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Accountancy & Tax in Liverpool

Key start-up information and list of local accountants

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Liverpool Business Category

Liverpool 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 Liverpool, 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

MJF Accountancy

MJF Accountancy

MJF Accountancy Is a Liverpool based accountancy firm Incorporated in 2006. Weve grown our accountancy firm on strong principles, expert knowledge and a whole range of skill sets that make us your perfect financial partner.We take pride in the fact that we are not only a team of highly qualified and experienced accountants, but also being the safe pair of hands for a wide range of services.Whilst essentially we are a firm of chartered accountants, we are also friendly and approachable! We will never confuse you with confusing technical jargon, we ensure that we explain the finances of your business in a straight forward manner, so that you can concentrate on other aspects of your business.

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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.

Liverpool Accountants

Woods Squared Limited
We are Business Growth Accountants. We help business owners measure and improve the numbers that matter within their business. We work closely with our clients to help them grow and to achieve their business and personal goals including access to finance, business planning, business consultancy services, tax planning advice, and systemisation.
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Oakes Accounting
Offering a personal and professional accounting and bookkeeping service for the small business and self-employed. We make accounting simple and provide an online UK wide accountancy service for one FIXED MONTHLY FEE, with no hidden extras. Free software and advice. No time consuming meetings necessary.
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Aahil & Co Accountants
We are a registered, qualified, affordable accountants based in Liverpool, We provide expertise to a wide variety of small-medium sized businesses & Charities throughout Liverpool and Merseyside.
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Kirkwood Wilson Ltd
At Kirkwood Wilson, we take a completely different approach to most accountancy firms and can do so much more for your business than just produce your year-end accounts. We fully appreciate the importance of improving your company profits and minimising your tax bills and we can add real value to your business - where it really matters! Our processes and services are unique within our industry and are guaranteed to improve your business efficiency and profitability.
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DSG Chartered Accountants
DSG Chartered Accountants are on hand to help you through the start up process, offering advice on the right business structure for you, producing a business plan, applying for finance and well make sure you remain complaint with HM Revenue and Customs.
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Bertram Burrows
Bertram Burrows is member firm of The Institute of Chartered Accountants in England & Wales (ICAEW) with 50 years experience of providing accountancy and taxation advice to small and growing businesses and private individuals throughout the Wirral, Merseyside, Cheshire and North Wales.
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JPO Accountancy Ltd
JPO Accountancy Ltd is a firm of chartered accountants located in the heart of Liverpool. We offer a wide range of accountancy services including, audit & accountancy, Tax & VAT, payroll services and corporate finance.
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TCA Chartered Certified Accountants
We are a friendly, local firm of chartered accountants and we have been established for nearly 27 years. We have two offices - one in St Helens and another on the Wirral, and we aim to provide a high level of service to all clients, ensuring that they get the best quality advice from friendly and approachable professionals. We offer a complete range of accounting, taxation and payroll services and we also offer financial planning services through TCA Financial Planning. Our mission is to always add value - whether youre already established or just starting out, we work closely with our clients in order to get to know their businesses inside out, enabling us to identify opportunities to help improve profits and encourage growth.
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Local help for startups

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

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