Accounting & Business Advisory
Accounting
Companies Act 2006, FRS102, FRS 102a, FRS 105, Micro entity, sole trader, partnership – the range of types of entities and their accounting requirements is vast and growing ever more complex. Our role is to help you choose not only the right entity through which to trade but also the best way for you to comply with your statutory obligations with both Companies House and HMRC.
We will prepare the statutory accounts for your business but more importantly discuss with you what the figures actually mean and what can be done to improve them to meet your future goals and ambitions.
Business Advisory
To properly advise any client, we need to have accurate up to date information of not only the relevant legislation but also the client’s finances. That’s why for many clients we don’t prepare just their annual accounts but also management information and also in some cases we provide a full finance and bookkeeping function for them meaning they derisk this area of the business
We will also provide advice and support on how you can keep your day to day business records in the most efficient manner to help you spend less time on the accounts and more on growing your business
Legal Entity
We can provide specific advice on how your business should be structured for your personal circumstances, in many cases it is more than just tax which should be the consideration when choosing if a Limited company or sole trader is the correct decision for you.
Audit
Statutory Audit
An audit is a much higher level in depth review of your business accounts and is required by law for some entities. At the end of the process the Auditor gives a formal opinion about the figures contained in the accounts. Due to the high level of skill required in this area not all accountants are qualified to undertake audits. We are pleased that we are one of the few in the South of Cumbria able to offer this service in house.
We currently undertake audits and assurance reports for the following entities
- Limited Companies
- Limited Liability Partnerships
- Charities
- School Academy Trusts
- Solicitors
Non Statutory Audits
Some clients although not legally obliged to undertake an audit decide to engage us to give that higher level assurance on their accounts. This can be for a number of reasons including
- Bank Requirement for lending purposes
- Industry regulatory bodies requirement
- Customer Requirements for procurement purposes
- Sales or restructuring of businesses
Taxation
We know that people don’t like paying tax, but most realise that for the country to operate it needs to be done, but that doesn’t mean you have to pay more than you legally need to.
We can assist in many areas of taxation to ensure that you are firstly compliant so that you don’t fall foul of HMRC and incur penalties, but more importantly that you pay the right amount of tax by structuring your affairs in the most tax efficient way.
Income Tax
A wide range of people have to submit self-assessment returns including
- Self Employed
- Company Directors
- Partners in business partnerships
- People in receipt of rental income
- Individuals who receive high levels of investment income
- Individuals with annual income over £100000
We can assist anyone who is required to complete a self-assessment return, this will involve discussing with you all your income sources and preparing the return and following your approval submitting it electronically to HMRC. We will also advise you of any tax liability and when it payable.
More importantly than just completing the return for you we can advise on all the available reliefs you can claim and also if you could structure your tax affairs in a more efficient way so that you tax liability is legally minimised.
Capital Gains Tax (CGT)
CGT can be payable if you sell assets including
- Property
- Shares
- Businesses
- Land
This is a complex area and there are various reliefs available that you can claim to reduce any liability on the assets you sell, the main one being Private Residence Relief which is usually available when you sell your own home.
We can offer advice on not only the calculation of any tax due should you sell an asset and make a taxable gain, but more importantly offer advice about how assets can be owned to mitigate any possible CGT and also what reliefs can be claimed. This could include
- transferring assets to a spouse or other family member before sale
- Transferring assets to a trust
- Use of Hold Over Relief to pass on assets
- Use of Roll Over Relief to reduce liability on an asset you have sold.
There are new rules coming in April 2020 which mean that the tax due on property sales is due within 28 days of completing the property transaction – this means that you need to be aware of the potential liability before you sell a property.
Corporation Tax
Corporation tax is payable by various entities including
- Limited Companies
- Charities
- Clubs and Societies
The tax is payable on taxable profits but as with most other taxes the system is complex and there are reliefs available to claim to help mitigate the amount you have to pay. We deal with all the compliance of preparing the returns and computations and also advising you when the tax is due (HMRC do not issue demands!!!) to avoid any penalties or interest being charged.
Inheritance Tax
Inheritance tax can cost your loved ones hundreds of thousands of pounds in the event of your death, however, early planning can help to prevent your inheritance from making its way into the government’s hands.
Inheritance tax is payable on everything you own, above a certain threshold, once you die. This can include your home, jewellery, savings and/ or investments, pieces of art, cars, as well as properties or pieces of land, even if they are overseas. If you do nothing, approximately 40 pence in every pound of your inheritance, above your assessed threshold, could make its way to the taxman.
