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Accountancy & Tax in Worthing

Key start-up information and list of local accountants

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Worthing 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 Worthing, 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 Worthing?

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

If you are based in in Worthing 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.

Worthing Accountants

Merranti Accounting Ltd
For a startup company, things can move quickly, and this is where Merranti Accounting comes in. We can help you in the process of starting your own business by always being available and flexible. We understand that occasionally, you may need more assistance, which comes at no added cost as we work solely on fixed fees. Merranti can assist with: • Business Registration • Management Accounts • Cash Flow Forecasts • Tax Returns • Self Assessments • VAT • Business Planning • Bank Finance Reports • Start-up Finance • Investor Reports • Business Formation • HMRC Registration
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Pilgrims Accountancy Limited
Pilgrims Accountancy specialise in the servicing of small business. We complete Accounts for Sole Traders, Partnerships and Limited Companies and all the relevant Tax Returns. We also do bookkeeping, VAT and payroll and provide advice on running your business. All our fees are fixed in advance and are small business friendly.
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Apps4U
Apps4U develop mobile apps for businesses. We have solutions for all budgets and industry sectors. Whether your organisation is a small independent or youre part of a large multinational, we have an app for you.
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Sue Aitken Accountancy
For sole traders who are self employed and require a self-assessment service package. I can assist in the following areas... * Preparation of financial accounts in a format for self-assessment (where appropriate.) * VAT returns * Payroll * General book-keeping * CIS On our initial meeting we will discuss your requirements, what I can offer you to assist your business with guidance and advice to possible savings you can make in starting up your business. I will provide you with a quote. I will explain all the records you need to keep and why it is important to do so. My service enables you to focus on your business by removing the worry of meeting deadlines and the accountancy standards. I use a book-keeping package that I have designed, this prepares all your required documents to support your VAT and self-assessment tax return. I use HMRCs own payroll package. I have experience in negotiating Audit and Tax fees, I know that having your accounts prepared correctly avoids expensive Audit and Tax fees. With many years of handling IT systems of all shapes and sizes, I can assist in ensuring your accounts department is a supporting function and that it provides valuable information for you to run your business and is not just viewed as a cost centre. I also offer an out of business hours service, because I know that for many, running a business is not just 9 to 5. To arrange a meeting or to find out further information, please contact me via any of the options below, I look forward to hearing from you.
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Sussex Chamber of Commerce
Our vision is to support business growth, champion key issues and drive sustainable economic growth in SussexOur team works with businesses from SMEs to multi-nationals to ensure they get access to the best possible business support. Our services can raise your profile, cut your costs and provide links to our close network of influential business leaders. We drive change from the ground up, helping companies, places and people achieve their potential. There are plenty of reasons to being a member.
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PARR & COMPANY
Friendly and helpful Chartered Accountants practice offering all accountancy and taxation services for smallmedium business and individuals. Business startups and personal tax are our specialitities.
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Sue Aitken Accountancy
Personalised accountancy services for businesses in Worthing, West Sussex including Brighton and Hove in East Sussex. A Part Time Finance Director service for SMEs businesses in the Sussex area.
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Local help for startups

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

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