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Accountancy & Tax in Yeovil

Key start-up information and list of local accountants

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Yeovil 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 Yeovil, 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

Summ-it Up

Summ-it Up

Providing Services as Individual as You are

For every client we look at your individual needs, what you want to get from your accounts and bookkeeping and, we build our services and fees around this. Whether fixed or flexible, we don’t have a standard tariff for most of our services, the fees are designed around your needs.
No two people are the same, and the same goes for businesses so with just a handful of clients, Summ-It Up Accountancy was started in 2009 offering a personalised bookkeeping, payroll and accountancy service for small businesses.
With on site visits in our local area of Martock, Somerset, or with the use of technology, like Skype or FaceTime, we can meet face to face for regular updates and make sure you keep in control of your business.

Why use Summ It Up Accountancy?

I set out to offer a personalised bookkeeping and accountancy service for small businesses, and with just a handful of clients, Summ-It Up was started in 2009.

No person is the same so I decided to apply that theory to businesses; what accounting needs one business has are not necessarily the same as its neighbour.

So that’s what I did, and still do to this day. For every client, we look at your individual needs, what you want to get from your accounts and bookkeeping and we build our services and fees around this. Whether fixed or flexible, we don’t have a standard tariff for most of our services, the fees are designed around your needs.

Give me a call to see how I can help.

Mobile icon 01935 609451

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.

Yeovil Accountants

Summ-It Up Accountancy Services
Providing Services as Individual as You are For every client we look at your individual needs, what you want to get from your accounts and bookkeeping and, we build our services and fees around this. Whether fixed or flexible, we don’t have a standard tariff for most of our services, the fees are designed around your needs. No two people are the same, and the same goes for businesses so with just a handful of clients, Summ-It Up Accountancy was started in 2009 offering a personalised bookkeeping, payroll and accountancy service for small businesses. With on site visits in our local area of Martock, Somerset, or with the use of technology, like Skype or FaceTime, we can meet face to face for regular updates and make sure you keep in control of your business. Why use Summ It Up Accountancy? I set out to offer a personalised bookkeeping and accountancy service for small businesses, and with just a handful of clients, Summ-It Up was started in 2009. No person is the same so I decided to apply that theory to businesses; what accounting needs one business has are not necessarily the same as its neighbour. So that’s what I did, and still do to this day. For every client, we look at your individual needs, what you want to get from your accounts and bookkeeping and we build our services and fees around this. Whether fixed or flexible, we don’t have a standard tariff for most of our services, the fees are designed around your needs. Give me a call to see how I can help.
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TaxPlus Accountants
TaxPlus Accountants are a small accountants based in Street, serving the local community and the surrounding areas by providing accountancy, payroll, company secretarial, bookkeeping and taxation services. We offer a free no obligation initial consultation and flexible appointments to suit your needs. Home or work place appointments are welcomed. We pride ourselves as being extremely professional whilst remaining friendly and offer the non-stuffy approach which we believe enhances our personable approach. We feel the personal one on one relationship is invaluable so we can get to know our client and their business, which in turn helps us advise and help clients in a more informed way.
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Wessex Commercial Solutions Ltd
We offer a full range of services to help entrepreneurs and small business owners maximise the full potential of their business. Were Chartered accountants but not in the traditional sense, as we like to take a holistic approach with the businesses we support and make sure they get support and advice which is tailored to their specific needs. Our team have personal experience of the highs (and lows!) of running your own business and some are Growth Accelerator coaches. Our mission is to help small and medium sized businesses succeed and we take a modern, informal approach to our work. Our client testimonials say it all, so take a look!
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James Coward ACA Chartered Accountant and Business Adviser
I started my own practice from scratch a few years ago and so I understand what it is like to start a business. I can offer help with business plans, dealing with HMRC and Companies House, getting started with accountancy software and record keeping and more. To get you started feel free to download my smart phone app available on Apple and Android as James Coward ACA, it is free to download and contains functions designed to help small business owners with tax etc.
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Arthur Croker & Co
We are an expanding private practice welcoming all new clients throughout Somerset. Limited companies,sole Traders, Partnerships. Free quotation at your business premises. Our first charge will be at the end of your accounting year when accounts are completed.
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Bluestar UK Services Ltd
We pride ourselves on our Small Business Services that give value for money delivered in the way that meets your needs best. No job is too small; we will do as much as you require. Our role is to make running your Business easier. We take a very Client focused perspective and pride ourselves on our customer care. This is why we have early evening availability for client contact, so as not to interrupt your working day. Our range of services has grown over the last 8 years as we found that our clients needed more than just Accounting and Bookkeeping. We now provide support and information that is easy to understand in a format that is specific to individual needs. We can work at your premises, or work from our home office. Our concern is you and your business success.
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Somerset Bookkeeping & Payroll Services
At Somerset Bookkeeping and Payroll Services we can tailor our services to meet your needs with no task too small. Based in Yeovil, whether you are in South Somerset or South Dorset we can help
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Local help for startups

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

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