Small Businesses

Small businesses, like yours, are often referred to as the ‘lifeblood of the community’ and it’s easy to see why. Small businesses can be crucial to the livelihood of the local residents, providing much needed jobs and enterprise. In contrast, the support offered to small business owners by the professional services market and even the government, can be woefully inadequate.

We’ve been working with hundreds of small business owners for years and have experience in virtually every sector of the market. If more specialist help is needed, we can sort that out for you too, so you can rest assures you're getting the right advice.

START-UPS

Here at PW Accountants Ltd we offer a free initial consultation and we do not charge for setting you up for self employment.

We can also advise on start up companies, taking you from the decision on your company name right through to handing the company over to you in person as well as setting up all the necessary paperwork for HMRC.

This can be one of the most important decisions dependent on a variety of issues such as:

  • tax planning
  • expected profitability
  • future finance
  • commercial risk

Should you require finance of any sort, we can look over or help develop a business plan before that first critical meeting. We also have well established relationships with a number of major UK banks.

VAT

With VAT legislation becoming more complex each year, and non-compliance resulting in significant penalties, our services are designed to help from beginning to end, and include:

  • Registering businesses for VAT
  • Advice on the most beneficial VAT system to use for your type of company (accruals, cash accounting, flat rate scheme).
  • Assistance with compliance matters including completion of quarterly returns
  • Updates on new VAT developments
  • Due diligence services
  • Meeting HM Revenue & Customs for VAT inspections
  • Representing clients at VAT hearings
Tax Traps to avoid!
  • Tax Penalties – as soon as you have set a start date, ensure that you notify the Inland Revenue of your intention to commence trading. Self employed businesses face a fine of £100 if this is not done within 3 months of start up, limited companies face an even stiffer penalty of £300!
  • Missing Invoices – always obtain a proper invoice for any business purchase, a VAT invoice if you are registered for VAT, otherwise you may find that your claim for tax relief will be denied, as will your VAT reclaim.
  • Company Car – whether you are self employed or a limited company planning for the use of a car in your business needs to be thought through carefully. Self employed persons will need to keep a log of business mileage to backup any claim for tax relief. Limited company owners will need to compare the cost of running a car either inside or outside the company – potentially high personal tax charges may be payable if this cost comparison exercise is not undertaken.
How we can help
  • It is much easier to avoid making mistakes, and to maximise your future chances of success, if this pre-launch planning is undertaken with professional help. As with most new ventures it is not what you know that catches you out, but what you don't know!
  • We would be delighted to assist with the preparation of a business plan, and to help you choose the best business structure for your business. We can also help you with raising finance for all aspects of your business.

     

    • Limited Company – How to limit your liabilities and keep more of your business profits.

    • VAT – How to get registered and what to consider.

    • PAYE – Issues for Employers and Employees

  • STATUTORY RESPONSIBILITIES
  • We can provide an array of company secretarial services including:

     

    • Filing of company annual return (online or paper)

    • Appointments and resignations of directors and secretaries

    • Transfer or allotment of shares

    • Changes to the Memorandum and Articles of Association

    • If you need a company registered office and we are your accountants you may use our address free of charge.