Please find below a list of services we provide.
The constant stream of changes to tax legislation means not only that tax returns are becoming more difficult to understand but also that taxpayers risk incurring more penalties through failure to complete their returns on time or correctly.
We can save you a lot of time and worry and money by handling your self assessment for you. Our tax team will do all of the necessary computations, complete your tax return, calculate any tax liability and advise you on exactly when to make payments.
We can act as your agent, dealing directly with HM Revenue & Customs on your behalf and should you be selected for a self assessment enquiry we can deal with the whole issue for you.
Ever changing regulations and growing demands of HMRC mean that VAT compliance can be a difficult administrative process. We can assist you to ensure that you comply with the regulations. To help you manage this complex area, we provide an efficient, cost effective VAT service which includes:
- Vat registration.
- Advice on Vat planning and administration.
- Completing and submitting VAT returns online.
- Advice on use of the most tax efficient VAT scheme for your business.
Abbey Tax Warranty Scheme
We offer our clients the opportunity to enrol in our Tax Investigations warranty scheme and would like to highlight the importance of enrolling in the service. Tax investigations remain as prevalent as ever, and this is set to continue if HMRC are to hit their target of closing the £7 billion tax gap.
What is a tax investigation?
Tax investigations look into every aspect of your business causing untold disruption and posing complex and invasive questions for you to answer. Last year also saw the launch of Business Record Checks (BRCs), another method HMRC can use to investigate your tax records and potentially open up further lines of enquiry. Reports suggest that HMRC will be conducting 20,000 BRCs this year alone and that 12% of businesses will fail the BRC audit.
As a practice we take great care over preparing your tax return but, despite this, no one is immune from HMRC. Investigations can be selected at random and, in the Revenue’s eyes, you are ‘guilty until proven innocent’. The nature of these inspections means that they can be on going for many months or even years, and can require a lot of preparatory work in order to satisfy the Inspector’s questions. The fees for this work are then your responsibility to pay, whatever the outcome of the enquiry. We have an excellent record when it comes to dealing with HMRC and are dedicated to fighting your corner if you are involved in a dispute.
Our Tax Investigations Service allows you to protect yourself from these professional fees, and offers you peace of mind should the taxman come knocking. The service will enable us to provide full professional representation on your behalf in the event of a tax enquiry by managing correspondence and meetings with the HMRC officers to ensure you receive the best possible result. Furthermore, as a director/partner of a subscribing business, you will automatically get protection for your own personal Return, making the annual fee excellent value for money. As an additional benefit of subscribing, you’ll also have access to a free 24/7 Business Legal Helpline covering Employment Law, Health & Safety and Commercial Advice. To subscribe to our Tax Investigations Service simply contact our office.
Running your own payroll can be both time consuming and complicated and it can divert resources from the core activities of your business. It is made more difficult with the ever increasing burden of legislation. Our payroll department is able to provide a comprehensive and confidential payroll service irrespective of the size or complexity of your business at a fixed cost. Our payroll department can take over the following payroll functions:
- Prepare weekly, fortnightly or monthly payrolls for your business which includes the preparation of payslips for your employees and summaries and analyses of staff costs.
- Administer PAYE, national insurance, statutory sick and maternity pay.
- Complete and submit the statutory end of year forms and return.
- Complete and submit the monthly online CIS returns.
- Electronically submit your year end return to HMRC even if we do not prepare your payroll.
- RTI (Real Time Information) is a fundamental change in the way employers have to report details of amounts paid to employees and the corresponding deductions, to HMRC.
- Instead of sending information once a year, employers will have to send data every time an individual is paid, whether that be weekly or monthly etc, this must be done electronically.
- We currently prepare payroll for many clients and have the computer systems and software in place to cope with the new changes. If you are currently a payroll client of Wynniatt-Husey Limited please don’t worry, we are able to cope and will endeavour to ensure the transition to the new system is as smooth as possible.
- If we don’t currently prepare your payroll and you are not sure where to start with the new changes then please do not hesitate to contact us, we will be happy to assist you with the transition or to take the pressure off you by taking over your payroll function for you.
We are able to form a limited company or a limited liability partnership in a short space of time for a fixed cost. We also provide a range of company services to support all aspects of company secretarial services to ensure that all company records are maintained and kept up to date and that all statutory returns are prepared and submitted to Companies House. Our range of company services includes.
- Acting as the registered office.
- Completion and filing of all statutory forms online.
- Electronic submission of annual returns.
- Completion of statutory books and records.
- Advice on all company statutory matters.
To discuss our services further or if you wish to form a company or limited liability partnership please Contact Wynniatt-Husey Limited today.
Research & Development Tax
R & D tax relief and credits are applicable to companies that are creating new or improved products, developing new processes or duplicating existing products and processes in an appreciably improved way. Companies which meet the definition of a small or medium sized enterprise (SME) are entitled to a deduction from taxable profits of 225% of the qualifying costs incurred after 1 April 2012 (200% for costs incurred after 1 April 2011), while large companies are entitled to a 130% deduction.
SME’s can also reclaim cash from HM Revenue & Customs where they have made a loss for tax purposes. This R & D tax credit can be worth up to 24.75p per £1 of qualifying expenditure and therefore can be very valuable to the loss making company. The definition of R & D is contained in the guidelines issued by the Department for Business, Innovation and Skills and there are no restrictions on the type of company that can qualify for the relief.
