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Accountancy & Tax in Kings Lynn

Key start-up information and list of local accountants

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Kings Lynn Accountants

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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 Kings Lynn, 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

Thain Wildbur

Thain Wildbur

Thain Wildbur Chartered Accountants and Business Advisers

Based in King’s Lynn, Norfolk, we work with all types of small and medium sized businesses and individual tax payers, providing a friendly, professional and affordable complete accountancy and tax solution tailored to meet your individual needs.

Our experienced team of qualified accountants and support staff will get to know you and work closely with you to help you achieve your business and personal financial goals.

Our support for you stretches well beyond essential compliance services. We aim to work with you to ensure the best possible chance of success for your business.

We adopt a cradle-to-grave approach to business advice. We can help you start a new venture, provide planning and support through the growth period and help you create exit plans when you want to hang up your boots or move on to other challenges.

The areas where we can assist you include:

- Business start-up planning and advice
- Raising business finance
- Financial management and information systems
- Computer systems and accounting software advice and training
- Cash flow forecasting and management
- Long term plans for your business and your exit
- Share valuation and business sales advice

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Local partners

We are happy to promote anyone who is prepared to offer friendly support to local start-ups.

Our local partners have been kind enough to help us and are keen to help you too.

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.

Kings Lynn Accountants

All Things Accounting
All Things Accounting is a blog that discusses about topics related to accounting, payroll, bookkeeping, income tax, property tax, consumption tax, financial audit and other relevant topics.
Jolliffe Evans Limited
Jolliffe Evans is a family run accountancy practice started in 2005 to provide affordable Bookkeeping, Payroll and Accountancy services to individuals and businesses alike. As a company we have the experience to assist with your bookkeeping, payroll and accounts functions to help give you time to run, manage and grow your business. Whilst providing the financial information you need to make the important decisions. We are available to work on site or externally and have an extensive knowledge of Sage, Quickbooks, Excel Spreadsheets and Manual Record keeping.
Make It Count (Accountancy Services) Ltd
Make It Count (Accountancy Services) Ltd is based in Blofield, Norwich and offers professional accounts support for all types of small and medium sized businesses, from self employed to limited companies. Services include: CorporationPersonal Tax returns, management accounts, VAT returns, Sage Payroll and PAYE Year End Submissions. We are a professional team and director Shirley Webb is a qualified member of AAT. Free consultation 10% discount for the first two years.
Stephenson Smart
Are you... Starting out in business? Struggling with your tax return? Looking for a pro-active accountant who will help you increase profitability whilst wherever possible reducing taxation? Whatever your needs, we believe we can help. Stephenson Smart is a firm of Chartered Accountants based in Kings Lynn, Fakenham and Wisbech. We offer audit, accounts preparation, taxation advice and support services to individuals; and businesses, both large and small. We aim to 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. As well as general accountancy, audit and tax skills, our partners also have individual specialist skills which enables us to provide clients with a first class service as and when required. With our wealth of experience we pride ourselves on delivering an unparalleled service to all clients, what ever their size or sector. If you are looking for a team of reliable, professional, approachable accountants who will do more than just respond to your needs - who will work with you in a proactive manner to help you succeed, we would be delighted to be of service.
Stephenson Smart
Stephenson Smart is a firm of Chartered Accountants based in Kings Lynn, Great Yarmouth, Fakenham, Downham Market, Wisbech and March. We offer audit, accounts preparation, taxation advice and support services to individuals; and businesses, both large and small. We aim to 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.

Local help for startups

There is plenty of help for startups in Kings Lynn but where can it be found?

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