Annual accounts
We will prepare your company’s annual accounts, also known as Statutory Accounts, which are essential for all companies, whether they are actively trading or not. These accounts aim to break down and report the financial position and performance of your limited company for the year. This is particularly important for business startups to establish their financial foundation.
After the end of your company’s financial year, we will prepare accounts for submission to Companies House and HMRC, ensuring compliance with all regulations. In terms of corporation tax planning, we will handle your tax calculation on profit, which is submitted to HMRC. The corporation tax rate is currently set at 19% for profits up to £50,000, and 25% on profits exceeding £50,000. For companies with no turnover, you can opt to submit dormant accounts.
Additionally, our services extend to landlord tax planning and payroll services, ensuring that all aspects of your business finances are managed effectively. If you are a sole trader, we can assist with your self-assessment tax return as well.
Bookkeeping & vat
We provide onsite and offsite bookkeeping services, including cloud-based bookkeeping solutions on platforms like Xero, QuickBooks, and Sage, tailored for business startups.
Typically, we request bookkeeping records every three months and upload them to our software to summarize and prepare VAT returns.
At the year-end, as part of our bookkeeping services, we journalize payroll figures and extract the profit and loss statement. We then call the client to discuss corporation tax planning, dividend strategies, and self-assessment tax returns.
Additionally, our representatives are available for onsite bookkeeping at clients’ premises, ensuring comprehensive support for landlord tax planning and payroll services.
Business startup
A successful business startup requires not only a solid business idea but also a comprehensive business plan that includes sound financial information and a strategy to bring that idea to fruition.
The following steps will be undertaken for the new business startup:
- Forming a Limited Company or registering as a Sole Trader.
- Obtaining a PAYE Number and VAT Number.
- If the business necessitates a startup loan, we can assist in filling out the application for a government-supported start-up loan.
- We can prepare a detailed business plan along with cash flow and sales forecasts, which are essential for effective corporation tax planning.
- Our associates can help in creating a website to enhance online presence.
- Our associates can assist in distributing leaflets to promote your business.
- We can also facilitate opening a bank account to manage payroll services efficiently, and provide guidance for self-assessment tax returns and landlord tax planning.
Corporation tax planning
We will prepare profit & loss statements for limited companies, draft accounts, and handle tax calculations to be submitted to HMRC for corporation tax planning. As part of our services for business startups, our expert professionals will carefully enter all expenses while preparing the P&L and calculate the profit after tax. This profit can then be extracted as a dividend and paid to directors.
Our specialists will develop a strategy for maximum profit and minimum tax, ensuring effective landlord tax planning. Before submission, a meeting will be held with the directors to discuss the implications of taking dividends versus salary on their self-assessment tax return and overall tax responsibilities. In addition, we provide comprehensive payroll services to support your business needs.
Landlord tax planning
Our experts provide landlord tax planning advice to help landlords determine whether to maintain their property in a personal name or establish a BTL (Buy-to-Let company) based on their tax situation. This decision is essential for effective corporation tax planning as well.
When it comes to rental property expenses, they are categorized into two types:
1. Capital expenditure: This represents significant expenses that enhance the property's value but cannot be added to the rental income schedule.
2. Revenue expenditure: These are smaller, routine expenses incurred to maintain the day-to-day living of tenants, which can be added to the rental schedule.
One key benefit of forming a Buy-to-Let company is that landlords can claim 100% of the mortgage interest on the property. In contrast, with personal property mortgages, only 20% of interest is allowed as a tax credit. This highlights the importance of thorough landlord tax planning, especially when considering business startup implications and potential payroll services. Additionally, landlords need to keep in mind their self-assessment tax return obligations.
Payroll
We provide payroll services to businesses, including startups, that find it impractical to manage these functions in-house. Our offerings include running monthly payroll and submitting essential documents such as Monthly RTI, Monthly pension, and emailing pay slips to employees. Additionally, we handle corporation tax planning and landlord tax planning by emailing PAYE reports and net pay reports to the employer. We also ensure to keep track of holidays, SMP, SSP, and assist with self-assessment tax return preparation.
Personal tax
You must complete and submit a personal tax return for the tax year from 6 April to 5 April. Our team will prepare your self-assessment tax return and tax computation in the most efficient manner, tailored to best suit your business startup or personal situation.
We specialize in preparing self-assessment tax returns for a variety of clients, including:
- Self-employed individuals or sole traders.
- Higher rate taxpayers.
- Directors of a limited company who receive payment via dividends.
- Individuals receiving rent or income from property in the UK, particularly those requiring landlord tax planning.
- Individuals with foreign income, even if they don’t normally reside in the UK.
- Those with any form of untaxed income, capital gains, or losses.
- Individuals managing their own pension funds or certain savings and investments.
- Those receiving other forms of untaxed income as specified by HMRC.
Our experienced professionals will take care of each client specifically to optimize tax reliefs and exemptions related to corporation tax planning and payroll services, ensuring a tailored approach that eases the potential impact of the tax burden.