Who We Can Help

Amin & Co. Accountants focus their accountancy skills for small businesses, sole traders, self employed, individual, partnership and Limited companies, taxpayers needing to file a tax return in the UK.

We specialize in providing accountancy services, tax returns, payroll, bookkeeping, tax savings and tax advice to small businesses. We have number of customers including; Sole Traders, Partnerships, Limited Companies and Personal Tax Payers, if you need accountant in manchester or accountant in Bolton we are here to help

Please Don't Hesitate To Call Us For a FREE CONSULTATION

Sole Traders

Starting a new business or already working as a Sole Trader or self employed.

Amin & Co; Accountants are here to help, your accounting, bookkeeping and tax service.

In Business on Your Own?

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

Limited Companies

We are here to help you in forming a new Limited 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 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.

Partnerships

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 can 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.

Self Employed & Individuals

We can provide a range of compliance and advisory services to individual private clients and self employed.  Our primary purpose will be to try and help you build and maintain your business as effectively as possible. Check out Our Services for details of how we can help you across a wide range of matters, including accountancy, book keeping and income tax