Accounting & Tax Services

Lincoln: 01522 244310

Grimsby: 01472 286400

At Spence Accounting, we offer comprehensive accounting and tax services designed to meet the diverse needs of businesses and individuals. From annual accounts preparation to tax compliance and planning, our experienced team ensures your financial affairs are handled efficiently and in line with current regulations.

Whether you're a start up, a growing SME, or an established enterprise, our tailored solutions help you stay on top of your finances and focus on growing your business.

Our Accounting & Tax Services

Annual Accounts Preparation
If you are a limited company you have a legal obligation to file accounts with Companies House and HMRC. We will prepare your accounts in accordance with the necessary legislation. These accounts are useful for you to look back on to see how you have done, and to help you plan for the future.
Management Accounts
Why wait until six months after the end of your tax year to find out how you performed? What decisions can you make from something that is out of date? With management accounts, we will report your company performance on a monthly or quarterly basis to help you make the decisions when they matter and need to be made. Whether it is cutting costs or planning for growth and expansions, we are here to support you.

Calculating Tax and Planning
Whether personal tax, business tax or corporation tax we will take care of filing your tax return, as well as helping you plan for future tax liabilities, or looking at ways to reduce your liability and how this can be achieved.
Making Tax Digital (MTD) Compliance
This was brought into force by HMRC to help businesses report their finances more sustainably. Currently, only VAT-registered businesses have to do this but changes are coming to ensure that all businesses over a certain size report their tax affairs quarterly to HMRC. We have solutions to suit you and your business to help you achieve this and work alongside you to ensure you are fully compliant.

Why Choose Spence Accounting?

Experienced Accountants: With years of experience, we understand the challenges businesses face and provide solutions tailored to your needs.
Comprehensive Services: From bookkeeping to advanced tax planning, we cover all aspects of accounting services under one roof.
Technology-Driven Solutions: Our use of leading software like Xero and QuickBooks ensures accuracy, efficiency, and compliance.
Personalised Support: We take the time to understand your unique circumstances, providing advice that aligns with your goals.

Key Benefits of Our Services

Ready to Simplify Your Accounting and Tax Needs?

If you're looking for expert accountants who deliver comprehensive accounting services and practical tax advice, get in touch with Spence Accounting. Call us today or book a consultation to get started.

Get Expert Accounting Help Now

Thinking of being self-employed

Within 3 months of starting to trade (making your first sale). Spence Accounting can help you complete the necessary paperwork and advise on what will happen next.
When you do register HMRC will then issue you with a fine of £100 for late notification. We, therefore, advise you to speak to us as soon as possible.
Yes, this is correct, if your income is below this level HMRC does not require you to report this income. This is turnover, total sales, not profit.
You will pay tax at 20% on your earnings over the tax-free allowance, which changes annually. If you earn over £50,000 per year your income will be taxed at a higher rate of 40%. (Per the current legislation 2020/21).
When self-employed you pay two types of national insurance. Class 2 and Class 4. Class 2 National insurance is a fixed annual amount and contributes towards state pension and benefits. This will be calculated as part of your tax position when you file a tax return. Class 4 National Insurance is payable on your profits over the basic rate national insurance threshold. This is at a rate of 9%. The basic rate national insurance threshold changes on an annual basis and is lower than the tax personal allowance.
Anything that is for business (wholly and exclusively). If you would like to talk to one of our advisors, we can give you a more detailed idea of what you can and can’t claim for your business.
This should be looked at on a case by case basis. For some people being Limited gives you protection and you might pay less tax than if you were self-employed. We would strongly suggest speaking to an advisor before making any decisions.