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Accountancy & Tax in Loughborough

Key start-up information and list of local accountants

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Loughborough Business Category

Loughborough 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 Loughborough, 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

Pro Active Resolutions

Pro Active Resolutions

Running a business is both exciting and challenging. Your journey to success won’t be in a straight line. At times there will be diversions and bumps in the road.

Supporting businesses of all sizes is what we do. With a helping hand from us you will achieve success. We love working with small to medium-sized businesses (SMEs) who are looking to grow.

We’ll help you deal with the demands you will have to face and help guide you on the right track.

Want to:

- Know how much profit you’re making?
- Make more money?
- Manage your cashflow better?
- Make your business dream come true?

Then we’re the accountants for you.

Contact us and arrange a relaxed, no-obligation chat 0116 2247122

Save time, money and stress- Call us today

Mobile icon 0116 224 71222

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.

Loughborough Accountants

Pro Active Resolutions
Running a business is both exciting and challenging. Your journey to success won’t be in a straight line. At times there will be diversions and bumps in the road. Supporting businesses of all sizes is what we do. With a helping hand from us you will achieve success. We love working with small to medium-sized businesses (SMEs) who are looking to grow. We’ll help you deal with the demands you will have to face and help guide you on the right track. Want to: - Know how much profit you’re making? - Make more money? - Manage your cashflow better? - Make your business dream come true? Then we’re the accountants for you. Contact us and arrange a relaxed, no-obligation chat 0116 2247122 Save time, money and stress- Call us today
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Freeman & Co. Chartered Certified Accountants
Chartered Certified Accountants and business advisers supporting small and medium sized businesses in Leicestershire and Rutland. At Freeman & Co. we pride ourselves on providing a professional one-to-one service. We believe the client comes first, and we strive in every respect to meet our clients needs and expectations. Our team follows strict codes of professional conduct and our commitment to you provides professional advice backed by a quality service. Our accountancy services include business planning, start-up, taxation, systems implementations, including SAGE, payroll and self assessment for owner managed businesses, limited companies and individuals. We provide a free initial consultation, so please do call us on 0116 2402240 for a confidential chat. We provide accountancy services, including business planning, start-up, taxation, systems implementations, including SAGE, payroll and self assessment for owner managed businesses, limited companies and individuals. We also provide a free initial consultation, so please do call us on 0116 2402240 for a confidential chat.
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Smartfield Accountants
Every business needs a good taxman. We pride ourselves in offering tax focused advice to every client. We aim to save you tax and keep you on the right side of the HMRC. Call us for Free 1 hour consultantion on 0116 2 98 58 48.
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Lenio Accounting Limited
Lenio is based at Pera Business Park on Nottingham Road and is led by Director Frankie Hunt, a Chartered Certified Accountant with over 10 years̢
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AccountsPal
AccountsPal offers a tailor made solution that takes the stress out of running your business finances. AccountsPal can help you by providing anything from simple bookkeeping solutions to VAT returns to in-depth management accounts and payroll allowing you to focus on whats really important - running your business! We ultilise fully online & cloud-based accounting software so you have 247 access to your information anytime, anywhere!
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Balance Right Books
Balance Right Books is an independent bookkeeping and administration service that works with small and medium sized businesses to streamline their record keeping and focus on their business rather than the paperwork! Balance Right Books provides monthly and infrequent bookkeeping services, management accounts, end of year preparation and assistance with tax and VAT returns along with general administration and secretarial duties.
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Merlion ABS
Merlion ABS has 14 years experience in the field of Accountancy & Business Support which is more than enough to service your Business needs. If you looking to Streamline your Business, improve your Bookkeeping, Bookkeeping Training, Business Growth, Business Planning or ultimately save your business money, then Merlion ABS is for you. We specialise in Sole Traders, Small Partnerships and owner managed Companies.
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MSI - Accountants & Bookkeepers
Our office is based in Leicester and we cover Leicestershire area and are looking to expand in the following cities - Derby , Nottingham , Birmingham & London and other respected cities across the UK. We have a very good network of Accountants and Bookkeepers who are very friendly and down to earth and are professional in their fields and they are ready to take every challenging situations and handle all your Accounting and Business related needs. We have a very organized and specialist team who can assist clients to maintain their day to day book-keeping and management accounts. FREE CONSULTATION - We would not charge for any amount of Consultations and Meetings you arrange with us. We only charge for the work we carry out for you We also work out of office hours to meet client expectation. If you want to meet out of office hours in the evening that could be arranged to Monday - Sunday - ANYTIME. Our Minimum Charges are: Business & Personal tax returns from
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NCAT Solutions LTD
We are a Loughborough accountancy firm servicing Charnwood, Leicestershire, Nottinghamshire and surrounding areas offering Fixed cost accounts, bookkeeping, Self assesment Tax Returns, Cloud accountancy to clients ranging from self employed trades people to multi million pound turnover businesses and as such customer satisfaction is an extremely important part of our service, we understand that businesses do not always run 9-5 so we can be contacted during the evenings and weekends to offer support and advice to accommodate your requirements. Help is only a phone call away. Our aim is to support you when you need it with an expert team of staff. We truly are a business partner that you can trust, at a price you can afford.
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Sarah Sear Chartered Certified Accountants
Small, friendly firm of chartered certified accountants offering all aspects of accountancy and taxation work. We offer fixed fees that are very competitive.
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Smart Accounts
The complete solution to all your business tax, PAYE, payroll and other financial services.
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Local help for startups

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

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