In order to make sure your wealth is passed on to the people you choose as opposed to the government, early planning is required. Inheritance tax is complex and there are severe penalties associated with breaking tax rules when incorrect or incomplete information is given to HMRC, which is why the best professional advice is crucial. That’s where we step in.
We can help to reduce the effect of inheritance tax on your estate. Having an up-to-date will is an important aspect of limiting inheritance tax; by preparing a will, you have the ability to determine what happens to your money after you die.
We can work with your existing solicitor to work out the best solution to any potential tax issues, as well as making sure you are making full use of all allowances available to you during your lifetime.
This is an area where the combination accounting and tax experience in Winders Accountants can be combined with the skills and knowledge of the advisors in Winders Financial Services Limited to give an overall review and the best possible advice.
VAT
VAT is probably the most complex area of tax in the UK and due to the interaction with EU rules could get even more complex. In most cases you are in effect an unpaid tax collector for HMRC as you will both receive and pay out VAT and it is the net difference of this that you pay to HMRC.
The rules for whether an item is Zero Rated, standard Rated, Exempt or even outside the scope are not always logical and we can provide full support and guidance to ensure you are charging the correct VAT on your sales and also claiming back everything you are entitled to.
Registration
If you have turnover of over £85000 in a 12 month period then you almost certainly have to register for VAT – although many businesses who have a lower turnover also register voluntarily as it can be beneficial depending on what sector they trade in.
Schemes
There are numerous schemes available to registered persons including –
- Cash Accounting
- Annual Accounting
- Flat Rate Scheme
- 2nd Hand goods scheme (Margin Scheme)
- Special Retail Schemes
We have extensive knowledge of all of these and will discuss with you your individual circumstances and advise you of which may be beneficial for you.
Making Tax Digital
Since April 2019 it has become mandatory that entities whose turnover is over £85000 pa and who are registered for VAT have to keep their records in a digital format. In most cases this will mean using some accounting software and we have advised hundreds of our clients about this transition.
We can review your current accounting records/system and give you tailored advice on how this can be improved and also give you support to ensure you comply with the new MTD rules.
Payroll Services
Paying staff is one of the most important processes that a business owner has to think about. The area is complex and has many rules which need to be followed on a weekly or monthly basis depending on how often you pay staff. It is also one of the most time consuming areas of running a business.
We can help take the stress and worry away from you. By outsourcing your payroll function to our dedicated and experienced team you can let us do all the hard work and make sure that not only are you in a position to pay your staff accurately and on time, but that you are fully compliant with all the relevant legislation issued by HMRC and others including
- PAYE/NIC
- Auto-enrolment pensions
- Minimum wages legislation
- Real Time Information
- Construction Industry Scheme
- P11d returns
We will also provide electronic payslips for all your staff.
Auto-enrolment
BY law employers need to set up a Workplace Pension into which their employees are automatically enrolled. We can help you choose a compliant scheme and also advise you on the level of contributions and ensure the relevant information is submitted to the pension scheme.
Company Secretarial
Every company is required to keep up to date registers and records of various items and update the details at Companies House in the required timescales. We can remove the stress of this process and handle all matters concerning Companies House including
- Formation of Limited Companies and LLPs
- Appointment and Termination of Directors
- Submission of the Company Confirmation Statement each year
- Share issues and transfers
- Filing of Personal of Significant Control (PSC) records
- Advice on the Company’s Articles of Association
- Changing the company name
- Changing the accounting year end date
Tax Investigation - Fee Protection Insurance
HMRC have the right to open a tax enquiry into any taxes that you are involved with and they don’t need a reason to do so. In many cases there are no actual problems with the accounts or tax returns but clients can face significant professional fees to defend themselves from HMRC’s investigations.
Our Fee protection scheme ensures that your professional and legal fees are covered for any HMRC investigations which means you don’t have to worry about paying for being innocent.
The scheme we offer also includes a fee legal helpline which gives you advice and support on a range of areas including
Financial Planning
Once we have helped you grow your business and helped make your financial affairs tax efficient it will be time to then review how the rewards of your hard work can be best managed and protected to ensure that not only are your current needs met but also that your future finances are also properly planned.
Winders Financial Services Limited is our sister company who we can work seamlessly with to provide advice and on all aspects of your finances including
- Wealth Management
- Retirement Planning
- Accumulation
- Decumulation
- Defined Benefit Pension Transfers
- Inheritance Tax Planning
- Intergenerational Planning
- Savings and Investments
- Trusts
- Divorce
- Business Exit Strategy
- Family Protection
Get in touch with us
For further information about all our services, please contact us