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Accountancy & Tax in Harrow

Key start-up information and list of local accountants

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Harrow 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 Harrow, 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

3E's Accountants

3E's Accountants

Whether you have a small or medium-sized business or a partnership, our multi-sector experienced 3ES team will sort out the accounting-related nitty-gritty for you.

Our years of experience have given us a unique perspective on finding efficient, compliant, ways to save you money and help you to grow. We have been serving businesses as their accountants in the UK for the last 12 years.

We know what we are doing. You can trust us and focus on driving sales, talking to clients, establishing your market authority and winning awards.

Harrow
231 Kenton Rd, Harrow HA3 0HD
Tel: 020 3772 2555

Stoke-on-Trent
3E'S Accountants Stoke-on-Trent
Suite 9, 30 Bancroft, Hitchin SG5 1LE,
517 King St, Longton, Stoke-on-Trent ST3 1HE
Tel: 01782 950830

Hitchin
3E'S Accountants (Base52 Ltd)
Suite 9, 30 Bancroft, Hitchin SG5 1LE
Tel: 01462 423152

Milton Keynes
Unit: 4-37, Acorn House, 351-397 Midsummer Boulevard, Milton Keynes, MK9 3HP
Tel: 020393 09992

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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.

Harrow Accountants

Lawrence Grant Chartered Accountants
At Lawrence Grant, we go one further than just taking care of your accounts and tax planning. We offer invaluable, up-to-date and relevant business advice to make sure all of our clients make the most of their finances, helping them to grow their business and personal wealth.
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Lawrence Grant, Chartered Accountants
At Lawrence Grant, we go one further than just taking care of your accounts and tax planning. We offer invaluable, up-to-date and relevant business advice to make sure all of our clients make the most of their finances, helping them to grow their business and personal wealth. We aim to save you money and have committed ourselves to providing each and every client with the same professional expertise and specialist support regardless of their background.
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Lawrence Grant, Chartered Accountants
We are an established firm of accountants since 1969 and are based in Harrow, Middlesex. We can provide you with financial, fiscal and legal help and advice in all of running a business.
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Makesworth Accountants
Makesworth Accountants is multi-award-winning accountancy practice of a chartered accountant, tax and business advisers. We are always ahead, embracing the latest technology and up-to-date information to help our clients grow.
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Charterhouse (Accountants) Ltd
Charterhouse (Accountants) are Chartered Accountants based in Harrow, Middlesex, Beaconsfield, Buckinghamshire and Watford, Hertfordshire with clients across the region.
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DNS Accountants in Harrow
DNS Accountants is an award winning UK based accountancy firm that provides full range of accountancy services, payroll accounting, bookkeeping, self-assessment tax return, and year-end accounting service to contractors, freelancer, sole trader and private limited companies across the UK.
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Karia & Karia
Bookkeeping, final accounts, VAT Returns, weeklymonthly payroll bureau service for sole traderspartnershipslimited companies, including compliance for RTI and EPS. CGT and IHT planning. Self Assessment Tax ReturnsPartnership Tax ReturnsCorporation Tax Returns.
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TG Associates Ltd
TG Associates is a leading independent firm of Chartered Accountants who has built a strong reputation advising clients on a wide range of accountancy and business advisory services for many years. TG Associates work closely with specialist independent financial advisors, lawyers and funding providers to provide a bespoke, professional service. Its services includes account preparation, advice on acquisition, sales & valuation, bookkeeping and management accounts, company secreterial, HMRC investigations, payroll, raising finance for business startups and expansion, retirement and exit planning, taxation services, VAT services, etc. TG Associates is a member of NASDAL (National Association of Specialist Dental Accountants and Lawyers) and Ajit Thakrar specialises in the dental and healthcare sector.
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Local help for startups

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

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