If you are self employed, trading in a partnership or acting on behalf of a company then you will require accounts preparation, you may also require assistance with VAT and payroll.
We have a strong team who can deal with all the needs from basic accounts preparation to Incorporating your own Limited Company.
There are many compliance needs when you run your own business. So many in fact that you could spend your precious working time, dealing with the taxation and compliance issues that are required to be dealt with. Below is a list of services we offer which can assist with in order to free up your time and ensure your reporting is accurate and timely.
Accounts: regardless of what vehicle you trade through, if you run your own business you will need to prepare and possibly file accounts. There are many expenses you will incur in the running of your business and it is important to ensure that they are accounted for correctly so that they can be allowed as a deduction against your income as far as possible. Expenses can be regarded differently depending on whether you are trading as a self employed individual, partnership or limited company but our team of specialists will ensure that, however you trade, your accounts are prepared in the most efficient way.
Corporate and Partnership Tax Returns: As well as your own personal tax return, your company or partnership will also have to file a return with HMRC and we can ensure that these report the correct figures, claims and are filed on a timely basis thus avoiding undue penalties.
VAT can be a complicated issue but with H M Revenue & Customs increasing power to penalise for failure to register and report correctly, you cannot afford to get it wrong. We can guide you through the many issues of flat rate scheme, annual reporting quarterly reporting and cash accounting so that the scheme you use is the most efficient and suits your business needs.
Payroll: With changes to pensions and the introduction of real time information, payroll is not a simple task and is definitely an area your employee’s want you to get right! With a dedicated payroll team, you can feel safe in the knowledge that they are aware of all changes, and will claim any reliefs that will be of benefit to you and your employees – such as the employers National Insurance allowance, travel and subsistence claims etc.
Remuneration Advice: As a director/shareholder of your own company, you may feel as though you are “self employed”, however the company which you own and are employed by is a separate legal entity and this is an important distinction from being a self employed individual. The company will have its own corporate compliance requirements aside from your own. A corporate entity will also affect how you are able to draw your income and we can review your personal and corporate position to ensure your remuneration package is the most efficient for you and the Company.
We are familiar with owner managed businesses such as your own, and can help you understand and steer around the anti avoidance legislation which you can be caught by, such as IR35 and overdrawn loan accounts.
Company Secretary and Registered Office: Many clients like us to perform the role of Company Secretary and also provide a registered office address. The Company Secretary will ensure that the annual return is filed promptly to Companies House every year and reports information such as issued share capital, current directors etc.