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Accountancy & Tax in Horsham

Key start-up information and list of local accountants

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Horsham 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 Horsham, 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

SCCS Accounting Services

Not just another accountant...

I qualified as an accountant in a small business, dealing with the same problems that my clients face now. Thats why I keep my overheads as low as possible so my prices can be competitive with no compromise on quality of service.

I like to quote a fixed fee for a specified service and dont surprise my clients with unexpected charges. I never charge for talking or advice. Charges can be monthly, quarterly or annual to suit the clients needs.

I always return calls and youll find Im not difficult to reach outside office hours.

The services I offer include tax returns and tax planning, VAT returns, CIS returns, payroll, management accounts, business plans, cashflow forecasts and more.

For a friendly, professional service at a reasonable price please give me a call on 01403 783250 .

Simon Cox MA (Oxon) ACMA CGMA

Mobile icon 01403 783250

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.

Horsham Accountants

Merranti Accounting Ltd
For a startup company, things can move quickly, and this is where Merranti Accounting comes in. We can help you in the process of starting your own business by always being available and flexible. We understand that occasionally, you may need more assistance, which comes at no added cost as we work solely on fixed fees. Merranti can assist with: • Business Registration • Management Accounts • Cash Flow Forecasts • Tax Returns • Self Assessments • VAT • Business Planning • Bank Finance Reports • Start-up Finance • Investor Reports • Business Formation • HMRC Registration
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Fineder
Fineder helps small & medium businesses grow online with full-service digital marketing. Websites / e-Commerce / Paid Media / Google Search / PPC / SEO / Social Media Management & More.
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Apps4U
Apps4U develop mobile apps for businesses. We have solutions for all budgets and industry sectors. Whether your organisation is a small independent or youre part of a large multinational, we have an app for you.
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Sussex Chamber of Commerce
Our vision is to support business growth, champion key issues and drive sustainable economic growth in SussexOur team works with businesses from SMEs to multi-nationals to ensure they get access to the best possible business support. Our services can raise your profile, cut your costs and provide links to our close network of influential business leaders. We drive change from the ground up, helping companies, places and people achieve their potential. There are plenty of reasons to being a member.
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Business Doctors Surrey
As busy entrepreneurs and business leaders, we understand that you will often be so preoccupied with what is happening now that you will lose sight of your future. Thats why; if you really want to give your business some focus for growth, a business review and preparation of a strategic plan is an absolute necessity!
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PARR & COMPANY
Friendly and helpful Chartered Accountants practice offering all accountancy and taxation services for smallmedium business and individuals. Business startups and personal tax are our specialitities.
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SCCS Accounting Services
Not just another accountant... I qualified as an accountant in a small business, dealing with the same problems that my clients face now. Thats why I keep my overheads as low as possible so my prices can be competitive with no compromise on quality of service. I like to quote a fixed fee for a specified service and dont surprise my clients with unexpected charges. I never charge for talking or advice. Charges can be monthly, quarterly or annual to suit the clients needs. I always return calls and youll find Im not difficult to reach outside office hours. The services I offer include tax returns and tax planning, VAT returns, CIS returns, payroll, management accounts, business plans, cashflow forecasts and more. For a friendly, professional service at a reasonable price please give me a call on 01403 783250 . Simon Cox MA (Oxon) ACMA CGMA
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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 individual needs.
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Vere Consulting Ltd
From a basic individuals tax return or a simple book keeping service to an all inclusive accountancy and tax package, company secretarial services to streamlining and automating processes and systems setup. We will ensure that the administration of your business is on a sound foundation meaning that you dont need to worry about customers settling their bills, creditors being paid, VAT returns being submitted or staff being paid on time.
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