Sole Traders,

Partners and

Partnerships

sole trader taxes, partnerships, partner taxes, partnership accounts, partner disputes, partnership changes, VAT, apprentice schemes, solicitors, engineers, biotech, fintech, creative industries
  • Is your record keeping, accounting, cash flow, invoicing and purchasing systems demanding your precious time?
  • Are you struggling to manage your working capital?
  • Are the task of business and tax regulations consuming your precious time?
  • Are you struggling with your financial planning, analysis and cost management?
  • Do you need a financial accounts?

Because so much is riding on you, as a business owner or partner, it is very hard to focus on the things you care about. It is even harder to limit your precious time spent on rationalising things that have limited personal time and financial payoff. We believe YOUR time is precious.

We offer you support with quality information, accounting and tax services to help you grow and retain control of your business, and achieve scalablity.

We aim to enable you to leave behind the overwhelming financial reporting, planning, forecasting, accounting and analysis. We help you to look beyond the numbers.

We love working with people who share our business views and are enthusiasts for growth.

Below we have provided an indication of the areas we maybe able to help you. Click on the “+” for further information.

Management accounting is an essential component of your enterprises “value creation” process.  Our management accountants apply professional knowledge and skill to the preparation and presentation of your financial and other decision oriented information in a form as to assist the business owners and leaders in the formulation of policies and the planning and control of the operations of your business.

We offer services to support your management accounting needs. Our services range addresses financial and non-financial services. Our services are tailored to your requirements and may include:-

  • Monthly management accounts
  • Budgeting and forecasting
  • Cash flow planning and management
  • Working capital management
  • Profit improvement studies
  • Business Planning
  • KPI & KRI (Key Performance/Risk Indicator)
  • Operational improvement analysis
  • Financial Management and Control
  • Risk Management
  • Owners or partner disputes.
  • Funding plans
  • New investment decision-making
  • Business Strategy decision-making

Our services help you grow your sales, make cost savings, and improve your working capital.

We can also help with systems, tools, processes and support for strengthening debtor management, cash monitoring and MI solutions to improve your business insights and working capital performance.

Do you need financial accounts and reports prepared for your enterprise for the partners, members, shareholders, HMRC or parent group? 

We offer services to draft and prepare your businesses or enterprises annual financial reports and accounts.

Our services covers a wide range of other reports and accounts required from self administered pension schemes to the CIO’s (Charity Incorporated Organisation). 

Financial Report and Accounts are an important part of corporate governance. The Report and Accounts are lodged with companies house and used to support your businesses HMRC tax assessments, banking and stakeholders credit support. Let us help you get your report and accounts completed in time and filed.

All businesses (sole trader, partnership and company) are required to maintain records for compliance for HMRC record keeping requirements and if registered as a limited liability partnership or company, additional responsibilities fall on the partners and director to maintain records.

However, if you don’t know your numbers, you are not managing or measuring you business. Quality bookkeeping operations are key to know your numbers and produce good business decision making. 

Bookkeeping can be a hassle and frustrating without good systems and controls and regular processing. We offer our bookkeeping systems with the additional services to capture and record your transactions, reconcile debtors, creditors and cashbooks, to provide you with your numbers at your finger prints.

Our bookkeeping service is offered in conjunction with our Xero Cloud Accounting solutions and the relevant integrating apps.

Our flexible bookkeeping service is able to offer you continuous visibility of your business with assurance the numbers are accurate, complete and current.

The Benefits

  • Improved business decision making
  • Record keeping to HMRC standards
  • Peace of mind
  • Freeing your time and resources up to grow your business.

CGT applies any gain on any business asset or investment. CGT applies individually to each asset disposal, subject to qualifying tax thresholds and the scheduled tax free items.  If you have claimed capital allowance these need to be reviewed and adjusted for. As capital assets and investments are often held for a long period significant gains (profits) or losses can accrue and these are subject to CGT. 

If you own an investment in your business you are liable for CGT assessment on disposal or swapping it or even if you give it away. 

With sound tax planning and management, you can efficiently manage your CGT tax liability. Our professional team offer services to assist you to manage your tax planning and to complete HMRC CGT compliance process.

We draw to your attention that CGT taxes are applied at different rates on different types of assets.

So not matter if you are selling an investment, your business or property, we can assist in helping you understand the considerations, planning and payment of your CGT taxes.

We draw to your attention that assessment for CGT also applies if you are a UK non-resident corporation.

We offer business or partnership accounts and income tax self assessment compliance services for sole traders and partnerships and, if required, each of the individual partners. So, whether your business is your main business or a secondary income, i.e. property rental, let us help you with your business or partnership accounts and tax compliance. 

Why use an Accountant

  • Informed decision making to help you manage your business
  • Enable all partners to understand the business performance
  • Peace of mind that your self assessment tax has been thoroughly prepared
  • Reduce surprises – Know how much and when your tax payments are due
  • Remove the hassle and complexity of business and partnership accounts and self assessment tax returns
  • Reduce your risk of errors and omissions on self assessments
  • Have peace of mind that your accounting records are adequate for HMRC purposes

We offer a complete payroll and RTI solution for smaller employers to support sole traders, personal service companies, and partnerships. Our service is supplied as a component of the leading edge Cloud Accounting Solution – Xero. Xero places your employee and payroll information and records at your finger tips. 

We offer RTI (Real Time Information) returns meeting HMRC requirements, along with employee payslips and firm’s HMRC reporting returns from P45 & 60’s to the end of year summaries.

Our services supports auto-enrollment returns, employee record keeping and a whole lot more for your assurance over your payroll operations.  

