PROACTIVE ACCOUNTANTS

Annual accounts are a snapshot of your business’s finances at the end of the accounting period and must be submitted to Companies House and HMRC by all trading entities. Delta Accountancy accounts preparation service incorporates with other accounting, tax and business advisory support to provide you with a complete view of your business.

We will:

Sum up of your business performance – Early completion of your accounts means that you can implement any changes needed as soon as possible

Advise you on how to save tax and the best ways to draw money out of your business – Reviewing your personal and business tax position while completing your annual accounts

Help you safeguard your relationships with customers, suppliers, and credit rating agencies – by promptly preparing and submitting your accounts to Companies House, where they become a matter of public record

Make the signing off process simpler for you – by preparing your corporate tax return alongside your accounts. You’ll receive one set of documents to authorise for Companies House and HMRC

Management data plays an essential role in effectively managing your business and further progression. Delta Accountancy’s structure goes further than data evaluation and concentrates on value creation.

You can choose to have monthly or quarterly management accounts, depending on how closely you want to monitor your business and the information available from other sources. We will recommend additional performance measures that are best suited to help you monitor and develop your business.

Your management report will be easy to understand, making it simple for you to check your progress as well as supporting decision making and planning. Management reports produced by our expert team take an in-depth look into your business dynamics.

Charities are facing increasing demand and requirements from the Charity Commission coupled with frequently changing Legislations from Regulators.

Therefore, there is the constant need for specialist accounting and financial advice for organisations within the Not-for-Profit sector.

As the sector is a rapidly changing landscape, bound by more regulatory and compliance requirements than other sectors, there is a need for specialist charity accountants.

SPECIALIST ACCOUNTANTS

At Delta Accountancy, we have specialist Accountants that can guide you through the muddle, helping your organisation to save valuable time, resources and remain compliant.

A partnership is a for-profit business association of two or more parties, known as partners, who agree to cooperate for their mutual benefits. The partners in a partnership may be individuals, groups of individuals, companies, and corporations.

Each partner shares the organization’s profits and control of the business operation. The consequence of this profit sharing is that these partners are, jointly and independently liable for the partnership’s debts.

Tax Responsibilities

You must register your partnership and its members with HM Revenue and Customs (HMRC). Partners who are individuals pay Income Tax and National Insurance through self-assessment, whilst partners who are a company must be registered with HMRC for Corporation Tax.

An effective bookkeeping system is essential to the success of your business. Delta Accountancy helps you make the most of this first vital step in your business management by combining our expertise and skills at value for price.

We will provide the following services:

• Up to date record of bank payments and receipts
• Up to date sales invoices
• Up to date purchase invoices
• Reconciling the bank accounts
• Balancing the sales and purchase ledger
• VAT Returns
• Profit and Loss Accounts
• Cash flow and budget reconciliation

At Delta Accountancy, bookkeeping at is structured around our keen understanding of your business goals. We not only make sure that your numbers add up, but get to the focal point of what they mean to you and how to make them work to the advantage of your business.

Tax planning:

We will look at the best options for you, in segments such as:

• Corporate structuring
• Transactions and projects
• Capital expenditure reliefs, such as capital allowances
• Innovation reliefs such as research and development and patent box reliefs
• Group tax efficiency
• Corporate losses
• Corporate capital gains

Our recommendation will help by:

• Calculating your corporate tax and corporate tax allowances;
• Preparing your corporate tax return for your review and signed approval;
• Submitting your tax return to HMRC before the deadline to avoid penalties;
• Liaising with HMRC on your behalf;
• Keeping you informed of the latest legislative and regulatory changes; and taking any necessary actions
• Your accounts as well as your corporate tax return will be sent to you as one document to make it simple for you to review and sign them!

If you work in the construction industry, whether as a contractor, subcontractor or on a construction site as part of your day-to-day duties, the work you carry out may fall under the Construction Industry Scheme (CIS).

CIS was created by HM Revenue & Customs (HMRC) in order to facilitate the collection of tax from construction industry workers. If you choose to operate as a CIS registered worker, it allows you to take advantages of a range of benefits.

Under the CIS scheme, contractors deduct money from subcontractor, which is then passed to HM Revenue and Customs. The deductions count as advance payment towards the subcontractor tax.

Contractors: As a contractor, you are required to meet specific obligations under the scheme, including registering with HMRC, checking whether your subcontractors are registered with HMRC, paying subcontractors, deducting tax and submitting monthly statements confirming these payments.

Sub-contractors: If you are a sub-contractor, your main obligation is to register with HMRC. You must also keep HMRC informed of any changes to your business such as changes to your business address, business name, business partners and other relevant information.

Make sure you do not incur penalties by failing to submit your monthly returns to HMRC. Delta Accountants work with numerous contractors and are equipped to deal with your needs efficiently.

By making sure we are always up to date with any changes to the CIS regulations we can notify our clients quickly of any changes that may affect them.

