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Accountancy & Tax in Guildford

Key start-up information and list of local accountants

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Guildford Business Category

Guildford 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 Guildford, 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 Guildford?

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

If you are based in in Guildford 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.

Guildford Accountants

Ascent FD
Ascent FD aims to provide financial direction for small-medium sized businesses in Guildford and the surrounding area. Financial direction is incredibly important for small business, especially in these tough economic times. Here are just a few ways we can help drive your business forward:
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Blue Matrix Business Services
Whether you are thinking of starting up a business and need help getting things off the ground, or you already have an established business, we can offer you all the accounting support and advice you need. We offer very competitive rates, with a clear pricing structure so there are no hidden charges. Whether you would like to pay for our services monthly to help with your cash flow or annually for yearly services, we can tailor our services around you. Below is an example of our typical charges: Annual Accounts and Corporation Tax return preparation and submission from
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Blue Matrix Business Services Ltd
Whether you need your self-assessmentpersonal tax return or annual accounts and corporation tax to be prepared and submitted, we can help. With most personal tax returns being
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Caldwell Penn
Accountants, Auditors, Business Advisers and Tax Advisers specialising in providing quality, easy to understand advice to Owner Managed Businesses and Individuals. Our experienced team can assist you with all aspects of accountancy, from the complete Outsourced solution, to meeting your regulatory requirements.
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JWP Solutions Ltd
JWP Solutions are bookkeepers and management accountants, based in Guildford Surrey, who can be the ideal addition to your company for maintaining your bookkeeping and accountancy records. The key services we provide include bookkeeping, payroll processing, management accounting, VAT returns, cash flow forecasting and project management.
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JWP Solutions Ltd
JWP Solutions are bookkeepers and management accountants, based in Guildford Surrey, who can be the ideal addition to your company for maintaining your bookkeeping and accountancy records. The key services we provide are bookkeeping, payroll processing, management accounting, VAT returns, Cash Flow Forecasting and Project Management.
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Rosemary Bookkeeping - Guildford
Rosemary BookkeepingTM provides bookkeeping services in and around Guildford to small and medium sized businesses (sole traders, limited companies and partnerships). Our bookkeeper will collect your paperwork from you, file and process everything efficiently and provide you with monthly Sage reports and VAT returns for you andor your accountant to review. This enables you to focus on making your business a success and let us worry about your bookkeeping.
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Sherwin Currid Accountancy
Accountancy and Taxation services to small businesses, in Guildford and the surrounding areas. Start up businesses and Franchises a speciality. Consultants and Freelancer specialists.
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Local help for startups

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

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