Annual Accounts Preparation
- Prepare accounts to help in completion of self-assessment tax returns;
- Produce financial statements for filing at Companies House and abbreviated accounts to ensure the minimum amount of your financial information is made public.
Accounts are prepared to agreed timescales and deadlines.
But we can do more than just report the history of what's already happened...
- Identify areas where we can assist in minimising your tax liability;
- Identify areas of the business that give you the most opportunity to make improvements;
- Use the accounts to help you measure where you are in meeting your goals and what actions you need to take.
We take the time to explain your accounts to you so that you understand what is going on financially within your business, helping you to plan for the future.
The main reasons why you will be required by law to have a statutory audit are...
- Your turnover exceeds £6.5 million or your gross assets exceed £3.26 million or the company is part of a group that exceeds those limits;
- You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these);
- You are required by your professional or trade organisation to have your accounts audited;
- Your shareholders do not agree to opting out of the audit.
We can advise you if you need an audit and if not, you can save on accountancy fees!
However, we aim to deliver hassle free audits and there are good reasons for having an audit even if you are not required by law to have one...
- An audit involves a detailed review of the company's accounting systems and systems of control and also requires a detailed understanding of the company's business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters;
- An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the Taxman and suppliers who may be seeking credit references, etc;
- A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market;
- The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster.
Let us take the stress of paperwork off your hands...
- Drop off your invoices, bank statements, etc;
- We do all the processing;
- We can then easily prepare for you...
- Management Accounts;
- VAT Returns;
- Key Performance Indicators;
- End of Year Accounts;
- Estimated Tax Liabilities as you go along so there's no end of year surprises;
- You pick up the records (neatly filed and organised!) and all the information we've agreed to provide you with.
It also makes it easy for us to handle any VAT inspections.
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.
Management Accounts and Information
Up to date, relevant and quickly produced management information allows you to make the right decisions.
Our management accounts and information services include...
- Monthly or quarterly management accounts;
- Reporting of key performance indicators that are the underlying drivers that run your business;
- Help with in house systems for you to produce your own information;
- Training on how to get the most out of your information;
- Actual performance compared to budget and/or comparative periods;
- Costing information, including break-even turnover levels.
Business growth services include...
- Setting goals and an action plan to get you where you want to be - see strategic planning;
- Removing the blocks that are stopping you from getting where you want to be;
- Bench-marking against other businesses in your industry - do you know how you compare to the best and the average in your industry;
- Getting the systems in place to allow your business to grow;
- Performance monitoring including use of key performance indicators;
- Pricing strategy - have you tested what your optimum selling price is?
- Raising finance to allow you to invest in growth;
- Improving the potential of your team members;
- Measuring and testing everything so that you can continually improve.
can be required for...
We can provide business valuation services for unincorporated entities and shares in unquoted companies based in the UK including assistance with dispute resolution and litigation.
- Monitoring how the business is performing against goals;
- Taxation and negotiating with the tax authorities;
- Business sales and purchases;
- Business mergers;
- Divorce proceedings and matrimonial disputes;
- Raising finance;
- Company buy back of shares;
- Tax planning;
- Financial reporting requirements;
- Shareholder/partner disputes;
- Pension and exit planning.
Business plans are also regularly needed to support finance applications, especially bank lending.
We can assist with all aspects of the business plan including...
- Business strategy and goal setting;
- Cash flow forecasts;
- Profit forecasts;
- All written elements of the plan such as business background, marketing plan, SWOT analysis, markets, competition and all of the other key elements that need presenting in the most suitable way to lenders.
After you've produced the plan, you need to monitor how you are doing against the plan and we can help you with this.
Our consultancy services can include a review of your management information systems, particularly in relation to your financial systems and controls that will enable you to take full control of your business.
This can include...
- Cash controls;
- Debtor control;
- Stock control;
- Purchasing systems;
- Cost controls;
- Financial reporting systems.
Reliable management information allows you to react quickly to changing business needs.
Do you know the most likely source of finance
at the best rates?