Any contractor that you work for must determine whether or not you are to be treated as employed or self-employed for each and every contract. If you are an employee for the purpose of the contract, the contractor will need to operate a PAYE scheme whereby tax and National Insurance Contributions will be deducted from the payments made to you.

If you are self-employed, HMRC will register you as a sub-contractor under the CIS scheme and they will set you up to receive payments ‘under deduction’. This means contractors must make a deduction of tax at 20% (30% for unverified subcontractors) from the labour element of your invoices and pay it over to HMRC.

Whether you are the contractor or the sub-contractor, your Delta Accountants can help you keep your CIS affairs in order.

Paying your employees the right amount, on time, every time, plays a vital role in keeping them motivated. Free yourself from the complexities involved in getting it right with Delta Accountancy’s professional payroll service. Offering you all the benefits of a payroll department without the cost or responsibility of managing payroll staff, we give you time to invest in other important activities.

Setting up and administering your payroll from start to finish, you can be confident that the whole process is in expert hands. All you need to do is provide your payroll data.

Experience across a wide range of industries has given us the skills to deal with your payroll, no matter how complicated or varied your requirements. We provide a service that delivers for your business and your employees.

Monitoring and managing your payroll throughout, we look for issues and opportunities to keep you compliant. We can also:

• Manage the payroll aspects of your workplace pensions auto enrolment process
• Prepare forms for individuals and HMRC, such as P60s and P11ds
• Help you to comply with the National Minimum Wage and National Living Wage
• Arrange BACS payments to your staff and provide them with secure payslips

Compiling a Tax Return can be time consuming and complicated. At Delta Accountancy with our professional and expertise assistance, your Tax Return will be accurate and the answers to your queries will be clear and easy to understand.

Our proficient advice and guidance will make the process as easy as possible!

Delta Accountancy’s Tax Return Service will be:

• Simple for you by completing and filing all the forms with HMRC;
• Time effective so you can dedicate your time to your personal interests and priorities;
• Cost effective by considering diverse tax saving opportunities as well as recognising and declaring all your tax deductible expenses;
• Giving you that peace of mind by collating and representing information, in a way that reduces the risk of any HMRC investigation.

Our expertise allows us to provide you with skilled assistance, whatever your personal circumstances are.

Inheritance Tax:

Inheritance tax (IHT) is levied on your total wealth before it can be passed on to your beneficiaries. These include:

• Cash,
• Assets
• Property
• As well as some of the gifts you make during your lifetime

The current nil-rate threshold of £325,000 per person will go up to £500,000 by year 2020/21, if a main residence allowance is available in your particular circumstances.

IHT is levied after deductions such as mortgage and reasonable funeral expenses, as well as final income tax and capital gains tax liabilities accrued prior to death have been deducted.

Tax at 40% is due on anything above £325,000 per person.

If you are a married couple or civil partners you can pass your possessions to each other tax-free. The remaining tax-free allowance of the first spouse or partner gets passed on to the surviving spouse or partner.

At Delta Accountancy, we can help you reduce – possibly even eliminate – the potential IHT charge with our specialist advice and careful tax planning.

To get maximum benefit out of your tax situation, we can combine our IHT advice with advice on trusts, remuneration planning, and capital gains tax, as well as the preparation of your personal tax return.

Starting a business

Starting your own business is a moving time. It takes a lot of courage and strength to face financial risk and stay positive in uncertain times. Delta Accountancy’s Business Start-up team will help you get off to a great start and back you through every stage of your business lifecycle. Our team of expert accountants, auditors, tax specialists and advisers will help you make the right decisions from the beginning.

Our Business Start-up team offer advice in the following areas:

• Company structure – we help you choose the most suitable structure: sole trader, partnership or limited company
• Company secretarial service – Setting up your company and providing ongoing advice and support, as well as handling your compliance with Companies House requirements
• Business planning – Generating ideas and define your vision, strategy, goals, and short-term actions to achieve these goals. We then back up your plan with detailed financial forecasts, testing assumptions and identifying risks and potential improvements
• Managing your business finances with the help of our bookkeeping and accounts services – One can see your financial situation in real-time
• Growing your business sustainably with the help of management accounts and strategic advice
• VAT – advising whether you need to register for VAT and how to account for it
• Tax advice and planning – we advise on remuneration planning, capital allowances on business expenditure, R&D claims, and other tax deductible expenses. To help you grow, we ensure you take advantage of all the available tax breaks
• Handling your compliance – annual accounts, VAT returns, corporate tax returns, personal tax returns and payroll

Forecasts help you to answer important questions such as:

• Who are your customers?
• What is the best pricing strategy?
• What is the cost of a sale?
• Will your planned business acquisition deliver the benefits I’m looking for?
• Can you increase production without adding to my current resources?
• How much will it cost you?

Delta Accountancy’s practice is flexible and creative. Once we’ve determined your insight and your goals, we put forward ideas and contest assumptions. We help you classify the possible influence of business issues, vary in trends and modification in regulations.

