Q1. Sole Trader

This is the most straightforward method of running your own business. As income increases, however, there are a number of matters to be considered including VAT registration (where sales exceed £55,000 per annum), income tax liabilities and ongoing planning. It may be worthwhile to consider transferring the business to a limited company although there are both benefits and disadvantages of doing this. We will look at your circumstances and advise on the best solution.

Q1. Partnership

Business partnerships are often set up informally. We advise generally that a simple partnership deed is drawn up to protect the individual partners, review profit shares and advise on the overall tax position.

Q1. Limited Company

We can provide a full range of business and financial services including business planning and projections, tax planning and audit. We maintain direct contact with our clients to ensure continuity from one year to the next and to keep abreast of changes within your business. If your annual sales turnover exceeds £1million, you are required to have a statutory audit. We are Registered Auditors and carry out such work at reasonable prices.

Q2. Yes

Are you getting the service, which you expect, at the right price? Contact us for an initial meeting if you want to discuss the services which we provide. There are no costs for an initial meeting.

Q2. No

If you are in business and do not have an accountant, we assume that you are dealing with accounts and taxation yourselves. Increased burden of legislation, strict deadlines, interest and penalties may put you at risk. We can take away these worries and enable you to concentrate on running the business.

Q3.

We have a wide range of clients in retail, service industries and manufacturing. You have needs, which are peculiar to your particular business, and we will advise proactively on your requirements.

Q4. Yes

If you have employees, do you run the payroll in –house? We can take this burden from you at a sensible cost and deal with the Returns at the end of each tax year. Where employees have taxable benefits we also prepare the forms P11D (Returns of Benefits) at the end of the tax year.

Q5. Yes

Are you using your current system to its fullest extent? We can review your systems and advise as necessary. This can be on a stand-alone basis. Why not contact us now.

Q5. No

We would recommend manual accounting systems only for very small businesses. Computerised systems will enable you to run your business more effectively and produce up to date management accounts. We offer full training in the use of suitable accounting software packages (e.g. Sage).

Q6. PAYE

We can take this burden from you at a sensible cost and deal with the Returns at the end of each tax year. Where employees have taxable benefits we also prepare the forms P11D (Returns of Benefits) at the end of the tax year.

Q6. Setting up in business

We will meet with you to discuss the various matters, which you need to consider including advising the Inland Revenue, business plans and projections, VAT registration and whether you should operate as a sole trader, partnership or limited company.

Q6. Annual Accounts

Monthly management accounts will help you to control and move your business forward. We produce the year-end accounts, based on the details provided, and from this will complete tax returns and other information.

Q6. Income from Property

If you receive rental income, it must be disclosed on a tax return. We will prepare rental statements and produce your tax return and advise of any tax liabilities arising. We will also compute and advise on any Capital Gains tax arising on sale of investment properties.

Q6. Tax Returns

If you have any income, which is not taxed, at source, or are a higher rate tax payer receiving interest and dividends, you will need to complete a tax return. We can do this for you at a sensible price.

Q6. Tax Planning

Both individuals and businesses have the legitimate right to ensure they structure their affairs to minimise the imposition of tax, we are here to guide and help you do this.

Q6. Audits

As registered auditors we can carry out a full audit on the accounts of your limited company (a legal requirement if annual sales exceed £1m). We have a wide range of satisfied audit clients.

Q6. Charities

Charities have a number of specialised accounting requirements. Our clients include a number of charities and we have specialist knowledge, which you may find useful. If income exceeds £350,000 per annum you will also need to have the financial statements audited which we can do at reasonable cost.