Accountancy
If you’re in business, chances are you’ll need accountants to help you prepare and make sense of your financial records. After all, your time is better spent working on your business and turning a profit, rather than wading knee-deep in figures. Unless you like that sort of thing of course!
At Cognitor, we offer a flexible accountancy service that allows you to stay in control of how much or how little we are involved. Our service is tailored to match your unique requirements so that we always support you in the best way possible, giving you more time to concentrate on the important stuff.
Whether you are a Sole Trader, Partnership or a Limited Company; whether you’re starting your own business or are an established one; or whether you manage your accounts monthly or quarterly, we can provide you with professional, accurate accounts on time and to budget. Our friendly team of accountants is always on the end of the phone to answer any questions and we promise – no jargon and no charge!
What information do you require to successfully run your company on a weekly, monthly and annual basis? Let us help you decide what key information you need and then show you how best the information can be used to positively impact on your profitability. This means that you will always feel in control of your finances and you will be able to transfer this control to your business in a way that generates results.
You do not need to mess with all that paperwork and record-keeping! We can take care of all of that for you. And with our cutting-edge online accounting software, you will be able to access your records from anywhere with an internet connection. You can check your profit, your bank balance, who owes you money and to who you owe money.
We also understand that you are likely to find VAT compliance to be complex and onerous. Our bookkeeping service will mean that your VAT returns are not only done on time but with the benefit of our knowledge of current VAT regulations.
If you are an employer, you’ll know that payroll can be a problem. Not only must you calculate the correct tax and national insurance contributions from pay, but you may need to deal with other deductions – like maternity and sick pay, student loan repayments and pensions – and taxable benefits like company cars.
A mistake could prove costly and there are also tight timetables for returning statutory submissions and penalties for getting it wrong. More importantly, errors can lead to unhappy employees.
Whether you are a sole trader with one or two employees or a large company with many staff, we can provide fast, cost-effective payroll management.
We’ll process your payroll and respond promptly to enquiries, either by phone or online and keep you compliant with any changes to payroll regulations.
Tax
You have worked hard for what you have achieved, so, naturally, you want to protect your wealth now and in the future. To achieve this, you should arrange your business and personal affairs in the most tax-efficient manner.
Taxation is a complex area, so it makes sense to seek expert, professional tax planning advice to achieve the best possible tax outcome.
We can combine our business planning services, and corporate and personal tax expertise to help you achieve financial freedom through the decisions you make.
Your business goals and personal financial planning targets will play a key role in our tax planning service. We always listen to you so we’ll get to know and understand where you are now, and where you want to be in the future, so we can advise you about the best way to get there.
Corporation tax is the tax payable on company profits. A company’s structure and its business plans play a significant role in the tax payable. Corporation tax is calculated under a self-assessment regime, with harsh penalties for non-compliance so seeking professional, expert advice is a wise move for any business.
We offer a range of services to help you comply with corporate tax legislation and minimise the tax payable through use of appropriate allowances and reliefs. We can assist in preparing your corporation tax return, calculating liabilities, corresponding with HM Revenue & Customs and agreeing computations.
We will also work with you on comprehensive forward planning to take maximum advantage of tax allowances and reliefs and organise your business affairs in the most tax-efficient manner.
If you are one of the millions of people who complete a self-assessment tax return each year you will know that you must meet HM Revenue & Customs deadlines to avoid penalties and interest payments for incorrect or late returns.
We offer an efficient and comprehensive tax return service for individuals, whether you are resident in the UK or not. From the start, you will have a dedicated member of our tax team to advise you and help you organise your return information.
We’ll also assist with any necessary calculations, correspond with HMRC and deal with any enquiries.
Our personal tax services also include integrated services for tax planning.
If you are considering selling your business or other business assets, including shares, machinery and even goodwill, Capital Gains Tax (CGT) is likely to be an important consideration, particularly if you are planning to put the proceeds towards funding your retirement.
We can advise you on CGT implications of a transaction before it takes place and on the most appropriate way forward to minimise your liabilities.
We can also advise you on the timing of your transaction, which is particularly important with Capital Gains Tax, to take full advantage of the various exemptions and reliefs available.
Inheritance Tax (IHT) has been in the news on a regular basis as a result of rising house prices forcing more and more families, in quite modest homes, into the IHT bracket.
Along with increased thresholds measures have been introduced, particularly for married couples and those in civil partnerships, to help mitigate this and to try and take ordinary households out of IHT.
However, Inheritance Tax remains a complex area and seeking professional advice is wise.
That’s where we can help. When you have worked hard for your money we understand that you want to protect as much of it as possible for the future security of your family.
