Business Accounts and Taxation

We can help you

At CareTax Accountants, we provide free initial consulation to people who are about to start a business. We can help you get the business off the ground, look at your cash flow position, find the best bookkeeping system for you and discuss the tax opportunities available. We can also help you in developing the Business plan to achieve your objectives, expectations of sales, costs, margins and profitability.

Even if your moving from sole trader to company, we can help you in company formation according to the business requirements.

Book Keeping

Record keeping is your legal responsibility to keep the receipts for all your business expenses and income, and record them in a cashbook or bookkeeping programme. Keeping records also helps you to monitor the profits of the business and therefore, assists you in making decisions.We can provide you digital book keeping software that can help you save time money and work load, so you can focus more on your business.

Tax Planing

You should inform HM Revenue & Customs that you have begun trading; even if you already prepare a tax return each year. We can take care of this for you and consider your National Insurance position too. We will go through with your finanances and Bisinsess structure to provide you the efficient way of Tax Planing.

VAT

Value Added Tax (VAT) is a tax that is charged by VAT-registered businesses on most goods and services sold. When a VAT-registered business buys goods and services, they can generally reclaim the VAT they have paid. We can provide you the services to register VAT with HMRC, VAT calculation, VAT reporting. If your business is not meeting VAT requirement we can also help you to DE-REGISTER VAT.

Payroll

We would be happy to discuss the implications of employing someone. Payroll can be daunting, but we can guide you through the process, costs, calculations and deadlines - or even take care of everything for you.

Calculating the wages and deductions can be tricky if your employee goes on sick leave or has a baby, and you need to be aware of their rights during these periods of absence too. When your employee receives tips, benefits and expenses, there are yet more rules on how to account for their tax and National Insurance. Various information may need to be submitted online to HMRC when something changes with your employees or directors.

We will help you to calculate how much PAYE and National Insurance your employee owes and how much deductions to pay HMRC.

Workplace pension(Autoenrolement)

All employers will have an obligation to comply with the new workplace pension rules, regardless of their size, although the extent of their responsibilities will vary. Non-compliance can lead to fines starting with a fixed penalty of £400 but escalating to daily fines set at a minimum of £50 per day. Civil penalties and court action can follow for persistent failures.

We can assist you in setting up the pension scheeme you chose for your employees. we will communite with your employees on your behalf and set up day to day payroll processing and as well as managing the reporting requirements to the Pensions Regulator.

Other services includes Insolvency, Debt recovery, Help with Finance Raising, Company Formation Services