Our Services
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New Business Start Ups
If you are thinking of setting up in business one of the hardest decisions to make can be how to operate. The decision between operating as a sole trader, a partnership or a Limited Company can significantly alter the amount and type of tax you pay, and how you report your profits each year.
Contact DMF Accountancy for expert advice on the best way to set up your new business. We will give you all the information you’ll need to get started so you can concentrate on making your business a success!
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Self assessment taxation advice - at an affordable price
If you are a sole trader or in a partnership in the UK you will need to submit a self assessment tax return by 31st January each year to avoid a £100 fine. Self assessment places the responsibility on you to correctly calculate how much tax you owe.
DMF Accountants can make the calculations for you and help ensure you only pay the tax you need to pay, maximising your tax deductions and therefore reducing the amount you pay.
Assisting you with your self assessment return – information we’ll need to get your return completed
- Personal details: Place of work, home address, DOB, marital status.
- Details of all business income earned in the year in the form of sales invoices given to customers.
- All other income received in the year (income from employment, rental income, pensions, capital gains, etc).
- All business expenditure during the year, such as receipts from trading purchases, travel and office expenses.
- Details of any cars and vans used in your business.
- Copy business bank statements which will confirm your income and expenses.
Many sole traders choose to do their self-assessment returns themselves. By doing this you could be sending a return which is incorrect, which at best could mean you missing out on legitimate claims which could have significantly reduced the amount of tax you pay. At worst this could lead to an investigation by HMRC. Investigations can be costly, leading to penalties and interest as well as days of your time. By choosing an expert to do your self assessment for you, you can be sure your return is correct and you have claimed for all the tax deductions you are entitled to.
Contact DMF Accountancy Ltd to find out how we can help with your tax calculations and maybe even reduce your tax bill! If you want to know how much it will cost for DMF Accountancy to file your self assessment return, see our fixed price fees.
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LTD Company Taxation
If you are the director of a Limited Company, as well as being required to complete your own self-assessment return, your limited company will need to pay corporation tax on its profits, as well as send off its annual accounts to HMRC and Companies House. This can be a long-winded and complicated process.
DMF Accountancy will guide you through these processes and ensure your company accounts and confirmation statement are completed accurately and on time.
Whether you are a contractor and only director, or if you have multiple employees, DMF Accountancy can help you. We can assist with all aspects of your limited company accountancy needs.
The taxation advice we advocate is to always plan ahead. If you’re looking for tax advice we can work with you to plan your affairs and ensure tax bills are kept to a minimum.
DMF Accountancy Ltd offers fixed price fees for your Limited Company accounts requirements. Click here for more information or contact us by clicking the button below.
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Construction Industry Scheme Calculations
The Construction Industry Scheme (CIS) applies to contractors, subcontractors and any organisations that have a high annual spend on construction, even if their main work isn't in the industry. If your firm is involved in construction, it may need to register with HMRC under CIS.
When registering you need to indicate whether you're a contractor or subcontractor as different rules apply to each category. Within each category there are separate terms that define your business.
Are you a contractor?
Mainstream contractor
You're a mainstream contractor if you run a business that engages subcontractors for construction operations. Mainstream contractors are usually property developers or speculative builders building or altering properties to sell on for profit. Foreign businesses that carry out construction work in the UK are also mainstream contractors as are businesses that will spend an average of £1m a year purely on construction operations over a three-year period.
Deemed contractors
These are business whose main source of work is in another industry but they still spend a large amount on construction. If your business becomes a deemed contractor, then it will remain as one until it can prove to the HMRC that its spending on construction is below £1m a year for three years consecutively. Deemed contractors are usually manufacturers, retailers, local authorities, government departments, housing associations.
Are you a subcontractor?
Under the CIS, you are a subcontractor if you agree to complete construction work for a contractor. This will count whether you do the work yourself, get your employees to do it or use your own subcontractors. Subcontractors include: sole traders, partnerships, companies that carry out construction work for contractors, labour agencies and staff bureaux that use their own workers to do construction work for a contractor. It also applies to gang leaders who have a contract to carry out work for a contractor, foreign businesses paid to do construction work in the UK or local authorities that carry out construction work for someone else.
How can we help?
We can complete all of your CIS calculations for you whether you are a contractor or sub-contractor, and ensure you fully comply with the CIS regulations, ensuring you avoid the penalties and interest which can often be incurred.
Contact DMF Accountancy Ltd to find out how we can help with your CIS calculations.
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Business Plans & Budgeting
Whether you are in the process of starting a new business, or you have a business that isn’t running as efficiently as you would like, a business plan is a great tool to help you achieve your aims.
The primary purpose of a business plan or budget is to help you achieve what you want from your business.
Your business plan is a key tool to assist in gaining funding & investment and is often required by your bank to secure overdrafts and loans. They can also be needed by insurance companies, landlords and financial advisers. You may also want to prepare abbreviated versions that explain your business to other parties including employees.
