Accounting and Bookkeeping
If you company taxable turnover reaches 70 000 GBP (financial year 2010/2011) then you are obliged to register for VAT. Once applied for Value Added Tax you're required to charge all your customers VAT at 17.5% or 5% in some cases (correct as at 2010). There are some exempt from this rule where invoicing involves another company outside the UK but within EU that has VAT number. In this case you do not have to add VAT to the total amount of your Invoice. The other exemption is when goods or services are sold to a company outside EU.
While there is a requirement to register for VAT when you reach 70 000 GBP (financial year 2010/2011) within last 12 months, you may also register voluntarily. There are, however, some limitations. If you want to gerister for VAT and get VAT number voluntarily your main place of business needs to be in the uk. Main place of business means that you have to have physical office in the UK or/and have your contractors, customers, clients, suppliers and/or partners in the UK.
During the registration process you may have to accept a visit of a representative/officer of HMRC to conduct an interview. You will have to prove and demonstrate that you meet relevant requirements to be granted VAT registration and allocated VAT number.
HMRC (tax office) may refuse you registration if they believe you do not require one or/and do not meet registration requirements and/or do not have physical presence in the UK.
If you need help with VAT registration, please, contact one of our advisers by e-mail, chat or telephone number. We will explain you if you're likely to be granted VAT registration on voluntary basis and get unified UK VAT Number.
At TradeFormation we can help arrange for a complete range of accounting and book-keeping services for you newly registered company. Our team of London based accountants can submit annual tax returns and prepare yearly accounts for HM Revenue & Customs filing. We specialise in supplying timely financial information that lets you to manage your business more effectively and monitor its financial stability.
As with all our corporate services at TradeFormation, we believe that each client needs individual approach to providing accounting services. Our accountants will work closely with your managers to fully understand and appreciate your business's specific needs. All our accounting packages are tailor made to provide customised, cost effective accounting solutions for your business.
We recognise the necessity of using information technology in the modern workplace.
Our associates can set up cost-efficient computerised accounting systems that are not only powerful but also extensible and easy to use. Company directors can use such systems to generate real-time financial reports and other management information that can be a valuable tool when making important business decisions.
Undoubtedly, proper bookkeeping is necessary for the day-to-day running of any company. Unfortunately, many start-up businesses neglect this rather vital administrative task and often have to overpay later to bring all paperwork and filing requirements up-to-date. Accurate bookkeeping services are the cornerstone of any accounting process, ignoring it will lead to severe consequences in the form of fines and increased oversight from the taxation authorities. Diligent bookkeeping from qualified bookkeepers will yield clear and organised financial data to form a clear financial picture of a company. This in turn empowers managers to make strategic long-term business decisions with a high degree of confidence.
Our team of accountants and bookkeepers can help relieve the daily stress of manually updating the account books from company managers. As part of our comprehensive accounting services, our bookkeeping professionals can perform a number of important bookkeeping functions from processing invoices and bank statements to maintaining a daily ledger of transactions. Even if you manage your company from outside of the UK, we can provide effective bookkeeping services online by taking full advantage of the latest advances in information technology and virtual accounting systems.
Current UK legislation states that any business must register for VAT (Value Added Tax) if they have supplied taxable goods or services with a total value in excess of £70,000 in the past 12 months or if they anticipate doing so in the next 30 days. It is the business’s responsibility to be aware of and follow all the rules and regulations regarding UK VAT laws. Any errors in filing VAT returns might even result in fines and sanctions under a strict penalty regime. In situations like this the services of independent UK based accounting professionals are invaluable. Our accountants are ready to help you prepare and file your quarterly VAT returns. With a little outside help, VAT need not be a complicated burden any more.
Our accounting services can help you to avoid any punitive measures due to negligence or errors in yearly accounts and tax filings. This allows your company managers to spend less time worrying about complex regulatory matters and more time focusing on your core business activities.
We work with you to formulate an effective accounting solution at a price you can afford. Depending on the situation we can even make recommendations on trusted third-party accounting and legal specialists who can be an asset to your operation. These experts can help uncover unknown business opportunities, streamline day-to-day operations for maximum efficiency, help identify ways in which your business can minimise its tax liability and help create strategies for long-term financial growth.
At TradeFormation we strongly believe in making the right decisions for our client's long term profitability and success. We don't merely provide a service but we work closely with your business and offer effective, proactive solutions. Among the many accounting services we provide are bookkeeping, VAT returns, payroll, business start-up advice, management accounting, tax planning and cash-flow forecasting.
