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Accountancy & Tax in York

Key start-up information and list of local accountants

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York 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 York, 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 York?

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

If you are based in in York 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.

York Accountants

Inglis Chartered Accountants
Inglis Chartered Accountants are a proactive, professional and practical firm of accountants based in York. We specialise in taking the pain of numbers away.
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A P Ripley & Co
Incorporated Financial Accountants and business advisors in York, providing a personalised service to local business owners and individuals. For help with any of your accountancy and tax needs, please give us a call.
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Accountancy Ryedale Ltd
By choosing Accountancy Ryedale to look after your business, you give yourself time to concentrate on whats important to you - your core business We are based in Malton, specialise in helping owner-managed businesses including START UPS in our surrounding area and work closely with our clients to help them achieve their business goals Our clients range from sole traders to medium sized companies and we offer a full spectrum of services. We seek to provide a high quality service that you would expect from a city firm, but in a local friendly way with fees tailored to your individual business needs, whether small or large
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Change Accountants
Change Accountants are friendly, ACCA qualified accountants who service York, Selby, Pocklington and the wider Yorkshire & Humber region. We love to get to know our clients and help them to grow and manage their businesses. We will prepare the year end accounts, calculate and submit the tax returns and handle all correspondence from HMRC and we are also happy to undertake bookkeeping, payroll and VAT returns. If you are in need of a helpful, efficient and friendly numerical navigator, then look no further than Change Accountants.
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Florinz Accountancy
Professional accountancy and book-keeping services for sole traders, partnerships and small companies. Our services are tailored to your specific requirements, and our competitive fees are agreed with you in advance. Services include book-keeping, annual accounts preparation and submission, Corporation Tax returns and Self Assessment tax returns completed and submitted. All can be completed electronically or by post, so no worries if you are not local, we have clients nationally. Start your business knowing that the legal financial requirements will be met.
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Grogan Associates Ltd
A leading York based firm providing trusted advice to small businesses.
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Local help for startups

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

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