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Accountancy & Tax in Oxford

Key start-up information and list of local accountants

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Oxford 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 Oxford, 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

Bambury & Co Chartered Accountants

Bambury & Co Chartered Accountants

We are a small firm of chartered accountants offering accountancy, bookkeeping and taxation services. We are accredited Xero silver partners and specialise in advising businesses on choosing apps that integrate with Xero to make managing their businesses a lot easier. In these hard times we are particularly helping businesses with their cash forecasting.

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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.

Oxford Accountants

Make Tax Digital Cloud Accounting
We are a team of qualified professional accountants based at our HQ in Oxfordshire. We are here to provide a support service to owner managed businesses. We do this through our own platform where we can provide you with a secure cloud based book keeping software.
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Oxford Tax Solutions
At Oxford tax Solutions we offer a friendly, courteous and efficient service, providing pro-active business advice and ensure, through careful planning, that you keep on the right side of the tax man and pay only what is due.
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Tamesis Partnership Ltd
Tamesis is an independent practice of Certified Bookkeepers based in Oxford, that provides business support and bookkeeping services to start-ups, micro and small businesses. We can help you with company incorporation, accounting software implementation and bookkeeping. Our aim is to help your business flow by assisting you to be compliant and to understand the business numbers, providing straight forward & money saving advice. Do what you love and enjoy running your business - leave the paperwork to us!
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Chapman Robinson & Moore
Accountants specialising in business start ups and growth businesses
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A1 Financials Bookeepers
Offering bookkeeping support to local business owners. Shortlisted by The Institute of Certified Bookkeepers for the award of Bookkeeping Practice of the Year in 2009 and 2011
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A1 Financials
Bookkeeping support for your business. Shortlised as Bookeeping practice of the year in 2009 & 2011.
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Andy Walton & Co
Andy Walton & Co helps small businesses in the Oxford area with year end accounts and tax, management accounts, as well as offering a unique part-time financial controller service
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BFM Consultancy Ltd
Full range of accountancy services including bookkeeping, tax returns, accounts, VAT, CIS, payroll, business and tax advice
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Clark Howes Group
The Clark Howes Group is a lateral-thinking, responsive, and refreshingly different firm of accountants. Our unique blend of accountancy and audit skills combined with inclusive commercial experience means we offer down-to-earth, practical advice to help businesses chart profitable growth and future success. Serving the Buckinghamshire, London and the Thames Valley areas, we understand the complexities involved when starting your own business. Our years of experience in assisting companies through this demanding process means we are well placed to ensure your business makes the best start possible.
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Inca - Caring Accounting
Inca is a family owned accounting and bookkeeping practice helping small businesses and new business startups mainly within Oxfordshire and Berkshire. All work is quoted in advance and on a fixed price basis. Clients also receive FREE telephone or simple email support.
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Internet Accountants Ltd
Internet Accountants offer easy online accounting with Sage One online accounting software, designed for small UK businesses with prices from
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Oxford Tax Solutions
My name is Chris Caspell and I am the person you will deal with at Oxford Tax Solutions. The service that I offer is personal and bespoke to each and every client. The ultimate aim is to ensure that you keep up to date with the various compliance requirements of your business (tax returns, accounts filing etc) and, of course, pay as little tax as you are legally able to do. Day to day help with payroll, VAT and bookkeeping together with annual or quarterly reviews of your accounts will also ensure that you know exactly how your business is doing so there are no sudden surprises. Call me to arrange a free, no obligation meeting.
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Local help for startups

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

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