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Accountancy & Tax in Kent

Key start-up information and list of local accountants

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Kent 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 Kent, 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.

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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

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.

Kent Accountants

Telford Associates Limited
Telford Associates are accountants based in Kent who work specifically with small and medium sized businesses. Whether you are a sole trader, partnership or a limited company we can provide you with the level of service you need. We offer fixed fee packages agreed in advance, the price we agree is the price you pay. Our aim is to help you increase your profits and pay less tax.
Shaikh & Co
Trusted Advisers and Accountants in Tunbridge Wells, Kent and the South East “Large enough to meet your accountancy needs. Small enough to know your name when you call” Are you struggling with tax issues, starting out in business, looking for the right funding or looking for a firm of accountants with the experience and vision to meet your needs? Then we can help. At Shaikh & Co Accountants we take time to get to know you so that we can deliver relevant, personalised and helpful advice on how to improve your business and personal wealth. Using the latest technology our team of trained specialists offer advice on taxation planning, tax strategies, business restructuring, book-keeping and payroll with fixed competitive fees, unlimited phone support and a free tax review. Business owners need the support of professional accountants who provide quick ,cost effective, high value solutions on time to help their business move forward & we aim to provide this service to you, without the need for constantly chasing. Working together with you on your business, we will help you pave your way to success, in a style that suits you and your business. We’ll keep you up-to-date on your business, so you never miss an opportunity to succeed. We are a friendly team of Chartered Certified Accountants and Registered Auditors in Tunbridge Wells, Tonbridge and surrounding areas and have been practising in Kent for over 35 years. Say hello to us! Find out more about how we can work together. We have two convenient office locations in Tonbridge and in Tunbridge Wells.
Aggarwal Accountants
The accounting specialists at Aggarwal & Co Ltd provide a wide range of effective, proactive accounting services to small, medium and large businesses across the Kent region and the South East. With branches in Rainham, Ashford, Gravesend and Sheerness.
We are firm believers that an accountant should be far more than just a number cruncher and should be able to offer all round business support and advice, helping your business grow and become more profitable. We have been working in partnership with owner managed businesses for over thirty five years, offering an extensive range of business consultancy and accounting services, specialising in accountancy, tax and business advice. We are committed to providing our clients with an exceptional service with the aim of building long lasting business relationships. Whether you are just starting out in business or at the other end of the business lifecycle we recognise the importance of offering timely, effective but understandable business advice.
Accappella - Creative Start
Our new Business Start-up Packages are perfect for small or new businesses that want a cost effective way of obtaining a professional brand identity and website at cost effective prices.
Aims Accountants for Business
We are business people as well as accountants and provide bespoke solutions to suit our wide variety of clients. We offer tax planning, business planning and fully outsourced accounting options. We are experts in the implementation of financial systems from manual books to spreadsheet to fully integrated accounting packages. Add to this fixed price fees and monthly payment plans and we cant see why you would want to do business with any one else!
CB Accounting Solutions Ltd
Review of finance systems and procedures Systems advice and implementation. Business Plans, modelling and cash flow forecasts Monthly Management Accounts Annual Statutory Accounts and Annual Returns Bookkeeping for the small business and self employed Company Tax Returns, Personal Tax Returns and VAT Payroll services
Kent Payroll Bureaus Ltd
Kent Payroll Bureau offering reliable outsourced payroll services to release you from the record-keeping and administration burden. Call us 0333 320 7032 Outsourced payroll for SMEs in Kent with 1-25 employees. Trade association membership - AAT - Association of Accounting Technicians - ICB - Institute of Certified Bookkeepers - CIPP - Chartered Institute of Payroll Professionals Take affordable outsourced payroll services from Kent Payroll Bureau and release yourself from extra administration and record keeping responsibility that is required by HMRC. By doing this you can focus on your core business - youll earn more doing what you do well, than you will pay us to process your payroll!
Pie Accounts
Friendly Chartered Accountants based in Upchurch, Kent. I love working with small businesses that have big ambitions. Im a XERO partner and have helped many businesses get to grips with their accounts and tax. If youd like to know more. Please visit my website