Getting you off to a flying start
Starting a new business is a big decision and takes vision, courage and lots of hard work.
But to turn your dream into reality, you also need to get good professional advice, both in the early days and as your business grows.
Choosing the right accountant is vitally important and we have a track record in helping new businesses just like you to get off to a flying start. Not only can we can help you to choose the right path but just as importantly, we will help you to stay on course and grow the business in the longer term.
You can count on JRW to help you to get your new venture off to a flying start.
Do you have a plan in place for business growth?
Business growth services include:
- Setting goals and an action plan to get you where you want to be.
- Removing the blocks that are stopping you from getting where you want to be.
- Bench-marking against other businesses in your industry – do you know how you compare to the best and the average in your industry.
- Getting the systems in place to allow your business to grow.
- Performance monitoring including use of key performance indicators.
- Marketing strategy.
- Unique selling point development.
- Customer service systems to help WOW your customers.
- Pricing strategy – have you tested what your optimum selling price is?
- Lead generation systems.
- Sales conversion systems.
- Reselling systems.
- Raising finance to allow you to invest in growth.
- Improving the potential of your team members.
- Measuring and testing everything so that you can continually improve.
We can assist you with company formations for:
- An off the shelf ready made company
- A tailor made company
- Limited Liability Partnership
For urgent requests we can also arrange same day formations.
To check the availability of a Limited Company name, you can use the Companies House Information Service. Type in the name you want, select the option for “Company Name Availability Search” and see if it comes up in the list.
Our Company formation packages can include:
- Advice on the pros and cons of incorporation in your own situation
- Appointment of directors
- Appointment of company secretary
- Issue of subscriber shares
- Registered office services
- Completion of all necessary minutes and resolutions
- Assistance in opening a bank account
- Tax review with regard to company formation, forming the company yourself and getting this wrong can be very costly
- VAT registration
- Company registration for Corporation Tax
- Set up of Company PAYE scheme
- Book-keeping set-up advice
- Business plans
- Assistance with raising finance
Do you know your responsibilities as a Company Secretary?
We can help you fulfill this role and offer the following services:
- Registered office facilities
- Maintenance of statutory registers
- Submission of statutory documents
- Giving notice of General Meetings
- Drafting agendas for company meetings
- Preparing Minutes of Meetings
- Completion of share transfer forms
- Preparation of share certificates
- Carrying out company searches
- Filing of Annual Return
- Acting as Company Secretary
- General Company Law advice
- Advice on protection of minority interests
Getting employment status wrong is one of the most expensive tax mistakes
The question as to whether someone is employed or self employed is not as straightforward as it might at first appear. Many people assume they are free to choose, but this is not the case.
Although there is no clear-cut answer as to how you decide if you are self-employed or not, the following should be on your checklist.
Fundamental factors to consider:
- The right to get a substitute or helper to do the job
- Mutuality of obligations
- Provision of equipment
- Financial Risk
- Basis of Payment
- Opportunity to profit from sound management
- Part and parcel of the organisation
- Right of dismissal
- Employee benefits
- Intention of the parties
- Length of engagement
These are often matters of general employment law, and not specific tax legislation. There is an enormous amount of Case Law in this area and HMRC are not always right. HMRC do not have the final say on whether somebody is self-employed or not. We can argue your case and take it before the Tax Commissioners for you.
The cost if you get it wrong is enormous. Not only is there the question of employees and employers national insurance, being classified as an employee also gives rise to all sorts of employment rights such as holiday pay, maternity pay, unfair dismissal etc. The decision has to be made by the employer and if you get it wrong it is going to be very hard to recover the back tax, interest, penalties and so on from the employee.
Through our close working relationships with finance sources we can assist in advising on the right type of finance for you and offer advice on:
- Bank loans and overdrafts
- Hire purchase
- Personal loans
- Sales invoice factoring and discounting
- Leasing and contract hire
- Venture capital
- Private investment sources.
You’ve probably been told many times that planning is crucial to success in business but somehow you’ve never quite got round to it. Research shows that those businesses that do plan and have clear strategies are far more successful.
Our strategic planning service helps you:
- Agree on long-term strategic goals both personally and for the business
- Identify where you are now
- Identify the blocks in the strategy
- Agree an operational strategy to overcome the blocks and meet those goals
- Develop business growth systems
- Grow a great team of people
- Monitor your results against those goals
- Manage the money in your business
- Develop an exit strategy
The result is an agreed ACTION PLAN
Tax Returns can be completed for:
- Individuals and sole traders
- Limited Companies
The self-assessment regime is full of penalties and HMRC enquiry powers are extensive. It’s important that:
- Returns are correctly completed
- They are filed on time
- All backup records are retained for the appropriate period of time
As well as the completion of your return we can assist with:
- Advice on your tax liabilities
- Negotiating with the Collector if necessary
- Identifying suitable tax planning opportunities
- Completing all the necessary tax computations
- Dealing with all correspondence from HMRC, taking the worry away from you
It is an unfortunate fact of business life that you may well come under enquiry by HMRC through no fault of your own or of your accountant. HMRC now investigates businesses at random as well as for specific reasons.
If you are selected at random, you need an accountant who knows how HMRC works and thinks and is prepared to fight your case. We make sure that Taxman keeps to their own internal guidelines and don’t over step the mark. We will talk you through the enquiry process and what to expect and support you throughout.
There are various penalties HMRC can seek to impose following an enquiry for undeclared income. As well as having to pay the tax, you can find them seeking penalties up to an amount equal to the tax, so doubling your tax bill. Interest on the late payment of the tax is also part of the arrangement – not a pleasant experience. We can help you minimise these penalties.
Anti-investigation Scanning Checks
Whilst with random investigations anyone can come under enquiry, you can help to avoid the chance of an investigation into your affairs for other reasons. We know the triggers that often give rise to enquiries if not fully explained to HMRC when submitting Returns to them. Every Tax Return or set of accounts we submit to the Taxman goes through an anti-investigation scanning check to identify any areas that may lead to an enquiry before they are submitted without explanation. This really does help to minimise the chances of you being on the wrong end of an enquiry.
For VAT registration we can assist with:
- Advising if you need to or if it would be beneficial to register
- Completion of the VAT registration forms and formalities
- Advising on the best VAT schemes to use suitable to your business – some you have to notify HMRC you are using and some you don’t
In addition we can assist with:
- Completion of VAT Returns or training on how to complete them
- VAT planning
- Dealing with any contentious disputes that arise with Customs
- Attendance at VAT inspections