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Business start-up
Starting a new business can be both exciting and intimidating. We at HM Associates understand that it is very vital to get the right guidance and support to lay a strong foundation of any business.
Our expert accountants will guide you on the most suitable structure for your business whether it is sole trader, partnership, or limited company. We will complete the registration procedures with Companies House and HMRC and deal with all company secretarial issues. Preparing a business plan, cashflow projections, budgets, and trading forecasts can be tricky especially for new entrepreneurs so you can rely on us for an accurate reporting.
We can also help you assessing your finance requirements, advise on the best sources of finance, draw up the necessary proposals and maintain a working relationship with the bank.
Get Consultation
07540578512
Get Consultation
info@hmassociates.co.uk
Bookkeeping
People may say and it also may feel like you can save money by doing bookkeeping yourself, however it would mean that you would focus less in creating and expanding your own business and more time in understanding the legislations and doing the work. Using a bookkeeper would not only save you time and money but there will be reduced level of risk of human errors as the experts are doing the work and you won’t have any missed deadlines and penalties.
At HM Associates, we provide you with a range of bookkeeping services using the latest cloud software and apps, removing manual record keeping tasks and improving your overall efficiency. You can get Real-time, valuable insight into your business, smoother process for storing your records and more control over your numbers. Our experts will guide you through the whole process, manage your finances, your customer and supplier account balances, stock levels and if you are trading as a company, we will allow you to plan your dividends. You will also get the benefits of tax planning and business reporting.
We can also help you assessing your finance requirements, advise on the best sources of finance, draw up the necessary proposals and maintain a working relationship with the bank.
Payroll
We understand how crucial it is to ensure your staff are paid the right amount on the right day after all employees are the assets of any company and we help you make your employees happy.
It could be daunting to have a payroll function in-house as it can take up a lot of time and also place additional strain on key staff members. Keeping on top of changes to legislation can be difficult and time consuming. We can help you reduce your workload by operating your payroll function.
We can provide you with a payroll portal which enables you to easily manage employee working hours, securely store employee information, such as payslips and other related documents and we can tailor it according to your needs. Along with processing the payroll and submitting RTI, we can manage salary payments to the employees, submission of EPS, manage your incentive and bonus schemes and also take care of the auto-enrolments. We can also provide you with payroll reports which can help you in setting up budgets and goals and you can re-visit it anytime.
Get Consultation
07540578512
Get Consultation
info@hmassociates.co.uk
Construction Industry Scheme (CIS)
If you work in the construction industry, we will help you register under HMRC’s Construction Industry Scheme (CIS) which ensures the correct tax and National Insurance payments are being made. We will also verify your subcontractors with HMRC.
We offer CIS service for both contractors and subcontractors working in the construction industry. We do monthly CIS filings, yearly reclamation and CIS deduction statements. We will ensure you are paid correctly, and right tax deductions are taking place to comply with HMRC’s regulations.
Sole Trader, Partnership and Personal Tax
Are you already trading or considering starting a business as a sole trader, partnership or as a limited company? Our expert accountants will study your business and advise you the best suitable business structure for you.
A Sole Trader is an individual that owns and runs a business. A Sole Trader is fully liable for any debts and contracts the business has and from a legal point of view there is no difference between the business and the individual.
A Partnership is a business owned and run by two or more people, with the partners sharing the profits according to the percentage they own. All partners are responsible for the debts and contracts of the business and are personally liable if the business does get into financial difficulties.
Many people often start trading as a Sole Trader because it is the simplest way to begin and trade, then progress to operating through a limited company later on when the business starts to make reasonable profits.
Get Consultation
07540578512
Get Consultation
info@hmassociates.co.uk
Company Formation and Company Secretarial Services
Company formation includes the registration of company name and trading details, director, company secretary (discretionary for private companies) and share allocation. HM Associates can register your company for a cost-effective fixed-fee arrangement quickly.
We provide a range of company secretarial services to ensure company records are maintained and kept up to date and that all statutory returns are prepared and submitted to Companies House.
VAT / Making Tax Digital
Making Tax Digital (MTD) is part of HM Revenue & Customs (HMRC) wider digital strategy to make it easier for individuals, businesses and other organisations to ensure their tax affairs are in order.
From April 2019 VAT Registered businesses/organisations with a turnover of more than £85,000 will be required to adopt and comply with Making Tax Digital.
We have a team of dedicated Making Tax Digital specialists who are able to advise you of the steps you need to take to comply with Making Tax Digital. To contact one of our team please email us on hmassociates@gmail.com
Get Consultation
07540578512
Get Consultation
info@hmassociates.co.uk
Auto Enrolments
All UK businesses are now legally required to operate an auto enrolment pension scheme for qualifying employees, comprising of employer and employee contributions. Any worker earning over £833 per month or £192 per week and aged between 22 and state pension age must be automatically enrolled by their employer into a pension plan.
Our payroll team can administer your scheme on your behalf and will maintain the ongoing compliance, liaising directly with your chosen pension provider by uploading the pension data.
Statutory Accounts
Statutory accounts are an important part of running your business so that your shareholders see how your company is performing and to keep your records updated with Companies House.
More commonly referred to as annual accounts, there are a number of important figures you must include and if you know what to look out for you could even check up on how your competitors are doing.
A company accounts must include a balance sheet, notes, a profit and loss account, cashflow statement and a directors’ report.
Your first accounts need to be filed 21 months after registration with Companies House.
After that you need to file nine months after your company’s financial year ends.
If you file late you could be fined up to £1,500 depending on how long the delay is.
Get Consultation
07540578512
Get Consultation
info@hmassociates.co.uk
Capital Gain Tax and Inheritance Tax
Along with inheritance tax, capital gains tax is often referred to as a voluntary tax. With careful tax planning, it is often possible to reduce, avoid or delay payment of capital gains tax. We are chartered accountants with specialist knowledge of capital gains tax. We will advise you on reducing or delaying this tax on your shares or property
We ensure our clients minimise tax exposure and maximise their tax efficiency. This is an extremely important part of the work we do – we’re here to help you make the most of your money.