Whereas limited private companies, holding companies and public companies are taxed under corporation tax rules, taxation of businesses operating as sole traders and partnerships fall under personal tax regulations. Managing your personal taxes can be difficult at the best of times; keeping up with all the latest legislation while managing your company’s taxes under self assessment can be a source of unending frustration.
Just because a business is taxed under self assessment rules does not mean that the owner can’t get expert advice from tax professionals. Our personal tax advisers can provide clear and practical tax advice for you and your business that minimises your tax liability while guaranteeing regulatory compliance. Our team of London based tax accountants can help with every aspect of managing your personal tax returns.
This includes accurately filling out self assessment forms, properly handling tax enquiries and even giving advice on inheritance tax planning. We provide customised and proactive methods in which you can reduce tax liabilities and maximise wealth while fully complying with UK tax regulations.
Our personal tax service includes:
An integral part of the whole tax return process. Complete and accurate calculations are needed to determine your taxable income and how much you have to pay after deductions. Our tax accountants can calculate exactly how much you need to pay and when you need to pay.
Our accountants can handle all tax repayment claims on your behalf. We file the necessary paperwork with HM Revenue & Customs and make sure that you get the amounts that you are due. Unlike other companies we do not charge a percentage of your claims. All repayment claim collections are provided as part of our complete personal tax service.
Small Business Accounts
We can help with personal tax assessments for anyone self employed as a sole trader, in a partnership or limited liability partnership. Our tax professionals will help you minimise tax risk and ensure you meet all obligations.
HM Revenue & Customs Correspondence
We can save you a lot of hassle and aggravation by handling all correspondence with the appropriate department at HM Revenue & Customs (UK Tax Office) on your behalf.
If you have questions or concerns about your tax return, do not hesitate to contact us. Our tax professionals are more than happy to clear any doubts or queries you might have regarding your personal tax filings.
Changes in Tax Law
We will inform you of any recent changes to UK tax legislation and how it can affect your personal tax return. We make sure that you know what's going on at every step of the way and are never caught off guard.
Whatever your individual requirements and tax situation are, our tax experts are well placed to meet all your needs.
To find out more or to sign up, please, send us an enquiry..
Dealing with corporate tax affairs are a major challenge for small to medium sized companies incorporated in the UK. Staying up to date with changes in domestic and international corporate tax laws is not possible for a small business owner without the services of a dedicated accounting department. Maintaining such a department is out of the question for the majority of small businesses in the UK. Here is where we can help.
Our dedicated team of tax advisers and accountants can provide your business with comprehensive tax planning, registration and compliance services at a price you can afford. We are experienced in handling corporate tax affairs for a wide range of clients across many different sectors, regions and jurisdictions. Furthermore, we provide tax advice to all our clients ensuring full compliance with HM Revenue & Customs while minimising your corporate tax liability at the same time.
Our corporate tax planning and compliance services include:
- Calculating your company's corporation tax and capital allowances based on your annual accounts.
- Preparing and mailing your Company's Corporation Tax Return forms - CT600.
- Calculating your company’s tax liability for the current tax year and notifying you of the due date.
- Handling all correspondence with HM Revenue & Customs regarding routine enquiries in connection with corporate tax return filings.
- Maximising your company's tax efficiency through the use of tax incentives and benefits through tax planning.
There are many ways in which your company can reduce its corporate tax liabilities. The rules are changing all the time with some avenues for tax reduction being shut down and new ones opened. We are always on the lookout for ways your business can save money in its corporate tax returns. Purchasing commercial property; introducing employee share schemes; using company cars; putting money in non-trading investments; and using outside investors are just some of the ways your company can reduce its corporate tax liability.
Business owners in the UK are only too aware of the additional burden corporate tax assessment adds to their responsibilities. Assessing one’s own corporate tax returns under the shadow of increased HMRC oversight can result in huge amounts of stress for the small business owner, especially around tax season. Mistakes in the form of inaccurate corporate tax reporting can result in fines and investigations from tax-enforcement agencies.
We can alleviate all the worries of business owners in the UK during tax season. It should be remembered that the UK is the destination of choice for entrepreneurs from all over the world and boasts the highest number of double taxation treaties of any country on the planet. Our corporate tax specialists can eliminate the stress and fear of tax season. We ensure that all your taxes are calculated accurately and paid on time. We also make sure that you don't pay any more tax than necessary, and take full advantage of all the incentives offered. Our goal is to use our expertise and experience to reduce costs and add value to your business's bottom line.