We assist with the processing of employee deductions. 

Call us today to discuss your payroll requirements.

VAT Rates

Which VAT rate to apply for my supplies (Turnover):  Three different VAT rates apply and it is important you charge the correct rate.

  1. The Standard Rate, currently 20%;
  2. The Reduced Rate, currently 5% for certain goods and services e.g. energy saving goods and domestic energy supplies; and
  3. Zero Rates applies to specific goods and services e.g. qualifying products and services for children’s clothing, food products, health and safety, welfare services, publications and

VAT Registration

  1. Do you need help to assess your VAT (Value Added Taxes) status?
  2. Are you concerned about what sales, expenses and fixed assets qualify for VAT
  3. Does your turnover meet the VAT Supply registration criteria?
VAT ThresholdsAction
Does your VAT turnover exceed more than £85,000 p.a. now or in next 12 months?Register
If your turnover is less than £85,000 can you still register to recover input VAT?Yes, but additional considerations are required
Does your business supply any exempt goods and servicesContact us to discuss

Are you ready for MTD?

All businesses with Supplies over the registration threshold are required file their VAT returns through the MTD process from April 2019. If you are below the registration threshold and elected to register for VAT you may still want to be MTD enabled.

Are your processes, information, accounting and reporting systems MTD (Making Tax Digital) ready?

Action is required now to get ready for MTD – recent research indicates more than 60% of firms are not ready – Don’t be caught in the rush – Action today your MTD program.  If you need help contact us today.

Do you want to the benefits from VAT schemes to help you capture more value to your bottom-line?

The Benefits of VAT SchemesDo you want a VAT Scheme to
Saving you Time, Effort and ResourcesSimplify your administration and record keeping
Save you Time and CostSimplify the frequency and recording processes
Improve the completeness of your recordsReduce the burden of record keeping
Optimising your Tax paymentsMatching your tax payments to your cash flow
Improve your customer experienceSimplify your invoices and processes

Benefits are also available to reduce non-compliance risks that you get FREE from being on a VAT scheme: –

  • Reduced risk of incurring costs from penalties and fines
  • Reduced risk and effort required to remediate mistakes or errors

HMRC advise you to contact your accountant – Call us today.

  1. If your business qualify under a special scheme or exemption? To complete an assessment, you can consider factors like
    • Are my invoices just recovering costs and disbursements commissioned by the customer?
    • Are my goods or services exempt supplies e.g. sports activities, betting, antiques, medical treatment etc.
    • Does my business qualify as a qualifying institution or registered provider e.g. nursing home or educational or health care service etc.
    • Can your business take advantage of any of the opportunities offered by the VAT small business schemes?
  2. HMRC understands small businesses and they have tailored schemes for small businesses to simplify VAT. Do you want help with assessing if one or more schemes are available to you? Set out below is a summary of possible VAT Schemes that deliver benefits to your business.
OPTIONS FOR YOU TO CONSIDERAVAILABLE SCHEMES
Would submitting your VAT return annually, instead of quarterly returns saving you time and effort?ANNUAL ACCOUNTING
Would your businesses cash flow benefit if VAT was based on when customers and suppliers are paid, rather than invoice date.CASH ACCOUNTING
Are you trading in works of art, antiques, collector’s items, or second-hand goods?MARGIN
Would a simplified fixed rate of turnover make VAT record keeping, reporting and payment easier for you?FLAT RATE

Would simplification of your sales price and record keeping at the point of sale benefit you?

Do you supply a large number of low-value goods or services in high volume?

RETAIL
    Restrictions apply to some schemes and if you want to change schemes.

Record Keeping

  1. As a further reminder your business may benefit from continually checking
    • Are your Invoices compliant VAT regulations?
    • Do your accounting records support the capture and accurate processing of VAT inputs and outputs?
    • Are your forecast cash flows adequately incorporating VAT estimations?
    • Have you notified all your suppliers of your VAT registration status?
  2. Your VAT obligations as a business is to assess, register, report and pay as required.  The HMRC sets the required standards and criteria to be met for VAT recording and record keeping.

If you would like discuss the any aspect of your business with us, CONTACT US TODAY

Have you received a HMRC notice or penalty?

Would you appreciate a professional review?

We offer a service to help you manage the HMRC notice process. Don’t delay, as penalities may be accumlating by the day. 

Come in today and discuss with us to see what we can do to assist you.

Have you completed a review of the financial and tax benefits of operating as a sole trader verse partnership verse incorporation?

Substantial cash flow, funding, tax benefits and tax credits maybe achievable if you carefully consider alternative forms of incorporation / operation of your business. Do you want to undertake a review of the opportunities incorporation may offer you? Contact us today.

Examples of the benefits

  • UK corporate tax rates have been reduced to below 19%, instead of paying tax on all your profits at the personal higher rates.
  • R&D tax credits are only offerred to incorporated firms
  • Capital gains on investments in real estate maybe higher if you own a property directly in your own name, than if you hold the property indirectly through an incorporated entity. For example CGT of 28% applies on residential property verses the corporation tax rate which is currently below 19% or operational expenses and interest deductions are allowable on a residential rental property in an incorporated entity but disallowed if conduct a residential letting business subject to personal income taxes

Do you want an assessment completed? Contact us today.

Lets us help you review the options “for profit” and “non profit” limited by guarantee and CIC options.

Please note: Incorporation is not always the available or the appropriate answer. Certain sectors, positions or jobs may limit your incorporation and trading style opportunties e.g. barristers. There are many types of incorporation and our guidance is recommend on the right one for you.

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