Banner image

Accountancy & Tax in Southampton

Key start-up information and list of local accountants

Southampton home page

Southampton Business Category

Southampton Accountants

Female accountant with a calculator

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 Southampton, 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 Southampton?

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

If you are based in in Southampton 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.

Southampton Accountants

On the Spot
On The Spot Accountants - On Site. On Time. On Your Side. The spot on business service in Hampshire. The accountancy and tax advice service youve been waiting for. Face-to-face advice from an experienced, qualified, commercial accountant. Your questions replied to promptly and fully - no subcontracting or delegating. You decide when your accounts and tax returns are prepared, with year round support. On Site - Teresa visits you to understand your business and to save you time. On Time - Teresa works with you as your year end approaches to agree the timetable to file your accounts on time. On Your Side - Teresa acts in your best interests to ensure you claim the tax allowances you should. Contact me now for a free no-obligation 1 hour consultation. With our fixed fee policy, transparent and friendly approach, I can help small businesses and individuals with their accountancy and tax needs. Thanks for reading! Teresa Rogers On the Spot Accountants On Site. On Time. On Your Side. Practical understandable tax accounting solutions for your business.
(+)
Continuum
We are an established local firm of accountants who have served the small business community in Hampshire and the surrounds for many years. We deal exclusively with start up and young, growing businesses and have over 100 years of combined experience in this field. Consequently, we have little doubt that you will conclude we know all there is to know when it comes to providing sound advice and services to new entrepreneurs covering bookkeeping, accounting, business tax, company tax, VAT, payroll and all other relevant financial and corporate matters. What neither you or we know though is the most important thing of all - are we the type of people and personalities youd be happy to have on your team? Why not judge for yourself by meeting us for a free initial consultation; its the only way to find out and it wont cost you anything!
(+)
Artema (Goal Centred Accounting) Limited
Goal Centred Accounting means youre not just getting the books done, the taxes paid, and staying on the right side of the HMRC. It means you are happy, fulfilled, thrilled with life and your work, and you have the time to do what you love. Youre stepping closer to your destination every day of your life. But without goals, that destination is simply the default, or the unknown. Let us help you define that destination, and get there one step at a time. Grow Your Business with Artema today. We are a local Hampshire accountants with clients worldwide. Why not give us a call to find out how come more than 90% of our clients rate our customer service excellent?
(+)
Accountability
Accountability was formed in 1992 to provide quality accounting services with a focus on personal attention to small and medium sized businesses. We offer a range of products and services which enable you to choose the level of support you need to operate your business successfully. 303 Solent Business Centre, Millbrook Road West, Southampton, SO15 0HW
(+)
Ahead 4 Figures Ltd
Free advice for start up companies Free, no obligation quotes Out of hours contacts Polish speaking member of staff.
(+)
Approved Accounting Limited
We are a family run firm of accountants with a refreshing approach to accountancy. We look after businesses in Hampshire, Surrey, West Sussex, London and beyond. Our emphasis is the promotion of online accounting for small businesses, as this offers huge time and cost saving features. We will give you an all-inclusive service for a fixed monthly cost. We aim to take the hassle away from you, leaving you free to run your small business and make money! Contact Jon or Trevor Green today on 01730 823000.
(+)
Black & White Chartered Certified Accountants
We are a small firm of proactive Chartered Certified Accountants with offices in Alton, Blackfield and Southport. We specialise in owner-managed businesses, business start-ups, small-to-medium sized companies and self employed individuals. We also provide personal tax services and tax planning advice to individuals. Business and personal clients alike appreciate our honest approach and excellent quality of service.
(+)
C J DRISCOLL Chartered Accountants & Tax Advisors
This practice established in 1980 has always aimed to provide a personal service and complete range of accountancy services which include book keeping,payroll,VAT returns and a new package expecially for the construction industry as well as usual year end accounts and tax returns. Free refreshments and a consultation with a qualified Partner to set new business up correctly right from the start.
(+)
Counting Beans Accounting
A cost effective, friendly practice offering the full accounting service from sub-contractors to limited companies. Book-keeping services, VAT and CIS returns, management accounts, payroll. tax returns, company submissions.
(+)
First Booked
First Booked specialise in accurate bookkeeping services for small businesses and medium businesses, covering all aspects of sales and purchase ledgers including bank reconciliations, management reports, cash flow, online payments, VAT returns and payroll services.
(+)
Horswills Tax Accountants & Business Advisors
A leading firm of tax consultants based in Southampton. We provide all the accountancy and business advice you need. Perhaps you need help sorting out your tax affairs; are starting in business and need advice; want help to grow your business; or just need a friendly, proactive, efficient accountant. Whatever you need, youre in the right place. All clients are individual and we tailor our service to your needs
(+)
M A Accountancy Services
Surrounded by mountains of paperwork? Are your accounts stressing you out? M A Accountancy Services is here to help! We can help you with your bookkeeping, PAYE, VAT Returns, Income Tax Returns, Annual Accounts, Corporation Tax, Business start-up advice and SAGE Accounts set-up and training. Call 07789015130 to arrange a free initial consultation with a dedicated professional.
(+)
Morris Crocker
Simple, accurate and cost effective accounting and tax planning for start-ups, entrepreneurs and small companies. Morris Crocker helps many local businesses get established so are well aware of the teething troubles you are likely to face in the early stages of your venture. Whether you are looking for help with bookkeeping, advice on VAT or someone to prepare your year end accounts or tax return, our services can be designed around you, and at a fixed fee cost so there are no hidden surprises. From the very start you will be looked after by one of our friendly and professional staff who will be there to answer any queries and see you meet your financial and legal obligations efficiently and on time. Alongside our accountancy services we can also help with preparing your business plan and sourcing finance where necessary, providing you with the right accounting software package, advice on the right structure for your business to maximise your tax savings and help with your payroll if you employ staff. If you would like to meet for a free obligation meeting to discuss your new business, please give Martin Southern a call on 023 9248 4356 or email: mjs@morriscrocker.co.uk.
(+)
N & B Bookkeeping Ltd
With over 10 years experience producing accurate, timely and professional accounting information for all kinds of businesses, you can rest! assured that your companys accounting information is being well looked after. We pride ourselves on our reliabili
(+)
Roger Smallman & Co
30a Bedford Place, Southampton SO15 2DG Established in Southampton since 1984 is Roger Smallman and Co. a small business accountants offering expert advice on taxation issues from VAT to Capital Gains Tax. Our members of staff have had several years experience within accountancy, working for national and local firms.
(+)
Tax-Sorted
Looking for an accountant in Hampshire? Call us for a no obligation informal chat to see how we can help.
(+)
The Payroll & Tax Accountants Ltd
The Payroll & Tax Accountants Ltd are affordable Accountants specialising in Payroll, Company Tax, Bookkeeping and other Accounting functions. Call us to arrange a free 1 hour meeting.
(+)
TML
For all of your accountancy, auditing and taxations requirements Through knowledge comes tax savings and asset protection!
(+)

Local help for startups

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

Select classification: