Year end Accounts for small businesses at affordable prices
We have invested heavily in staff, software and in-house processes to make the preparation of year-end accounts and corporation tax returns as painless for you as possible.
Tim Haggard heads up the team that specialises in year-end accounts. Tim has a commercial backgroud having been involved in a number of start-ups. Therefore he and his team are aware of the issues facing small business owners and, because the practice prepares accounts for hundreds of small businesses annually, we are very familiar with the structures that will ensure you pay as little tax as possible.
During the accounts preparation process, the input required from you will be kept to a minimum, so you can get on with running your business. Once we have the information we need, our work is usually finished with a small number of emails and telephone calls. If you want to come in for a meeting, you will be most welcome and we will make best use of the time. Final clearances are more usually dealt with by email, and you can drop off or send us the signed accounts at your convenience.
Where possible we provide this service for a fixed fee, so that you know exactly where you stand. It is extremely unusual for us to revise the quote because of cost overrun, and fees will only increase with an increase in the size of the business (because there are more transactions to process) or because you have asked us to do more work on an ongoing basis (EG review and submit VAT returns).
Issues we are seeing
Small business owners across the income spectrum are very focused on the tax they are paying.
This is because of recent tax increases, which include an increase in national insurance rates, a lowering of the limit at which 40% tax is paid, the loss of the personal allowance on income over £100,000 and the introduction of the 50% income tax band. These tax hikes have business owners looking at ways in which they can save tax. Here are some ideas for you:
- Save surplus cash in the company to shelter income from higher tax rates.
- Move your mobile phone contract into the name of your company.
- Use your company to contribute to childcare costs.
- Make pension contributions direct from your company to your pension scheme.
- Claim as expenses a reasonable proportion of your home costs if your office is at home.
- Reclaim business expenses from the company, even if they are not allowable for tax.
Help us to help you
The sooner we get data from you after the year-end, the better. It means that issues are fresh in your mind, that there is no pressure to meet filing deadlines and, most importantly, there is better scope for tax planning.
The key to a successful relationship:
- Our processes and our willingness to adopt new software.
- Structured record keeping by you during the year. We can help you with this.
- Timely provision of the data we require. The process should be over in 1-2 weeks.