Tax Accountant in Surrey

Affordable fixed fee personal tax packages. Covering tax returns, self employed & rental accounts, bookkeeping and complex tax affairs. Making tax as easy as possible for clients since 2006.

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Self-employed checklist

There are a few key points to remember when you are starting in business:

1) Arrange insurance coverage:
a) for the business
b) for business use of your vehicle
c) for business use of your home
d) for yourself!

2) Notify HMRC that you have started in business. This can now also be done online.

3) Decide on how you will record your business transactions. Perhaps on a spreadsheet, via a bookkeeper or via online or offline bookkeeping software. Make sure you record all your expenses, otherwise the tax relief could be lost.

4) Make sure you set aside time to work on the business growth plan, in addition to working in the business.

5) Start saving towards the tax and national insurance liabilities. National insurance is a commonly forgotten extra tax for the self-employed. Also allow for the payments on account towards the following years tax liabilities (the self-employed pay tax for two years together) – these could mean your first tax bill is over 150% of what you were expecting.

6) Ensure that the tax deadlines for return submission are planned for and met. Otherwise you could end up paying needless fines and penalties (of £1600 or more in some cases, even if there is no tax due) which exceed the cost of getting professional assistance.

7) Record your business mileage. Even short trips to the bank or post office mount up over the year and if not recorded could cost you in lost tax relief.

8) Decide whether you may be better off getting some assistance to help you with the business, whether that is a virtual PA, a bookkeeper or other professional who can save you money by freeing up your time for fee earning work instead.

9) Plan to set aside time for increasing your own knowledge. “You’ve got to learn more to earn more” – this will put you ahead of your competitors and give you an advantage in any industry changes.

10) Make sure that you are allowing enough free time in your schedule. Many people start a business in order to have more free time, but end up actually spending many more hours working. The most important business asset is yourself, so ensuring that time is blocked out in your diary can actually increase your effectiveness.

Tax & small business news

  • HMRC Home working claim changes for 2023
  • The 2022 Tax Return
  • National Insurance changes from July 2022
  • Making Tax Digital postponed until 2024
  • National Insurance increase from April 2022
  • Dividend Tax Increase from April 2022
  • Taxhelp celebrates 15 years in business
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Accountant in Surrey

Are you looking for a personal tax specialist?

I built up my tax experience in industry and practice over 17 years before founding my own practice in 2006.

Based in Cobham, Surrey I can also help clients throughout the UK.

  

My goal is to make personal tax and accounts for the self-employed as easy as possible for clients

 

Award-winning Accountant

Small Business Saturday is the UK's most successful small business campaign. Only one hundred of the UK’s top small businesses are selected each year for the SBS100. They act as trail-blazers in the official count-down towards the annual event.

I was one of the alumni from the 2014 Small Business Saturday 100, resulting in two visits to Downing Street.

In the Surrey Digital Awards from 2015 - 2018, I was also the winner of several top awards.

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