Through our close working relationships with finance sources we can assist in advising on the right type of finance for you and offer advice on...
- Bank loans and overdrafts;
- Hire purchase;
- Personal loans;
- Sales invoice factoring and discounting;
- Leasing and contract hire;
You've probably been told many times that planning is crucial to success in business but somehow you've never quite got round to it.
Rather than having a planned strategy you run your business by...
- Trusting your intuition;
- Using instant decisions;
- And generally riding the rollercoaster.
That may well work and we do realise that gut feelings are a crucial business skill in successful entrepreneurs. But planning is still crucial. Research shows that those businesses that do plan and have clear strategies are far more successful.
Our strategic planning service helps you...
- Agree on long-term strategic goals both personally and for the business;
- Identify where you are now;
- Work ON the business so that you can spend less time working IN it;
- Indentify the blocks in the strategy;
- Agree an operational strategy to overcome the blocks and meet those goals;
- Develop business growth systems;
- Grow a great team of people;
- Monitor your results against those goals;
- Manage the money in your business;
- Develop an exit strategy.
The result is an agreed ACTION PLAN.
Business Start-up Services
There's more to consider than just buying a cheap readymade company on the internet!
We can assist you with company formations for...
- An off the shelf ready made company;
- A tailor made company.
For urgent requests we can also arrange same day formations.
To check the availability of a Limited Company name, you can use the Companies House Information Service. Type in the name you want and see if it comes up in the list.
Our Company formation packages can include...
- Advice on the pros and cons of incorporation in your own situation;
- Appointment of directors;
- Appointment of company secretary;
- Issue of subscriber shares;
- Registered office services;
- Completion of all necessary minutes and resolutions;
- Assistance in opening a bank account;
- Tax review with regard to company formation - forming the company yourself and getting this wrong can be very costly!
- VAT registration;
- Company registration for Corporation Tax;
- Set up of Company PAYE scheme;
- Book-keeping set-up advice;
- Business plans;
- Assistance with raising finance.
Financial Services, Pensions, Investments, etc.
An independent financial advisor can assist with all of the following...
- Life assurance;
- Critical illness;
- Income protection;
- Elder care;
- Private medical;
- School fees planning.
If you would like us to introduce you to an independent financial advisor, please contact us. We can arrange to meet them with you.
Contractors and IR35
Please contact us if you would like a free consultation to discuss the tax advantages of contracting in more detail and the different possible scenarios.
We offer all inclusive services for contractors including...
- Company formation;
- Annual Accounts;
- Company tax returns;
- Personal Tax Returns;
- Company secretarial service;
- VAT Returns;
- PAYE Returns;
- Tax computations;
- Review of contracts for IR35 status;
- Provision of anti IR35 draft contracts;
- Dealing with IR35 disputes.
Employee Remuneration Planning
Good remuneration packages are important in attracting and keep the right quality staff.
We offer comprehensive advice on all employment tax issues including...
- Tax efficient remuneration strategies;
- Planning for retirement;
- Termination payments;
- Inducement payments;
- Company car and van strategies;
- Benefits planning;
- Expenses dispensations.
The question as to whether someone is employed or self employed is not as straightforward as it might at first appear. Many people assume they are free to choose, but this is not the case.
Although there is no clear-cut answer as to how you decide if you are self-employed or not, the following should be on your checklist
Fundamental factors to consider:
- The right to get a substitute or helper to do the job;
- Mutuality of obligations.
Other factors to consider:
- Provision of equipment;
- Financial Risk;
- Basis of Payment
- Opportunity to profit from sound management;
- Part and parcel of the organisation;
- Right of dismissal;
- Employee benefits;
- Intention of the parties;
- Length of engagement.
These are often matters of general employment law, and not specific tax legislation. There is an enormous amount of Case Law in this area and HMRC are not always right. HMRC do not have the final say on whether somebody is self-employed or not. We can argue your case and take it before the Tax Commissioners for you.
