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Accountancy & Tax in Hounslow

Key start-up information and list of local accountants

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Hounslow 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 Hounslow, 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.

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?
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Then we’re the accountants for you.

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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.

Hounslow 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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Premium Accountants
Premium Accountants Ltd is an Accountancy firm based in Hounslow, West London. We are a firm of qualified and experienced accountants specialising in providing accounting and taxation services to new and established businesses.
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Accma Accountants
Accma Accountants is a chartered certified accountants and business development experts working with Sole traders, Partnerships and Limited Companies. We provide the following services; Business Start-ups, Company formation, Business plan, Self assessment, PAYE, VAT, Company accounts, Tax Return and tax advices.
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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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Cheshams Accountants
Hounslow based Cheshams Accountants caters to the accounting needs of the SMEs. Cheshams Accountants service include Company Registration, Bookkeeping, Payroll and NI, Business Accountancy, VAT, Cashflow Projections, Bank and HMRC Representation, corporation Tax and IT Services. We cover Hounslow, Feltham, Staines, Richmond, Twickenham, Teddington, Southall, Chiswick and surrounding areas. However distance is not a concern. At Cheshams Accountants we provide a cost-effective, high value solution to meet all of your financial needs. We work hard to get to know you in order to deliver timely, individual advice on how to improve your business and personal wealth. To find out more about how we can help you and your business click here for an overview of our services. To find out more about us click here. To access a wealth of information visit our resource centre or download our free factsheets at www.cheshams.com
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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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Financial Partners London Limited
Financial Partners London, is a young, dynamic and innovative firm of Accountants & Business Advisors who can help improve the performance and profitability of your business. We believe your accountant should not come as a cost, but as a valuable resource, who is easily approachable and readily accessible. We are committed to working in partnership with you in your business, to identify opportunities, improve your bottom line figure
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FMA Accountants
Do you need accountancy or bookkeeping services? If you do look no further, we offer a great service at affordable rate! Call us now on 07825 871043 to see how much you could save on your accountancy fees
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SK Bookkeepers
Self Assessments. Annual Accounts. Tax Returns. VAT returns. Bookkeeping. Payroll
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