Accountants and Tax Advisors in Southgate, London.
Apart from the more general accountancy services we can also assist you with business development and specialist tax services.
In July 2017, HMRC announced that all businesses and individuals will have to file their accounting information digitally.
Up to date, relevant and quickly produced management information allows you to make the right decisions.
Our management accounts and information services include…
- Monthly or quarterly management accounts;
- Reporting of key performance indicators that are the underlying drivers that run your business;
- Help with in house systems for you to produce your own information;
- Training on how to get the most out of your information;
- Supplying management information to lenders;
- Branch/Divisional results;
- Actual performance compared to budget and/or comparative periods;
- Costing information, including break-even turnover levels.
Our consultancy services can include a review of your management information systems, particularly in relation to your financial systems and controls that will enable you to take full control of your business.
This can include…
- Cash controls;
- Debtor control;
- Stock control;
- Purchasing systems;
- Cost controls;
- Financial reporting systems.
Reliable management information allows you to react quickly to changing business needs.
Business plans are also regularly needed to support finance applications, especially bank lending.
We can assist with all aspects of the business plan including…
- Business strategy and goal setting;
- Cash flow forecasts;
- Profit forecasts;
- All written elements of the plan such as business background, marketing plan, SWOT analysis, markets, competition and all of the other key elements that need presenting in the most suitable way to lenders.
After you’ve produced the plan, you need to monitor how you are doing against the plan and we can help you with this.
Prepare accounts to help in completion of self-assessment tax returns;
Produce financial statements to file at Companies House and abridged accounts to ensure the minimum amount of your financial information is made public. Accounts are prepared to agreed timescales and deadlines.
But we can do more than just report the history of what’s already happened…
- Identify areas where we can assist in minimising your tax liability;
- Identify areas of the business that give you the most opportunity to make improvements;
- Use the accounts to help you measure where you are in meeting your goals and what actions you need to take.
We take the time to explain your accounts to you so that you understand what is going on financially within your business, helping you to plan for the future.
Let us take it off your hands…
- Drop off your invoices, bank statements, etc;
- We do all the processing;
We can then easily prepare for you…
- Management Accounts;
- VAT Returns;
- Key Performance Indicators;
- End of Year Accounts;
- Estimated Tax Liabilities as you go along so there’s no end of year surprises;
You pick up the records (neatly filed and organised!) and all the information we’ve agreed to provide you with.
It also makes it easy for us to handle any VAT inspections.
Compliance with VAT is complex. Investigations by the VATman can be intense – all the more important that your VAT returns are completed correctly.
There are three methods we can use to assist in completion of VAT returns…
- Let us do your book-keeping and we complete the return from there;
- Give us your books and we’ll complete the return for you;
- Provide training on how to complete your return.
We complete VAT returns in good time to ensure you avoid any penalties.
In addition we can assist with…
- Applying for VAT registration;
- Advice on the VAT schemes suitable to your business;
- VAT planning;
- Dealing with any disputes that arise with Customs;
- Attendance at VAT inspections.
When did you last review your wealth & protection position?
An independent financial advisor can assist with all of the following…
- Life assurance;
- Critical illness;
- Income protection;
- Elder care;
- Private medical;
- School fees planning.
If you would like us to supply you with details of an independent financial advisor, please contact us. We can also attend any meetings you may arrange.
Everything seemed fine running your own business until the day you took on your first employee and became an unpaid tax collector
This is when you found out what red tape was all about.
Let us take the strain away from you and let you get on with running and growing the business. Payroll is complicated and has to be done on time and you as the employer are responsible for the mistakes.
We run payrolls on time and can provide a tailor made service for your business including…
- Employee payslips;
- Monthly summaries;
- Departmental reports;
- Dealing with leavers and starters;
- Provision of analysis of staff costs;
- Real Time Information (RTI) PAYE returns for the Revenue;
- Assistance with automated payment set-up to your employees;
- CIS returns completed by us.
You will never have to worry about calculating statutory sick pay or maternity pay and dealing with student loan deductions ever again!
And at year end…
- Employee summary P60s;
- P11D and P9D benefit and expenses returns.
And the related tax planning advice…
Beyond the payroll compliance service, we offer comprehensive advice on all employment tax issues including…
- Tax efficient remuneration strategies;
- Planning for retirement;
- Termination payments;
- Inducement payments;
- Company car and van strategies;
- Benefits planning.
Are you a buy to let investor or property dealer or developer?
