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Accountancy & Tax in Hillingdon

Key start-up information and list of local accountants

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Hillingdon 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 Hillingdon, 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.

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

Want to:

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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.

Hillingdon Accountants

pro-taxman
As one of the most forward thinking and professional firm of accountants in London, PRO-TAXMAN offers a full range of accounting services primarily aimed at small, medium and new start businesses in London and surrounding areas. Apart from the more general accountancy services we can also assist you with business development and specialist tax services.
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Complete Book-keeping
CBK was formed to allow clients to build and run their businesses without the burden of book-keeping. Account services; VAT Returns; Company Formation; Payroll; Credit Control. Large enough to cope, small enough to care.
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Plus Accounting
Plus Accounting is a well-established accounting firm that specialises in assisting owner-managed businesses, start-ups and small to medium companies with attaining their accounting and taxation goals.
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CBK Training
Sage 50 1 day Classroom Training. West Drayton or at your own venue. Day course: Levels 1 ; 2 & 3
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Citystream Bookkeepers and Accountants
Bookkeeping services and accounting services provided to clients across London.
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Civvals
Auditing - We are registered auditors and fully recognise the importance of professional standards when auditing a companys financial statements. Financial Services - Civvals Financial Services Limited provides independent financial advice on personal and business finance. Business Acquisition & Disposal - We are able to provide support on all aspects of acquisitions and disposals of businesses.
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SK Bookkeepers
Self Assessments. Annual Accounts. Tax Returns. VAT returns. Bookkeeping. Payroll
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