We offer all kinds of resources and advice as well as tax planning reviews which would help you in making sure that you would only be paying taxes that you are legally to and nothing more. We would be making sure that we would be able to provide customized services that would suit you or your company’s specific tax planning needs.

Here are some tax saving tips that can guide you on some tax planning strategies.

1. Ensure that you have been able to claim all of the tax relief which you are entitled to as far as your plant and machinery purchases are concerned.

2. If you have computers or other equipment that have a life of 4 years or less, it would be advisable to make it a short life asset when you claim your capital allowances. This means that you would be getting tax relief for the total costs of the items more quickly if you sell or scrap them within that period.

3. Tax relief for vehicles that have emission levels that are below 120mg/km is generally given more quickly compared to the tax relief for other cars which are less environment friendly. This is especially useful to bear in mind if you are planning to replace your business vehicles.

4. Consider making your spouse an employee. This particularly applies if your spouse helps in some aspects of the business such as in marketing or general administration. It is important, however, that you would be following specific rules such as how much you would be paying your spouse. You should also make sure that you have evidence that payments were made within the year. Sole traders who have higher rate tax liabilities would be able to greatly benefit from this set up and through setting up a kind of an employer pension plan.

5. Assess whether it would be better for you to trade as a partnership, a limited liability partnership or as a limited company instead of as a sole trader. By incorporating your business in the proper circumstances, you may be able to save tax.

6. If you are using your home for purposes related to your business, you would be able to claim a tax deduction in order to cover a part of your home operation costs. The deduction would often be around £2 to £10 per week or even more, as long as it can be justified.

7. You can also consider registering your business voluntarily for VAT. If you register, then you could claim VAT back. There is no need for you to exceed the turnover limit; however, you may be at a competitive disadvantage if your competitors are not charging VAT or if your customers would not be able to reclaim it. If you are not registered, then you can claim the relief for the costs including VAT.

Some of the payroll services that we are offering would include: the generation or printing of employee pay slips; the direct depositing of the employees’ salary into their bank accounts; setting up an automated payment system for your employees; the production of monthly summaries; the management of leavers and starters; the generation of departmental reports; the completion of CIS returns; the provision of staff cost analysis; calculation of payroll taxes; the filing of the quarterly and the annual payroll reports; PAYE returns; HR tracking and reporting; timekeeping; and the depositing of the withheld amounts with the appropriate tax authorities.

At the end of the year, we can also generate all necessary forms and documentation including the: Employer Annual Return P35; P11D and P9D benefit and expenses returns; and Employee summary P60′s and P14′s.

We also offer comprehensive advice on tax planning and on various employment tax issues such as: tax efficient remuneration strategies; termination payments; company car strategies; benefits planning; options on retirement and savings plans; and inducement payments.

There are many benefits of outsourcing your company’s payroll functions to us. Here are some of them.

First off, you would be able to save plenty of valuable time. Although payroll-related tasks are generally very basic, they are time-consuming, laborious and paperwork intensive. Through getting our payroll services, you would be able to make sure that all payroll-related tasks are properly attended to and managed.

You would also be able to make sure that your company’s payroll function is handled using the latest in payroll technology. We make use of the state-of-the-art programs handled by our fully qualified personnel to ensure that we would be able to deliver payroll services that are of the highest quality.

Through availing of our payroll services, you can make sure that everything would be done accurately, minimizing the risks of committing mistakes that could result to your employees becoming upset or your company being penalized. We make it a point that we go through all the details before generating reports and other payroll-related documents.

Outsourcing your payroll to us would also mean reduced costs for your company. This is because your overhead costs would significantly be reduced. You also need not pay for in-house software and support costs since we would be the one to handle all of these for you and your company.

Lastly, since we would be managing the payroll function of your company, you would be able to focus and devote your time to the other core aspects of your business. Also, because we can also offer valuable advice regarding other payroll-related issues and concerns, you would be able to develop new ideas and strategies that would benefit not only your company, but also your employees.

1. Data Entry: This includes the entry of data and information which are associated with all the accounting transactions of your company. These transactions would include account payables, account receivables, sales, purchases, costs and other data related to the financial activities of your business. Regular data entry is crucial especially in the preparation of financial statements and tax returns.

2. Financial Statement Preparation and Analysis: Aside from helping you prepare financial statements such as your bank statements, balance sheets, profit and loss statements, equity statements, trial balance and cash inflow/outflow statements, we can also help you to analyze them to come up with new ideas and strategies for your business. Our bookkeeping experts are proficient in a wide range of bookkeeping software including Sage Line 50 and many others to make sure that all statements are done properly and accurately.

