Self Assessment

With the tax regime becoming more complex and with more emphasis being put on taxpayers individual responsibilities, every one who is subject to tax needs professional advice to optimise their tax position. Many tax payers struggle to understand the complex tax return and complete them incorrectly, those that do, are often unaware of tax legislation and will not claim all they are entitled to and pay too much tax.

In the first year of self assessment over 750,000 taxpayers were fined £100 for failing to submit their return by the due date, 6 months later half of these received a further £100 fine for still not having submitted their return. Some of these people paid more in fines than it would cost a professional to complete the returns on their behalf.

Current penalties include:

  • £100 late filing penalty
  • Interest will be charged on all tax paid late
  • 5% Surcharge on amounts more than 28 days late
  • A further 5% surcharge for sums still outstanding at 31st July
  • Penalties for failing to keep and maintain complete tax records

As tax specialists dealing as your agent we can save you time, worry and money handling all self assessment issues for you. We will complete all necessary computations, completing your return using the latest software and where possible submit the return electronically ensuring safe receipt by the quickest possible method.

Management Accounts

Where is your business going and how can you improve things further? Our specialist team of partners and business development advisers will work with you on a monthly or quarterly basis to keep you up to speed with the information you need to know to keep your business on track. We have over 30 years experience in dealing with all kinds of businesses and provide easy to understand management accounts.

What are Management Accounts?

Management accounts are Accounts which are prepared with the aim of helping managers make important business decisions, whilst having the benefit of full financial information. Many small businesses rely solely on the end of year accounts to understand their financial situation and as a result probably miss a number of opportunities or make bad decisions, simply because they did not have access to accurate, timely, financial information. Management accounts can be produced monthly, quarterly, half-yearly or any other period that is relevant to you.

Payroll

We offer you a complete payroll service for weekly, monthly, four weekly, fortnightly, quarterly or annual payroll cycles.

See our sister company Flexipay for more information.

Corporation Tax

You must file a Corporation Tax Return (Form CT600) with the HMRC by your company’s ‘statutory filing date’ (day on which a company tax return must be received by the HMRC) and make all Corporation tax payments by the ‘normal due date’ (date on which you must pay Corporation Tax to the HMRC). These dates are within 9 months of the end of your company’s financial year. If you miss the filing date or fail to make payment to the HMRC in time you will face a fine.

Corporation Tax Self Assessment (CTSA) can be very costly if:

  • Deadlines are missed
  • Incorrect returns are delivered
  • Appropriate records are not retained or presented

The enquiry powers and penalty regimes of HMRC are increasing all the time and expert advice and assistance is now crucial.

As well as completing your corporation tax return, we can provide you with advice on your tax position and the planning opportunities available to you including advice on tax efficient profit extraction strategies for owner managers.

We will complete all necessary tax computations, the tax return, calculate your corporation tax liability and advise you on when and how much tax you need to pay.

We will correspond on your behalf with the revenue taking the worry away from you.

Company Formations

There are a number of advantages to Company registration the most obvious being "Limited Liability". Unlike a partnership or Sole Trader if a Ltd Company should be unsuccessful the Ltd Company would be wound up and only Ltd Company property/assets can be claimed by Creditors. Directors and Shareholders have no personal liability whatever (unless they have acted improperly) and there are no restrictions on the Directors pursuing further company formations.

A Limited Company enjoys more favourable tax concessions than either Sole Traders or Partnerships. It is subject to tax but profits are not normally subject to higher rates of personal tax. Directors pay tax but they are entitled to claim all the normal personal allowances against income. This compares favourably with Partnerships for example as their profits are divided for tax purposes amongst the partners and they are assessed personally on these amounts at once even if they have not actually drawn any cash out of the business.

VAT

Value Added Tax is by far the most complex tax regime imposed on business, so complex that many companies inadvertently over or under pay VAT every quarter.

Customs and excise are aware of the many pitfalls and actively encourage companies to seek professional advice when dealing with their returns to ensure the correct amount of VAT is paid on time, every time.

Customs and Excise impose surcharge liabilities for late returns, a cost most companies can do without.

We provide an efficient, cost effect answer to the every increasing headache of VAT. We recommend your VAT returns are completed in conjunction with our book keeping service. However VAT returns can also be completed in isolation if comprehensive book keeping is not required.

Our services include:

  • Assistance with VAT Registration
  • VAT Planning and administration
  • Advice on use of the most appropriate scheme
  • VAT Control and reconciliation
  • Completion of VAT Returns

Company Secretarial

Every UK limited liability company must submit an annual return form 363 to UK Companies House, by law.

The 363 returns form must inform of any changes to the companies structure i.e. any changes in company directors and/or company secretary and/or shareholders, issued share capital, registered office address etc, as well as accounts information.

As part of our comprehensive service, we can also provide a Registered Office Address service and a Nominee Company Secretary service for any company needing them.

The company registered office address is where your company registration documents can be held for inspection, contact us for pricing details.

Construction Industry Scheme

The CIS Tax Rebate is a refund of tax to subcontractors in the Construction Industry Scheme (CIS). Unlike other sole traders, CIS workers pay tax at source - just like PAYE employees. This tax is deducted and paid to HMRC by their contractors - normally every month. So at the end of the year the tax paid could be too much and subcontractors should use the tax return to claim a tax refund.

Construction Industry Self Assessment

We will complete your Tax Return and settle your tax position by:

  • Calculating how much you owe Revenue & Customs (or in the more likely case of overpayment - how much they owe you!)
  • Make sure your tax bill is minimised by using the maximum allowable expenses depending upon your circumstances
  • Provide you with tax saving advice and record keeping advice
  • Accounts preparation if required
  • If you are required to complete a Tax Return for previous years, we can do this for you.
  • If you do not require a Tax Return for previous years but believe you may have a refund due to you, we can make a claim on your behalf for only 15% of any refund recovered. Contact Us!

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