Accounting for Sole Traders and Limited Company
Whether you are a sole trader, established limited company or trying to set up one, our experienced accountants can guide you through the full range of benefits that come with setting up a business. We can help you to register a company or as a sole trader, prepare accounts, submit tax return to HMRC or just provide you with straightforward professional advice.
Our accountants will help you with:
Preparation of self-assessment can be significantly complex and time consuming. Changes to tax legislation, missed deadlines, submitting misinformation all could result taxpayers being fined. We can help you to avoid making mistakes, by assisting you with submission of your tax returns, arranging payments to HMRC on your behalf, advising you on how to minimize tax liability. Our experts can give you advice suited to your individual requirements.
If you are running your own business, choosing the right bookkeeping service could be one of the most important decisions you make. Dealing with your own company bookkeeping can be time consuming. We can take away from you the hassle of keeping your books. We provide an efficient, stress free and high quality bookkeeping services to keep you on top of your bookkeeping records. We have huge range of knowledge and our experienced bookkeepers are familiar with major software packages including Sage, Xero, KashFlow, Quickbooks, Excel . You can provide us with the necessary paper work and we will do the job for you. We want our clients focus on their business not on the paper work.
We provide expert payroll service. We handle all payroll administration, calculate employees net pay, produce payslips, tax and National Insurance for all employees on monthly basis. Our payroll service includes pension staging date, the date when employer duties come into effect and employer is required to enrol some or all workers into qualifying pension scheme.
R&D Tax Credits
Small and medium-sized enterprises (SMEs) can claim SME R&D tax deductions totalling 230% of any qualifying R&D expenditure (from 1 April 2015). You can also claim a tax credit even if your company is not making a profit. Schoolgate Accounting Services can help you to claim R&D tax credits.
The rules for claiming R&D tax relief are very generous and, from a tax point of view, many of your business activities could qualify for relief, not just those involved in very specific scientific type research.
To qualify for R&D relief you need to explain to HMRC how a project:
R&D tax relief can be used by companies that are developing new or improved systems, processes, services or products in the areas of technology or science. The R&D project in question must relate to the company’s trade and can be used by an existing company or by new start-ups.Items that can be claimed should be used directly in qualifying R&D projects. These include operating expenses, staff and materials (including the proportion of water, fuel and power consumed in the R&D process).