They can offer advice and help you comply with accounting and tax requirements.
If you are self employed or run a small enterprise in Shropshire, it makes sense to use Accountants or Bookkeepers also based in Shropshire. Local accountancy firms that are prepared to help small business and new business start ups in the area are listed below.
BAT Business Services Ltd
Bat Business Services provides affordable and practical advice and support to discerning owners / principals of growing businesses, primarily in the Midlands and North-West.
Not just straight-talking no-nonsense objective professional advice, but also hands-on support in implementing practical and impactful solutions for owners / CEO's of businesses that are: Starting-up, Growing, Improving, looking to Exit or just looking to be in business in the foreseeable future.
In the first instance, please contact Ian Batkin for an initial confidential no-charge consultation with one of our directors - "you've got nothing to lose and everything to gain !"
BAT Business Services Ltd
Tel: 07740 449 477
Worrying about paying your personal bills will distract you from the running of your business. This template will help you to identify how much you need to make to cover your outgoings. Use in conjunction with your cashflow forecast to ensure that your projected income/expenditure takes this into account.
An easy to use template. Instructions are included - all you have to do is unput your figures and the spreadsheet will perform all of the calculations for you. A great way of assessing the finances of your business over the next 12 months.
One of the most important steps but is often ignored. This document will provide you with a clear road-map for your business and ensure that you have considered all of the key issues whether you need to borrow money or not.
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 primarilly relates to self-employment but if you decide to trade as a limited company, you can read more here: Running a Limited Company.
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 atwww.hmrc.gov.uk/online/new.htm
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.
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.
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.
You must register for VAT if:
Your taxable turnover exceeds the VAT threshold in any 12 month period, or You expect your taxable turnover to exceed the VAT threshold within the next 30 days, or 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 £82,000; if your turnover is below the registration limit, you can choose whether to apply for voluntary registration. The standard rate of VAT for 2015-16 is 20%.
See the official VAT website for full up to date details.
Tax Help Factsheets
Webinars, e-learning, emails and video for self-employed
Department for Business, Energy & Industrial Strategy
If you run your own business in Shropshire and would like to learn more about accounts, bookkeeping, National Insurance, or VAT, we have compiled a library of useful resources and frequently asked questions which we hope that you will find both interesting and useful.
18 Tips on How to Choose an Accountant
Accountants: Why Use an Accountant?
Accountants: What is the difference between a bookkeeper and an accountant?
Accounting Errors: 3 Common Accounting Errors to Avoid
Accounts: What are Key Performance Indicators (KPI's)?
Bookkeeping: Choosing a Bookkeeper
Business Structure: Business Structure - Limited Company, Partnership or Sole Trader?
Cashflow: 3 simple ways to maintaining your business cashflow
Cloud Accounting: 11 Reasons to a Choose Cloud Accounting Solution
Expenses: What expenses can I claim now that I am self employed?
AIMS ACCOUNTANTS FOR BUSINESS
Specialist in helping small local businesses, from sole traders to limited companies. Services include accounting, taxation, payroll, VAT, cashflow. Free initial consultation. Monthly payment plans. Tel: 01902 372577
Alltek Solutions Ltd
IT Support and Services for Business.We're a fast growing, expanding and innovative provider of business critical IT services and solutions. Tel: 8081557908
Are You An Accountant
Seahorse (UK) Limited offers a range of services to accountants and bookkeepers. Whether you are thinking of starting your own practice, have recently started, or are in practice and are looking for a new direction. We aim to give you the support you would expect from a franchise but without the tie in, so you can be free to run your practice the way you want to. Tel: 01268 417631
Crundell & Co Chartered Certified Accountants
Shropshire based accountants helping small business owners and individuals. Tel: 01743 362141
Local accountancy practice specialising in helping local businesses with their accountancy, payroll, VAT and tax. Fixed fee quotes, payable by interest free instalments, no additional charges for meeting, calls letters etc, proactive tax advice. Tel: 01584 874418
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