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Accountancy & Tax in Croydon Borough

Key start-up information and list of local accountants

Croydon Borough home page

Croydon Borough Business Category

Croydon Borough 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 Croydon Borough, 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

Pro Active Resolutions

Pro Active Resolutions

Running a business is both exciting and challenging. Your journey to success won’t be in a straight line. At times there will be diversions and bumps in the road.

Supporting businesses of all sizes is what we do. With a helping hand from us you will achieve success. We love working with small to medium-sized businesses (SMEs) who are looking to grow.

We’ll help you deal with the demands you will have to face and help guide you on the right track.

Want to:

- Know how much profit you’re making?
- Make more money?
- Manage your cashflow better?
- Make your business dream come true?

Then we’re the accountants for you.

Contact us and arrange a relaxed, no-obligation chat 0116 2247122

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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.

Croydon Borough Accountants

Doshi Outsourcing
Doshi Outsourcing! Your trustworthy outsourcing partner for accounting, bookkeeping, payroll and tax return services. With years of experience and expertise; we offer tailor-made services to UK accountants and Small businesses.
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Acqvalue Chartered Certified Accountants
Taking the hassle out of running your business acqValue provides accounting tax and business solutions to help you maximise your wealth and achieve your goals. We support small and medium-sized businesses and we are startup friendly. acqValue is a modern and exciting company and we believe in innovation. We therefore utilise the latest technology and cloud systems to help you save time grow your business and to ensure you experience the best service. We support local businesses in Croydon, Sutton, Bromley, Surrey and Kent. We also work with businesses situated elsewhere in the UK. We are open on Saturday from 9.00am to 4.00pm.
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Rosemary Bookkeeping Croydon
Offering efficient and professional bookkeeping services to SMEs in and around Croydon.
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Phoenix Debola Accountancy Services
We provide accountancy and tax services to individuals and businesses trading in the UK.
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Doshi Outsourcing
Doshi Outsourcing offers everything under one roof to ensure the growth of your business, eliminate staffing issues and free up your time in order you have enough time to do what you like to do and have peace of mind. With years of experience and expertise, we offer tailor-made services to UK accountants and Small businesses.We offer Outsourcing Services like:Accounting,Bookkeeping & VAT,Payroll,Data Entry & Back-office,Legal and Insolvency Admin Work,Etc.Doshi Outsourcing is one of the leading Accounting Outsourcing Company, delivering outsourced accounting services to accountancy firms & businesses in the UK. We have a back-office in India as well as a head office in the UK.
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Cruse Burke
CruseBurke offer proficient bookkeeping services to customers in the Croydon area and the encompassing regions, working with a range of businesses, sole dealers, new companies, proprietors, and contractors to smooth out their tax liability and accounting techniques.
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Cruse Burke
Cruse Burke is one of the leading accountant practices in the Croydon area and combines a breadth of expertise and experience that adds value to our clients. We have first-hand business experience, gained from working in commercial organizations, so we truly understand your situation and business drivers.
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Adshil & Co
Adshil & Co chartered certified accountants are based in Croydon, Surrey. Adshil & Co have been established for over 20 years during which time they have continued to develop expertise in all aspects of accountancy, auditing and taxation services. We aim to provide all the services you would expect of your local chartered certified accountants, with a lot more besides. We promise to be efficient and cost effective. We will work to a fixed fee whenever possible, so you never face an unexpected accountants bill. We will inform you well in advance of any tax payments so you can budget, if needed. We will turn around your tax and accounting affairs quickly and effectively. With Adshil & Co., your accounting and tax affairs are in the best possible hands. We would like to work with you to build your wealth and reduce your stress. Let Adshil & Co. take the strain. Please call us on the number listed, email us or write to us so that we can start helping you to save money.
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Crunchers
South London Accountants. Specialists in Sole Traders, Self-Employed, Freelancers. Services include Annual Accounts, Tax Returns, Business support and advice, Seminars, Personal Finance Review.
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Octopus Bookkeeping Services
Octopus Bookkeeping Services is focused on providing high-quality service and customer satisfaction to all clients for an affordable price. Our services are tailored to customers so you will only pay for the services you require. We will give you free professional advice when needed. Contact us today to arrange your FREE consultation
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Local help for startups

There is plenty of help for startups in Croydon Borough but where can it be found?

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