We ensure your forecast stays accurate by evidently defining the required outputs before checking your business can provide the necessary inputs.

Detailed financial forecasts, will allow you to use them to create budgets and targets to compare against actual results throughout the year.

How Delta Accountancy help?

Our business planning and financial forecasting advice will help you gain a clear understanding of:

• viability of the plan or strategy
• expected profitability
• general liquidity
• funding requirements
• risks involved and return on the required capital
• relevancy of the capital structure and financing of the business

Capital Gain Tax is levied on profits or gains that you made when selling or giving away an asset, if it has increased in value; you will be taxable on the “gain” (profit). For companies this profit is part of their trading profit on which they have to pay corporation tax.

At Delta Accountancy we analyse your situation and tell you whether you are liable to pay Capital Gains Tax or not. We will also find out the reliefs available to you in relation with the asset you are selling!

Capital gains tax rates 2017/18

These rates are charged on the gain above the current annual threshold of £11,300 (2017/18 rate).

To reduce the amount of tax payable, we can help you identify and claim all available reliefs.

Capital Gains Tax planning (CGT)

We help you make tax efficient savings through careful planning so that you can:

• Secure a reduced 10% capital gains tax rate through entrepreneurs’ relief or investors’ relief
• Claim all applicable tax reliefs, when you replace business assets, incorporate or disincorporation, gift business assets or give other gifts, and elect your principal private residence
• Claim all valid tax deductions, such as professional fees and enhancement expenditure
• Structure investments for tax efficient income and longer term gains
• Defer capital gains tax liabilities by investing in an Enterprise Investment Scheme (EIS)
• Transfer assets into trusts

CGT planning can have an impact on areas such as:

• Personal Tax Return
• Inheritance Tax
• Remuneration Planning

Delta Accountancy will look at your overall tax situation and give you the clear picture and advise you on the best available options.

HMRC officers’ have amplified the extent of powers to visit premises and inspect financial records, increasing the number of investigations. Anyone who has been the subject of a tax enquiry knows it is not often a pleasant experience. Delta Accountancy will help you resolve it quickly with the least amount of disruption to your daily life.

What initiates a tax enquiry?

• HMRC collates data from tax returns, existing assets, social media, overseas bank accounts, third parties, and other sources
• They analyse to rule out irregularities
• They can inspect notifications of selected sample of taxpayers
• This implies one can become subject to a tax enquiry even though you have complied with all the statutory requirements.

What does a tax enquiry entail?

Tax enquiries come in many categories, here are a named few:

• An aspect enquiry
• A full enquiry
• A discovery enquiry
• A fraud investigation

If you are a shareholder in your company, you are able to select how much of your income you would like to take as dividends and how much as salary, to ensure you make the most of available tax rates and reliefs.

Our expert advisers will ensure they look for the best solution for you, taking into consideration your specific circumstances, as tax efficiency is certainly not the only consideration!

Looking at the best options for you:

These options will depend on your lifestyle requirements, personal ambitions and your commercial situation. You can obtain cash from your business by means of a choice of tax efficient options so in general your remuneration package could consist of:

• Salary
• Bonus
• Dividends
• Rent
• Loans and interest on loans
• Company cars
• Mileage claims
• Family tax planning
• Payments into your company pension fund
• Royalties and licence fees

Accounting Services for Estate Agents and Landlords

The property sector moves quickly. Being slow to respond to trends can cost you and your business, especially when it comes to tax. Buying and selling estate is your specialty, and we understand that London estate agents and landlords in particular have to remain competitive, but also compliant with tax legislation in order to increase their profits.

Our Accountants can take care of the VAT, as well as your payroll to make sure you aren’t second guessing your figures while a hot property is snatched up in front of your nose. From individual estate agents and landlords, to property development firms with dozens of busy employees, Delta Accountancy can analyse your profits and losses and make sure that you are conducting your business in the most tax efficient way possible while remaining fully compliant.

The obligations of a landlord, the duties of an estate agent and the diverse projects of property developers are more than full-time jobs. There are annual reports to be submitted, employees to pay and deadlines to meet, let Delta Accountancy deal with the intricacies of accounts and tax so you can focus on what you’re all about: Property.

Our services for Estate Agents and Landlord are:

• complete your annual accounts and tax return
• discuss your draft accounts by telephone
• calculate your tax position
• look for ways to reduce the tax you pay
• submit your accounts to H M Revenue & Customs / Companies House
• deal with all correspondence and answer your taxation queries
• Bookkeeping services
• provide year round access to our experts
• deal with all your tax affairs no matter how complicated (excluding self-employment)
• include employment income, pensions, benefits and expenses
• plus capital gains, investment, rental & overseas income
• complete your tax return and all necessary schedules
• send you a full copy and explanatory notes
• file your tax return online to H M Revenue & Customs
• deal with the Revenue on your behalf
• be available for all your tax queries and questions