Everything we have to offer at one glance
Business Tax Planning - Payroll - Bookkeeping & Accounting - Small / Medium Business - Business Startup - VAT - Self Assessment - Virtual PA
We can conduct a full tax review of your business and determine the most efficient tax structure for you. Such reviews usually result in considerable tax savings.
We can help you plan ahead to:
In addition to helping you with your business tax planning we can also represent you in any communication with the tax authorities. Contact Us today to discuss how we can help you stay ahead of the game in corporate tax planning.
Administering your payroll can divert energy and resources from the core activities of your business. The task is made more difficult by the growing complexity of taxation and employment legislation and penalties for non-compliance.
We provide a comprehensive payroll service, including:
We create an accounting service tailored to meet the needs of each and every client. We prepare year-end statutory accounts for a wide range of clients, ranging from sole traders and partnerships, through to limited companies. Regardless of business type, we adhere to timescales and deadlines to ensure you and your business stay compliant, including making sure that your financial statements comply with current accounting standards.
The last thing you want in your business is to have valuable time and resources tied up with routine bookkeeping and accounting. That is something we can do for you. We begin by discussing your specific requirements with you and then we set up appropriate accounting procedures and controls and ensure your accounts are kept fully up-to-date and in compliance with statutory regulations.We can offer sage cloud accounting with auto entry and payroll services. Easy payment options are available via direct debit.
We can also provide you with regular management accounts to keep you informed on essential areas such as:
Contact Us today to discuss how we can help you keep your books in good order.
Initial Discussion Our first meeting will be an opportunity for you to see what we can offer - and we can also learn what you want to achieve with your business. Afterwards we will mail you a quote with a report confirming all aspects of our discussion, including ideas and thoughts about your business.
We can register your business with HMRC, Companies House (Limited Companies), for VAT, PAYE, or CIS as required. We can set up a Payroll, provide simple digital documents for record keeping, and if you move to us from another accountancy firm, we can handle all of the administration for you.
Whether you’re setting up or making changes to your business - it’s worthwhile to spend time with experienced planners. We will pursue all aspects of your business or idea - what, where, who, when and how. When you have an achievable ‘end result’ we will work with you on financial aspects of the plan. This process is a confidence boost and reality check for any business.
We will provide you with a written estimate or quote confirming the annual fee plus a report confirming what we understand about your business along with any suggestions for improvements if appropriate.
If the workload increases or decreases significantly, we will always contact you to review the fee and agree any changes.
Our method of payment is by monthly Direct Debit, which has the advantage of spreading costs.
We can also quote for one off jobs.
Contact ASNW to arrange an initial appointment. We can meet during or outside business hours, This includes evenings and weekends.
Starting a new business requires energy and dedication. It’s a time for ideas and plans. It’s also the time to ensure the structure, or type of business is set up to be sustainable and tax efficient. We'll work with you to make your new business flourish.
We'll spend as much time as you need to talk through your plans and we'll advise you on all aspects of setting up your new venture. After our meeting we’ll send you a quote/estimate with a tailored report containing useful advice and suggestions.
What we can do for you
When you’re setting up a business – it’s worthwhile to spend time with experienced planners. It’s essential to carry out a ‘reality check’ to make sure that your plans are realistic in regard to timings, financials, people, even things outside your control. Our simple way of working with you will help you to create a complete business plan. This process is a confidence boost for any business.
Get in contact to arrange an appointment. We can meet inside or outside business hours and we are happy to visit you - or you are welcome to come to our offices in Hapton, near Burnley.
Trading as a Sole Trader is most suitable for a business which is subject to minimum risk and it is the easiest way to become self-employed. The set up requirements are minimal - all you need to do is register with HM Revenue & Customs. Ongoing – you’re required to submit annual accounts to HMRC as part of your Self-Assessment Income Tax Return which determines your profits (or losses). National Insurance and Tax are calculated on your profits. You will be taxed personally on all profits that the business generates. This means that you will be paying tax at the highest rate that can be charged against you.
