With continuing changes being made to the UK and wider international tax ecosystems, there is an ever increasing demand to ensure you remain compliant and your asset and income generating activities are well positioned to minimise your tax exposure and risk of investigations by regulatory authorities.
Along with your mortgage or rent, paying tax is most likely to be one of your largest outgoings throughout your life. Speak to one our advisors to ensure you remain compliant and efficient.
Aside from your employment, if you have any other sources of income, how confident are you whether that would give rise to complying with filing a tax return to the authorities?
Are you a high earner and not sure what you’re allowed to claim and not claim on?
Some of the simplest of questions could have the biggest of consequences. Being tax compliant with the authorities will give you peace of mind over your affairs. Navigating your way through the minefield of the taxation system may not be your natural area of expertise. Making sure there is someone on hand to help you and look after your affairs will reduce the burden placed on you, whilst at the same time ensuring your affairs are compliant with the authorities.
With evolving accounting standards, regardless of the size of your business, ensuring you meet the compliance standards, whilst meeting the expectations of different stakeholders, such as shareholders, investors and the authorities is paramount to protecting the trust, confidence and integrity of the financial statements.
Building these relationships throughout the business life cycle also means having a partner on board that can provide a level of assurance, who is able to not only understand the financial and organisational risks, but also developing strategies to help reduce them. Strategies tailored to the short and long term needs of your business.
Depending on your business structure and the sector it trades in, there may be several taxes to think about and plan for. The most common tax is for that paid on the profits. But what about the others, such as:
– Employment taxes and social security
– Sales taxes
– Recovery of and planning for VAT
– Sector specific taxes
– Trading beyond the UK
While on the face of it, it may seem quite daunting to think about how to deal with all the taxation matters, it doesn’t need to be time consuming or overwhelming. Litchfields prides itself on being at the forefront of of taxation, keeping abreast of changes in legislation and in-house technical updates, to ensure you receive a seamless, holistic advice and service. Our team will ensure you are regulary updated on changes to your relevant taxes and discuss as well as manage your tax exposure with you.
Setting up your new business using the right structure can be the difference between how it can continue to trade beyond the initial few years or go bust. Moving from your passion or hobby into something more tangible and sustainable requires time, dedication and support from those around you. Being an approved advisor for small and new businesses, a chat with a member of our team may lead you to the clarity you’re looking for. We can also advise on a range of schemes available for startup and small businesses to help attract funding, working capital and financing, to make sure your passion can start making a profit!
With a proven track record of helping startups get off the ground and develop their business in various sectors, our advice could be just the tweak needed to make sure yours gets off the ground with the right tools and skills required.
An ever-changing legal, regulatory and financial climate, can lead to disastrous consequences for your business if not managed properly from the outset. Whether it is a contract dispute, working capital limitations or even growing your business, it is important to ensure the business is able to weather the storms it may face throughout its journey.
Identifying the difficulties and challenges faced as early as possible, will mean there is a much higher chance of reaching your desired outcome.
The life of your business can take many different shapes and paths. You may wish to consider merging, acquiring or integrating a business to yours. Conversely, you may think about how you can maximise the value of your business and assets if considering a joint venture or sale to someone else.
Any business transaction needs to take a measured approach which is ultimately in the interests of the shareholders. Through careful planning and technical know-how, we are able to provide you with a practical solution involving due diligence, financial modelling and reporting, as well as taxation and compliance considerations.
Gone are the days of “bean counters” and waiting for your book-keeper or accountant to retrospectively provide you with any meaningful figures. With the businesses having to evolve and adapt, it also means they have to be agile and efficient. Relevant information needs to be available to the management and decision makers on a real-time basis without having to compromise on the accuracy of maintaining records.
By using tried and tested solutions, our team are able to provide company secretarial, accounting and tax compliance services along with advice and support along the way. Never have to worry about how or when tasks need to be done. As a complementary partnership between you and us, quite simply, let us focus on maintaining your business, so you can focus on sustaining and developing it!