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 What decisions can you make from something that is out of date?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.

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What about VAT

No, your turnover needs to exceed, or you know your turnover will exceed £85,000. This is over a rolling 12-month basis so it is important to keep an eye on your income.
You need to register for VAT within 30 days of going over or knowing you are going to go over the VAT threshold.
Yes, you can. It will depend on your business whether or not this is the best decision for you, please speak to our advisors or will be able to advise on the pro’s and con’s of being VAT registered.
Most items are rated at 20% for VAT. There are some exemptions to the rule and we would suggest speaking to one of our advisors to make sure you are charging the correct amount for your business.
Your VAT return has to be submitted electronically to HMRC. If you have exceeded the VAT threshold you will need to do this using software such as Quick Books or Xero.
You can now keep your records electronically. There are some exemptions to this like finance agreements that you will need to keep a paper copy. We do recommend that you keep copies of all receipts for purchases whether electronic or paper.
No, you do not have to keep your accounts using software. There are advantages to using software and as your business grows, being in good habits from the beginning will help you progress faster as you will already be well organised. If you want to talk through our software solutions one of our advisors can help you make the best decision for your business.