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Accountancy & Tax in Nottingham

Key start-up information and list of local accountants

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Nottingham Business Category

Nottingham 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 Nottingham, 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

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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.

Nottingham Accountants

Low Cost Accounts
We provide a professional, nationwide tax saving service for an affordable monthly fee.We are specialists in small business accounts, providing a flexible and tailored service to companies of all types and business sectors.We provide a professional, nationwide service for an affordable, fixed monthly fee.
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Low Cost Accounts
Unbeatable service At Low Cost Accounts we are unique in offering an unbeatable service at a vastly reduced fee. We are professional friendly accountants who offer affordable accountancy services for all businesses across the UK. You will be allocated a dedicated trained accountant who will deal with all your accounting needs, whilst you concentrate on running your business. All you need to do is send us your paperwork either electronically or by post. We will then complete your accounts, tax and payroll and help you identify valuable cost and tax savings. All of our clients receive free tax, accounting and business advice as part of the service. Always available No matter how busy we are, we will get back to you with any query no matter how big or small within 24 hours. Give us a call or email us to find out why so many small businesses are switching to Low Cost Accounts.
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Seagrave French - Accountants
At Seagrave French we treat our clients the way we would like to be treated ourselves. As your accountants, chartered accountants or personal tax accountants, we will of course take care of your bookkeeping, accountancy services, Business Audits, bookkeeping and accounting, Business support services, payroll management, tax accountant, vat services, and anything else you may require
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Low Cost Accounts
We are specialists in small business accounts, providing a flexible and tailored service to companies of all types and business sectors.We provide a professional, nationwide service for an affordable, fixed monthly fee.
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BFS Accountants
Bfs Accountants Ltd are a small local accountancy firm run by Craig Benford. Weve been in business for over seven years now and we help companies, both large and small. If youre in need of accounting or financial services, please give us a call. It would be our pleasure to apply our experience to your specific situation. At BFS ACCOUNTANTS LTD, we specialise in financial consulting and services for startups, small businesses, sole proprietors and individuals.
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Bramcote Accountancy Services
Bramcote Accountancy is your local friendly accountant. We specialise in all areas such as Corporate and Personal taxation, Accounts preparation, Pro-active tax advice and planning by a fully qualified Chartered Tax Adviser. Competitive rates and fixed fee schemes available.
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CompAcc Systems Limited
Do you need professional advice or help on..... - Tax returns
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Evans & Co
Evans & Co started 30 years ago. We had to sell accountancy to prospective clients. We therefore have personal experience in starting a new business and dealing with the many obstacles. We now have a strong and viable business.
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Huw Williams
A local business helping local businesses get themselves organised, plan ahead and deal with the taxman.
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M.S. Accountancy Services
We have 2 offices (Ilkeston and Eastwood) and cover the whole of the East Midlands Area. We specialise in small and new startup businesses and offer a free initial meeting, along with fixed prices.
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Mahony Co Accountants
A small independant accountancy practice with chartered , certified and technician accountants. We specialise in new start ups
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MS Accountancy (Eastwood ) Ltd
We specialise in new and small businesses we take care of everything for the sole trader or limited companies. We offer free initial consultaion and no obligation quote
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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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Sarah Sear Chartered Certified Accountants
We are a small, friendly and professional accountancy practice. We are able to offer accountancy and taxation services both for individuals and companies at very competitive prices.
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SetupaCompany
Looking to form a limited company? SetupaCompany provides one of the fastest ways to get a new limited company registered thanks to our direct link with Companies House. With packages starting from just
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Local help for startups

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

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