Business Start Up
You’ve just started out in business for yourself, but what route should you take? Should you be a Sole Trader, a Limited Company, maybe even a Partnership? Let us help you decide from the beginning. We can help with initial advice and any necessary registrations with HM Revenue & Customs. It is vital to get things right from the start, to avoid complications later and to run your business as tax efficiently as possible.
Self-Assessment Tax Returns
No matter what kind of business you run, you must submit your year-end Tax Returns. This can be a long and complicated process, especially if you have income from multiple sources to declare. There are costly penalties if you file your returns late, or if you submit the wrong information. Don’t let Tax Returns cost your business more than they need to. We can file your returns, ensuring everything is in the correct place and filed on time.
PAYE Expense Claims
If you work for an employer, but have businesses expenses through the year, you may be entitled to claim these back. Depending on which industry you are in, you may also be entitled to other reliefs such as uniform allowances and business mileage claims. These can be done quickly online and you don’t necessarily need to go through the hassle of filling in a Tax Return to do it.
Year End Accounts
Year End accounts don’t just need to be done to meet statutory filing requirements; they are essential for you to see how your business is performing. All final accounts are explained in clear and concise ways, no technical jargon included. As a small business specialist, we provide services to a wide range of industries from Hairdressing to Construction. Whether your needs are simple or complex, we can help as much or as little as you need. Let us take the stress and hassle out of preparing accounts, leaving you more time to do what you do best, running your business.
VAT and Book-Keeping
Should you be VAT registered? The current VAT registration threshold in the UK is £85,000. If your turnover is above this, you must register with HMRC for VAT. There are penalties for doing this late. We can advise you on the best scheme to register with and do the necessary registrations on your behalf.
Need us to do the book-keeping as well? We can also do all the inputting for you to ensure everything is in the right place and you are claiming back everything you are entitled to. We can streamline your book-keeping processes to make filing your VAT quicker, easier and most of all, compliant with Making Tax Digital filing requirements.
Making Tax Digital
Making Tax Digital launched in 2019, starting with VAT services. What did it change? Well, you can no longer submit data directly through HMRC, it must be done through software. We are proficient in a variety of digitised software and can recommend one that best suits your needs. All software we use is compliant with MTD. In a market flooded with options, let us advise you on the best one for your business. They don’t need to cost the earth either.
Payroll and CIS Returns
Payroll has become increasingly more complicated over the years. With the introduction of Scottish Tax rates, Minimum Wage Legislation, Auto-Enrolment and RTI, payroll is no longer time or cost efficient to run in-house. Let us do the hard work for you. Whether it’s weekly or monthly payroll, we can do everything from payslips to Auto Enrolment submissions to your designated pension provider. Employ sub-contractors in the CIS industry? Not a problem. We can submit your monthly contractor return to HMRC and ensure all your sub-contractors have their monthly CIS certificates, as required by law.
Do you receive income from property? Then you need to declare this to HMRC. Property is an ever-evolving world. Controversial changes such as the disallowance of portions of Mortgage Interest as an expense in 2017, severely restricted what you could claim against rental profits. But that doesn’t mean you can’t claim anything back. We can help you claim the right reliefs to reduce your tax bills. We can also advise on what to do when you decide to sell the property and the associated Capital Gains Tax calculations.
Any business can be examined at any time by HMRC. Let us take away that worry for you, making sure everything is in the right place and filed at the right time. With us, you can have peace of mind that even if HMRC does decide to have a look into your business, we will be with you every step of the way. Investigations are stressful and can run into months if not years to deal with. Worried about the costs of an investigation? Worry no more. We work in partnership with Croner Taxwise to provide insurance against these costs.