To find out more or to sign up, please, send us an enquiry..
Corporation tax represents a significant part of the total trading costs for any corporation doing business in the UK. National budgetary shortfalls and record deficits have lead to increased scrutiny on tax filings for corporations across the board with the threat of harsh penalties for non compliance. HM Revenue & Customs, on their part have stepped up investigation and enforcement policies. What all this boils down to for the small business owner is spending a lot more time and resources doing your corporate tax returns.
Our tax planning service can help you reduce the tax burden on your company while staying in full compliance of the law. Everyone is entitled to arrange their personal or corporate tax affairs so that they pay the absolute legal minimum amount of tax. We can help you accomplish that. In addition to helping complete your corporate tax returns and other statutory tax obligations our tax accountants and financial advisers can also offer advice on how to reduce your company's tax liabilities and improve its overall tax position. Our tax planning experts can find many ways in which your company can save on taxes and not pay one penny more than is absolutely necessary. Our experts have plenty of experience in this area and will always push to save you money on your corporate tax returns.
New business owners are always surprised at how many ways there are for them to legally save on taxes and improve their overall tax outlook. Here are just a few things that can be done to nudge your business into a more favourable tax position:
Employ your spouse. Employing your spouse in your company or business operation is a legitimate way to pay your spouse a tax-free salary and reduce your overall tax burden. Sole-traders with high tax liabilities will benefit greatly from this scheme. Further tax savings can be made by setting up an employer pension scheme.
Offer low interest loans to employees. Amounts up to £5,000 can be lent to employees with no tax implications. This can be useful way to avoid benefit-in-kind tax charges when your employee purchases the company car for non-business related use.
If you use part of your home as an office to save on property tax, you are in risk of capital gains tax if you sell that house later on. Our corporate tax planners can help show you how to reduce or eliminate the capital gains tax liability in such cases.
Recover VAT on invoices that you have paid or received before you registered for VAT. This can be done if you have old VAT invoices and keep a schedule of the adjustments you have made.
These are just a handful of the many techniques that can be safely and legally used to improve your business's tax situation without putting it at risk of a full HMRC enquiry.
To find out more or to sign up, please, send us an enquiry..
The importance of maintaining a well-running, functional payroll system is obvious to any business owner. Wages have to be paid on time every time to maintain your employees' trust and productivity. For many small to medium sized business administering payroll can be lengthy, time consuming chore, using up energy and resources that could be better spent on the company's core activities. The increasing complexity of taxation and employment legislation in the UK accompanied by ever-increasing penalties for non-compliance only adds to the pressure of doing the payroll.
This is where we can make life easier on you and your business managers. We have a dedicated team of payroll specialists who can help eliminate the burden of administering your own payroll system by providing a comprehensive payroll service that covers all the essentials. We do not believe in one-size-fits-all packages; our team of UK based accountants and payroll experts can offer customised solutions geared specifically to your company.
Our customised payroll service will include weekly or monthly payment schemes, handling PAYE, National Insurance contributions, statutory sick pay, statutory maternity pay, and credits for student loans and working families. Our payroll specialists have plenty of experience in dealing with all aspects of the UK's pay-as-you-earn system and can ensure PAYE compliance, deal with PAYE investigations and even liaise with HMRC to clear up any issues that may crop up. Our pool of Accountants can ensure that any harm from possible future investigations regarding payroll irregularities are minimised.
Our experience in setting up payroll systems is extensive. Payroll services us also include time-sheets, customised payslips, BACS payments and submission of payroll year-ends. We are ready to help you at every step in the process of creating and maintaining a fully functional payroll system. Outsourcing your company's payroll needs to us ensures peace of mind and significant cost savings on your part.
Trusting your payroll services to us is perfect for smaller companies who do not require a separate HR department. For such situations we can act as your entire payroll service department so you do not require any specialist staff. In such a system we handle all technical and legal aspects as well, ensuring that your business managers are free to devote their time and energy on more important business activities.
Experienced company directors will recognise the importance of outsourcing ancillary administrative duties like payroll and accounting to save time and money. Our affordable, tailor-made payroll service can make a significant difference in your bottom line. Our payroll specialists always aim to keep things simple and focused on your company's human resource needs. Even if you are a small company with only a few employees, our payroll services can help you achieve greater operating efficiency and save money at the same time.