Other Taxes & Services
Companies House
This is an area that can easily be overlooked but can have serious consequences for you and your company. It is mundane and unexciting and is really all about making sure that the company administration is done properly and on time.
Get this wrong, submit the Annual Confirmation Statement or accounts late, and there will be penalties and Companies House could strike your company off the register. If that happens you cease to have access to the company bank account and all the company’s assets including any bank balances become bona vacantia and belong to the state, not you! And all because you did not file your annual return on time.
The last thing you need as a busy business owner is to use up valuable time and resources making sure you are complying with the Companies Act.
Important actions needing professional help to save you money and get it right:
- Company formations
- Preparation and filing of statutory returns
- Updating appointments and resignations
- Preparation of all documentation related to minutes and resolutions
- Documenting dividends including minutes and dividend vouchers
- Maintenance of statutory books
General Business Tax Planning
Here are some questions to consider. You may want to talk to us about the answers.
- What is the best structure for my business? Sole trader, partnership, company or something else?
- What is the most tax efficient way of taking money out of my company?
- Would I have enough to live on if I retire today?
- If I die, will I be leaving my family secure financially and free from unwanted and avoidable tax liabilities?
- I trade through a company, what is the most tax efficient remuneration strategy that I should adopt?
- I am thinking of buying an existing business which is owned by a limited company. Should I buy the company (i.e. the shares) or should I buy the business from the company?
- What is the most efficient way of financing a car for myself?
- I want to sell my business. How can I minimise the tax I pay on the sale?
- I need to plan an exit from my existing business, what should I be doing in the preceding couple of years to prepare for this event?
- My children are already part of the business. What is the best way of transferring all or part of the business to them?
- Are there tax efficient investments where I can invest my money?
- How can I plan to maximise the benefits and (legally) minimise my tax from different structures?
- Should I be registered for VAT and how will that affect my profits, will the business still be viable?
- Should I bring my significant other or my children into the business? Will it save me any tax?
- How can I pass my business on without paying excessive amounts of tax?
- What is the most tax efficient way to incorporate my business?
- Can my company provide me with a car? Is it more tax efficient to buy the car myself from my earnings from the company?
- What is the cheapest and most tax efficient way of financing my new venture?
- I have pensions that I have been paying into for years. How can I utilise them in my business to acquire property etc.
- When is the best time to transfer my business? What is the tax effect of my different options?
- Should I be doing anything to minimise my exposure to Inheritance Tax?
- Which method of finance is best, pay cash, buy on HP, PCP or leasing?
Now it’s probably time to speak to us.
In today’s complicated and strictly regulated financial services market, providing independent financial advice requires specialist knowledge. The advice that we can offer in this area is limited and so we rely on our relationship with local financial advisers to ensure that you receive independent advice on any investments being considered as part of your retirement or estate planning strategy.
The Long Partnership is not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services to clients because we are members of the Institute of Chartered Accountants in England and Wales. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide.
