As with all companies, you will be in need of accurate and timely accounts preparation. We will…
- Prepare accounts to help in completion of self-assessment tax returns
- Produce statutory financial statements
- Produce abbreviated accounts to ensure the minimum amount of your financial information is filed at Companies House
- Prepare accounts to agreed timescales and deadlines
We will provide associated management expertise by…
- Identifying how we can assist in minimising your tax liability
- Identifying areas of the business that give you the best opportunity to make improvements
- Using the management information to help you to meet your goals, and determine actions needed to aid strategic growth
- Taking the time to explain your figures, helping you to understand comprehensively what is happening in your business
We will produce…
- Management Accounts
- VAT Returns
- Key Performance Indicators
- Estimated Tax Liabilities as you go along so there’s no end of year surprises
Cloud based Accounting
We work in partnership with Xero and offer this popular platform to all of our customers as a cloud based Accounting solution which is easy to use and especially designed for small businesses – please contact us for more information.
Tax Returns can be completed for Individuals and Sole Traders; Partnerships; Limited Companies. The self-assessment regime is full of penalties, and HMRC enquiry powers are extensive. It is vitally important that returns are:
- Completed correctly
- Filed on time
- All backup records are retained for the appropriate period of time
- As well as the completion of your return we will advise on your tax liabilities
- Negotiate with the collector where necessary
- Identify suitable tax planning opportunities
- Complete all necessary tax computations
- Deal with all correspondence from HMRC
We all have to pay our taxes but within the legal framework there are numerous ways of saving tax and making sure you do not pay a penny more than is absolutely necessary. We have extensive experience in this area of work and always do our utmost on behalf of our clients.
Capital Gains Tax and Inheritance Tax
Qualifying businesses and agricultural assets can obtain relief from inheritance tax purposes, possibly at 100%, but rules apply. Substantial capital gains tax reliefs are available for qualifying business assets, we can therefore advise you how to maximise the reliefs available to your business.
Inland Revenue Enquiries
Through no fault of your own, you may at some point in your life come under an inquiry by HMRC.
HMRC investigates businesses at random as well as for specific reasons. A full investigation is not a pleasant experience for anyone. If you are selected at random, you need an accountant who knows how HRMC works and thinks and is prepared to defend your case
We will ensure that HMRC stay within the guidelines. We will support you through the enquiry and keep you upto date with what to expect.
Brief Overview of IR35
Do you provide your own services without being paid as an employee? If so, do you use a Limited Company or a Partnership as an intermediary to provide services to clients?
If you do, then the intermediaries legislation commonly known as IR35 may apply to you.
As a small business, you need to have certainty about IR35. You need to know whether IR35 applies to you.
If you would like advice, you can phone our confidential IR35 helpline on 01233 225404. Our consultants can review your contract free of charge if you want clarity regarding your position.
You may have already approached the Inland Revenue to confirm that your contract is outside IR35, if so they will have provided you with an indication on your IR35 status, along with a certificate with a unique number and we would appreciate if you could provide us with a copy of that certificate.
If you would prefer to gain an indication of your IR35 status without speaking to a consultant, you can click the link below to access our IR35 status test, which has been designed using HMRC’s latest IR35 Guidance.
The test considers how likely it is that we need to check whether IR35 applies to you.
Based on the results of the test, we will need to look in detail at how your business works to ensure that you receive the correct advice on the most appropriate way to provide your services.
HMRC make random enquiries to tax payers working status’ in relation to IR35, based on both indication provided on self assessment tax returns and random selection. Therefore it is very important that we are able to accurately assess your risks.
Employed or Self-Employed?
In order for us to answer this question it is necessary to determine whether you are working under a contracted service (employees), or under a contract for service (self-employed, independent contractor).
Brief Overview of False Self-Employment
New legislation regarding Onshore Employment Intermediaries and False Self-Employment will become law as of the 6th April 2014.
HMRC will be specifically looking at the Direction, Supervision and Control (DSC) of self-employed workers and limited companies to determine their true status.
Essentially all workers currently operating as self-employed/or through their own Limited Companies, their agencies, end clients and payroll intermediaries are affected by this legislation. Every individual will need to be assessed on an individual assignment basis.
If Employment Agencies make payments incorrectly to self-employed/Limited Companies Umbrella all through intermediaries they will be fully responsible for the Tax and National Insurance that should have been deducted from those workers.
Because of the risk to Employment Agencies then the majority will be to begin to employ temporary workers directly, or use intermediaries who operate a PAYE compliant umbrella company.
How does this affect you as a temporary worker?
If you currently operate as a sole trader then it may result in you having reduced net income.
If you are currently operating through your own personal Limited Company it would mean that you or your Limited Company can be paid net of tax which could ultimately reduce your net income.
The new test presumed that Contractors are employees for the purpose of Income Tax and National Insurance, unless it can be proved by the Agency that those Contractors are not “under the control, direction and supervision” of the Employment Agency or the end client.
It is early days yet but a number of Agencies are already being asked to fill in questionnaires questioning how their temporary workers are controlled. See an example of some of these questions below.
- Does the worker have training, qualifications, knowledge, skill and experience to enable him/her to work without supervision, direction or control? Yes / No
- Describe the relevant training, qualifications, knowledge, skills and experience of the worker.
- Who determines the work to be done by the temporary worker?
- What are the services to be done?
- Who dictates where the work must be performed?
- What instructions and guidance are given to the temporary worker on commencement of the services? If any written guidance or instructions are provided please forward a copy.
- Do the temporary workers supply any materials? Yes/No
- Do the temporary workers supply equipment for the performance of their services. Yes/No
- Is the temporary worker obliged to work set hours? Yes/No
- Are the temporary workers hours of work restricted for any other reason eg., site opening hours? Yes/No
- Are there any staging dates in the course of the assignment when the work must be completed by? Yes/No
- Is the final date set for when assignment must be completed by? Yes/No
- Is progress reviewed at any time during the assignment? Yes/No
If yes, when is it done? And who does the review
- If the standard of work is considered insufficient, what action is taken?
Management Consultancy Services
Utilisation of our management consultancy services can include a review of your management information systems, with particular reference to your financial systems and controls. This will assist you in taking full control of your business.
- Cash control
- Debtor control
- Stock control
- Purchasing systems
- Cost control
- Financial reporting systems
The provision of regular reliable management information ensures that you are responsive to changing business needs.
There is a lot more to consider than just buying a readymade company on the internet, so let us assist you whether it is for:
- An off the shelf ready made company
- A company tailor made for you
- Limited Liability Partnership
- A PLC formation
- Offshore companies in low tax jurisdictions
We provide a range of Company formation packages which can include….
- Advice on incorporation in your own situation
- Appointment of directors
- Appointment of company secretary
- Issue of subscriber shares
- Registered office services
- Completion of all minutes and resolutions
- Assistance in opening bank accounts
- Tax reviews regarding company formation
- VAT registration
- Company registration for Corporation Tax
- Set up of Company PAYE scheme
- Book-keeping set-up advice
- Business plans
- Assistance with raising finance
Company Secretarial Services
If you are unsure of your role as Company Secretary, we can help you fulfill this role and offer the following services:
- Registered office facilities
- Maintenance of statutory registers
- Submission of statutory documents
- Giving notice of General Meetings
- Drafting agendas for company meetings
- Preparing Minutes of Meetings
- Completion of share transfer forms
- Preparation of share certificates
- Carrying out company searches
- Filing of Annual Return
- Acting as Company Secretary
- General Company Law advice
- Advice on protection of minority interests