Business Start Up:
By consulting us as soon as you decide to set up your own business we can give you professional advice on raising finance, producing a business plan, accounting systems and discuss the most appropriate, tax efficient business format:
Sole trader
Suitable for very small businesses and the self-employed – although you remain personally liable for any business debts.
Partnerships
Suitable for husband and wife teams, family businesses. Partners are `jointly and several liable` for all partnership debts.
Limited companies:
Are currently the most tax efficient vehicle, due to low corporation tax rates, and offer limited liability for business debts. At Hussain & Co, we can help you with company formation and the preparation of statutory accounts, leaving you with substantial tax savings.
Which is the best structure for your business will depend upon many factors – speak to us first and we help you reach an informed decision.
Corporation Tax and Statutory Accounts
We can prepare your company’s corporation tax return for HMRC and annual statutory accounts for Companies House. Given that our staff have produced statutory accounts for companies, the knowledge and experience you will be getting at Hussain & Co will be hard to find elsewhere.
VAT
Dealing with VAT issues can become one of the most time consuming aspects of running a business. We handle VAT registration and deregistration, we can complete your VAT returns in a timely manner and we are familiar with the different VAT schemes that can be used for your business.
Payroll
For a start up company, taking on employees can be one sign that your business is growing in the right direction. Dealing with PAYE issues can be one of the more challenging aspects of running a business.
We provide a comprehensive service dealing with wage slips. P35, P11d and other payroll related forms as required.
Self assessment
We can complete your self assessment tax return and all necessary schedules, calculate your tax position and send you a full copy and explanatory notes. Whilst a lot of companies can help you with your self assessment, our top class accountancy training helps us to add value where others can’t.
At Hussain & Co. we are experienced in dealing with all types of Tax Investigations by HM Revenue & Customs. We aim to ensure that you are prepared for visits from the tax authorities before they happen, by providing you with advice on the issues which can prompt an investigation.
- HM Revenue & Customs Investigations: any Personal or Corporation Tax Return can be investigated by the Inland Revenue with or without reason, to check that the figures are accurate. We can support you during an Inland Revenue Investigation – but we aim to minimise the possibility of an Investigation. By asking us to prepare your accounts and tax return we can explain at that stage reasons for unusually low profits or drawings – the most likely cause of an Investigation being launched.
- PAYE Inspections: are routine and aim to check that Income Tax and National Insurance have been correctly deducted and to consider whether self employed workers paid cash should have been treated as employees and included on PAYE. We can arrange to be present during the Inspection or advise you how to prepare and what to expect on the day. But prevention is better than cure – ask us to take care of your payroll requirements and your calculations will be accurate. We can also advise at an early stage on the difficult issue of whether workers should be treated as self employed or employees.
- VAT Control Visits: are routine for all VAT registered businesses – how often you are inspected by HM Customs & Excise will depend on the size of your business, the VAT-track record of your type of business and whether you have experienced significant changes in turnover. At Hussain & Co. we can help you avoid some common problems such as late submission of VAT Returns or errors on VAT Returns, which increase the frequency of VAT Control Visits. So when you do have a Visit you can feel confident that your VAT affairs are in order; we can also arrange to be present during the Visit or advise you how to prepare and what to expect on the day.
