NEW BUSINESS STARTUP

Substantial part of our work involves advising owners of new businesses. Almost all of them are overwhelmed by the number of issues they need to address. These include:

• Limited company or self employed?

• Dividend or salary?

• VAT registration

• PAYE scheme registration

• National Insurance contributions

• Treatment of husband and wife companies

These are all areas where we help our clients. If you are thinking of starting a new business or have recently done so please contact to discuss these matters. We will not charge for the meeting nor will you be obliged to use Warren and Co in the future. For sole traders and partnerships, accounts form the basis of the self assessment tax return whilst for companies or limited liability partnerships the preparation of accounts is a statutory requirement. Whatever your circumstances, your accounts are the starting point for us to evaluate your performance so that we can guide you through your figures and help you to understand what is important and what the results mean to you.

ACCOUNTANCY SERVICES

Our clients come in all shapes and sizes and the same can be said for their accounting records. Our service is therefore tailored to your needs but feedback is also an important part of our role. If we can provide guidance on record keeping that will help to reduce our fees or the tax due, then we will advise accordingly. Regardless of where we start, our end result is a professionally prepared set of accounts with accountant’s reports providing reassurance.

BOOK KEEPING AND VAT

More and more clients now like us to be more involved in their accounts with regular assistance throughout the year, leaving them to get on with what they do best. We have a dedicated book keeping staff that can take care of all aspects of bookkeeping, regardless of large businesses or simple record keeping for small businesses who appreciate that bookkeeping is not their strong point. Typically we provide monthly or quarterly management information so that business performance can be monitored on a regular basis. At the same time we prepare and submit the VAT return. Our rates for book keeping, VAT and payroll are extremely competitive and in most cases lead to a reduction in the annual accounts and tax return fee.

PAYE and National Insurance are areas that few clients are comfortable with. Our dedicated bookkeeping staff handles the payroll for a wide range of organizations from small to large where employers with complex salary structures.

PAYROLL SERVICES

Weekly or monthly payroll service which ensures that employees are paid accurately and that HMRC deadlines are met to avoid penalties. We provide clients with printed pay slips on a weekly or monthly basis that are sealed and posted if necessary. As electronic filing is mandatory for many organizations we find that clients are more than happy to outsource their payroll function, particularly given the competitiveness of our payroll fees.

SELF ASSESSMENT AND INCOME TAX

Whether you are self employed or are required to submit a tax return because you receive other income, income tax remains an extremely complex area. We have seen a dramatic shift in recent years with the introduction of mandatory electronic filing of tax returns. Whilst we have made good use of this technology since its introduction some years ago, the Government continues to encourage individuals to “have a stab at it” themselves. A significant amount of our personal tax work arises because of mistakes made by taxpayers when submitting their own tax returns online. Errors usually come to light when an unexpected tax demand arrives, or worse still, a penalty notice.

Our highly experienced personal tax department have built up a thorough understanding of the UK tax system and this knowledge must be updated regularly to keep up with the continually changing world of personal tax. With the inevitable increase in the amount of tax that needs to be collected in the coming years our clients look to us to ensure that they pay the right amount of tax and not a penny more. With new, higher rates of personal tax and the phasing out of personal allowances for high earners we are constantly advising clients on efficient tax mitigation strategies.

CAPITAL GAINS TAXATION

Whilst the calculation of capital gains tax for individuals has been simplified in recent years, the availability and choice of reliefs and mitigation techniques has not. We have a specialist capital gains tax advisor within Tax Services who is able to offer advice on a wide range of capital gains tax issues including second homes and principal private residence relief, letting relief, entrepreneurs’ relief, holdover relief to name but a few. Professional advice should be sought on capital gains at an early stage to ensure the tax due are mitigated as much as possible. In many cases the interaction with inheritance tax means that careful planning is essential.

CORPORATION TAX

Corporation tax is a complex area and this will only be exacerbated by the mandatory requirement for corporation tax returns to be filed electronically in the near future. Our highly trained tax specialists are able to advice on a wide range of corporate tax issues including R&D tax credits, an area that HM Revenue & Customs are keen to promote. A key area where we advise owner managed businesses is the adoption of an appropriate remuneration policy. The debate over whether or not to become a limited company continues to rage on and a thorough understanding of the overall tax position of the company and its shareholders is vital.