we the type of people and personalities youd be happy to have on your team? Why not judge for yourself by meeting us for a free initial consultation; its the only way to find out and it wont cost you anything!
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Additions Bookkeeping & Payroll Services
Additions Bookkeeping is a growing business with many years experience in providing bookkeeping and payroll solutions to clients throughout Basingstoke and surrounding areas, we are located in Monk Sherborne, Hampshire. With up to date software and experienced staff, the company offers a flexible, professional and affordable service to small businesses. Our service is intended to be cost effective, enabling clients to focus on the day to day running of their business.
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AIMS Accountants for Business
A qualified accountant, Nigel is widely experienced in industry and is quality conscious and service orientated. You will benefit from working with a professional who always ensures that everything is done in the right manner, one that works in the clients interests We provide a comprehensive service to help you manage your finances so that you can concentrate on running your business. Good accounting is good business, so leave your accounting and book keeping to a specialist. Day-to-Day Bookkeeping Help and Advice Payroll and PAYE VAT Budgeting Credit Control Accounts Preparation and Tax Submission Nigel is very approachable and always happy to visit clients on the business premises, ensuring that he has a full understanding of what clients are trying to achieve and thereby enabling him to help you get there.
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Basingstoke and Deane Borough Council
Basingstoke and Deanes inward investment section is designed to help all businesses discover the excellent business environment that is offered in Basingstoke. It also provides information and links for people considering a move, either as part of a company relocation, a career move or starting up a business.
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Bookkeeping by Sam
Bookkeeping by Sam offers professional bookkeeping service to clients throughout the local area. The company, which can be found in Basingstoke, is newly established and has experience with small businesses including sole traders. With a friendly and efficient service and associations with local accountants, the company is able to offer a professional bookkeeping service to businesses with a fast and accurate turnaround. The service is intended to maintain day to day and monthly accounts, helping clients to become financially organised. The company can offer Sales, Purchase and General Ledger, bank reconciliation, cash book and VAT Returns.
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C J DRISCOLL Chartered Accountants & Tax Advisors
This practice established in 1980 has always aimed to provide a personal service and complete range of accountancy services which include book keeping,payroll,VAT returns and a new package expecially for the construction industry as well as usual year end accounts and tax returns. Free refreshments and a consultation with a qualified Partner to set new business up correctly right from the start.
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Cranleys
At Cranleys we pride ourselves on the unique and personalised services we offer our clients. We are proud to offer a range of business advisory support services in addition to the accounting and taxation savings you would expect from a proactive firm of Chartered Accountants.
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Goringe Accountants
Goringe Accountants - providing a full range of accountancy services. Professional, qualified accountants, jargon free advice and excellent customer service. Our website blog contains great accountancy articles along with guest writers covering finance, business, health & safety, and legal advice. Invaluable information for new business startups.
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Lawrence Young Ltd
Lawrence Young is a firm of Chartered Management Accountants, Tax Advisers and Business Advisers serving customers in Hampshire, Berkshire and Surrey.
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Loddon Accountancy
At Loddon Accountancy we promise efficient and reliable accountancy services for a wide range of businesses and individuals. Offering you accounts, taxation, business advisory and support services, you will receive a high value solution that will met your business needs.
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M A Accountancy Services
Surrounded by mountains of paperwork? Are your accounts stressing you out? M A Accountancy Services is here to help! We can help you with your bookkeeping, PAYE, VAT Returns, Income Tax Returns, Annual Accounts, Corporation Tax, Business start-up advice and SAGE Accounts set-up and training. Call 07789015130 to arrange a free initial consultation with a dedicated professional.
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Tax-Sorted
Looking for an accountant in Hampshire? Call us for a no obligation informal chat to see how we can help.
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The Winchester Bookkeeping Company
The Winchester Bookkeeping Company offers bespoke, yet affordable professional bookkeeping services to small businesses in the Winchester area and throughout Hampshire. Services include bookkeeping, preparation of statutory accounts for small limited companies and self assessment tax for individuals and sole traders. Our objective is not only to help you keep your books, accounts and tax in order but also to provide a friendly and approachable environment in which you can seek practical support and advice to help your business grow and flourish. We understand that each business is unique and therefore tailor our service to your requirements and budget. Our support is flexible - we can do as little or as much as your require and are free to answer queries at weekendsevenings. We ensure our clients receive straightforward language and easy to understand advice. In short - We make Bookkeeping work for you! We are authorised and regulated by the Institute of Chartered Accountants for England and Wales (ICAEW) and a member of the Institute of Certified Bookkeepers (ICB). Contact us now via our website or on 07596 516670 for more details or to arrange a free no obligation consultations of your requirements.
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