3. VAT Returns: We can also prepare your VAT returns, giving you more time to focus on the operations of your company. Since we do regular data entry, we are able to easily and accurately prepare your company’s VAT returns. We employ an organized and carefully planned out system that would ensure all data and figures entered are correct and updated.

4. Key Performance Indicators: We can also help you in regularly monitoring the critical factors which determine the success of your business. Through using a list of key performance indicators, we would be able to assist you in assessing and analyzing the profitability and the overall cash flow situation of your company. This would allow you to: maintain control over all aspects of your business; be aware of potential problems and other concerns as soon as possible; and to make well-informed business decisions based on the available information.

5. Management Accounts: Some of the services that we provide under management accounting include variance analysis, business metrics development, product profitability, price modelling, cost analysis, cost allocation, sales and financial forecasting, capital budgeting and resource allocation and utilization.

6. End of Year Accounts: For our end of year account services, we can provide tax computation reports as well as produce your company’s income and expenditure account that would detail all of your income expenses, along with the gross profit and net profit for the year.

7. Estimated Tax Liabilities: Aside from providing a tax computation at the end of the year, we can also give you periodic reports on your company’s estimated tax liabilities so that you there would no surprises later on.

8. Other Bookkeeping Services: We also offer many other bookkeeping services based on the needs of your company including: maintenance of debtor and creditor listings; credit control or the setting up of credit policies based on client and cost performance; bank reconciliations; and cheque preparation.

Property tax is tax that is imposed by municipalities on the owners of real property which are on their jurisdiction. It generally depends on the value of the property being taxed. Here are some basic information and tips about property tax.

1. If you would be selling your family home, you need not pay any capital gains tax or CGT provided that you used it as your private residence for the entire time period of ownership.

2. You would be charged capital gains tax, however, if you made a profit from selling or disposing your assets. Though there is tax relief for your main residence, other properties that you would be buying would be subject to CGT on any profit made on the sale. This would apply to all kinds of rental properties and holiday homes that you and your family use.

3. If you own and use more than one property in the UK personally, then for tax purposes, you can elect which property should be considered as your main residence. For this, we can inform you about all the implications of making this election and the conditions that need to be met, as well as help you in deciding whether it would be beneficial for you based on your personal circumstances.

4. If you have any properties that you are renting out, you would be required to pay income tax based on the rents that you have charged during the tax year minus allowable expenses and charges including repairs, mortgages or loan interest, furniture replacement and an annual wear and tear allowance of 10%.

5. Presently, if you are renting property which can qualify as a furnished holiday letting, or any property which is let for a minimum of 70 days and is available to be let for at least 140 days in a tax year, you would be able to qualify for additional tax benefits, provided that there is no single letting which exceeds 31 days. Furnished holidays are different from residential and commercial lettings in that they have trading principles which are applied to them, allowing you to take advantage of tax relief for any loss you incur for renting out the property and on any profit that you would be making when you sell it.

6. If you have rooms in your own house that you are letting, then you would not have to pay any tax as long as the total rental payments charged are less than £4,250 per tax year.

Contact us today so we can provide you with valuable information and advice on all tax aspects of letting, buying and selling property. We have fully qualified accountants on board who can offer guidance on all of these as well as on upcoming changes on property tax laws and how they can affect you.

What We Help With

To help you get the most out of our services we listen to and understand your needs, in order to provide advice and assistance that is specific to your business. To build a solid profile of your business and what you’re trying to accomplish we conduct an account preparation for all of our clients. We will not only assist you in business matters, but will also make sure you understand what we’re doing and why we are doing it, so that you can have a better grasp of what needs to be done in the future.

Mandatory Audits

There are a variety of reasons why your business might be required to have a statutory audit. Sometimes your turnover or gross assets may exceed the regulated amount, or company could be a finance related company which is required to be audited each year. In some cases, the shareholders of your company will not agree with opting out of the audit. Regardless of the cause we can help you comply with all regulations and provide the necessary documentation during the audit.

Non-Mandatory Audits

Aside from a mandatory audit you may also decide to have your business audited no your own accord, which certainly offers some benefits. Having an audit done will give the business owner and the auditor a comprehensive overview of the company’s accounting system and systems of control. This information could prove to be valuable when revising business strategies and creating a new approach to bookkeeping.

Choosing to have an audit done purposefully will also improve the status of the account in the perspective of banks and financial institutions that may review the audit before purchasing the company.

