Businesses (Limited Company / Partnership / Sole Trader)

Businesses (Limited Company / Partnership / Sole Trader) banner

We have over 35 years of working experience with successfully helping the development of small to medium size businesses including sole traders, partnerships, limited liability partnerships, limited companies and charities.

We pride ourselves in being able to provide to each of our clients a bespoke professional service. In order to best illustrate this very important point the following shows the depth of advice that you will receive from us:-

Our services for your business will include the following:-

We will provide a range of services to support all aspects of business administration. We can help you by making sure accounts are prepared in the correct format, statutory books and other company secretarial records are kept up-to-date and that all statutory returns are prepared (we use IRIS Company Secretarial software). Our experienced team will relieve you of the regulatory burden and leave you more time to concentrate on other areas of your business. In short, we will make sure everything is in the right format, in the right place and at the right time.

Accounts and financial statements preparation

Accounts preparation is a core part of our business and we pride ourselves on being able to meet your needs promptly and efficiently. Our services include:

  • accounts for partnerships and sole traders/freelancers
  • rental income accounts
  • accounts for charities, clubs and associations
  • management accounts, monthly or quarterly
  • company accounts to comply with Companies Act requirements
  • accounts prepared to conform with FRS102 or FRS105 Standards
  • consolidated accounts for groups of companies
  • bespoke reports for subsidiaries of overseas companies
  • budgets and cash flow forecasts

Your accounting records

Company secretarial services

We will help you to form a New Company or to incorporate your present company and help you with the compliance and administration and can provide company secretarial services. We can help you to comply with your statutory obligations under the Companies Act including the maintenance of your statutory register and the annual filing of your confirmation statement we can help you avoid any penalties for late filing of annual returns, accounts and other documents. 

Running a limited company

Business tax (sole trader, partnership and limited company) and Self-assessment Tax Returns

Under self assessment the legal responsibility for correctly calculating the tax liability falls on business owners. We understand the issues facing owner-managed businesses and will calculate your business’ tax liability and provide to you a copy of our calculation of the adjusted profit for taxation purposes and prepare your claim for capital allowances.  

The increased proposed obligations under Making Tax Digital, investigation policies on the part of the tax authorities and penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective tax planning can also result in significant improvements in your bottom line net profit.  

We will help you to select your most tax efficient remuneration package and help with your exit plan from your business so that you can retire in the most tax efficient manner. 

We have the expertise and software to take the headache out of the form filling and compliance aspect of Self Assessment including Making Tax Digital. We will complete your Tax Return(s), calculate any tax liability and advise you on exactly when to make payments and how much to pay. We will file your Returns online securely to ensure the most efficient processing. Online filing speeds up any tax repayment to you.  

Value added tax

Ever changing regulations and the growing demand of HM Customs and Excise mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with the regulations and that overpayments are not made. To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes:

  • assessment with VAT registration;
  • advice on VAT planning and administration;
  • use of the most appropriate scheme;
  • VAT control and reconciliation;
  • help with completing VAT returns;
  • planning to minimise future problems with Customs and Excise; and
  • negotiating with Customs and Excise in disputes and representing you at VAT tribunals if necessary.
VAT

Business start-up

Most people who start up in business do so because they have a good business proposition. We can help by evaluating your ideas and helping you develop them into a viable business.

We will help you:

  • decide on the most suitable structure for your business (i.e. sole trader, partnership, limited liability partnership or limited company)
  • prepare a business plan, cash flow projections, budgets and trading forecasts
  • assess your finance requirements and advise on the most appropriate source of finance
  • help you establish relationships with banks and solicitors and any other necessary professional advisers
  • carry out registration procedures with Companies House, Inland Revenue or Customs and Excise
  • set up a digital accounting system

Starting up in business

Management accounts and information

Regular management information is vital to the continued success of any business. We work closely with you to get to know your business so we can make suggestions to help improve profits or to develop and grow your business. We can prepare your monthly or quarterly management accounts to ensure you always have reliable and accurate information on which to base your business decisions.

Guide to managing your creditors

Payroll advice

Running a payroll can be time consuming and complicated and divert resources from the core activities of your business. We can address this by relieving the pressure and we can offer cost-effective solutions. Our payroll department can provide regular payroll services dealing with PAYE, NIC, Statutory Sick Pay, Statutory Maternity Pay and Student Loans. We also deal with all annual returns, filing these online as appropriate. We will also assist in the preparation of forms P11D if these are required.

Guide to payroll

Bookkeeping

We can help you with all your general bookkeeping requirements, either at your offices or at our office. You may require help to complete your records or need us to add the finishing touches to information on your bookkeeping system in order to create your own management information. If you do not employ a bookkeeper then we can take up the role or help you recruit the right person for your business.

Budgets, business plans and forecasts

Every business should plan ahead to ensure success but daily business pressures often conspire to delay the strategic planning process. Financial forecasts are a crucial part of any business plan and we will ensure that these are both meaningful and robust. If your business is lacking financial direction we can provide that missing link.

Liaising with banks and institutions

We offer support when liaising with banks and other financial institutions. Drawing on our wealth of experience we can support our clients through this often daunting experience. We deal closely with the banks and can help you reduce your bank charges.

Statutory audits

Many limited companies, charities and other entities are required by law to have their accounts audited.

Our audit services aim to provide you with confidence in the accuracy of your financial statements, and assurance as to the efficiency and effectiveness of your accounting procedures and internal controls.

Click here to email Brian Luxford for further information or if you would like to ask him a question.

This material provides only an overview of the regulations in force and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material can be accepted by the authors or the firm.