I want to set up a business but have no clue where to start. Can you help?
It would be best if you called us for a free initial meeting where we can discuss how you should proceed; whether to set up as self-employed, whether to form a company, whether to register for VAT and PAYE and various other aspects to get you started. It is important to start off correctly as there are penalties for failing to notify HMRC in time.
Do I have to keep the records of the business or can AJR & Co help?
We can provide as much of the bookkeeping and accountancy services as you require or we can provide you with software and training to enable you to do your own bookkeeping.
When do I have to pay my Income Tax to HM Revenue & Customs?
Having set up as Self – Employed or as the Director of your own limited company, you need to file a Self Assessment Tax Return for the year or shorter period ending 5th April in any year by 31st January in the following year and also settle any outstanding Tax by the 31st January as well.
When do I need to charge VAT and when do I need to pay over the VAT to HM Revenue & Customs?
You need to register for charging VAT when you can reasonably foresee that, in the next 12 months, your annual turnover will exceed the threshold for registration or if you exceed the threshold in one month. The threshold increases annually and stood at £82,000 from 1st April, 2015. There are various different VAT schemes but normally you would need to pay over your VAT one month after your VAT quarter ends. Please ask us about the various VAT schemes.
I am intending to buy a house to rent out. Is there anything that I should do to reduce the Capital Gains Tax on its eventual resale?
Yes, there are more tax efficient ways to purchase and use the property which will affect any Capital Gains Tax payable. Please come and discuss your proposal before you start the process.
I have elderly parents and am worried about their ability to manage their finances and bank accounts. How do I set about taking responsibility for their affairs?
At AJR & Co we can put in place a Lasting Power of Attorney for you to take over responsibility for your parents’ financial affairs and advise on schemes for Residential Care. We also have access to Will writing and Inheritance Tax planning to benefit children and grandchildren.
If I set up in business, how do I reduce the risk of an HMRC investigation of my affairs?
The best way to lower the chances of an investigation is to keep your financial records in good order and up to date and establish a good record with HMRC by enabling your accountants to file the various different records that HMRC require in good time. If, however, you are selected for an Inquiry, at AJR & Co you are automatically covered with Tax Investigation Insurance so that our fees for dealing with the queries raised will be settled by the policy.
I am in business and have a long running dispute with one of my creditors. Can you help?
We have successfully acted as Mediators for clients in the past when disputes have arisen and provided an interested but external third entity service so that both parties have been able to express their points of view and we have managed to find common ground to end the dispute
I want to know in advance how much your services will cost me as I do not like nasty surprises. Can you provide this?
Yes, AJR & Co is happy to discuss all your Accounting and Tax requirements initially and agree on the best level of service that you need and then establish a Fixed Price Agreement to be spread over 10 months.
I need finance to expand my business. Can you advise me on sources of such funds?
Certainly; we have access to various sources of finance depending on the type of expansion you wish to achieve.
Who is your typical client?
There isn’t one. We work with all types of business at all stages of their development. Our largest client turns over around £1m annually and most months our smallest client is just about to open their ‘doors’ for the first time.
What area do you cover?
The majority of our clients are based within a 50 mile radius, but others are spread across the country and we even have a couple in Europe.
Can you provide references?
We’d be delighted to.
or call 01296 738 668 or 07812 026 346