Where estates are vulnerable to Inheritance Tax we recommend a detailed planning strategy involving options including potentially exempt transfers, gifts (including lifetime gifts) and trusts.
Let us handle HMRC while you focus on your business!
Are you worried about that unwelcome letter or phone call from HMRC? Are you concerned that dealing with such an event will damage your business by distracting you from the stuff you should be doing? Well, we can handle all of that for you and with our fee protection cover scheme all of our costs will be taken care of so you have one less thing to worry about.
Business Advisory
Starting your own business is both an exciting and challenging prospect that is usually, swiftly followed by one key question: where do I start? The friendly and knowledgeable Cognitor team is here to guide you every step of the way, from advice on the type of business and company registration to ongoing management services such as bookkeeping, payroll processing, VAT services, accounts preparation and completion of tax returns.
This includes finding out:
- Which type of business registration will suit your immediate and future plans
- How to find funding sources and the best way to structure your shareholdings
- When to register for VAT and which schemes apply that will help your cash flow
- How to set up your payroll and tax affairs in the most efficient manner so you save money
- Which is the best way to deal with cars, phones and fuel allowances
- How to record your information properly so you remain compliant with HMRC and within the Law
Call Mark Warman on 01527 836 836 or arrange a free consultation for more information and advice about starting a new business. Download our essential guide to starting a new business.
How we can help you to grow your business
Many accountants talk about business growth, but few actually help their clients achieve it. We have access to a range of leading-edge tools and resources from some of the best business coaches in the world. Together we use these with you to grow your business to the level you require. The higher your growth rate and aspirations, the more important this becomes.
This includes finding out:
- How to raise capital and structure deals which protect your equity
- Where to find and combine the right funding sources without losing tax advantages
- How to plan ahead to avoid inevitable growing pains caused by your “bow wave” of success
- Which of the available methods will best help you to manage your cash flow
- What will determine the best tax strategy to allow you to pay less tax
- How to grow your sales pipeline, drive more leads and improve conversion rates
- Find out why your competitors are getting ahead of you online and how to combat them
Achieving healthy growth within your company will likely be a key objective for you as a business owner, but how do you go about ensuring that this not only happens but happens in a sustainable and manageable way?
The development of your business is key to ensuring its long-term success. This business improvement may be achieved in a variety of ways; through diversification into new territories, introducing new technologies or creating new strategic partnerships.
The important part is that we can help you find the right strategy for you and one that fits your business profile and your objectives as a business owner.
We can help ensure a tax-efficient exit to your business that achieves your desired outcomes.
At Cognitor Accountancy, we understand everyone has different objectives for owning a business and that the issue of how and when to leave can be very personal.
For some, the exit strategy is known and clearly understood from the outset. However, for most business owners, how and when to leave their business is something they may never have fully considered. Having the benefit of independent advice can be immensely useful in ensuring that your exit is smooth, timely and meets all the objectives you set out to achieve.
Cognitor can not only help you to determine your exit strategy but can also help create the plan that delivers it so that you maximise your income in retirement and save tax. A successful exit from your business can be achieved by a profitable sale to a third party or by handing over the company to a nominated successor. Cognitor can help prepare the financial information necessary for both of these scenarios. We can additionally help determine and identify potential recipients.
Research and Development Tax Credits
You could be missing out on R&D Tax Credits!
You might not realise it, but there’s a pot of free money sitting there for the nation’s small businesses, and most of it is completely untouched.
Let us explain. Did you know that 40% of all the active companies in the UK generate some form of innovation, be it a new product, service, or business process?
Yet most business owners have no idea that they qualify for money back from the Government in the form of an R&D tax credit.
These tax credits allow a company to receive a cash payment or a tax reduction, based on the amount that they spend on creating something new and innovative.
The average pay-out across the UK stands at around £50,000, according to HMRC’s data, yet the vast majority of firms still haven’t made a claim.
In order to be eligible, all a company has to prove is that it has developed something new that either enhances the business or its way of doing things internally and that it uses some kind of science – not necessarily “white coat” science but data science, new recipes or clever design.
Lastly, there must be an element of uncertainty or business risk, which is usually the easiest part to prove – how often does any company try anything where the result is entirely predictable?
Many business owners we speak to only vaguely know that this scheme exists, or have been put off by the form-filling involved.
However, we have an ever-growing list of satisfied clients for whom we have submitted successful claims and received substantial benefits in terms of reduced corporation tax liabilities or cash credits.
If you believe you are missing out contact us now by calling Mark Warman on 01527 836 836.
