corporation tax

If you own a business and wish to do things properly, you NEED a reliable accountant.

A good accountant will free up time to run your business, AND save you money and keep you compliant – resulting in peace of mind.

Unfortunately, with the aim of keeping costs to a minimum, fledging businesses sometimes try to get by without an accountant. This is understandable, as many accountancy services are excessively expensive and don’t offer the kind of customer service that justifies the fees.

This leads to a situation where businesses attempt to keep on tops of things themselves, using spreadsheets or accountancy software, and only turn to a professional when a deadline approaches or an intimidating or confusing letter lands on the doormat.

If this all rings a bell with you, then we have the solution.

We offer:

– Accounts prepared on a monthly basis, so you truly know where your business stands more frequently than once a year.
– The ability to avoid complicated software, and simply send us all the documentation each month in a pre-paid envelope.
– An expert accountant available to you all year round for help and advice.
– End of year accounts and tax returns, all as part of the deal.

Best of all, we offer all of this from just £49.50 per month.

AN INTRODUCTION TO LIMITED COMPANIES

When you first start out in business, it can be hard to decide how to trade. Becoming a “sole trader” may seem like the easiest way, but in the majority of cases, if you wish to build a credible business that will grow, it is advisable to take the limited company route.

The easiest way to describe a limited company is that it operates with a totally separate legal identity to you as an individual. Yes, you may be a director, but the company is an entity in its own right.

The main way in which this is advantageous is revealed by the name; A limited company means that you have limited liability. This means that the company’s assets belong to the company, and not to you as an individual. Perhaps more importantly, in the early stages of a business, the company’s debts belong to the company, and not to you (unless you’ve signed over any of your own assets as a guarantee). This means that if the business fails, you don’t run the risk of losing your home or other possessions.

It’s also fair to say that other firms tend to take limited companies rather more seriously than sole traders, as you are effectively operating under the same model as a large business. If, now or in the future, you are seeking investment in your business, you really need to be operating as a limited company to establish an effective way of distributing shares.

We won’t try to pretend that running a limited company is always as straightforward as a simple, sole trader business. As a director you will have certain legal obligations, and details of your company will be open to the public via Companies House. However, these details are not as complex as they first appear if you have the right help to hand, and that’s where we come in.

Please feel free to get in touch with us with no obligation – to discuss the best strategy for your business and to learn how we can help you.

HOW WE CAN ASSIST YOU

Due to the benefits above, most of our clients opt to run their business as a limited company, although we can of course help you if you choose a sole trader or partnership option instead.

Even if you’ve already started trading, we can look at how things have been set up and advise you if we feel there’s a more tax-efficient way for you to manage your affairs.

In designing our accountancy package for limited companies, we’ve taken into account the fact that our clients need to be free of time-consuming bookkeeping and taxation duties in order to concentrate on what’s important: working on their businesses.

With this in mind, here’s what we include in our package of services for limited companies:

– Full annual accounts each year.

– Submission of these accounts to the relevant authorities.

– A fully qualified accountant as your dedicated point of contact.

– Annual submission of CT600 corporation tax returns to HM Revenue and Customs.

– Annual return submissions to companies house (containing director and business details).

– Professional representation, on your behalf, should your company ever be subjected to an HMRC investigation. (Free of charge).

– Frequent professional recommendations regarding your business development and tax affairs.

– Regular helpful reading material in the form of professional business guides.

– Reminders of all the official deadlines you must meet each year to avoid financial or legal penalties.

OUR OTHER SERVICES

In addition to our limited company service, we offer a range of complementary services to assist with the running of your business, and to make your life easier.

These services include bookkeeping, VAT returns and company payroll. Just like our limited company service, these work on the basis of a simple and predictable low monthly fee, and you can avail yourself of them whenever you require.

You will be assigned a dedicated, fully qualified accountant as soon as you sign up as our client. As well as acting as your main point of contact, this individual will aim to take a proactive role in your business to help you remain profitable and legally compliant as your company evolves.

WHY MUST A BUSINESS SUBMIT A TAX RETURN?

Whether you are a limited company, partnership or sole trader, you are legally obliged to report your earnings to HM Revenue and Customs, and inform them of any taxes due. Failure to do so can land you with financial penalties and potential reputational damage.

It’s therefore of vital importance that you’re aware of your obligations in this regard, and have effective plans in place to meet them.

Effective planning involves knowing your tax situation comfortably in advance, so you’re not left with “unexpected” bills and a limited amount of time in which to pay them.

As one of our clients, we will work with you to ensure this doesn’t happen. In the meantime, please feel free to download a free copy of our business guide, which clearly explains all the deadlines and potential penalties you must be aware of to effectively run your business.

COMPLETING TAX RETURNS

Tax return documents can seem mind-numbingly complicated. To avoid unnecessary fees and investigations, it makes sense to have them completed by a professional who knows exactly how everything works.

Here are some examples of why it makes more sense to use a professional accountant to submit your tax documentation, rather than doing it yourself:

– Time consuming and stressful HMRC investigations are less likely to occur if an experienced professional completes your returns. It’s very easy for HMRC to spot areas where figures may not be right, and if they see these signs, an investigation could soon follow.

– Having a qualified accountant complete your returns frees up your time, and gives you the reassurance that everything has been filled in correctly.

– Tax professionals know exactly what you can claim in order to reduce the total tax liability for you and your company. When we begin to work with a new client, we invariably find ways for them to save on their tax bill, often in excess of the fees they are paying us!

THE PROCESS:

The first step to calculating your tax is insuring that your accounts are correct – we are not merely here to copy numbers onto forms.

Once all parties are satisfied that the accounts are correct, we will then take a proactive look at your overall situation (not merely your business income), and see what we can suggest to reduce your overall tax liability.

After agreeing these recommendations with you, the returns are given to one of our senior accountants for a review and sanity check. Before we submit anything to HMRC, we will send a copy of the planned submission and calculations, so that you can give everything a final check.

The next step involves submitting the return(s) to HMRC. We will then assist you with actually processing the payment(s), helping you through the complicated options and making sure you pay with the correct payment references.

Our tax return service has three main aims:

1. Making sure the information you submit is accurate.

2. Ensuring you are paying the minimal amount of tax possible whilst remaining legally compliant.

3. Providing you with the reassurance that you needn’t lose any sleep if HMRC ever do decide to probe more deeply into your tax affairs.

OUR COSTS:

Our tax return packages include end-to-end processing of your tax return(s), along with a host of other benefits to help in the running and development of your business. Contact us now for further advice and a tailored quotation.