The cost if you get it wrong is enormous. Not only is there the question of employees and employers national insurance, being classified as an employee also gives rise to all sorts of employment rights such as holiday pay, maternity pay, unfair dismissal etc. The decision has to be made by the employer and if you get it wrong it is going to be very hard to recover the back tax, interest, penalties etc from the worker.
We can review your existing arrangements and give you our opinion on whether it will stand up to attack from the Taxman. We can help advise on contracts for services to assist you and advise on how you can maximise your chances.
Payroll and PAYE Returns
Everything seemed fine running your own business until the day you took on your first employee and became an unpaid tax collector. This is when you found out what red tape was all about.
Let us take the strain away from you and let you get on with running and growing the business. Payroll is complicated and has to be done on time and you as the employer are responsible for the mistakes.
We run payrolls on time and can provide a tailor made service for your business including...
- Employee payslips;
- Monthly summaries;
- Departmental reports;
- Dealing with leavers and starters;
- Provision of analysis of staff costs;
- PAYE returns for the Revenue;
- Assistance with automated payment set-up to your employees;
- CIS returns completed by us.
You will never have to worry about calculating statutory sick pay or maternity pay and dealing with tax credits and student loan deductions ever again!
And at year end...
- Employer Annual Return P35;
- Employee summary P60's and P14's;
- P11D and P9D benefit and expenses returns.
And the related tax planning advice...
Beyond the payroll compliance service, we offer comprehensive advice on all employment tax issues including...
- Tax efficient remuneration strategies;
- Planning for retirement;
- Termination payments;
- Inducement payments;
- Company car and van strategies;
- Benefits planning.
Need help with your Tax Return or want to pay less tax?
Personal tax services are available both for business owners and private individuals including...
- All aspects of Self Assessment;
- Dealing with Tax Returns;
- Tax enquiries;
- Computation of liabilities;
- Tax disputes;
- Correspondence with HMRC;
- Tax Investigation Fees Protection;
Are you a buy to let investor or property dealer or developer?
Property tax is a bit of a maze and we can advise you on issues such as...
- Tax reduction strategies for rental income;
- What is a repair and tax deductible and what is capital and not;
- When to use a Limited Company to save tax;
- Trading income versus Capital Gain considerations and advice;
- Capital Gains rollover and holdover considerations;
- Stamp Duty planning;
- Tax efficient mortgage structures;
- VAT considerations of property deals;
- Making the most of the Principal Private Residence election;
- Tax issues on the sale of part of your residence;
- Second homes;
- Tax advantages of furnished holiday lettings;
It's an unfortunate fact of business life that from time to time there will be disagreement between the taxpayer and HMRC. Sometimes it is the facts of the case that are in question but it is also often the legislation itself that is in question. Tax isn't always black and white and where this is the case we are happy to argue your case in the strongest possible terms.
As a taxpayer you have many rights and we will ensure they are never forgotten by HMRC.
Disputes can arise in all sorts of areas outside of full enquiries and investigations including...
- Employment status disputes;
- Repairs v capital disputes;
- Private usage adjustments;
- Capital allowances - is it plant or property?
- Settlements legislation - the classic husband and wife company scenario;
- Valuations for tax purposes;
- Is it a trading activity?
- VAT segregation of businesses to avoid registration;
- Employee benefit disputes.
We have the specialist tax knowledge to assist with a wide range of tax disputes.
Tax Enquiries and Investigations
It is an unfortunate fact of business life that you may well come under enquiry by HMRC through no fault of your own or of your accountant. HMRC now investigates businesses at random as well as for specific reasons. A full investigation is not a pleasant experience for anyone. Without expert defence it is possible to get trampled all over.
If you are selected at random, you need an accountant who knows how HMRC works and thinks and is prepared to fight your case. We make sure that the Taxman keeps to its own internal guidelines and doesn't over step the mark. We will talk you through the enquiry process and what to expect and support you throughout.
There are various penalties HMRC can seek to impose following an enquiry for undeclared income. As well as having to pay the tax, you can find them seeking penalties up to an amount equal to the tax, so doubling your tax bill. Interest on the late payment of the tax is also part of the arrangement - not a pleasant experience. We can help you minimize these penalties.
