Business Accounting Service

As your business develops and grows, your requirements will change.  It stands to reason, therefore, that our services should change too.

No matter what stage your business is at, or what your personal ambitions are, we will tailor and adapt our support to match.

Starting out

Of the many considerations for new businesses, tax planning is vital in order to establish the most appropriate business structure and avoid having to correct inefficient or non-compliant arrangements.  Our advice will therefore include the following: 

  • Establishing the most appropriate business structure i.e. sole trader, partnership, limited liability partnership (LLP) or  limited company 
  • The different options for the directors to draw their remuneration and for the shareholders to draw their profits
  • The impact of national insurance contributions  and ways of mitigating these costs 
  • Tax relief on business funding, e.g. Seed Enterprise Investment Schemes (SEIS) and standard EIS 
  • Vat administration including registration, cash or invoice accounting and the flat rate scheme (FRS) 
  • Setting up a payroll and auto enrolment for workplace pensions    

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Growing business

Once a business has become established and is growing,  expansion is likely to mean that the owners will need to delegate key tasks to mangers and staff and it is therefore important to attract and retain the best quality people for your business.  Tax planning can play a vital role in this process by ensuring that you have tax effective remuneration and reward packages in place.   You will also want to ensure that you take advantage of all other tax planning opportunities so that you can maximise the amount of cash for investment in the business and we will help you to do this by advising you on a range of tax reliefs including the following: 

  • Tax efficient remuneration packages for the staff 
  • Incentivising key staff through equity sharing, in particular tax approved Enterprise Management Incentive (EMI) share options 
  • Attracting further investment through the use of the Enterprise Investment Scheme or Venture Capital Trust (VCT) 
  • Maximising the tax reliefs on property and other asset acquisitions 
  • Using company group structures to reduce exposure to financial risk on diversification whilst avoiding the tax traps 
  • Making the transition from VAT cash accounting to the invoice basis

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Mature business and Retirement or Sale

As the business matures and the profits increase, business owners need to consider how to protect those profits from excessive tax charges.  There are a number of key tax reliefs that can be claimed on qualifying business expenditure and other opportunities to organise your affairs which include the following: 

  • Claiming maximum tax reliefs on innovation by making use of enhanced relief for R&D expenditure and other similar costs 
  • Ensuring that any business acquisitions are arranged in a tax efficient manner
  •  Early planning for retirement through tax approved pension schemes
  •  Making sure that adequate provision has been made for the financial protection of dependents in the event of illness or death 
  • The use of trusts to involve the family in the ownership of the business and reduce the overall tax burden 
  • Ensuring that the company structure is appropriate for passing on to the next generation or to management by means of corporate restructuring

As retirement or sale approaches, business owners need to consider how they would like to structure the sale in order to minimise the impact of capital taxes on the proceeds and how to structure their finances after the sale in order to enjoy a comfortable retirement. Some of the matters which require consideration include the following: 

  • Ensuring that the proceeds of a business sale qualify for entrepreneurs relief (10% rate of capital gains tax) 
  • Arranging the business assets so that any investments required for retirement are segregated from those which are to be sold 
  • Putting in place a realistic and tax efficient financial plan for retirement 
  • Taking action to mitigate inheritance tax, using trusts where appropriate and ensuring that Wills are tax efficient 
  • Making adequate financial provision for children and grandchildren through tax effective gifts  
  • Where moving overseas is a consideration, making sure that advantage is taken of all available tax reliefs

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