Members
Services:IAAITC
Member Firms provide all of the traditional services
that you would expect from a firm of Chartered Accountants
but in addition they all provide a wide range of additional
services.
|
|
 |
 |
|
|
|
|
All businesses have an obligation to prepare annual accounts to
assess their tax liabilities, and companies have to file their
annual accounts at Companies House.
While you do not have to use an accountant to prepare your
accounts, many people find it easier to leave this task to a
professional, especially if you have a limited company and need
to submit accounts in statutory format.
Limited companies with a turnover above £5.6m and a balance sheet
total above £2.8m may require an annual audit of their accounts,
which must be done by a registered auditor.
There are time limits for filing accounts – you need to adhere to
them to avoid fines.
|
Individuals can fill in their annual tax return themselves, using
information on the HM Revenue & Customs website at
www.hmrc.gov.uk.
Many self-employed people use accountants to do it for them. You
cannot use an accountant to avoid paying tax if you are due to
pay it however accountants can help you structure your income
and affairs to take maximum benefit of available allowances and
tax rules.
Using an accountant ensures you pay the correct amount at the
correct time – many tax forms are subject to strict filing
times, with penalties if deadlines are missed.
Many tax advisers will be members of the Chartered Institute of
Taxation.
|
Businesses with an annual turnover of £64,000 or above need to
register with HM Revenue & Customs to pay VAT (Value Added Tax).
Even if your turnover is below the registration level it may
still be beneficial to register for VAT.
You will also need to deal with them if you import and export
goods or produce certain goods such as alcohol. VAT and excise
regulations are complex and the penalties for getting things
wrong can be high.
As with other taxes, it is your responsibility to notify changes,
and you may incur penalties if you do not. The most common
mistake is failing to register for VAT. Many businesses use
accountancy services to help them comply.
For further information on VAT, imports and exports and excise
duty see
www.hmrc.gov.uk
.
|
Setting up accounting records for any business is vital, and this
is something that all accountants can advise on. To help manage
your business day to day, it is essential that you have readily
available, accurate information not only on your finances but
also your customers.
After all without your customers you would not have a business.
To provide up-to-date information, you may want to invest in a
computerised accounting system, but you could also consider an
accounting system with integrated Customer Relationship
Management.
Software with this type of functionality can be available free
for Business Startups or cost from as little as £20 per month
per user.
It can help you to provide excellent customer service and to
operate your business efficiently without the need for
additional staff.
|
Your accountant will also be able to provide you with a range of
services to make it easier for you to manage your business.
Typically these range from payroll through to a complete managed
accounting service which may even include credit control and a
BACs Bureau.
|
As well as asking your bank manager, you could consult your
accountant about finance options.
An accountant can usually assist with the preparation of business
plans and forecasts that are normally part and parcel of
applying for finance.
In addition
there are many accountants who can help raise equity finance
from private investors (Angels) or venture capital houses
|
|
 |
This is known as corporate finance by the accountancy profession.
Accountants who specialise in it can advise on buying and
selling businesses, as well as raising large amounts of business
finance.
Company owners approaching retirement who are planning to sell
their business need to include this in their business strategy
and plan this with their accountant.
Many accountants will operate a corporate finance department and
can handle any sale for you or refer you on. Accountants can
advise you how best to present or package your business to
maximise the sale price.
|
Also known as succession planning. Capital gains tax and
inheritance tax are areas that accountants are often approached
to advise on.
Careful timing and efficient utilisation of allowances can bring
major savings on tax. As the intestacy rules are complex,
failing to make a will can bring unforeseen consequences even
with very small estates.
Wills are legal documents and, in most cases, need to be drafted
by a lawyer.
|
Stamp duty has recently become more complex, in particular stamp
duty land tax.
As with many taxes, it
is now the responsibility of the taxpayer to calculate the
amount due and submit details. This can be a particular problem
with business premises that are leasehold, or those occupied by
family rent free, for more details, see
www.hmrc.gov.uk
|
|
|
|
