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Accountancy & Tax in Leamington Spa

Key start-up information and list of local accountants

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Leamington Spa Business Category

Leamington Spa 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 Leamington Spa, 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

Brookwood Accountants

Brookwood Accountants

Most people starting up in business in Leamington Spa and the surround areas do so because they have a good business proposition and the enterprise and commitment to see it through.

Most however are not experts in the legal and financial aspects of running a business and such matters can appear daunting. Fortunately you do not need to be an expert in these fields to succeed in business, but you do need the support of a team of trained experts.

We can help. Just bring us your business ideas and we will help you to make them a reality!

We will help you to:

* decide on the most suitable structure for your business - sole trader, partnership, limited liability partnership or limited company
* prepare a business plan, cashflow projections, budgets, and trading forecasts
* assess the finance requirements, advise on the best sources of finance and draw up the necessary proposals
* establish a good working relationship with your bank
* complete any registration procedures with Companies House and HMRC
* deal with company secretarial issues
* set up a recording system for your internal use and for complying with statutory requirements
* decide on what computer hardware to buy and help with the installation of accountancy software
* keep on top of bookkeeping, VAT, payroll and other accounting requirements and
help with all aspects of business compliance and administration

Mobile icon 01926 257 610

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.

Leamington Spa Accountants

WEAVERS
We are a small team of skilled accountants specialising in small and medium sized businesses. We can offer a full financial accounting service from bookkeeping and payroll through to annual accounting and tax planning and compliance work. We make your financial life easy by relieving you of the burden of accounting paperwork so that you can get on with what you do best - running your business!
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Trinity Accountants
At Trinity Accountants we specialise in small and medium sized businesses in the service sector and pride ourselves on being a modern, friendly and approachable firm of accountants. Whether you are just starting out in business or have been established for many years, our team of highly qualified experts are here to help.
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Brookwood Accountants
Most people starting up in business in Leamington Spa and the surround areas do so because they have a good business proposition and the enterprise and commitment to see it through. Most however are not experts in the legal and financial aspects of running a business and such matters can appear daunting. Fortunately you do not need to be an expert in these fields to succeed in business, but you do need the support of a team of trained experts. We can help. Just bring us your business ideas and we will help you to make them a reality! We will help you to: * decide on the most suitable structure for your business - sole trader, partnership, limited liability partnership or limited company * prepare a business plan, cashflow projections, budgets, and trading forecasts * assess the finance requirements, advise on the best sources of finance and draw up the necessary proposals * establish a good working relationship with your bank * complete any registration procedures with Companies House and HMRC * deal with company secretarial issues * set up a recording system for your internal use and for complying with statutory requirements * decide on what computer hardware to buy and help with the installation of accountancy software * keep on top of bookkeeping, VAT, payroll and other accounting requirements and help with all aspects of business compliance and administration
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ADEPT ACCOUNTING
We are a small practice devoted to helping small businesses to make their way through the minefield of taxes so that they can do their jobs properly without worrying about the bookwork. We can do your bookkeeping, payroll, VAT and your accounts and tax work. We are just what you need! FREE initial interview and advice on business structure in words you can understand. FIXED Fees to help you budget for the future.
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ADEPT ACCOUNTING
We are ourselves a small business and are therefore well aware of the problems facing you. We help you to steer your way through the minefield of tax matters so that you pay the legal minimum tax. We are on your side from start to finish. We help you to chose the most tax efficient structure for your business and help you to deal with the initial paperwork and future tax planning. We can do your payroll, bookkeeping, VAT and prepare your accounts. That leaves you free to earn your profits without worrying about the bookwork.
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ADEPT ACCOUNTING
We are a small practice devoted to helping small businesses to make their way through the minefield of taxes so that they can do their jobs properly without worrying about the bookwork. We can do your bookkeeping, payroll, VAT and your accounts and tax work. We are just what you need! FREE initial interview and advice on business structure in words you can understand. FIXED Fees to help you budget for the future.
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WEAVERS
Weavers, Chartered Accountants and Business Advisers, help you through the formalities of starting a business and ensure that the vehicle you use is the most tax effective.
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Cooper Adams
A fresh approach to your financial needs. At Cooper Adams we provide a cost-effective, high value solution to meet all of your business start up needs. We will guide you through the paperwork and ensure that you have the optimum setup to maximise your wealth and minimize your tax liabilities. Call or email us for a free initial consultation.
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Dafferns LLP
Dafferns has been providing accountancy, taxation and business advisory services to businesses and individuals since 1896. Minimising hassle for our clients, minimising their tax liabilities and working with them on their plans for the future are our key goals. Linking together business and personal tax and wealth management planning is our forte.
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Trinity Accountants Limited
Modern, Friendly and Approachable accountants. Book your Free 1 Hour Consultation Today.
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CC Bookkeeping
We are a registered and regulated Institute of Certified Bookkeepers firm with the practice being based in Southam, Warwickshire. We specialise in Sole Traders and Small Businesses to offer quality Bookkeeping and Payroll packages, each tailored to your individual needs and budget. An affordable outsourcing solution in todays challenging economic times. Call now for a free no obligation consultation
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CC Bookkeeping
We are a registered and regulated Bookkeeping firm with the practice being based in Southam, Warwickshire. We specialise in Sole Traders and Small Businesses to offer quality Bookkeeping and Payroll packages, each tailored to your individual needs and budget. We aim to: Understand your business. Understand your problems. Find solutions. Save you money. Give you value for money
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Fox Evans Ltd
Leading firm of Chartered Accountants and Business Advisors. We have been helping owner managed businesses for over 80 years. Proactive and cost effective service for all sizes and types of business, individual and charity.
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Local help for startups

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

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