Anti-investigation Scanning Checks
Whilst with random investigations anyone can come under enquiry, you can help to avoid the chance of an investigation into your affairs for other reasons. We know the triggers that often give rise to enquiries if not fully explained to HMRC when submitting Returns to them. Every Tax Return or set of accounts we submit to the Taxman goes through an anti-investigation scanning check to identify any areas that may lead to an enquiry before they are submitted without explanation. This really does help to minimise the chances of you being on the wrong end of an enquiry.
Tax Investigation Fee Protection
Worried about the accountancy fees of a tax investigation?
HMRC has powers to investigate income tax and corporation tax payers at RANDOM.
With the ever increasing risks of full tax enquiries and investigations, it's worth considering protecting yourself from the accountancy costs of dealing with it as the amount of work involved is often substantial.
You can get cover for the following...
- Self-assessment enquiries;
- VAT enquiries;
- PAYE and benefits enquiries;
- IR35 enquiries.
Even if HMRC finds nothing as a result of any investigation, you will still have unexpected professional fees to pay as a result.
We cannot prevent you from being investigated by the Taxman, but we can help to ensure that you get the best possible support and advice without having to worry about the cost.
You are entitled to arrange your affairs to pay the absolute legal minimum amount of tax.
Whilst completion of tax returns and statutory tax obligations are important jobs, all accountants should be capable of completing them and advising you of your tax position and liabilities.
We try to do more than just this and are interested in maximising your tax planning opportunities.
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 fight as hard as we can for our clients.
We can help with tax planning in relation to...
- Personal taxes;
- Business taxes;
- Tax efficient employee remuneration strategies;
- VAT planning;
- Capital Gains;
- Profit extraction strategies;
- Exit strategies;
- Employment status;
- IR35 advice.
Apart from extensive experience in this arena, we have invested heavily in reference materials and specialist software and have access to the Tax Legislation, Tax Cases, to the internal manuals of HMRC and to detailed commentary on all taxes, direct and indirect. This allows us to research any tax topic at all and provide many ways of helping you legally save tax.
New clients are often surprised at how much can be done to help with their tax position. We are always willing to go that extra mile to offer advice on the areas where tax can be saved. We enjoy this work!
It is important that this work is done in advance and you should contact us as soon as possible.
All of our Tax Planning makes legitimate use of the Tax Legislation and Case Law, so that you are not put at additional risk from a full HMRC Enquiry, or where there are risks, these are pointed out to you.
Tax Returns and Self-Assessment
Tax Returns can be completed for...
- Individuals and sole traders;
- Limited Companies.
The self-assessment regime is full of penalties and HMRC enquiry powers are extensive. It's important that...
- Returns are correctly completed;
- They are filed on time;
- All backup records are retained for the appropriate period of time.
As well as the completion of your return we can assist with...
- Advice on your tax liabilities;
- Negotiating with the Collector if necessary;
- Identifying suitable tax planning opportunities;
- Completing all the necessary tax computations;
- Dealing with all correspondence from HMRC, taking the worry away from you.
VAT Planning and Disputes
Compliance with VAT is becoming ever more complex. Investigations from the Vatman can be intense - all the more important that you have an accountant who is successful in negotiations with them.
We take best advantage of the reliefs available and the interpretation of the regulations. This is an extremely important feature of the service provided as it ensures peace of mind for all our clients.
We can help you with advice on the VAT schemes suitable to your business and dealing with VAT control visits as well.
For VAT registration we can assist with...
- Advising if you need to or if it would be beneficial to register;
- Completion of the VAT registration forms and formalities;
- Advising on the best VAT schemes to use suitable to your business - some you have to notify HMRC you are using and some you don't.
Compliance with VAT is complex. Investigations by the Vatman can be intense - all the more important that your VAT returns are completed correctly.
There are three methods we can use to assist in completion of VAT returns...
- Let us do your book-keeping and we complete the return from there;
- Give us your books and we'll complete the return for you;
- Provide training on how to complete your return.
We complete VAT returns in good time to ensure you avoid any penalties.