Your business plan allows you to get on with the detail of running your business in the knowledge that the plan contains your overview of the whole situation. You can then make day to day decisions that will always support this overview, without having to analyse your entire business each time. By making a review and update of the business plan part of your monthly or quarterly procedures you will ensure the business is going in the right direction and ensure your financial affairs are in order.
DMF Accountancy Ltd will help you establish the key goals of your business plan and make sure you stay on track.
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Management Accounts
DMF Accountancy Ltd provides a comprehensive management accounting service.
Timely, accurate and insightful management accounts are a key driver to show how your business is performing. Many business stakeholders, such as banks, shareholders and financiers require monthly and quarterly management accounts in order to maintain or increase funding requirements.
With our industry experience drawn from sectors such as retail, property, legal, manufacturing, construction, professional services and IT, we can provide you with a bespoke management accounting service shaped to your businesses needs.
We can conduct this service at your place of business or ours, with the added bonus of a potential cost saving through the outsourcing of this function.
Contact us to find out more about our management accounting service.
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Cash Flow Forecasting
A cashflow forecast is an estimate of what your bank balance is likely to be in the weeks or months ahead. Operating at a profit is all very well, but cash is king and not having enough of it at the right time can kill a business. Many businesses fail as they do not have enough cash to pay their bills.
DMF Accountancy work with companies to improve cash management, meaning more cash in your business when you need it most. More cash in your business can lead to lower overdraft costs or interest payments, saving you money. Businesses with good cashflow forecasting are better prepared to take advantage of the peaks and deal with the troughs in their bank balance. Having a good idea of what your bank balance is likely to be in the future; be that in 3 days, 3 weeks, 3 months or 3 years time, will mean you can see off any potential issues before they arise.
Contact us to find out how DMF Accountancy Ltd can help your business avoid the problems a lack of available cash can bring.
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VAT Preparation & Returns
HMRC offer a range of schemes available to SMEs to tailor the VAT system to businesses and also to assist in the administrative burden that comes with VAT registration. Whether you are looking for us to take the hassle away completely and complete your VAT return preparation, or if you are looking for the optimum scheme that suits your business best - help is at hand.
We can advise you on whether you need to register for VAT and choose the right scheme for your business. By taking time to select the correct scheme you may potentially save your business two vital commodities - time and money. Once your business has been registered appropriately for VAT, the timing of the VAT period can be tailored to suit your business. It is common practice for VAT quarters to be set to fit in with a business' year end or at important times during the financial cycle. By working with you and HMRC, we can ensure that these dates are set. It is also a possibility that your business can account for VAT on a monthly or annual basis as opposed to the more traditional quarterly basis. Again, we are able to ensure that the VAT registration is tailored to your individual needs.
HMRC's new Making Tax Digital initiative is changing the way most businesses have to file their VAT return. DMF Accountancy has the software and know-how to ensure you will be fully compliant with these changes without it costing the earth.
Our range of VAT services includes:
- Assessing the benefits and disadvantages to your business of being VAT registered
- Managing the VAT registration process
- Advising on the various VAT schemes available
- VAT returns preparation
- Dealing with more complex VAT issues and transactions
Contact us to find out how we can help you with your VAT needs.
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Full Book-keeping Service
All businesses regardless of size need to keep an accurate record of their income and expenditure. The maintenance of a good accounting system helps in the management, control and smooth running of a business. In addition, keeping good bookkeeping records will provide a more robust defence in the event of a tax enquiry.
DMF Accountancy provide a range of bookkeeping services designed to provide exactly what you and your business needs:
- Full Bookkeeping Service, by the hour or day
- Bookkeeping Training
- Bookkeeping Support Service
Initially we will meet with you to discuss your business's requirement and to develop an understanding of your business. We will then tailor our service to meet your requirements.
Interested? Contact us for a chat and more information
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Payroll
Setting up and maintaining your own payroll can be time consuming, complicated and fraught with error. Penalties for incorrect payroll operation are increasing and late or incomplete returns now give rise to wider implications. As it is a very confidential area of a business it is normally the business owner or a senior employee that is delegated the task and this then takes you away from the core activities of your business.
The task is becoming more difficult with continual changes and increasing complexities of employee taxation and employment legislation, as well as the requirement for all employers employing more than one person to enroll their employees into a pension scheme
DMF Accountancy can relieve this burden by providing a cost effective, comprehensive and confidential service, whatever the size or complexity of your business.
Our payroll service includes:
- Real time reporting
- Workplace pension registrations and regulation
- Registering a business for PAYE
- Employee Payslips
- Calculation of PAYE/ NIC
- Employers Annual Return (P35)
- Benefit in Kind Return (P11D)
- Statutory Sick Pay / Maternity Pay / Student Loans deduction
- Completion of other ad hoc forms
Alternatively we can provide you with support as and when you need it throughout the year to complement your in-house payroll department, assisting if necessary with payroll year end and P11D's.
Contact us for an informal chat about our Payroll and other services.
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