01803 228 628
01803 228 628
As your business grows, you will reach the point at which you will have to take on staff. Many people are frightened by Payroll, how to calculate the pay, what tax and National Insurance Contributions to deduct, what records need keeping. I provide a package which assists you with these aspects, from advising what forms you should receive from new employees, to what to do when an employee has no paperwork to give you (new employee questionnaire), to what tax code to operate. I provide electronic payslips, sent by e-mail to you for printing and distributing to your staff. I can provide printed payslips on pre-printed stationery if required for an additional fee.
When do I register for VAT? Getting this wrong can be costly. Registering too early can see you laden with the burden of paying over 20% of your turnover (less any recoverable VAT) before you are legally obliged to do so. Ultimately this can lead to the business failing. Failing to register in time can also be costly, with back dated VAT, penalties and surcharges all becoming payable. The VAT threshold is currently £79,000 (check) in the past 12 months – not your financial year, but 12 months – so you need to keep an eye on your rolling 12 month turnover figure. If you expect to exceed that amount in the next 30 days, you are also obliged to register.
If you provide a zero rated supply, you can voluntarily register and thereby claim back the Input VAT you suffer on supplies received. You can also set up to file VAT returns monthly to recover VAT more quickly in these cases. Normally your VAT Returns are quarterly.
Then there is Exempt VAT!
I can provide a package that relieves you of the burden of monitoring your turnover threshold, filing your Returns, and the sometimes complicated calculations relating to Exempt and Partially Exempt services.
VAT Returns are usually required quarterly, unless you have voluntarily registered to recover Input VAT on a zero rate business. The filing deadline and payment date are 1 month and 7 days after the end of the VAT Return – so your June VAT Return would need to be filed by the 7th August (confirm). Any VAT due would also need to be paid by then.
What is business planning? I want to open a shop selling x product, that’s all I need to know! Actually, good business planning makes the difference between a successful business and a business that will fail within a couple of years. What are your expansion plans? Where are you going to get your customers from? What advertising will you do? What regulations are out there? Putting all of this into a business plan will enhance your chances of making the business a success. You will have mapped out your plans and what to do when. But remember, a business plan must be flexible, it must be able to adapt to unforeseen conditions, to take advantage of opportunities, to adapt where the plan is not working as expected. I will sit down with you and help you work through the questions you need to ask yourself, and together we can build a business plan that you can refer back to.
A Business Plan does not need to be War and Peace! Keep it simple, brief and to the point.
So you’ve got your business plan, but what about the figures to back it up. What finance are you going to need (and where from) and how are you going to pay it back? We can work together to build a budget and cashflow forecast showing the cash requirements of the business, its maximum level of finance required, and how the business will pay this back. Various scenarios can be built in, such as 20% better or 20% worse trading. Even if you are in the fortunate position of not needing financing, this can provide a comparison to your actual trading results and show you quickly if you are going wrong.
Businesses with Plans and Budgets are more likely to obtain funding than those without.
Management Accounts can be vital to a new or growing business, checking actual results with those forecast, showing areas of concern (maybe postage is too large a percentage of sales to that forecast – why? Could it be that your staff are using the wrong rates? This actually happened!)
Management Accounts can also be useful if you are operating through a Company and want to declare a dividend – you will need to know if you have enough profits to make the dividend legal.
As part of the bookkeeping service, or using your own bookkeeping data, I can prepare management accounts tailored to suit your needs. Data from Sage can be extracted to Excel to provide bespoke reports.
Your business has grown from small acorns, and now you want to protect yourself, or launch a new line. You’ve heard about becoming a company but what does it entail.
I can talk you through the necessary steps, looking at whether the business should incorporate, if the property should be taken into the company (stamp duty land tax may be payable), the status of any vehicles (considering benefits in kind), what tax claims need to be made to ensure that you do not suffer a large tax bill on the transfer of plant and equipment into the company (basically the company takes over at the Tax written down value rather than market value for tax purposes, and you do not make a capital gain)
I can also incorporate the company for you via Companies House website quickly and painlessly.