If we can demonstrate that a company has overcome technical or scientific difficulties or it seeks to make a technological advance then a claim could potentially be made. Ensure your business is entitled to claim R & D tax relief and credits and contact Wynniatt-Husey Limited today to arrange a meeting with a member of our team.
Every business, large or small, must produce annual accounts for the tax authorities. All limited companies must also file accounts at Companies House which comply in form and substance with the Companies Act provisions. If we prepare your annual accounts for you we view this as an opportunity to discuss performance and future prospects for your business. It is usual that we meet to discuss your performance ensuring that you remain tax efficient and have opportunity to discuss any future opportunities or risks within the business.
With legislation becoming ever more complicated, accounts preparation work requires expert handling to ensure that final accounts meet current disclosure rules, and more importantly, provide you with an accurate statement of your profitability and financial net. Annual accounts are a measure of the current financial health of your business and are a powerful tool for management. In the case of many small to medium size enterprises (SMEs), the annual accounts are the only piece of verified financial data they receive each year. They also form the basis on which the business’ tax position is established.
Our aim is to provide more than just the preparation of annual accounts. We use the annual accounts as a tool to assist in a proactive approach to advising the direction of your organisation. With the help of one of our skilled advisers, your accounts can pin point positive and negative trends in the business. These areas can be focussed on, and by working closely with you, we can help you to add value to ensure that your business’ potential is fully realised. During the course of our work, if associated problems are identified (for example VAT, PAYE or National Insurance) we will make you aware of these issues and assist you in resolving them.
We are keen to work with you on a fixed fee basis that suits your business and are happy to agree fees long before work commences. As part of our fixed fee arrangement you can expect access to proactive advice throughout the year ensuring our relationship goes beyond accounts preparation and helps your business succeed. In addition we will work with you to ensure that you receive information in a timely manner – avoiding unnecessary fines and penalties. Good quality, timely information will enable your business to continue making good quality decisions and plan for the future.
External audit is an independent audit function that provides assurance that the financial statements of an organisation are free from material mis-statement and are in accordance with relevant legislation and accounting standards. Besides helping you meet the statutory requirements, we strive to ‘add value’ by taking the opportunity to review your financial and management systems. By focusing on key risk areas, we can often enhance business systems and controls by recommending practical solutions and enhancements that can improve your business performance.
We see the preparation of your annual report as an opportunity to enhance your external image. A well prepared report can have a considerable positive impact on the perception of investors, potential finance sources, customers, suppliers and prospects and which greatly improves your business prospects for the future. We pride ourselves on the working relationships we develop with clients. With direct director contact and regular communication, we strive to provide all of our clients with an individually focused and value added professional service.
Details about our audit registration can be viewed at www.auditregister.org.uk
What are trusts?
- Trusts (or settlements as they are also known) are often used as a means of distributing wealth within a family group.
- They are very flexible because the trustees have complete discretion over whether the income and/or capital are distributed from the trust.
- Generally, the beneficiaries have no legal automatic right to the income or capital held in the trust.
Why do people use trusts?
- During the settlor’s lifetime, trusts are often a more practical alternative than an outright gift, particularly in situations where the settlor considers it would not be appropriate to make an absolute gift to someone, e.g. their children or grandchildren.
- They can also be used in situations where there may be a risk of bankruptcy or to protect against future matrimonial problems.
- Trusts are also used to minimise inheritance tax by allowing the settlor to progressively transfer assets and wealth out of his or her estate.
Accountancy & Business services are the backbone of the services that we provide to our clients, be they sole traders, partnerships, charities or limited companies. As well as working with you to meet your compliance needs in accounts and taxation, our trained staff are able to use analytical procedures to pinpoint any trends to assist in improving your business.
In addition, any function that you do not consider to be part of your core business is likely to be a candidate for our outsourcing team. There is a general trend towards outsourcing more and more activities, but the most common areas to consider are:
- Management accounts & reports.
- VAT returns.
Wynniatt-Husey Limited are able to adapt to suit your individual requirements and work with you to ensure that you run your business tax efficiently and comply with any filing deadlines your business is bound by. Our well trained staff will work with you to ensure your accounting system is suitable to your changing needs and help to identify ways of improving your business.
Most people starting up in business do so because they have a good business proposition and the enterprise and commitment to see it through. However, they may not be experts in the legal and financial aspects of running a business and such matters often appear daunting. Fortunately you do not need to be an expert in these matters to succeed in business.
But you do need the support of a team of trained experts with many years of experience. At Wynniatt-Husey Limited we can help. Just bring us your business ideas and we will help you to make them a reality! Our directors will help with the following:
- Decide on the most suitable structure for your business and assist in setting it up, be it as a sole trader, partnership, limited liability partnership or limited company.
- Answer any queries or questions you may have about business.
- Prepare a business plan, cash flow projections, budgets, and trading forecasts.
- Assess the finance requirements, advise on the best sources of finance and draw up the necessary proposals.
- Establish a good working relationship with your bank.
- Complete any registration procedures with Companies House and HMRC.
- Deal with company secretarial issues.
- Set up a recording system for your internal use and for complying with statutory requirements.
- Decide on what computer hardware to buy and help with the installation of accountancy software.
- Keep on top of bookkeeping, VAT, payroll and other accounting requirements, and assist with all aspects of business compliance and administration.
We have a simple goal, to work with you to plan and deliver the very best for you and your family to ensure that your home and hard earned assets are not lost, to provide innovative tax saving ideas, be pro-active and to offer the very best possible solutions for you and your family.