Business Improvement

Having an audit done on a regular basis can provide insight into the progress of the business as well as it’s management systems, which are crucial to the success of your business. We help you track your earnings and expenses, as well as monitor any other other aspect of business management that could be affecting your bottom line. To facilitate this process wen can create management accounts for you that are designed specifically for the edification and improvement of your business.

Unlike other accountants, we want you to understand accounting so that you can improve your business. We never hesitate to answer a question thoroughly, regardless of how comprehensive that question may be.

Our affordable VAT tax services can get you started by providing assistance with registration and quality advice in the areas of VAT administration and planning. We develop a practical plan of action and help you choose the most appropriate tax scheme for your endeavor. We eliminate the hassle of form filling, VAT return filing, and H M Revenue & Customs negotiations. We’ll even represent in you in court during a VAT tribunal if necessary.

After establishing your tax plan and scheme we continue to optimise your strategy and provide advice on a regular basis. We take pride in keeping our clients in a state of tax stability through VAT control and reconciliation. Our team of accountants specialise in providing expert advice that has saved our clients thousands of dollars and months of hard work and frustration.

Due to the recent changes in the law, H M Revenue & Customs can now review new cases on a sample basis. As a result, tax investigations are more common than ever, and more people are being confronted with an issue that they are simply not ready for. If you’re being investigated by the HMRC, let our professional VAT tax services defend you and provide all of the necessary information to H M Revenue & Customs.

Instead of charting unknown territories and trying to figure out VAT taxes on your own, it may be wise to enlist the aid of a qualified team of professionals. Our VAT tax services will completely streamline the tax filing and planning process. We offer actionable advice without charging you for every conversation, and we plan on keeping you compliant with all regulations for years to come, with minimal effort on your behalf.

It is important to know that paying taxes is a personal obligation, however the actual filing process does not need to be completed by you. In fact, it is highly recommended to have the assistance of a professional accounting service to avoid mistakes and save as much as possible on your taxes. We provide valuable advice and guarantee that you will meet all tax compliance requirements

We know how frustrating the self assessment process can be, especially when you have to answer the same question several times on multiple tax forms. To eliminate the hassle of form filling we help you use professional tax software to fill all of your forms simultaneously using a simple questionnaire. We will even walk you through the entire questionnaire to make sure you understand all of the questions.

After you’ve filed your taxes, we can help you calculate all tax liability, and help you design a tax payment plan and structure. We streamline the tax filing process completely with our professional personal tax services.

Aside from helping you with yearly taxes, we can also help you with estate planning. We make sure you have a solid tax plan that will help your family financially throughout the years, even after you are gone. Our professional team of accountants will help you make all of the necessary arrangements to ensure that you’re reaping the full benefits of the tax system.

Our estate planning assistance includes reviewing your written will and making suggestions, helping you maximise exemptions, lower tax rates, and optimize lifetime estate transfers amongst a family.

It is important when planning to transfer an estate that adequate provision is made and getting the right balance requires considerable skill and foresight – along with a detailed knowledge of the current tax regime. We provide a discreet comprehensive estate planning service that includes. We can also transfer your assets into trusts and help you pick the right life insurance plan to cover any inheritance tax liabilities.

We also provide assistance in dealing with trusts, which are a great way to reserve finances for future beneficiaries that are not included in the inheritance tax net. We listen closely to your wants and needs, and then after we have a solid understanding of your situation we help you choose and set up the right trust. After the trust is established we will be here to provide quality personal advice for as long as you need us.

Complying with Corporate Tax Regulations

Legally, as the owner of a corporation you have an obligation to calculate the corporation’s tax each year. However this can be a heavy and unnecessary burden for many business owners. We simplify this process by preparing tax returns and providing assistance with tax calculations.

By lifting the burden of these obligatory tasks we give you the time you need to focus on more mission critical business activities. Aside from offering high quality advice and performing basic tax calculations, we also provide detailed payment scheduling that will help you understand exactly how much you’ll need to pay at a specific point in time. All quarterly instalment payments are outlined and presented in a simple format for your reference.

Stress-Free Tax Administration

With our corporation tax services you’ll never have to worry about miscalculations and other unnecessary pitfalls again. All of the stress that is associated with corporate tax administration is completely eliminated when using our service.
Our accountants are very responsive and can be reached via email instantly. We also provide free consultations to all of our prospective clients so you’ll always know what to expect from us, and we’ll even come to you to make sure you fully understand our services.

