Amin & Co; Accountants can provide complete and accurate book keeping services to suit your business needs or advise you on the methods of bookkeeping best suited to you.

The law requires all businesses to keep accurate books of accounts and their financial transactions which ultimately help businesses when filing VAT (Value Added Tax) return and Tax return. There are number of advantages of in time & accurate book-keeping and financial record keeping:

• The information can be used to control the financial affairs of your business and you never suffers for financial irregularities.

• The accounts that required to be produced in order to calculate your tax liability or may be requires by the banks and financial institutions, can be completed in a more efficient way resulting saving on your tax bills.       

With our experience we can take this laborious bookkeeping task away from you provided that you can supply the basic information regularly and in time.

Let us take away this book keeping hassle which may causes many businesses concern and stress each year end. Our clients send us their papers on monthly basis and we take care all thereafter till the preparation of final accounts.

Our fee is very competitive and you can pay monthly this will avoid a one cash out flow at the end of year and help your cash flow as well.

Do you need to register you business for VAT and if so what need to be consider ? The quick answer is yes, if your business services, sales or supplies exceeds the minimum statutory registration limit than you needs to register for VAT.

You can also register voluntarily with VAT even if your turnover is below the statutory threshold limit if there is requirements for that for doing your business.

This can be advantageous for you to register voluntarily if:

• The most of your transactions, costs or purchases include VAT
• You can claim back the VAT that you are paying on your purchases or cost if your sales and supplies are exempt, zero rated or less than the standard rated for VAT purpose.

 
There are number of Special Schemes introduces by the HMRC which can be considered for the options keeping in view each and independent circumstances of the business.

Cash flow is main concern of every business to help with this cash flow problem HMRC have created a number of Special Schemes. Few of them are:

• Cash Accounting
• Flat Rate Scheme
• Annual Accounting
• Special Schemes for Retailers
   

For details of above schemes or to discuss the needs or advice on VAT matters we are just a call away to help you.

Whether you should use any of the special schemes above, or whether you should be registered for VAT or not, depends on your individual business circumstances.

PAYE (Pay As You Earn) is the system that HM Revenue & Customs (HMRC) uses to collect Income Tax and National Insurance contributions (NICs) from employees' pay as they earn it. The term 'employee' in this guide includes directors of limited companies.

As an employer, you'll have to deduct tax and NICs from your employees' pay each pay period and pay Employer's Class 1 NICs if they earn above a certain threshold. You pay these amounts to HMRC monthly or quarterly. If you don't send the correct amount, or if you send it in late, you may have to pay interest. After the end of the tax year you must send HMRC an Employer Annual Return (form P35 and forms P14). Almost all employers are required to send this online.

Pay as you earn (PAYE) is an regular and important task for employers, if you are an employer and paying wages and salaries over certain limit you have some responsibilities and duties to fulfil on regular basis.

Being an employer, you have certain obligations to the Taxman, HM Revenue. If you do not follow the law and procedures and ignore these obligations and duties, this attract penalties and interest towards your employment costs which will off course reduce your profit and cause unnecessary hassle!

Most penalties arise if you either:

• miss certain statutory deadlines for remitting tax and national insurance you have deducted from your employees and staff, or
• are late submitting your returns to the HM Revenue.

Unfortunately if you makes a late payment or forgets to send off a particular return and you will be penalized.

Employee Benefits.

If you are providing some benefits to your employees, like company cars and health insurance etc you need to fulfill some more relevant requirements of law.

How we can help you.

If you would like to discuss PAYE or any payroll matter we are just a call away,
Tel 0161 224 3510
 

Self Assessment involves completing an online or paper tax return in order to tell HMRC about your income and capital gains (profits on the sale of certain assets), or to claim tax allowances or reliefs against your tax bill. HMRC use the figures on the tax return to work out your tax bill, or we can work it out yourself.

There are different types of tax return and different 'supplementary pages' you may need to complete depending on your circumstances. There are also deadlines for sending your tax return in - and penalties and interest charges if it arrives late.

Who needs to complete a Self Assessment tax return?

If you pay tax on your earnings or pensions through PAYE (Pay As You Earn) your employer or pension provider deducts tax on our behalf and you won't usually need to complete a tax return. In these cases we'll normally also ask them to use the PAYE system to deduct any tax you may owe on a State Pension or other taxable income (eg investment or rental income) up to a certain level.

But if you have more complicated tax affairs you may need to complete a tax return. There are also certain circumstances in which you will always need to complete a tax return - for example if you're self-employed, a company director or a trustee or if you have foreign income.

Preparation and filing a tax return can be a painful exercise even if there are few transaction and entries to make. When the January self assessment filing deadline approaches the stress levels will rise even further!

At Amin & Co Accountants we use latest HM Revenue & Customs approved method & software to, complete your tax return,  calculate your final tax bill,  file the return on line and look after any other matter with HMRC on your behalf.

We can analyse your self assessment tax return to see if any tax savings can be made keeping in view of your tax & accounting data available on record.

If you feel that your tax return in due now and you want to plan ahead please feel free to contact us on Tel 0161 224 3510

When your business expand and grows then your accounting, financial and bookkeeping requirements also expand with it. We are capable to keep all your bookkeeping on day to day basis provided you send us all your relevant record time to time and regular basis.

From your books and records we will prepare your annual accounts/ Final accounts / year end accounts that will form the basis of your self assessment tax return, whether you are a sole trader, partnership or limited company.

