It is a legal requirement to keep books of records for a UK business for at least six years. If asked by HMRC, a business has to provide the break-down of all the expenses claimed in tax returns. So it is imperative that you maintain your books and transactions in an organised way so that any details can be presented on demand. Also it is a good practice to maintain the books in a way that will enable you to track down any transaction to its root so that you do not pay your supplier more that you owe or claim the correct amount from your customer.
Any UK business with a turnover of £85,000 and over have to submit VAT return monthly, quarterly or yearly. There are different schemes available with different criteria. We will put you in the right scheme, remind you when the VAT return is due, calculate accurate amount of VAT payable/repayable and submit it well within the deadline.
You need to know how your business is performing on a regular basis. Waiting for the year end accounts is not enough to take business decisions. It is important that you have current accurate financial information handy so that you can take precise decision. You may also require interim accounts to maintain your financial credibility. We will provide you with quarterly/ six monthly/ nine monthly management accounts to help you take business decision.
Statutory accounts and Compliance
A UK registered company need to prepare statutory accounts to submit in HMRC within nine months from the company’s year end together with corporation tax return and pay corporation tax at the same time . It also requires to submit Abridged/filleted accounts to Companies House which is also within nine months from year end of the company.
A company need to maintain various documents to comply with company law. Any non-compliant cab be detrimental to business. It also needs to update documents and information to Companies House within deadline.
You have to pay your staff correctly otherwise your employees may complain to employment tribunal which may cause financial penalty and may interrupt to your business. You also need to process the payroll on time. There are also added complications with auto enrolment. We will process all payroll data for you, provide you with all the necessary reports to pay your employees and HMRC and update you with any relevant development with employment legislation to minimise any disruption.
Self-assessment tax return
In UK, tax year runs from 6 April to 5 April and the tax return has to be submitted and tax paid by following January to avoid any penalties. All UK individual have to pay tax from income deriving from UK and most cases from their worldwide income. We will help you to register for self-assessment tax return, remind you when your tax return is due well before the deadline and calculate accurate amount of tax so that you pay what exactly you need to pay.
Tax is a significant factor to consider in any business decision. You need to know the tax consequence for a transaction especially, if it involves significant amount. You may even need to know tax effect to take any family decision. So having a correct tax advise is crucial to decide your course of action either with your business or with your family.
Form Company, partnership and LLP
All structure may not be suitable for your business. You need to know what structure best suits the type of business you are involved with. We will advice you on the benefits and drawbacks for all structures and help you to find out the best format as per your business need and take the responsibility to form it for you.
You require a business plan to develop and grow your business. You may also need it for any potential financing. An effective business plan will define the objective, vision and mission of your venture. It will guide you to take your business to your targeted level. You need a marketing plan and a strategy that is compatible with your objective and vision. You need to forecast your cash flow, profit and loss, your budget and set up your strategy accordingly which will assist you to achieve your projections. We will help you to prepare a bespoke business plan that tied all of the above up with each other.
R & D tax credit
This is a generous tax incentive by government to encourage innovation by entrepreneurs. Your business can get a tax credit of up to 230% for the expenses incurred on research and development work. We will advice you on what expenses you can claim, how you maintain your supporting documents, how you can claim the relief and process the relief in the tax return.
You work hard to earn your living and without a proper tax planning in place you may end up losing chunk of your hard earned wealth paying additional tax which can be saved, if you plan well ahead.