A Complete Solution

Complying with ever-changing tax legislation can be an unnecessary headache, especially when you have to oversee the operations of an entire corporation. The last thing you want to do with your free time is perform tax calculations and study tax regulations that apply to your business. There are many reasons why it is not practical to handle these tax obligations without the help of a professional accountant. If you simply don’t have the time or skills to keep track of your corporation’s tax obligations, then you may want to consider our complete corporation tax services.

Reputable Reliability

After working with many successful corporations we can confidently state that we are competent enough to deal with any corporate tax scenario. Our existing clients will vouch for our reliability as an accounting firm, so you’re not taking any risks by trying our services. We offer premium accounting services, and many times we are able to establish fixed fees for our clients, depending upon the nature of the project at hand. By choosing an accounting firm that has established reputable reliability you’re ensuring the safety, prosperity and continuity of your corporation.

Communication and Consideration

Having an accountant that is easy to contact and is considerate of your needs is extremely important. If you find it hard to voice your opinion with your accountant, then you may want to reconsider. Accountants that do a lot of talking and very little listening cannot effectively manage the funds of a business. Likewise, it is impossible to learn from or communicate with an accountant that does not speak clearly and address their concerns. Ideally, your accountant should communicate via the internet, as this will make them easier to reach. You should be able to ask your accountant questions at all times of the day without being charged for every conversation.

Friendly and Creative

Having an accountant that is not afraid to share ideas with you for free is always preferred. Many accountants will charge a fee for every conversation they hold with you, even the initial consultation. If the accountant does not care enough to give you a free consultation, then it is likely they will overcharge for all of their services. Having a friendly and creative accountant is a great way to save money on both your accountant fees and taxes, because you’ll have access to high quality tax ideas and advice at any time. A good accountant will charge a higher hourly rate, but they will work quickly, and they can afford to give free advice.

Confidentiality and Direction

It is very important to be able to share business ideas and plans with your accountant, as this can directly affect the success of your business. The accountant should be able to offer advice based on your particular business model, which means they’ll need to have a considerable amount of knowledge about various industries and their corresponding taxes. An accountant should be ready to take a plan and set realistic deadlines in order to bring the plan into fruition successfully. They should be able to setup an organized meeting that effectively addresses all of your financial issues at once.

Responsibility and Responsiveness

Accountants are an integral part of any successful business, so it is important to make sure your accountant assumes full responsibility over the authority they are given. If you place an inquiry about a financial concern or prospective project you should expect to receive a response from the accountant within 24 hours on a business day. A quick first response is a good indicator of the firm’s ability to react. It is important to find out if the firm is personalized, or if you will be communicating with many different people. It is easier to guide your business in the right direction if you’re working with a closed group of dedicated people. Thus, there is nothing wrong with having a single accountant working with you exclusively.

Our team of highly qualified business professionals specialises in offering sound advice, and are trained to accommodate the needs of your growing business. We can help you turn a business idea into a practical agenda, that when executed produces optimal results.

The first step in establishing a business is choosing the right structure based on your goals and needs. It can be difficult to choose between becoming a sole trader or a limited company, especially when you don’t even know what either of these business structures are. We help you decide which business structure would be most suitable for your endeavor and explain all of your options thoroughly.

Once we’ve helped you decide on a structure for your business, we then help you create a realistic plan of action. This includes formulating sustainable budgets, making plausible cashflow projections, and providing valuable insight on future trading conditions that could affect your business. Once we’ve agreed on a business plan, we’ll help you finance the business by finding the best lenders for your situation, and we’ll even draw up professional loan proposals to maximize your chances of approval. We streamline the entire process of company formation and take care of all secretarial issues so you don’t have to.

Every successful business relies upon strong partnerships, so to help your business thrive after it is established we’ll help you build strong working relationships with your bank and your clients. We’ll also complete any necessary registration procedures with Companies House and H M Revenue & Customs.

To keep the business running smoothly we’ll set up a tax recording system that can be used internally to comply with all statutory requirements. We’ll even help you decide upon the most suitable accountancy software, and if needed we’ll install it for you and help you learn to use it. We effectively accommodate all of your business accounting requirements, including but not limited to bookkeeping, payroll, and VAT as well.

With Edinburgh Accountants you can be sure that all of your company’s legal issues are dealt with on a regular basis. We make sure your business is compliant with all legal regulations, and every aspect of business administration is overseen by our professional accounting team. Without the right advice and administrative management virtually every business will fail. It’s easy to have a dream, but when it’s time to wake up and do something you’ll need knowledge and experience. Let us prevent your dream from becoming a nightmare!