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Accountancy & Tax in Buckinghamshire

Key start-up information and list of local accountants

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Buckinghamshire Business Category

Buckinghamshire 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 Buckinghamshire, 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

Sterling Grove Accountants Ltd

Sterling Grove Accountants Ltd

We are a progressive firm of modern accountants in Buckinghamshire and have worked hard to develop our business model. Transitioning from accountancy services to advisers to now acting as a strategic partner to our clients.

Mobile icon 01628 523700

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.

Buckinghamshire Accountants

MD Consulting
Starting up your own business is a big decision to make. It brings the potential for both rewards and risks, but with careful pre-planning, many of these risks can be minimised. At MD Consulting, we are experienced in business start-ups and many of our clients have been with us since we helped them establish their enterprises a number of years ago. Most people who start up a business do so because they have a great business idea, and the enterprise and drive to see it through, not because they are experts in the financial and legal aspects of running a business. The good news is that you do not need to be an expert in these fields to succeed in business. All you need is the support of professional advisers and that’s where we fit in.
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B2B Business Advisors
We have a host of practical business skills, and our friendly team of professionals will not only help you meet your legal accounting and tax obligations, but also assist in the growth and development of your firm. We work much more closely with our clients than traditional accountants. We want to get to know our clients’ businesses inside and out, enabling us to easily identify problems and spot opportunities. We want to help improve profits and encourage growth and focus on the areas that matter most to you! We aim to help improve profits and encourage growth whilst focusing on the areas that matter most to you! This knowledge is gained from a sustained relationship and a high level of personal contact. As a result, we are responsive to our clients’ needs and are available to support your own objectives, tailoring our advice to your business requirements and helping you to achieve greater profitability, efficiency and success. We look to build a long term and mutually beneficial relationship with all our clients, helping you every step of the way!
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Benham & Williams
You want to start a business because you are an entrepreneur with a great idea and the vision to realise it. And we're here to help you do just that. We want you to focus on what you do best - building your business - while we provide all the necessary background support. Benham & Williams are an established firm of accountants and business advisors with over twenty five years experience of providing accountancy and taxation advice to individuals, business, and other organisations. Our business clients range from business start-ups, small and growing enterprises, to established businesses. We also deal with company directors and private individuals. Each client has different aims and objectives. We take the time to get to know each client and by listening to what they want we are able to identify and deliver a cost effective and appropriate solution, assisting them to achieve their goals.
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Wilkins Kennedy LLP
Wilkins Kennedy LLP Chartered Accountants and Business Advisers provide a full range of accounting and business advisory services to a diverse range of businesses and individuals across the UK and abroad. Established in 1882 as a single regional office, the firm has expanded to 12 regional offices based across the South of England with a turnover of
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Aston Black Accountants
Aston Black is a trusted local accountancy firm in Milton Keynes. Our dedicated team have been at the heart of the Buckinghamshire accounting scene for over twenty-five years, providing quality service to all our clients. We specialise in tax accountancy and bookkeeping services for small businesses, drawing on all of our regional experience to advise companies and freelancers across the county.
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Rouse Partners
Rouse Partners is one of Buckinghamshire
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St Clair
St Clair is an accountancy firm in Old Amersham provides comprehensive accountantcy support and will visit clents homesoffices free of charge in Buckinghamshire.
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