Accountancy & Tax In Shropshire

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 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.

Main Accounting Considerations

Main Accounting Considerations
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.


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 www.hmrc.gov.uk/online/new.htm


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, 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.

Useful Resources

Useful Start-Up Resources

We are keen to share as many useful resources with you as we can but please note that one-time registration is required to unlock all of the free items on this site.


Personal Survival Budget
Personal Survival Budget Planner (Free)

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.

Cashflow Forecast Template
Cashflow Forecast Template (Free)

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.

Business Plan Template
Business Plan Template

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.

Please do contact us if you know of any other resources that should be listed here, thanks.

Accountancy Articles



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.

Latest Articles

Shropshire Accountants

Useful Start-Up Resources

If you can help new business start ups or existing small businesses in the Shropshire area, we would love to promote you here free of charge. (Add Your Business)

Free Tax E-Learning Course (HMRC)

Working for yourself? Got a lot of questions about tax, National Insurance, business records and expenses? If so, this HMRC e-learning course is for you.

Budgeting for your first self-employed tax bill

When you start working for yourself, you do not get your first tax bill for a while, so it may help your budgeting to start putting money aside now. The ready reckoner tool can help you with this. It shows you roughly how much money you might need to meet your Income Tax and Class 4 National Insurance bill. It doesn't take into consideration any Payments on Account you may have to make.

Online seminars for businesses and the self-employed

HM Revenue & Customs (HMRC) offer a series of free online presentations or

PJR Bookkeeping

I provide payroll and accounts for small business a monthly management accounts to help keep people in the right direction

Simple record keeping applications for mobile devices

To help small businesses with record keeping on the go, the commercial software industry, following consultation with HM Revenue & Customs (HMRC), are producing simple record keeping mobile applications for businesses below the VAT threshold. These applications may help you with maintaining good records and include links to HMRC guidance related to record keeping that you may find useful. The majority of these applications are free.

Why choose a single accountant when you can choose a team

Members in practice (MiPs) are chartered global management accountants in professional practice. They provide accounting services to businesses, but are not direct employees of these businesses. We will work together to achieve your goals, we support each other using our strengths to best advantage. You might only need one of us at first, but it's reassuring to know that when you need specialist advice you can access our full team. There are 1,400 members in practice in the UK.

Business 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.
Telephone Tel: 01902 372577
AreasAreas covered: Shropshire

Business 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.
Telephone Tel: 8081557908
AreasAreas covered: Shropshire

Business 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.
Telephone Tel: 01268 417631
AreasAreas covered: Nationwide

Business Crundell & Co Chartered Certified Accountants

Shropshire based accountants helping small business owners and individuals.
Telephone Tel: 01743 362141
AreasAreas covered: Shropshire

Business TaxAssist Accountants

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.
Telephone Tel: 01584 874418
AreasAreas covered: Shropshire



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