Property tax is a bit of maze and we can advise you on issues such as…
- Tax reduction strategies for rental income;
- What is a repair and tax deductible and what is capital and not;
- When to use a Limited Company to save tax;
- Trading income versus Capital Gain considerations and advice;
- Capital Gains rollover and holdover considerations;
- Stamp duty planning;
- Tax efficient mortgage structures;
- VAT considerations of property deals;
- Making the most of the Principal Private Residence election;
- Tax issues on the sale of part of your residence;
- Second homes;
- Inheritance Tax angles.
You are entitled to arrange your affairs to pay the absolute legal minimum amount of tax.
Whilst completion of tax returns and statutory tax obligations are important jobs, all accountants should be capable of completing them and advising you of your tax position and liabilities.
We try to do more than just this and are interested in maximising your tax planning opportunities.
We all have to pay our taxes but within the legal framework there are numerous ways of saving tax and making sure you do not pay a penny more than is absolutely necessary. We have extensive experience in this area of work and always fight as hard as we can for our clients.
We can help with tax planning in relation to…
- Personal taxes;
- Business taxes;
- Tax efficient employee remuneration strategies;
- VAT planning;
- Inheritance Tax strategies;
- Capital Gains;
- Profit extraction strategies;
- Exit strategies;
- Employment status;
- IR35 advice.
Apart from extensive experience in this arena, we have invested heavily in reference materials and specialist software and have access to the Tax Legislation, Tax Cases, to the internal manuals of HMRC and to detailed commentary on all taxes, direct and indirect. This allows us to research any tax topic at all and provide many ways of helping you legally save tax.
New clients are often surprised at how much can be done to help with their tax position. We are always willing to go that extra mile to offer advice on the areas where tax can be saved. We enjoy this work!
It is important that this work is done in advance and you should contact us as soon as possible.
All of our Tax Planning makes legitimate use of the Tax Legislation and Case Law, so that you are not put at additional risk from a full HMRC Enquiry, or where there are risks, these are pointed out to you.
Please contact us if you would like a free consultation to discuss the tax advantages of contracting in more detail and the different possible scenarios.
We offer all inclusive services for contractors including…
- Company formation;
- Annual Accounts;
- Company tax returns;
- Personal Tax Returns;
- Company secretarial service;
- VAT Returns;
- PAYE Returns;
- Tax computations;
- Review of contracts for IR35 status;
- Provision of anti IR35 draft contracts;
- Dealing with IR35 disputes.
There are many factors to consider in deciding if a contractor is caught by the notorious IR35 legislation.
Fundamental factors to consider:
- The right to get a substitute or helper to do the job;
- Mutuality of obligations.
Other factors to consider:
- Provision of equipment;
- inancial Risk;
- Basis of Payment;
- Opportunity to profit from sound management;
- Part and parcel of the organisation;
- Right of dismissal;
- Employee benefits;
- Intention of the parties;
- Length of engagement.
These are often matters of general employment law, and not specific tax legislation. There is an enormous amount of Case Law in this area and the Taxman is not always right. They do not have the final say on whether somebody is caught by IR35 or not. We can argue your case for you.
The cost of employees and employers national insurance if you get it wrong are considerable as well as interest and penalties.
We can review your existing arrangements and give you our opinion on whether it will stand up to attack from the Revenue. We can help draft contracts for services to assist you and advise on how you can maximise your chances.
How do you compare against your competitors?
Ever wondered how you rate against others in your industry, to help identify the areas where there is opportunity for improvement.
Use our benchmarking service and report and to see…
- How you compare against the industry average;
- The best and worst statistics in your industry.
We’ll identify how you compare in all sorts of key areas including…
- Sales levels and growth rates;
- Debtor days – how good you are at collecting in the cash!
- Gross and net profits margins;
Worried about the accountancy fees of a tax investigation?
HMRC has powers to investigate income tax and corporation tax payers at RANDOM.
With the ever increasing risks of full tax enquiries and investigations, it’s worth considering protecting yourself from the accountancy costs of dealing with it as the amount of work involved is often substantial.
You can get cover for the following…
- Self-assessment enquiries;
- VAT enquiries;
- PAYE and benefits enquiries;
- IR35 enquiries.
Even if HMRC finds nothing as a result of any investigation, you will still have unexpected professional fees to pay as a result.
We cannot prevent you from being investigated by the Taxman, but we can help to ensure that you get the best possible support and advice without having to worry about the cost.