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Accountancy & Tax in Tamworth

Key start-up information and list of local accountants

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Tamworth 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 Tamworth, 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

Moore's Accountancy

Moore's Accountancy

Moore's Accountancy have been an ongoing concern in Stoke on Trent since 1997 and we pride ourselves in helping small businesses at every stage of their business especially at testing times.

We operate nationally but have our core in Staffordshire, serving local SMEs with local knowledge, PLC experience and a value for money approach. We believe that we have to understand the needs of the client before we can supply the solutions.

As well as providing traditional compliance services we offer business plan production, cash flow and performance management services.

As a small chartered accountants with PLC experience we can respond to your needs.

* We will summarize terms and conditions in a letter of engagement, put your expectations in writing and describe and deliver the level of service you require.

* We encourage regular Communication so schedule weekly, monthly or quarterly meetings to review your firms performance, helping you to plan for the future.

* Give advice and guidance on keeping user-friendly records.

* Give a full breakdown of our charges and services. Work is based on a fixed fee quoted in advance.

Mobile icon 01782 660 822

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.

Tamworth Accountants

Moore's Accountancy
Moore's Accountancy have been an ongoing concern in Stoke on Trent since 1997 and we pride ourselves in helping small businesses at every stage of their business especially at testing times. We operate nationally but have our core in Staffordshire, serving local SMEs with local knowledge, PLC experience and a value for money approach. We believe that we have to understand the needs of the client before we can supply the solutions. As well as providing traditional compliance services we offer business plan production, cash flow and performance management services. As a small chartered accountants with PLC experience we can respond to your needs. * We will summarize terms and conditions in a letter of engagement, put your expectations in writing and describe and deliver the level of service you require. * We encourage regular Communication so schedule weekly, monthly or quarterly meetings to review your firms performance, helping you to plan for the future. * Give advice and guidance on keeping user-friendly records. * Give a full breakdown of our charges and services. Work is based on a fixed fee quoted in advance.
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The Chartwell Practice
Hello fellow business entrepreneur, If youre thinking of running a small or medium-sized owner-managed business (or you may have already started!), youve just found the accountancy solution youve been looking for. We know youre busy, so here are 7 reasons why our clients choose us to help them through the start, growth and maturity of their businesses. 1. Were true experts in helping small and medium-sized owner-managed businesses to grow and financially manage the challenges that their development or a lack of it throws up. And when youve made your money, you want to keep as much of it as you can by paying as little tax as possible. Our owner-managed business tax solutions do that for you. 2.Our 3 Step Risk-Free Guarantee Puts Your Mind At Rest And Keeps Us On Our Toes. 3. Easy Payment Plan So You Can Spread Your Costs. 4.You get unlimited support for FREE. That means unlimited e-mails, unlimited phone calls and unlimited meetings are all included in your low monthly fee, subject to our fair use policy (worth
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The Chartwell Practice
Hello fellow business entrepreneur, If youre thinking of running a small or medium-sized owner-managed business (or you may have already started!), youve just found the accountancy solution youve been looking for. We know youre busy, so here are 7 reasons why our clients choose us to help them through the start, growth and maturity of their businesses. 1. Were true experts in helping small and medium-sized owner-managed businesses to grow and financially manage the challenges that their development or a lack of it throws up. And when youve made your money, you want to keep as much of it as you can by paying as little tax as possible. Our owner-managed business tax solutions do that for you. 2.Our 3 Step Risk-Free Guarantee Puts Your Mind At Rest And Keeps Us On Our Toes. 3. Easy Payment Plan So You Can Spread Your Costs. 4.You get unlimited support for FREE. That means unlimited e-mails, unlimited phone calls and unlimited meetings are all included in your low monthly fee, subject to our fair use policy (worth
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Alexander Accountancy
Accountants specialising in small businesses from start ups to a turnover of
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The Debt Recovery Bureau
Debt recovery bureau assists business in Europe and UK in recovering bad debts. It began its trading services in July 2003 and since August it is a limited association then as a Limited Liability Partnership. An eminent association known for its successful track record offers its services both in national as well as international levels for people based outside the UK. Their aim is just to meet the needs of their clients were ever they are located Services they provide are entirely legal and result oriented. The company is completely licensed by the Fair Trading and Information Commissioners Office and is also members of the Credit Services Association. You can contact them via their official website to know what services they have to offer to you.
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Local help for startups

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

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