In the event of you owing money to creditors, your personal assets would be treated as your business assets. This is because you don't have limited liability (ie, you don't have a Limited Company). This can be significant if your business gets into financial difficulties. You could also find it difficult to attract financial investment because an investor or lender might feel that a Sole Trader isn’t as safe or as established as a Limited Company.
PartnershipThis is where 2 or more people form and run a business together. It is very similar to the Sole Trader set up in that the registration and running requirements are very simple.
A significant factor is that each partner is subject to liabilities (jointly and severally liable) that are not limited. Your personal finances and assets could also be at risk through poor decisions made by your partner. It is important to set out a Partnership agreement to state what percentage of profit each partner receives. Then, as with a Sole Trader, each partner would be taxed at whatever is the highest tax rate applicable for them personally. The strength of a good Partnership relies on the partners continued relations and trust in each other's decisions and actions.
Limited Liability Partnerships (LLP)Another form of Partnership is called a Limited Liability Partnership (LLP). Here the potential losses of the partners are limited to the assets of the business, similar to a Limited Company. However, the Partners themselves are still taxed as if they are in a normal Partnership.
Limited CompanyThis is a legal entity which is separate from its owners. It can trade / own assets (such as offices and equipment) and it can incur liabilities in its own right. Therefore if the Company has financial difficulties, the personal assets of the owners are not at risk. Instead, the assets and investments and cash in the Company bank account are at risk. The forming, registration and running of a Limited Company are more demanding than setting up as a Sole Trader or in a Partnership. This is due to the requirement to comply with the rules set down by the Companies Act.
The way companies are taxed means that tax payers are not automatically taxed at the highest income tax rate. For instance, the Company itself pays corporation tax which is a lower rate (20%) than an individual’s Higher Income tax rate (40%). So, a Company can choose to pay profits (dividends) to the owners at a time which suits their personal tax situation. This means that some profit can be held back in the Company bank account until it is needed, deferring the tax liability until later on (called sheltering). These are issues which require the help of an accountant.
Freelance ContractingAnyone gaining work through an agency must either be paid via the agency payroll or work through a Limited Company. The tax payable by a Freelancer with a Limited Company is affected by the IR35 Rules and a Freelancer must decide whether their work is like that of an employee or a self-employed person. For example, if you are given instructions on what work to carry out and you are supervised in your work, this indicates fail IR35. If you are working more like a consultant and in business on your own behalf this indicates pass IR35. There are many other rules to consider and there is a great deal of documentation available. For more information on IR35 and the rules of Freelance Contracting please call us on 01282 770250
Value added tax is one of the most complex taxes imposed on business - so complex that many businesses overpay or underpay VAT without realising it.
We provide an efficient cost effective VAT service, which includes:
Contact Us if you would like a VAT health check.
Our service is prompt and easy to understand, we’re happy to discuss what you need over the phone or you can come to our office
You must submit a Self-Assessment Tax Return if any of the following apply to you:
Before 31st October: £200.00
We provide a simple form for you to complete, it needs to be returned to Account Solution (NW) Ltd with other relevant documents and payment received before this date.
Standard1st November - 7th January : £230.00
We will provide a simple form for you to complete, it should be returned to Account Solution (NW) Ltd with other relevant documents and payment received before this date.
Fees refer to standard Self-Assessment Tax Returns (Employment, Pension or Investments income). If you require something more complex, such as letting properties, or where Annual Accounts are also required, we will provide a quote.
What to do next?Call 01282 770250 or Email Us and we’ll advise you. HMRC Penalties for late Returns (even if there is no tax due)
If you submit your Tax Return later than 31st January £100
If 3 months late - £10 per day for up to 90 days
If 6 months late – additional £300, or, if higher, 5% of tax due
If 12 months late – a further £300, or, if higher, 5% of tax due
If your Income Tax Return is 7 months late, the penalties will be at least £1,300 (£100 + £900 + £300)
Professional help and support to small businesses and professionals who are just too busy! Delegate and outsource some of those time-consuming jobs to give you back the time you need. You may need help for an hour, a day, a week, or regular monthly help – we can offer you flexibility, as and when you need it.