Buying or selling a business can be a lengthy and very involved process. The buyer, seller and each party’s solicitors will require certain financial information relating to the transfer of the business.
Whether the transfer is subject to a SPA (share purchase agreement) or a BPA (business purchase agreement), information regarding the financial and tax positions of the business to be sold will have to be ascertained and agreed upon.
Clear understanding of accounting practices and tax laws help us to assist you in these negotiations to make the process as painless as possible.

During the life of your business you will require assistance on the governance and directions to take. We can assist in the following;

• Set up

• Accounting policies

• Shareholder structure

• Board structure

• Tax planning

• Asset management

• HMRC correspondence

• Cessation

We can assist in the structure of your business;

• Tax planning

• Ltd company, LLP, Partnership or sole trader set up? Which is best for you?

A cash flow forecast is a plan that shows how much money a business expects to receive in, and pay out, over a given period of time.

A profit and loss forecast shows how much profit is likely from a predicted level of trading

Cash Flow preparation

Profit forecasting preparation

Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor's payments and pass it to HM Revenue and Customs (HMRC).

HMRC Submissions

Subcontractor verifications

CIS advice

Work covered by CIS

Exceptions

Contractor Registrations

When a contractor makes a CIS deduction they must provide the subcontractor with a CIS payment and deduction statement. This is the written evidence which the subcontractor can use to prove any tax deductions with HMRC

Statement of payment and deduction preparation

No PAYE Scheme:

CIS suffered - Self Assessment Tax Return

PAYE Scheme:

CIS Deductions suffered appear on the Employer Payment Submission to reduce your PAYE costs to HMRC by the value of any tax deduction that was automatically made from your invoices by a contractor.

EPS Submissions

CIS Refund Claims

Change of registered office

Change accounting reference date

Change of Directors Details

Change of Secretary Details

Change of Person with significant control details

Appointment of director / secretary

Termination of director / secretary

Notification of a person with significant control

Allotment of shares / Share certificates

Company change of name

Company change of service

Application to strike off

Withdrawal of application to strike off

Company formation is the process of legally incorporating a business as a limited company or LLP at Companies House. Asa result,the business becomes a distinct legal entity.The process is also referred to as 'company incorporation' and 'company registration'.

Company formation service

Memorandum and articles of associates

Share Certificates

Company registration number

Companies House Authentication Code

Business valuation is a process and a set of procedures used to estimate the economic value of an owner's interest in a business. Valuation is used by financial market participants to determine the price they are willing to pay or receive to effect a sale of a business.

Company valuation preparation.

The confirmation statement is a document that limited companies and LLPs must file at Companies House each year. For companies, the confirmation statement contains detailsof its directors and shareholders, while the confirmation statement of an LLP lists its members. For both limited companies and LLPs, the confirmation statement also shows the business’s registered office address.

Confirmation statement submission

Related Company updates

A corporate tax, also called corporation tax or company tax, is a direct tax imposed by a jurisdiction on the income or capital of corporations or analogous legal entities

Preparation of financial statements

Corporation tax liabilities

Time to pay plans

Tax planning schemes

You may wish to register a limited company or LLP and then keep that company dormant. There are many reasons for this, such as wanting to keep a company name, wanting a company ready to go for certain income streams.
The dormant status of a limited company or LLP would still necessitate certain submissions to HMRC and Companies House;

• Dormant status submission to HMRC

• Dormant company accounts submission to Companies House

• Annual confirmation statement submission to Companies House.

Due diligence is the investigation of a business or person, usually prior to entering into a contract. As such, due diligence engagements can vary in size and focus.
The process includes;

• Compatibility audit

• Financial audit

• Macro-environment audit

• Legal audit

• Marketing audit

• Production audit

• Management audit

• Information systems audit

• Reconciliation audit

Financial references can be sought for many reasons. These include;

• Company reserves reference

• Directors Loan Account reference

• Personal income reference

Accounting checks performed under strict guidelines. These include;

• Fraud detection

• Psychology

• The investigative process

• Gathering evidence

• Gathering non-financial evidence

• Interviewing

• Fraud risk assessment

• Fraud prevention

• IT fraud

HMRC enquiries are part and parcel of running a business. To ensure accurate accounting treatment and correct payment of tax liabilities, HMRC enquire into the following;

• Validity of sales

• Omission of sales

• Validity of expenditure

• Omission of expenditure

• VAT declaration

• PAYE declaration

• Corporation Tax declaration

• CIS tax declaration

Inheritance Tax

Inheritance tax calculations upon death are usually performed by the appointed solicitor. However, by careful planning, inheritance tax can be mitigated by the legal movement of assets with careful reference to inheritance tax and capital gains tax timing rules.

Capital gains tax

The sale of certain qualifying assets, attract tax liabilities on the value of the taxable gain. However, by careful planning, capital gains tax can be mitigated by time planning the sale of assets with careful reference to capital gains tax rules.

Income received from property rental should be declared within a separate section of a tax payers Self-Assessment tax return.
New rules have come into play with regards to lending charges on the purchase of a property.
We can offer;

• Rental accounts

• Self-Assessment submission

• Asset management with view to tax mitigation

More information coming soon

Whether the management accounts are required by the board for financial analysis and decision making, or by financial institutions to ensure their investment is still sound, we can produce monthly or quarterly management accounts to fit your needs.

• Full financial statements

• Cash flows

• P&L statements

Lead attorneys for this practice

Registering as an employer with HMRC for the purpose of payroll

Year-end process including P60's

SMP works

SSP

P4 5process

All payroll reports provided upon request

Al l pay frequencies available for submission to HMRC

Pa yslips emailed to the employer to make it easier to keep and distribute securely

Monthly PAYE liability's submitted directly to HMRC

Pa yroll software compatible to most pension providers to make the necessary contribution deductions and send reports back to the employer

Fr iendly advice

Income

Self-Employment Income

Employment Income

Dividend Income

Interest Income

Pension income and state benefits

Rental Income

Foreign Income

Share Schemes

Other lncome

Reliefs

Pension Contribution

Charitable giving & annuities

Business Investments

Allowances

High Income child benefit charge

Self-Assessment

Completion and analysis of full accounts

Completion and submission of your tax return

Analysis of student loan repayments (If applicable)

Self-Assessment tax planning (Time To Pay scheme)

E-Signing services.

Sub-Contractor Accounts

Reconciliation of all income and expenditure

Full analysis of all CIS suffered ( if applicable)

Full accounts completion (Including Statement of financial position if applicable)

CIS registration services.

Lead attorneys for this practice

Mike Typerface

Alexandro Lato

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What is VAT, does it affect you, and — if so - how do you register for it?

On hand professional advice 5 days a week

More information coming soon

VAT registration is the process of listing your business with the government as active in production and sales.

Compulsory registration threshold.

Voluntary registration

Online registrations

Vat Certificate

Vat schemes

A Vat Return is a form you file with HMRC. A Vat return records things for the accounting period like. Total sales and purchases, the amount of Vat you owe, the amount of Vat you can reclaim and what your Vat refund from HMRC is.

Vat preparation.

Vat Submissions.

Automatic email reminders

Payment advice

Online MTD (Making Tax Digital) due soon

De Registering tor VAT if your taxable supplies are less than the de-registration limit.

De-registration threshold

Rules regarding when a de-registration is permitted

Oneline de-registration

Machine Games Duty (MGD) MGD replaces VAT charged on the income from gaming machines and Amusement Machine Licence Duty (AMLD).

Pr eparation and completion of MGD return

Submission to HMRC

Automatic email reminder