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Accountancy & Tax in Leeds

Key start-up information and list of local accountants

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Leeds 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 Leeds, 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 Leeds?

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

If you are based in in Leeds 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.

Leeds Accountants

Nigel Wright Accounting
We are leading independent Chartered Certified Accountants based in West Yorkshire offering more than the usual range of accountancy services. We have a dynamic and commercially focused team with extensive experience ranging from worldwide, market leading businesses to individuals with personal wealth. We believe that our integrity and experience enable us to have a close and trusted relationship with our clients.
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LifeCycle Business and Accounting Solutions
LifeCycle offer a range of bespoke business and accounting solutions to small businesses, from their inception right through to selling the business. We are passionate about helping local small business.
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Accountforprofit
I am a qualified accountant who has worked in and with numerous small businesses over the last 20 years. I am also Financial Director of a Software company called Sett which is going through a period of sustained growth and now employs 12 people. My passion is to help smallmedium sized companies achieve their goals via the simple method of plan, do and review. Sounds simple, is simple but too few companies do it. The first step would be to review what your plans and goals are and what you will need to achieve them.
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AIMS Accoutants for Business
We dont drive posh cars or have a fancy office and trainees doing your work. As a member of the national AIMS association of qualified accountants our clients know my practice can offer flexible tailored support with the support of a national organisation and they know I do not accept referral or introductory fees of any kind. We focus on providing common sense solutions to start ups and small amd medium sized businesses.
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Contrast Consultants
Accounting and business advisory services for start-ups, growing and mature SMEs. Accounts preparation and filing services, reliefs and related compliance support e.g. R&D tax credits, financial management including budgeting, cash flow forecasting and modelling. We also provide accounting systems and processes implementation to clients transitioning to a data-led decision making and business strategy support.
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Cresco Accounting Services
Cresco Accounting offers all Accounting services at competitive rates. The services are provided by highly experienced Accountants. With Cresco you are in assured your numbers will add up
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Forths Forensic Accountant
Forths Forensic Accountants are given services of Forensic Accounting such as Insurance Claim, Business Interruption Claim, Commercial disputes, Criminal defense and Fraud Investigations all over the UK. Visit their website forthsonline.co.uk to know more about these services.
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HBH Chartered Accountants
We are accountancy, tax and audit experts serving clients in Pontefract, Castleford, Wakefield and throughout West Yorkshire. All clients are individual and have different needs at different stages of their business careers. We aim to work closely with our clients and tailor our services to their particular needs to ensure that we really do make a difference! We can help you to control, manage and grow your business, to meet your compliance needs and filing obligations and reduce your tax liabilities.
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MSF Associates Accountants
MSF Associates provide high quality services ranging from basic bookkeeping services, accounts preparation and tax compliance work to management consultancy, preparing business plans, budgets and cash flow projections, designing and implementing accounting and internal control systems, providing services as a part time finance directorfinancial controller and company secretarial duties and payroll services for your staff.
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Northern Accountancy & Taxation Services Ltd
Northern Accountancy & Taxation Services want to help you pay less tax and keep more of the profit your business earns. Northern Accountancy & Taxation Services are Accountants based in Leeds who provide a comprehensive range of accounting, taxation, payroll, finance and business consultancy services to clients in Yorkshire. We specifically work in the small and medium sized business sector where our range of services, business expertise, flexible approach and competitive prices mean that we are able to provide a service and deliver the results that are needed to help businesses achieve their goals.
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QBE Book-keeping
Small reliable book-keeper based in Garforth, Leeds. We offer a remote service whereby you can send your paperwork to us, and we will produce a set of accounts, profit and loss accounts, and even submit your Self Assessment Return. We can also offer cloud accounting software, which gives you access to your accounts, to see how your business is performing at any point, day or night.
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Walter Dawson & Son
Walter Dawson & Son is an experienced firm of Chartered Accountants and Statutory Auditors based in the Yorkshire area. We pride ourselves on our individual approach to your finances, whether you are starting up in business or already well established. Our personal, partner-led service offers value for money and professional, straightforward advice. We aim to be flexible in our approach and offer visits to clients premises if required, to provide a service tailored to suit your specific needs. To find out how we could help you or your business, why not arrange a free initial consultation with a member of our team?
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Local help for startups

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

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