They will also be invaluable for providing information about your business to Banks and financial institutions for example for loan application or mortgage applications. We can also advise you on ways simple to keep your record keeping that will help you in meeting your statutory obligations such as VAT and Tax returns and managing your affairs in a better way.  

 Let us handle your Bookkeeping, Financial accounts/ annual accounts / Year end accounts work as this may causes many businesses concern and stress each year. We can offer very competitive fee and pricing and have a very friendly team of accountants.
  

Amin & Co; Accountants can provide complete and accurate book keeping services to suit your business needs or advise you on the methods of bookkeeping best suited to you.

The law requires all businesses to keep accurate books of accounts and their financial transactions which ultimately help businesses when filing VAT (Value Added Tax) return and Tax return. There are number of advantages of in time & accurate book-keeping and financial record keeping:

• The information can be used to control the financial affairs of your business and you never suffers for financial irregularities.
• The accounts that required to be produced in order to calculate your tax liability or may be requires by the banks and financial institutions, can be completed in a more efficient way resulting saving on your tax bills.    

With our experience we can take this laborious bookkeeping task away from you provided that you can supply the basic information regularly and in time.

Let us take away this book keeping hassle which may causes many businesses concern and stress each year end. Our clients send us their papers on monthly basis and we take care all thereafter till the preparation of final accounts.

Our fee is very competitive and you can pay monthly this will avoid a one cash out flow at the end of year and help your cash flow as well.

If you feel that its time to out source your book-keeping requirements
Call us now, 0161 224 3510 or Contact us through our contact form and we will call you back at the time convenient to you.

Actually, you're not alone - we're here to help.

 You can check out the items below to see how various taxes and such matters might affect you and we can tell you how we can provide help, support and advice to you as someone in business on your own account.
 
If you are considering setting up in business, we'll tell you what to watch out for and help you through the process. And as the business develops we are here to provide guidance and assistance, not just saving tax but helping you improves and grows your business.

At Amin & Co. Accountants, we offer a number of accountancy solutions to help you as a sole trader. 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.

 
Starting to trade

When you start to trade there are certain things that need to be dealt with:

• Business names and trading styles
• Notifying the Inland Revenue (HMRC)
• Registering for VAT
• Tax and National Insurance
• Taking on employees
• Books and records
• Bank accounts

 
Partnerships

A business partnership shares overall control and management responsibilities between 2 or more persons.

The partner or partners would take on full liability for any debts incurred by the business and all profits would be shared as per agreement. Ordinary partners also take on equal responsibility and decision-making in the day to day running of the business. There are advantages and disadvantages to entering into a business partnership.

Advantages:

• Business partnerships are easy to establish if you take a practical and professional approach in drafting partnership agreements this will avoid any future disagreement and problems between the partners.
• With more than one partner and owner the ability to raise funds and resources may be increased.
• Due to more than one owner the business can benefit using the resources, knowledge and experience of the business partners and help in managing the growth of business.

Disadvantages:

• Partners in business are jointly and individually liable for the actions of the other partners.
• All partners in business, are 100% liable for the any actions of the business.
• Profits must be shared between all partners as per their respective shares.
• As all actions and decisions are shared therefore disagreements can arise in that case the decision making process may be longer again it depends upon the basic agreements between the partners.
• Some employee benefits are not deductible from business income on tax returns.

 
We are here to HELP

Is a partnership suitable for your situation?

We are always happy to discuss your current and potential business situation. Whether you are venturing into a new business partnership, or you are already established, we can help you in all financial aspects of your business.  Take advantage of our expert knowledge and allow us to guide you through the potential pitfalls of a business partnership.

We provide a range of services to Limited companies. We also provide advice on what to think about when considering whether to set up such a business. We can help with compliance issues, such as forming the company in the first place, getting the company registered with HMRC, advice on setting up the company's accounting records and preparing regular management accounts. We can prepare the year end financial statements and deal with tax requirements on your behalf.

We can also advise on ways to mitigate tax and national insurance, especially for owner-managed companies. 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 independent distinct legal entity and artificial person 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.

Following are few examples of advantages & disadvanges of Limited Companies?

Significant advantages:

Limited liability means that's the liabilities of the directors and shareholders are limited to the extent to their shareholding and your personal assets are protected from business creditors if for any reason the company has to cease trading and is unable to pay off its debts. This protection is especially useful if there are significant risks associated with your business entity.

Significant disadvantages:

1. Possible double taxation as the company pays its own tax on profits and gains and any payout out of profit to the directors and shareholders can be taxed again .

2. Management of company could be more expensive as compare to the sole proprietor or partnership business as there are number of legal formalities which company additionally required to fulfil towards the costs in setting up, preparing accounts and tax returns for companies and costs in complying with Companies House formalities.

3. Audit requirement there is requirements of audit of company accounts if its exceeds certain limits which is an added cost.

We are here to help

Would a limited company be suitable for your business?

This is not an easy question to answer in just a few paragraphs but in fact this is to be addressed & discussed in the specific & particular circumstances on the case to case basis. We are happy to discuss your individual requirements and assess your business needs. This will enable you to make a balanced judgment on the best way to take your business forwards. Be a limited company or unincorporated structure it should allow you to take advantage of the most beneficial tax arrangements available to you, and make rational choices about action that you can take to minimize your business risks.