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Accountancy & Tax in Norwich

Key start-up information and list of local accountants

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Norwich 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 Norwich, 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

Together Accounting

Together Accounting

We are business advisers and accountants based in the center of Norwich. We specialise and are passionate about enabling and empowering our clients to develop, grow and prosper. We do this by giving financial and operational insight into business performance. Clients find us completely engaged in their business because we provide a bespoke and boutique approach to their day-to-day accounting needs and work alongside them as their consultant, financial controller and director to make savings, ways to increase revenue and make more profit.

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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 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.

Norwich Accountants

Accountants etc Ltd
Low-cost fixed fee Accountants and Tax Advisers in Norwich.
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Aston Shaw
Aston Shaw are a chartered certified accountancy firm that covers Norfolk, Suffolk and Cambridgeshire. We offer fantastic support for startup businesses, with a business grants and funding scheme, and a free business advice afternoon on the first Thursday of every month, between 1pm and 5pm across all of our offices. This allows startup businesses the chance to receive free advice with no obligation and is perfect for those working to tight budgets
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Together Accounting
We are business advisers and accountants based in the center of Norwich. We specialise and are passionate about enabling and empowering our clients to develop, grow and prosper. We do this by giving financial and operational insight into business performance. Clients find us completely engaged in their business because we provide a bespoke and boutique approach to their day-to-day accounting needs and work alongside them as their consultant, financial controller and director to make savings, ways to increase revenue and make more profit.
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Accounting Equations Limited
Accounting Equations Limited was established in 2001 and provides a pro-active service for small businesses (sole trader, partnership and private limited company). The business offers a mobile accounting service and regularly visits clients at their home or business premises out of normal office hours. The business also operates from home which means it can offer a competitive and affordable pricing structure.
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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.
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Aston Shaw
We are independent chartered certified accountants, registered auditors, tax and business advisors. With 5 offices across East Anglia and a team of over 70 people, we have been trusted and recommended by our clients since 1969. To contact our other offices: Dereham: Aston Shaw Limited 62 Norwich Street Dereham NR19 1AD Ipswich: Aston Shaw Limited Alpha 6, Masterlord Office Village West Road, Ransomes Europark Ipswich, Suffolk IP3 9SX Cambridge: Aston Shaw Limited 7 Trust Court, Vision Park Chivers Way, Histon Cambridge CB24 9PW Great Yarmouth: Aston Shaw Limited 7 Church Plain Great Yarmouth NR30 1PL
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Aston Shaw Ltd.
We are independent chartered certified accountants, registered auditors, tax and business advisors. With 5 offices across East Anglia and a team of over 70 people, we have been trusted and recommended by our clients since 1969.
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itab
We at itab appreciate that a business owner needs to carry out the day to day running of their business and the amount of paperwork, bookkeeping and accounting that is equally important can start to mount up and cause a real head ache. Why not let itab take care of your taxation, accounting and bookkeeping to allow you that valuable time to spend on your business.
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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.
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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.
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Price Bailey
Price Bailey Chartered Accountants has been in Norwich for over 25 years. We offer both compliance and advisory services and we are very keen to help small local businesses. Our services include auditing, bookkeeping, business strategy, business systems and Sage installations and support, corporate finance services, employer and payroll solutions, financial services, forensic accounting, insolvency and recovery services, tax and VAT compliance and advice and trust and fiduciary services.
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PWL Bookkeeping Services
Accounts preparation is part of our day-to-day activities. From our base in Guist we are in easy reach of the major towns of Norfolk. We provide a wide range of accounting work and Accountancy services to clients in various Locations. With the current regime of filing deadlines and penalties, timely service has become all the more important. We pride ourselves in getting our clients accounts completed on time, and well before their filing deadline. There are many who consider accounts as history and only useful for satisfying statutory obligations. We however believe that the prompt preparation of past performance reports can be a vital tool in planning for the future and can be used to assess areas of a business that require most attention. Using the latest computing systems we will prepare your accounts promptly and efficiently. We provide you with a clear explanation of your reports to ensure that you have a full understanding of the figures prepared for you. PWL Bookkeeping Services are experienced and knowledgeable in providing accounting services for sole traders, partnerships and limited companies in all types of industry. Our accounting services are designed to provide our clients with everything they require.
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S Jarrett Bookkeeping
GET YOUR FINANCES IN ORDER WITH THE HELP OF A PROFESSIONAL BOOKKEEPER Are your businesss finances getting on top of you? Spending evenings and weekends doing your paperwork? Want to spend more time with family and friends? Worried that your tax returns wont be submitted on time? S Jarrett Bookkeeping provides flexible and affordable bookkeeping services to small businesses, sole traders and not for profit organisations in Norwich, Wymondham and South Norfolk. I am happy to come to you or work remotely and can provide services to suit your needs whether that be weekly, monthly or quarterly. As an ICB-qualified bookkeeper you can be assured of an attentive, professional service at all times. The benefits of using a bookkeeper: - Ensure your paperwork is well-ordered and complete - Ensure you identify all deductible expenditure to minimise your tax bill - Ensure you submit tax and VAT returns on time with accurate data to avoid penalties and interest - Identify payments and receipts which need to be chased, ensuring you manage your money and relationships with suppliers and customers - Understand your business finances and take control of your future The services I provide include: - Inputting of transactional data (invoices, receipts etc) and keeping your records well-ordered - Bank reconciliations - Credit Control - VAT Returns - Management Reporting - Draft accounts Give me a call or visit my website to arrange a free initial consultation to discuss how I can help you.
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Together Accounting
We are business advisers and accountants based in the centre of Norwich. We specialise and are passionate about enabling and empowering our clients to develop, grow and prosper. We do this by giving financial and operational insight into business performance. Clients find us completely engaged in their business because we provide a bespoke and boutique approach to their day to day accounting needs and working alongside them as their consultant financial controller and director to make savings, ways to increase income and make more profit. If you want your business to develop, grow and prosper get in contact.
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Local help for startups

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