Making Tax Digital
MTD for ITSA – get ready for the digitalisation of income tax
In April 2024 Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) will be introduced. It will change the way millions of self-employed business owners and landlords report their earnings to HMRC. While HMRC has yet to release the full guidance on MTD for ITSA, here is a brief outline of what we know so far.
When is MTD for ITSA starting?
MTD for ITSA will be introduced from 6 April 2024.
Who will MTD for ITSA affect?
MTD for ITSA will apply to self-employed business owners and landlords whose total gross income from these sources exceeds £10,000.
General partnerships will not be required to join MTD for ITSA until April 2025.
The date other types of partnerships will be required to join will be confirmed in the future.
What will I have to do to comply with MTD for ITSA
To comply with MTD for ITSA you will be required to keep digital records of all business / property income and expenses.
You will need to use MTD-compatible software to submit quarterly updates of your business / property income and expenses to HMRC.
These updates are due one month after the end of each quarter (quarter dates of 31 March, 30 June, 30 September and 31 December must be used). After the end of the tax year, End of Period Statements (EOPS) for the business / property income must be submitted to HMRC, along with a final declaration that brings together all other sources of income and claims for tax reliefs.
How can I prepare for MTD for ITSA?
The maintenance of digital records is fundamental. Some business owners and landlords may already be using MTD-compatible software to keep their business records digitally.
We will of course provide additional updates as more information become available.
Please call Mark Warman or Jack Jones on 01527 836 836 today.
Are you aware of the advent of MTD and how these changes are affecting all businesses and individuals?
Businesses above the VAT Threshold have to keep Digital records and this applies to all other businesses that update HMRC quarterly for their corporation tax, Income Tax and National Insurance obligations digitally. This is a significant change for many of us and means the end of the annual tax return to be replaced with a digital tax account where all your information will be stored in one place.
This change in the way HMRC wants information from taxpayers means that you may need to move from your existing desktop or manual record keeping onto an online accounting package.
The good news is we are experts in the installation and operation of Online Accounting software which is digitally compliant and specifically designed for small and medium-sized businesses.
We are already assisting many of our clients make this transition to digital record keeping to ensure they are ready well in advance of HMRC “go live” dates.
If your accountant hasn’t started talking to you already about this important change it is very unlikely you will have sufficient time to fully prepare.
We can provide this guidance and give you the support you need to ensure full compliance so contact us now to create an implementation plan.
Also, see our Cloud Accounting information for further guidance.
Call Mark Warman or Jack Jones on 01527 836 836 today.
Cloud Accounting
What are the advantages of going digital?
Cloud accounting software has significant advantages over traditional ways of bookkeeping.
It can:
- Create and send invoices on the go
- Track sales, purchases, debtors and creditors
- Connect to your online banking
- View a snapshot of your business
- Estimate tax payments
- Easy tax filing that matches HMRC requirements
- Manage customers and suppliers
- Cloud accounting providers offer a low fixed monthly fee for using the software and in addition, there are a number of add-on features available to enhance financial reporting.
- Cloud accounting also aligns perfectly with HMRC Making Tax Digital, ensuring full reporting integration.
Access your data from anywhere via laptop, smartphone or tablet. Real-time reporting wherever you are in the world.
We are experts in cloud accounting so we can help you make this transition. Call Mark Warman or Jack Jones today on 01527 836 836 to find out more about the benefits of cloud accounting.
Audit Services
Traditionally business owners have regarded the annual audit as a ‘necessary evil’ and felt that it added very little value to their business.
At Cognitor Accountancy Limited we pride ourselves on the fact that, as part of the statutory audit process, we deliver value and identify areas for business improvement, particularly in systems and controls that are in place.
By assisting you to meet statutory requirements as directors or shareholders, we provide you with assurance. We remain fully conversant with current legislation as regards financial reporting and auditing, allowing you to concentrate on running your business.
As part of our audit process, we routinely review your financial and management systems. This often results in identifying potential problem areas and recommending opportunities to improve business performance.
We communicate any identified issues with you clearly and concisely and provide the opportunity for you to take advantage of any potential improvements.
We also see the preparation of your annual report as an opportunity to enhance your external image.
We can work with you to ensure you deliver a well-presented report, maximising its impact and enhancing the perceptions of investors, potential finance sources, customers, prospects, referral sources, and even your own staff – all of which greatly improve the business potential for the future.
To explore our audit services in more detail, simply get in touch with us. We will be able to discuss the benefits that an audit brings to your company. Call Mark Warman on 01527 836 836 today or email mw@cognitor.co.uk.
Alternatively, arrange a no-obligation meeting by clicking on the button below.
