Book keeping and Accounts Preparation
The experience of running an owner managed business can only really be understood by people who have themselves run their own business. That's why at accountants4dentists we understand the importance of your time and the importance of accurate and up to date financial information.
The tax compliance burden for even the smallest practice is a heavy one.
When you consider practice that has incorporated has to submit a corporation tax return, self-assessment returns for each director and shareholder receiving dividends, year-end PAYE returns, P11D's for all directors and employees earning more than £8,500, P9Ds for employees earning less than £8,500. The list is long and there are deadlines for each!
Whether you have one employee or a hundred, each employee will still need a wage slip, HMRC will still want their PAYE and National Insurance each month, the rules for statutory maternity pay remain the same, you still need to complete year end PAYE returns, provide P60s and P11Ds. Do you really want to spend time dealing with which forms go where and who gets what?
Company Audits and Regulatory Reporting
With the recent increase in audit thresholds, there are over 300,000 companies in the UK that now no longer require a statutory audit. When was the last time you checked whether you were exempt from the statutory audit?
Or indeed, when was the last time you checked whether you were required to have a statutory audit?
There are too many taxes in this world! Income Tax, Corporation Tax, Capital Gains Tax, Inheritance Tax, Stamp Duty, Value Added Tax, National Insurance, withholding tax and s419 ICTA to name but a few..
The rules attached to most of the above taxes change at least twice a year so you need to be pretty switched on to keep up!
Business Finance and Business Planning
One of the biggest constraints on all practices is cash! Unfortunately, funding is not easy to come by, and whether you are a start up practice looking for set up costs and working capital; or if you are looking to build your practice by expanding your service offering; building your practice through acquisitions and take overs; if you are an associate, working for a practice where the principals are looking to exit - the list is endless and the key factor behind your success comes down to funding.
Sooner or later, your tax return will come under scrutiny by HMRC. Sleep with this knowledge and conduct your affairs accordingly!
The UK self-assessment tax system relies on individuals and businesses to make accurate and timely returns of income, and therefore tax. What this means is that HMRC have committed resources to conduct random as well as selective enquiries into tax returns.