VAT Services & Other
This indirect tax is the single most tax burden especially for the retail, service and hospitality business. It goes from your margin although it is supposed to be collected from customers and pay to the HMRC. This helps you to make better financial plan for the business.
We help compute Value Added Tax on your behalf using various schemes and advise you how much would be the liability and how much can be claimed back. We help file the VAT return on monthly basic or quarterly basis or annual basis whichever suits you best.
Registering for VAT on time with correct information, filing the returns on time and making the payments on time is a crucial for a busy business, failure on any one deadline has severe financial consequences. Together we can help you keep track of all these deadlines and be compliant.
If you are thinking of running a business you should register a business appropriately. It is always advisable to keep the business transactions always separate from personal one for transparency and right ascertainment of obligations. An incorporated company can operate only after incorporation and through own (company’s) bank account.
In case of self-employment or partnership business you may register bit later but leaving too late creates complications again.
First of all, you need to decide what type of registration you need, which we can discuss together with you understanding your personal circumstance that helps your right decision. Then, we register your business with appropriate authority in correct way. For example, a company registration process includes providing you all documents & certificates printed,
initiate a relationship with your bank, register for PAYE & VAT ( if you need), act as a tax agent for HMRC, give you necessary advices etc. in a package.
We can also act as your company secretary & hold your registered address.
We help register:-
Private Limited company
Public Limited company
Limited by guarantee company
Community Interest company
Limited liability partnership
Charity incorporated or unincorporated
Tax return and assessment, Planning, HMRC tax enquiry and investigation,
This includes tax compliance services and tax advisory services. Most of our clients are concerned about basic compliance which means they wanted to file the tax return (we normally cover: – income tax, capital gain, corporation tax, value added tax – VAT etc.) on time. This process includes computation of tax liabilities, then at that point you may wonder how you can save tax liability, where tax advisory services are needed. It could be either direct tax or indirect tax.
If you are self-employed or director of a company, earn rental income, earn income from investment (interest or dividend), getting pension income earning affecting child benefit, if you have correspondence from HMRC etc. You need to file a tax return covering 6 April to 5 April each year. Please note that there is penalty for late submission of the tax return after 31 January, also for late payment of tax liability and for submitting wrong
Majority clients just worry about the compliance and accounts to the tax office and Companies House that accounts is prepared after six months of end of the financial year (accounting year), also called post-mortem of the financial transactions, which really does not give much feedback to the business owner. If you really worry about the finances of the business you need to be on top of that, help plan creditors, chase debtors, manage stock, manage sales force, control overhead, utilise marketing budget or cash management (borrowing need and withdrawal of dividend) etc. These actions can only be taken efficiently when you have right financial indicators from management accounts reporting.
Management accounts are often asked by external bodies as well for different purpose, we can prepare them tailored to your requirements with detailed discussion with you as there are many factors affecting the reports.
We can help business with other advisory services and consultancy requirements for your business, namely, setting up accounting system, advising bookkeeping (IT) solutions, drafting business plan, Cashflow projection, financial forecast, project evaluation with financial analyses, business eligibility (Immigration) in the UK, drafting business & charity policies, dispute resolution etc.