Services for small businesses
Our Principal, Stephen Fay ACA, is a fully-qualified Chartered Accountant specialising in dealing with small businesses (sole traders and limited companies). Stephen was part of the Small Business Team as a trainee accountant at an international firm. This provided the best of both worlds: day to day hands-on experience of dealing with small clients, and top-notch technical training with a ‘Big 4’ firm.
Accounts and tax return work – the basics
Whether you are a limited company or a sole trader, we will prepare your annual accounts by summarising all the transactions for the accounting year and then producing the required Profit and Loss Account and Balance Sheet in the correct format. The accounts are then used to prepare your business tax return for submission to HMRC.
We can provide you with tools and templates to help you keep track of your business during the year, and provide good records to us at year end. We can also deal with VAT registration and returns, your payroll needs, and regular management accounts during the year, if you wish.
We will agree any assumptions, estimates or changes with you before finalising the accounts. We will also look for tax saving opportunities, and advise you on how to make your record-keeping easier.
Keeping an eye on ‘the big picture’
As well as helping you operate your business during the year, and completing the year-end accounts and tax year, we also work with clients to understand their longer-term aims and ambitions. It may be that operating as a sole trader was appropriate to date, but that forming a limited company may now be a better option. Would it make sense to establish an additional limited company? How much should be paid to shareholders as dividends, and when?
We will look at your overall circumstances and ensure that your business interests are constantly reviewed and advise you of suitable changes.
The ‘end-game’ – selling, transferring or winding up your business
Most business owners eventually want to stop working and enjoy the fruits of their efforts. We can help in valuing and selling your business, as well as minimising the tax bill. If you plan to wind up your business, there are tax planning options that can reduce the tax payable from 40% to 10%. Or you may wish to transfer the business to a family member or employee.
We will can explore the options with you, deal with the required calculations, and ensure that HMRC agree with the tax treatment and figures in advance. We can also deal with inheritance tax issues if required.
Property Cashflow Tracker
Business Expenses Record
Business Mileage Record
Cash Flow Template- Tax Return Preparation Template 2010
- Sample Invoice
- Essential Tax Planning for Property Investors
- Can using a Property Company save you tax?
- Property Capital Account Tracker 2010
- Guide to Tax Deductible Property Expenses
