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Accountancy & Tax in Northampton

Key start-up information and list of local accountants

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Northampton 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 Northampton, 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

DNG Dove Naish

DNG Dove Naish Chartered Accountants and business advisers. We are here to help - to understand your needs, to listen to your concerns and then to provide services which fit your particular circumstances. Weve been advising businesses and individuals on their financial affairs for the last 50 years so were good at what we do and we know what were talking about.

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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.

Northampton Accountants

Quick Formations
Looking to set up a new company, we can offer a full company formation service from only
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Hawsons Chartered Accountants
Whatever size your business is, and whatever your future plans are, were with you. Our success is built on your Hawsons partner always having complete oversight of both your business and your personal wealth management providing tailored expertise whenever you need it.Our client for life philosophy means that whether you are just starting out, or in the growing phase, or even in the retirement phase, your Hawsons partner is ready to guide you every step of the way.
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10 Chartered Accountants
10. Chartered Accountants are accountants in Northampton. We provide a wide range of accounting services for forward-thinking business people and their businesses. Our clients receive timely, effective and highly committed support to help their businesses move forward in an environment that is increasingly complex, competitive and fast-moving.
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AJB Accountancy
Accountancy, Bookkeeping, advice...
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Alan Rhodes - AIMS
Accounting and Bookkeeping Accounts and Bookkeeping Statutory Accounts Personal and Corporate Tax Returns and tax planning VAT and payroll services
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CFW Chartered Accountants
CFW are a friendly firm of Chartered Accountants serving clients in Northamptonshire and beyond, including Corby and Kettering. We are pro-active advisers with services tailored to your specific business needs. Our Partners and staff are very experienced in new business start ups and are always available to guide and advise you in achieving your goals.
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DNG Dove Naish
DNG Dove Naish Chartered Accountants and business advisers. We are here to help - to understand your needs, to listen to your concerns and then to provide services which fit your particular circumstances. Weve been advising businesses and individuals on their financial affairs for the last 50 years so were good at what we do and we know what were talking about.
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ESITAAS
We take a special interest in start ups whether you are a one person operation with no aims to grow or an entrepreneur starting out that wants help to make their business grow! So whether you need help with all the formalities of keeping books and the tax system or more pro-active business advice to help ensure your success, wed like to help. Investing in the right advice when you start up will help ensure you are one of the successes and we have very attractive fee packages for start ups to ensure you can get all the help you need. If youd like any or all of the following please talk to us... Fixed competitive fees; Unlimited phone support; Unlimited free meetings; A free tax review; Work on time, every time; All work 100% guaranteed; To make more profit; To pay less tax; Someone to sort all your paperwork; An accountant who speaks plain English.
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H.T.LEE
Local accountacy practice offers book-keeping, payroll, accounts preparation and taxation services for small and medium size business.
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Inn Control Ltd
Are you looking for a chartered pub accountant? Inn control Ltd is a team of specialist pub accountants and Xero Platinum partners working exclusively in the licensed trade sector. Located in the UK, the Inn control team has years of experience in running and managing pubs, hotels, and restaurants. We know the pitfalls, as well as how to make your business a success.
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Mcalistair Accounting
McAlistair is a specialist accounting service, offering professional bookkeeping services throughout the UK. No Hassle, No Stress, Just Accounting! We offer clients a cost efficient and reliable solutions to PAYE, payroll, self-assessment, VAT, tax returns, year-end accounts and CIS returns requirements through our powerful computerised accountancy system. Our staff are fully trained operatives. We specialise in assisting small to medium sized businesses, including limited companies and sole traders, with all bookkeeping and accounting needs
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McTernan Associates Ltd
Chartered Tax Advisor with over 20 years experience in helping small businesses and start ups, I specialise in dealing with the self employed and small limited companies as well as handling Revenue enquiries and investigations. Accounts, book keeping services and business advice.
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Moore Stephens
Moore Stephens provide a wide range of accountancy, tax and advisory services including financial solutions to businesses, entrepreneurs and individuals across the region. Our start up services include examination of business structure, accounting records and tax registrations.
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N & R Accountancy Services
Family run business specialising in SMEs. We offer a friendly yet professional service.
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Phipps Henson McAllister
We are a firm of Chartered Accountants based in Northampton and Banbury offering accounts, taxation, business advisory and support services to a wide range of businesses and individuals across Northamptonshire, Oxfordshire and surrounding areas. Most people starting up in business do so because they have a good business proposition and the enterprise and commitment to see it through. However, they may not be experts in the legal and financial aspects of running a business and such matters often appear daunting. Fortunately you do not need to be an expert in these fields to succeed in business but you do need the support of a team of trained experts. We can help. Just bring us your business ideas and we will help you to make them a reality!
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Sarah Sear Chartered Certified Accountants
Small, friendly firm of chartered certified accountants offering all aspects of accountancy and taxation work. We offer fixed fees that are very competitive.
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The Accounting Company Northants Ltd
The Accounting Company Northants is a professional bookkeeping and financial management company that specialises in helping small and medium sized businesses in Northamptonshire and the surrounding area to succeed. We offer financial management at affordable rates giving businesses of all sizes access to levels of expertise that they would not previously have been able to afford. We believe in delivering a proactive service which ensures up to date financial information without the jargon so that you can understand how your business is performing. We Account for all your Business needs
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The Numbersmith
The Numbersmith is a platinum partner to both Xero and Quick Books and as such is among the leading cloud accounting firms for small businesses in the UK. Our desire is to help our clients make their business the best it can be through taking decisive action based on the provision of our cloud accounting services, timely information and insightful advice.
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TM Professional
Our Only Agenda is Your Agenda! When you work with us you will see we are more than the traditional audit and tax. We design our services around you, to help your business grow and protect your profits. We are dedicated to offering unrivaled personal services with industry knowledge to our clients. With our unique service you will get all the expertise you would expect from the larger accountants plus a commercial focus that you would receive from business advisers. Everything we do is with you in mind and delivered with a personable and professional service.
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