Most small businesses operate as either self-employed (sometimes known as a ‘sole-trader’) businesses or limited companies. As a self-employed business the annual administration requirements are simpler (as a minimum just a tax return to HMRC) but the downside is that if the business goes bust or is sued then the owners personal assets are at risk.
We are frequently asked about the differences between being a self-employed business (sole trader) and a limited company. For the main differences click here.
Small businesses usually want to keep their costs as low as possible with no nasty surprises. So we give our clients an annual quotation which includes everything necessary to comply with their legal and admin requirements. See here for our prices guideline.
Our aim is to provide you with one all-inclusive annual quotation that will cover all of your accounting and tax requirements. This will include:
- Preparation of trading accounts
- Review your bookkeeping system and advise you as to how you can improve this
- Review of your expenses to ensure you are claiming everything you are entitled to
- Detailed review to minimise any tax charge
- Written calculation of your tax computation
- Completion of your personal tax return
- Send drafts of these to you for your approval
- Submission to HMRC and monitoring online
- Handle any HMRC queries that may arise.
- Sending you confirmations that the documents have been received, properly processed and accepted.
You won’t be charged for any of the above until the final stage has been completed. For how much we charge see prices
What’s included in the price
All of the above, plus we provide unlimited telephone support. If you have any questions or want some advice then the dreaded clock doesn’t keep ticking.
Currently there is no VAT added to any of our fees.
What’s not included in the price
For any work additional to the annual quotation we will provide you with a separate written quotation before we start any work. The most common examples are:
- Bookkeeping (other than for the preparation of the annual accounts)
- Quarterly VAT returns
- PAYE (for any employees)
- Construction Industry Scheme returns
- Inheritance or Capital Gains Tax returns.
The small print
The quotation assumes that you will provide us with a straightforward summary of your trading transactions for the period and details of any other income received. You will also provide copies of any correspondence you have had from HMRC as they do not always copy these to us. We recommend you post or scan these on to us as soon as they arrive (opened or unopened, depending on how busy you are) – don’t just leave them in the drawer!
To guarantee we have sufficient time to prepare your tax return to be submitted by the January 31st deadline date we need to receive all relevant information by 30th November. We cannot be liable for any HMRC penalties or fines arising for late returns if the information is received after this date.
We may occasionally sub-contract work to external third-parties.
Our business relationship may be cancelled immediately by either party.
Generally, prices increase by an average of 3%pa for inflation.