Useful Factsheets

It is the ambition of many people to run their own business. Some may have been made redundant and find themselves with free time and financial resources. Others make the decision to start up in business to be more independent and obtain the full financial reward for their efforts. Whatever the reason, a number of dangers exist. Probably the greatest concern is the possibility of business failure.

Read on for guidance on some of the factors which need to be considered before trading begins. Although these factsheets cannot cater for every possibility they will provide some vital information, whilst any big decisions should be supported by professional advice. In which case please do get in touch. 

How do your secure business success and which route is the right one for you?  Once you have decided on your business structure what are your responsibilities and how do you prepare your accountant?  Which grants are available and finally how do you keep an eye out for corporation fraud internally?

There is so much to consider but always seek professional advice if anything is unclear.

It's hard to keep on top of all the deadlines for filing and paying all the different taxes your business owes.

Are you truly confident your financial paperwork is in order, and if HMRC were to open an enquiry into your records that all would be okay with no more tax implications? Alternatively, are you working to taxable advantage?

VAT (Value Added Tax) is complicated. It is policed by HMRC, who have wide powers to penalise transgressors. Timings are strict, penalties are harsh, and ignorance of the law is no excuse. Therefore it’s important for us to fully understand your circumstances and the nature of your business, so we can advise you appropriately to ensure you operate within the law while being as VAT efficient as possible.

Here are some general facts and pointers.

Today the remuneration of many directors and employees comprises a package of salary and benefits and essentially two tests must be applied in determining the tax implications. Then there are those benefits you give your employees versus the statutory practices of payroll and National Insurance.  

Here our factsheets detail obligations and opportunities.

If you’re a higher rate tax payer with investment income you’ll need to file a tax return. If you receive income that’s not taxed at source, such as pension, rental income, interest or overseas income, and the total is more than the current tax free allowance – you’ll need to file a tax return. If you sold an asset that made a taxable gain, you’ll need to file a tax return.

Self-Assessment means you have to work out what tax you owe and tell HMRC. If you don’t do this on time, each year, there will be penalties.

Here our comprehensive fact sheets detail your obligations.

A capital gain arises when certain capital (or 'chargeable') assets are sold at a profit. The gain is the sale proceeds net of selling costs) less the purchase price (including acquisition costs). 

There are various classifications however here are the main features of the current system.  If you have any areas of concern please get in touch to discuss.

There are two broad types of pension schemes from which an individual may eventually be in receipt of a pension:

• Workplace pension schemes
• Personal Pension Schemes

All employers will soon need to provide a workplace pension scheme due to auto-enrolment legislation and these are likely to be money purchase schemes. Below we set out details pertaining to each.  Please seek independent advice if concerns arise. 

Our service for individuals or business covers all aspects of taxation and often areas are complex.  Here is a sample of some items not covered above. We can advise on all areas of personal or corporate taxation and we make sure we're there for you should HMRC make any enquiries into your tax affairs. 

Please see our comprehensive list of services if you have areas of concern. 

How do your secure business data in this fast moving online world? It is vital that you keep abreast of legal changes and administration procedures that will protect vital assets in the event of fraud or insecure access.

It's hard to keep on top of all the requirements when employing others, here some fact sheets detail important points that will help you stay ahead. 

Are you truly confident about data security, legal working in the UK or annual leave requirements? Clear, concise factsheets on business issues. If you require any further assistance please do give us a call for a non-obligatory chat.