We are focussed on ensuring that you take advantage of the small business schemes available to you. A brief summary is included below for your reference – contact us for further details.
Making VAT work for you
Your VAT status and current circumstances will be reviewed on sign up to ensure that the system is working for you. The current VAT registration threshold is £85,000.
We prepare and file your VAT Returns under the cash accounting scheme, meaning that you only pay the VAT on your sales when your customers have paid you, providing a cash flow benefit to your business. There is no separate VAT application process for this scheme.
Flat Rate Scheme
If your turnover is less than £150,000 per annum you could simplify your VAT status by calculating your payments as a percentage of your total VAT-inclusive turnover, rather than recording all Output and Input VAT. The scheme is simple and often results in a reduction in the amounts payable to HM Revenue & Customs.
There is a 1% reduction in your flat rate if you apply in your first year of VAT registration, and you can stay in the scheme until your total business income is more than £230,000.
Making the most of your tax allowances
Your payroll and personal self assessment / corporation tax status will be reviewed on sign up and we will make recommendations to ensure that your overall affairs are as tax efficient as possible. In addition to the commercial benefits of operating via a limited company, this option continues to be the most tax efficient choice for the majority of small businesses.
We will cover key items such as salary, dividends, pension contributions and use of home as office calculations, all within the guidelines set out by HM Revenue & Customs. We also ensure that the necessary paperwork is in place, and that the administration around these areas is handled on your behalf.