Starting a new business is always quite a challenge. Did you know that less than half of the new businesses die before their first anniversary and almost eighty per cent in the first five year period?
Only the businesses with proper plans are more likely to survive and grow. This is where we stand by the side of our clients and support with every step to guide them towards right direction. We can help you in:
Deciding most appropriate form of business structure (i.e. Sole trader, Partnership, Limited Company or Limited Liability partnership)
Registering the businesses with Companies House and/or HMRC well in time to avoid unnecessary penalties
Prepare a business plan, Cash-flow projections, Budgets and trading forecasts for the business
Advising on appropriate sources of finance for your new business and helping you secure these if necessary
We are here to help you with the most time consuming tasks of the business and free you to concentrate on your core business. Upon getting your documents, we process them appropriately that allows us to produce the following reports on time:
- VAT returns
- End of Year Accounts
- Management Accounts
- As well as any other reports as and when demanded
It also helps us to handle any tax issues with HMRC in case the need arises.
We are here to protect you from any potential problems associated with the payroll and also planning your payroll in most tax efficient manner. We are here to help you with:
- Planning your payroll in most tax efficient manner
- Registering with HMRC for payroll purposes
- Executing your payrolls, preparing payslips and reporting to HMRC accordingly
- Advising you on paying PAYE to HMRC on time
- Updating leavers and starters on time
- Calculating Statutory Sick pay, Statutory Maternity and Paternity pay, administering student loan etc. appropriately as per the law
- Executing Payroll Year End on behalf of the client, prepare P45 and/or P60 as needed and reporting to the HMRC
On top of above, we also advise on tax savings through
- Benefits planning
- Retirement planning
We help in providing up to date information quickly so that the businesses can make right decisions. As a part of our management accounts services, we provide monthly, quarterly and half-yearly management accounts as well as on demand whenever businesses need
- Preparing reports for lenders, suppliers etc.
- Analysing the reports and advising on them.
Non statutory audit:
Many small businesses don’t need to have audit by law. However many of our clients still choose to have one, as there are tremendous benefits available for example:
- Achieve best price when selling business,
- Financial institutions such as banks are more comfortable to provide finance,
- Keep credit insurers and suppliers happy,
- Keep customers confident,
- Give you assurance in terms of internal controls and accurate results.
If your business is not a small company, there is a requirement of audit by law: (According to the UK's Companies Act 2006 a small company is defined as one that does not have a:
- Turnover of more than £6.5million,
- A balance sheet total of more than £3.26 million
- And not more than 50 employees) you are required
If your business meet 2 out of above requirements, your business still require account to be audited by independent auditor. However above may not apply for charities and not for profit organization.
We have been providing audit and assurance services to small and medium size companies which include following sectors.
- Educational institutions,
- Wholesale and retail,
- Not for profit organizations,
- Solicitors accountant reports,
A well set-up office, the equipment, the systems and the environment all contribute to making you and your business more efficient. In this regard, we help you in deciding right equipment and software for maintaining your accounts and finance related records and process them accurately and appropriately.
If needed, we can provide book-keeping service at your site as well as train your staff in doing so.
We act in the best interest of our clients to enable them to pay the minimum tax that is absolutely required under the law and not a penny more. We are confident that our long-term experience in this sector will enable us to do so.
We can help with tax affairs in relation to planning and administrating:
- Personal tax
- Corporation taxes;
- VAT planning
- PAYE planning
- Capital gains tax planning;
- Inheritance Taxes;
We advise you on the need for VAT registration from legal as well as tax saving perspectives. We help you in:
- Determining best VAT option based on your circumstance
- Completing forms and formalities to register with HMRC for VAT purposes
- Completing VAT returns on your behalf
- Supporting you if any disputes arises with HMRC and attending the inspections wherever needed
We prepare and file your final accounts to Companies House & HMRC within deadlines. We also take sufficient time to explain your accounts to you so that you can understand your financial performance and position and plan for the future.
Moreover, based on accounts, we can advise on:
- The areas that can be focussed for further improvement
- How the tax liability can be minimised
Businesses with properly written business plans are far more likely to succeed compared to the others. Such business plans also help businesses raise capital from lenders, e.g. banks.
Our business plan preparation includes…
- Budgets preparations
- Cash flow forecasts
- Projected Income statement and Balance sheet preparation
- Business goals setting, carrying out PESTEL, SWOT analysis and advising accordingly
At times, businesses come under enquiries by HMRC whether or not there is any fault of the business or its accountants. Under current unprecedented financial crisis, businesses are more likely to be investigated. Defence can be very difficult under such circumstances and a call for an expert becomes inevitable when it occurs.
If we understand your business well, that helps us to defend your case more confidently and effectively that can save your time, money and sometimes even from prosecution. Under this service, we act on your behalf by
- Representing you in meetings with HMRC
- Correspondences with HMRC
What is Auto Enrolment?
Automatic enrolment is a Government initiative to help more people save for later life through a pension scheme at workplace. Under the Pensions acts of 2008 & 2011 workplace pension's law has changed and now every employer in the UK will be required to help more of their workers save for retirement.
- Automatic enrolment makes it compulsory for employers to offer eligible workers a workplace pension
- The employer must automatically enrol every eligible worker into the scheme
- The employer must make a minimum contribution to the scheme
- Failure to comply with the legislation could incur severe penalties and fines
Please refer to http://www.thepensionsregulator.gov.uk/employers.aspx for more information.
What are an employer's duties?
- Know your staging date
- Nominate a contact
- Develop initial plans
- Know your workforce
- Check your processes and software
- Review pension arrangements
- Communicate to Staff
- Know who you need to enrol
- Automatically enrol your staff
- Choose Pension Provider (Goldstar will give you option to choose from main pension providers in the market. However, we are happy to work with pension provider you choose if you wish to do so.
- Declaration of compliance
- Keeping records
Which include Assessing new starters, paying contributions, processing opting in and opting out, monitoring ages and earning etc.
In Goldstar Accountants Ltd:
Goldstar Accountants Ltd offer complete auto enrolment solution to employers including payroll. Please feel free to contact us should you have any queries on above.