Finance is the lifeblood of any business. At every stage in its growth a business needs to maintain a balance between a positive cash flow and adequate working capital on the one hand and a reasonable return on investment on the other. Directors' drawings, shareholder dividends, and debt repayments need to be carefully coordinated to ensure that the smooth running and continued growth of the business are not jepodized. Moreover, while proper provision needs to be made for possible external changes such as economic downturns or fluctuations in exchange rates or interest rates, and internal changes such as temporary or permanent loss of key employees, it is equally important that any finance raised by the business is made to work for the business. All these matters require a keen, professional eye to develop and constantly adjust an appropriate and flexible finance structure for your company. Preparing business plans and finance applications and identifying and approaching appropriate lending sources require expertise and professional insight if the best possible results are to be achieved. Finally there are the financial implications of ensuring a suitable exit route for the current business owners. These are all matters on which our corporate finance experts are qualified to advise and guide your business.
Corporate Tax Planning
We can conduct a full tax review of your business and determine the most efficient tax structure for you. Very often such reviews result in considerable tax savings, which show up as real improvements in your bottom line. As with any other area of taxation, it is essential to be proactive and plan ahead when dealing with corporation tax.
In this way you can:
* Ensure you meet all your deadlines and file your returns correctly,
* Thereby avoiding any potential penalties,
* Make the most of any available reliefs, tax losses and deferment opportunities,
* In addition to corporate tax planning we can also represent you in any dealings with the tax authorities.
Everyone knows that a successful business must plan ahead, but all too often the pressures of keeping the business going on a daily basis mean that strategic planning is not given the attention it needs. The result is often rushed judgements, over or under-capacity, or missed opportunities. Every business owner needs a planning adviser who has the time and space to take the long view and advise on appropriate courses of action before it is too late. With years of experience advising the local business community we have a wealth of experience and expertise for you to draw on. We can build a business plan for your business, formulate a strategy to approach the banks when you try to raise any financing you need.
You want to start a business. We will provide all the necessary background support. Here are just a few of the ways we can help:* Preparing a comprehensive business plan
* Determining the best structure of your business: sole trader, partnership, limited liability partnership, or limited company
* Where appropriate, assisting with company formation and company secretarial duties
* Registering your new business with the Inland Revenue and, where appropriate, Customs and Excise
* Establishing relationships with banks, insurers, etc
* Preparing cash flow projections and assessing finance needs
* General bookkeeping, VAT, and payroll duties
* Tax planning
* Management accounts
* Annual accounts
Global Accountancy are experts in company accounting and we will make sure you take advantage of the most beneficial tax arrangements available to you.
Becoming a limited company will provide access to a number of tax planning strategies and limited liability status. Although there is perceived prestige in operating as a limited company you will lose some of your privacy directors and shareholders' personal details and abbreviated accounts have to be filed, and are open to public scrutiny.
A Limited Company is a distinct legal entity that is able to enter into contracts in its own name. This is important as it means that all the company's liabilities are the responsibility of the company - not the directors and shareholders! The only exception is if you, as director of the company, offer a bank or other creditor a personal guarantee to repay the company's debt, if the company cannot. We provide a full range of services for Limited companies which include:* Year End Accounts
* Tax Advice
* Payroll Services
* Book-keeping Services
* Review of accounting system
Global Accountancy can help with all your accountancy and tax advice requirements. We offer an unrivalled service for small businesses and self employed individuals. Global Accountancy Solutions can help as we are a 'one-stop-shop' accountancy and tax advice service for small and self employed individuals. Although being a sole trader is one of the simplest ways to get started in business, there are many processes that need to be followed to ensure a smooth tax assessment each year.
We are qualified to assist you in all financial aspects of your business partnership. Our expert knowledge will allow us to guide you through the potential pitfalls of a business partnership. A business partnership shares control, responsibility and finances between 2 or more people. The partner or partners would take on full liability for any debts incurred by the business and all profits would be shared equally. Ordinary partners also take on equal responsibility and decision-making in the running of the business. There are advantages and disadvantages to entering into a business partnership.
IR35 and Personal Service Companies
It's common to find financial consultants, IT consultants and others offering their services through a limited company. They'll probably be the only director and the only shareholder. The company invoices the client and the owner/manager takes a small salary from the business with the balance being taken as dividends. There are good practical and commercial reasons for working in this way which suits many and they can also lead to considerable tax savings compared to working as a direct employee of a company. HMRC is not mad on these arrangements however, and where the relationship between the working director and the end client is actually deemed to fall under the IR35 rules, a significantly larger tax bill may arise. The regulations concerning these rules are often referred to as 'IR35' as they were put out in the 35th press release of that year (1999). Visit HMRC's website for more information.
We can guide you as to how you should structure the relationship with your client and what terms to include in your contract so that the arrangements fall outside the scope of IR35 and the earnings will be taxed as desired. We can also review current contracts to see whether they fall under IR35, what the consequences might be.
Administering your payroll can be time consuming, burdensome, diverting energy and resources. The task is made all the more difficult by the growing complexity of taxation and employment legislation and the accompanying regime of penalties for non-compliance. We have dedicated staff who can provide a comprehensive and confidential payroll service, including:* Payslips
* Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
* Completion of statutory forms to issue to your employees and submit to the Inland Revenue
* Summaries and analyses of staff costs
* Administration of incentive schemes, bonuses, and ex-gratia and termination payments
* Administration of pension schemes
* Online submission of P35 and P14's to HMRC & Customs
The complex regime of regulations imposes a tremendous administrative burden on businesses. With the rate being so high, mistakes in calculating VAT can be costly and the rigid system of penalties and interest charges for mistakes and the late submission of returns adds to that burden. Our cost-effective VAT compliance and planning services can relieve you of this burden. Our team of VAT professionals will help to keep your VAT affairs in order, make sure you are collecting the right amounts for each transaction, and ensure that you make payments and file returns correctly and on time. In addition to providing a comprehensive bookkeeping and VAT accounting service, we can also advise on and help with:* The pros and cons of voluntary registration
* The timing of compulsory registration
* Extracting maximum benefit from the rules on de-registration
* Partial exemption
* Timing and delaying VAT payments
* Flat rate VAT schemes
* VAT on imports and exports
* VAT control visits by Customs and Excise
We can save valuable time and resources tied up with routine bookkeeping and accounting in your businesses, ensure your accounts are kept fully up-to-date and in compliance with statutory regulations. Global Accountancy can also provide you with regular management accounts to keep you informed on essential areas such as:* Cash flow
* Performance ratios
* Customer activity
* Budget comparisons
* Payroll administration
* VAT returns
* Bank reconciliations
* Annual accounts
We act for overseas companies with subsidiaries or branches in the UK. We can help from the initial start-up to include company registration, tax compliance, HR issues and structuring advice through to liaising with overseas auditors.
We can advise international companies on tax planning matters, from the UK tax implications of group strategy to how the overall tax burden can be reduced through efficient structuring of the international organisation and inter-company transfer pricing arrangements.
Charities accounting has become a more complex and specialised area in recent years and we have been able to use our experience in charity accounting and reporting. Our in depth experience would be very useful for new start up charities as well as those who need to review their system.
Global Accountancy well connected in the charity world and works with a number of providers of specialist professional services to offer charity clients access to advice in a range of related areas.
Company Secretarial and Registered Office
These days most companies are not required to appoint a company secretary. If you do want or need one, we can perform this role for you.
Every Limited Company or LLP must have a registered office. We can act as your registered office if you're uncomfortable having your own address being a matter of public record (it's available for the public to see at Companies House). For most this is not an issue and they're happy to use their home or business address but for others this may not be appropriate.