Our Services

Partnerships and Self Employed

Auditing

Andre Kapadia is our in house auditor. If your company's turnover exceeds £5.6m in any one year, you will need an audit to comply with company law. However clubs and charities may require an audit if stipulated in their Articles of Association. Some other entities such as property management companies may also require an audit to satisfy their members.

Back to Top of Page

Limited Company Accounts

We specialise in the production of corporate accounts for small and medium sized companies. We give continual advice on the management of company funds especially requirements for directors borrowing, directors salaries versus dividends and bonuses, efficient purchase of company assets etc. We boast we are always within the time limits for submission to Companies House and Revenue and Customs subject to receiving client records. We give advice on the propriety of converting sole trader businesses to limited companies and implications of IR35 requirements.

Back to Top of Page

Partnerships and Self Employed

We have many clients within this business category. As far as partnerships are concerned, the Revenue and Customs are looking closely at the make up and profit share of such businesses. Care must be taken when partnership shares are decided and we give advice on the subject. These types of businesses can have certain tax advantages but there are some circumstances when conversion to limited company status is advisable. Advice is essential to make the right decision.

Sole trader businesses are far more numerous than partnerships and in many ways less complex. The Revenue and Customs tend to pick on sole traders when carrying out investigations. Advice is always on hand to try and avoid such investigations. However we do have an in house insurance scheme to indemnify clients against the cost of such investigations. Full investigation can take between 12 and 24 months to resolve and therefore can be quite expensive.

Back to Top of Page

Private Individuals

Private individuals usually want either of two services

a) advice on personal tax matters such as capital gains, tax reliefs, pension funds, tax efficient investments etc.
b) completion of personal self assessment tax returns to comply with statutory requirements.

This practice offers our clients both of these services and we give ongoing advice during the year.

Back to Top of Page

Management Accounting

We have full in depth experience in this field. Jim Bailey heads this department and can demonstrate his skills in the design of management accounting systems specially formulated to show precisely the information requirements of the client. He has had published work in the Management Accountant.

Back to Top of Page

Payroll services

We offer weekly and monthly payment services and provide all the paperwork needed to satisfy client and government requirements. The service includes year end submissions to clients and the Revenue and Customs.

Back to Top of Page

Book-Keeping and VAT Returns

We have personnel working for us who can carry out book-keeping services either on a manual basis or on a SAGE computerised system. Our book-keepers can work on a monthly, quarterly or even yearly basis. They always reconcile bank entries and produce the necessary records for accountancy personnel to complete year end accounts etc. For larger businesses we recommend they employ their own book-keeping staff and give advice in such cases.

Back to Top of Page

Investigations

There are different types of tax investigations run by the Inland Revenue which affect individuals and businesses.

a) PAYE investigations. These are conducted by the PAYE investigation department and focus on employers of all categories. Visits are made at the client's premises where PAYE records are scrutinised as well as records regarding gross payments to staff or other labour suppliers.
b) VAT investigations These are also made on the client's premises. C&E staff look for omissions of VAT payable or overstatements of VAT claimed back. The average period between visits is three years but can of course be very much shorter or longer. Penalties and interest are levied on understatements. It is sometimes advisable that you stipulate that these type of visits are conducted at the accountants office.

c) Schedule D investigations

There are three main types of these.

C1) Fraud investigations - where the IR suspect fraudulent non payment of tax of a reasonably large sum. Sometimes called Hansard investigations. These are rarely started unless they are confident of fraud having taken place. Retribution is mostly pecuniary. Penalties are harsh plus interest and unpaid tax.

C2) Full investigations. These are instituted by either suspicion, random selection, or snitching by third parties. The IR call for all business records for the period concerned, and usually all personal records of the owners of the business. They can be very invasive and traumatic for the client and can take up to two years to resolve. The ethos of the Revenue is to prise as much money as possible out of the client and therefore these cases have to be vigorously defended. Penalties can be levied, interest and back tax will always be charged when applicable.

Accounting Partnership has an insurance scheme to absolve clients of the cost of such investigation. Premiums are charged to clients at cost only.

C3) Aspect enquiries. These are a lesser form of investigation and much less invasive. Specific questions are asked and answered. Usually resolved quickly.

Back to Top of Page

INCOME TAX CALCULATOR. CLICK HERE
This calculator is supplied by Prudential PLC