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Accountancy & Tax in Kendal

Key start-up information and list of local accountants

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Kendal Business Category

Kendal 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 Kendal, 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

Graham R Turner

Graham R Turner

We prepare Accounts/Self Assessment Return & specialise in Sole Traders, Partnerships, Income from Property, Tax Enquiries – We are here to help!

Established in 1997 and with over 36 years combined experience, Graham R Turner accountancy and taxation services specialise in Sole Traders and Partnerships. We bring a depth of experience and knowledge when it comes to managing your self assessment, tax returns and accounts preparation as well as getting prepared for implementation of ‘Maxing tax digital’ (MTD) which starts in April 2021, we are ready, are you?

If you are considering being self-employed or are currently self employed as a sole trader or partnership looking for a bespoke service in and around the Carlisle area or in the Tyne Valley, Northumberland or North Tyneside. We can arrange to come to you at work, home or a convenient location to discuss your individual requirements in more detail.

Mobile icon 01228 562201 / 01670 943123

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.

Kendal Accountants

Graham R Turner
We prepare Accounts/Self Assessment Return & specialise in Sole Traders, Partnerships, Income from Property, Tax Enquiries – We are here to help! Established in 1997 and with over 36 years combined experience, Graham R Turner accountancy and taxation services specialise in Sole Traders and Partnerships. We bring a depth of experience and knowledge when it comes to managing your self assessment, tax returns and accounts preparation as well as getting prepared for implementation of ‘Maxing tax digital’ (MTD) which starts in April 2021, we are ready, are you? If you are considering being self-employed or are currently self employed as a sole trader or partnership looking for a bespoke service in and around the Carlisle area or in the Tyne Valley, Northumberland or North Tyneside. We can arrange to come to you at work, home or a convenient location to discuss your individual requirements in more detail.
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AJ Martin & Co. Ltd
You can Rest Easy when we provide our Financial Control Services to you. No longer worry about keeping your Bookkeeping uptodate, getting time to file VAT, Monthly Management Accounts for the Bank etc etc. We take care of all that and provide expert advice on business growthre-finance etc. Call Now for a FREE chat about Retaining Control, Releasing Potential, Resting Easy.
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Integrity Office Ltd
Choosing the right software for your business can be very complicated, but with expert impartial advice from Integrity Office your decision has just got easier. At Integrity Office we understand every business is different, so we spend time understanding your business issues before we recommend a software solution to suit your requirements.
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Murray & Co
Accountancy and taxation services for small and medium sized businesses. Payroll, VAT Returns and all aspects of book-keeping undertaken. Please call us for your free, no obligation consultation.
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Local help for startups

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

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