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Accountancy & Tax in Ely

Key start-up information and list of local accountants

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Ely 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 Ely, 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.

Can you help start-ups in Ely?

If so, your logo, company details and link to your site could be here!

If you are based in in Ely or offer a product or service which could help existing local businesses and start-ups, we would love you to help you reach them. Our aim is to increase the chances of every new business's success by highlighting the help that is available in the area.

You are able to add a free listing or act as our recommended local partner for only £10 per year!

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.

Ely Accountants

Accountzcom Ltd
Business Accounting Software from Accountz. Accountz software regularly receives top awards. Computer Shopper gave us 5 stars best buy for both our personal and business applications. Join our family of users with confidence and get in control of your finances.
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Ely Tax and Accountancy
Ely Tax and Accountancy are a small chartered accountancy practice offering a friendly and personal service for businesses and individual tax payers. We specialise in supporting small businesses and start-ups and those considering moving to Limited Company Status. We provide a full range of accountancy services including, tax returns, payroll, bookkeeping, statutory accounts and corporation tax. Proactive in looking for tax saving opportunities. Monthly payment option available, helping to ease your cash flow. Contact us to arrange an initial consultation on 01353 669933, free of charge. We normally work on fixed fees agreed in advance, so there are no nasty surprises.
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Price Bailey
Price Bailey has been present in Ely for more than 20 years. We are the largest firm of chartered accountants in Ely and provide a broad range of services to all businesses and individuals. We have specific expertise locally in the Farming & Estates and Technology & Digital Media sectors. 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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RESOLVE BUSINESS SOLUTIONS
WE SPECIALISE IN ADVISING STARTUPS ON THE BEST WAY TO STRUCTURE AND GROW THEIR BUSINESS. WE WILL PROVIDE YOU WITH EXPERT TRIED AND TESTED ADVICE, TEMPLATES TO MAKE LIFE EASY AND THE KNOWLEDGE TO HELPY OU MAKE THE RIGHT DECISIONS TO MAKE YOU MORE SUCCESSFUL.
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Watermill Accounting
Small business Accountants providing bookkeeping,Tax VAT and Payroll help. 25% discount on Award winning online accounting software.
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Local help for startups

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

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