The type of business you operate will determine the manner in which year-end accounts must be presented to satisfy requirements with H.M. Revenue & Customs and if appropriate, Companies House. Limited companies must prepare year-end accounts to calculate the company tax charge (Corporation Tax) whereas sole traders & partnerships accounts are used to calculate the profit to be entered on to a Self-Assessment Tax Return.
We pride ourselves on ensuring absolute compliance for our clients whilst paying the minimum amount of tax within the law.
The subject of tax can often be a minefield. With so many taxes and varying deadlines it can be difficult to keep on top of your affairs. Tax can be broken down in to five areas being Income Tax, Corporation Tax, Value Added Tax (VAT), Capital Gains Tax and Stamp Duty Land Tax. We have in-house experts who can assist you in all of these areas.
We can calculate and report your taxes, alongside communicating to you any tax liabilities that you accrue. We will remind you of payment deadlines to keep you compliant.
Unlike statutory accounts, management accounts are not mandatory. However, we strongly recommend the preparation of management accounts as they provide a business with an up to date financial position which is fundamental for any business that is serious about growth and improving its operations.
Management accounts can help businesses control costs, highlight inappropriate expenditure and be used as a key tool to secure finance or credit. They also eliminate any potential surprises or disappointments when the year-end accounts are produced.
Management accounts can be prepared as often as required and their preparation ties in perfectly with our bookkeeping service.
Constant changes in legislation alongside hefty penalties for non-compliance has made payroll processing a gruelling task. Here at Folkes Worton we have in-house experts who can take this strain away from you and ensure absolute compliance with all governing bodies. With prices from as little as £3.00 per payslip you needn’t look anywhere else for a payroll solution. What we can do for you:
- Process and report your payroll information to H.M. Revenue & Customs,
- Provide you with details of payments that need to be made to employees,
- Inform you of liabilities and due dates with H.M. Revenue & Customs,
- Provide employee payslips,
- Set-up and maintain auto-enrolment pension schemes
Maintaining your business’s financial records can be a time-consuming administrative burden. It can often be rewarding to outsource this responsibility to free up time to concentrate on what you do best.
We have an experienced bookkeeping team who are more than happy to maintain your financial records or work alongside you if you prefer.
Our investment in cloud-bookkeeping software has made it easier than ever to work alongside our clients to keep on top of their financial records.
Research and Development
R & D reliefs support companies that work on innovative projects. Qualifying R & D claims can result in an extra 130% of qualifying costs being deducted from a company’s yearly profit or a tax credit can be claimed if the company is loss making.
Qualifying claims are more common than you think; so if you have had to be innovative to overcome any complications on a job / project or if you have invested time and money to try and find an advancement in your field it is certainly worth a phone call with our resident tax specialist Matthew Morris who can confirm whether you can claim. R & D claims can also be made in respect of unsuccessful projects.
Embedded Capital Allowances
You may be unaware that as a commercial property owner you can claim tax relief on items that were embedded within the property at the time of purchase. We work in partnership with HMATax who are embedded capital allowances specialists. Their team of professionals will establish whether your commercial property qualifies for tax relief and if so undertake the appropriate steps to get you a successful claim.
From bookkeeping and year-end accounts to tax and commercial property advice, Folkes Worton can help! Contact us today on 01384 376964.Folkes Worton, Stourbridge