Specialism
We specialise in many types of business and offer support to both local businesses and those further afield. Some of our specialisms are as follows;
Farmers
As we are based in a rural area where farming is a key industry we understand that the challenges in your industry can be quite different to those of a typical business. Farming is a unique industry and requires specialist expertise and knowledge. When working with farming clients we understand that profits can vary considerably year on year, we therefore understand the importance of averaging profits provided certain conditions are met and with the possibility of 5 year averaging there is added complexity. Averaging will assist in enabling a smoothing effect on fluctuating profits and thus potentially lowers the tax liabilites of farmers.
We also understand that some farm animals are not primarily for resale but are for the expansion of the herd/flock. We can thereby assist with recording such animals under the herd basis treating them as a capital asset.
We believe in building long lasting, working relationships with our farming clients. Whether you are focusing on retaining wealth within the business and ensuring its continued success or looking at succession planning, we are well positioned to assist you. To ensure you receive the best advice, the more we know about you and your business the better.
Tradesmen
We work with tradesmen based across the construction sector, from builders, plumbers, electricians, joiners and property developers to painters and decorators. We understand that you have busy schedules and frequently work long days leaving you with little time to deal with paperwork including book keeping and VAT. We can provide assistance, guidance and advice suitable for your trade, covering key issues including CIS and business structures.
We can offer you as much or as little support as you need.
Contractors
IR35 is a topical issue with the recent changes in the public sector and proposed changes in the private sector. We understand that this can affect the way in which contractors prepare annual accounts for their personal service company. Whether you are caught by IR35 or a self employed freelancer or consultant we can help meet your annual accounting and regulatory requirements and assist in structuring your business and earnings tax efficiently.
Rental Portfolio
Whether you have a second property which you rent out or a portfolio of properties, we can offer a range of property tax advice specifically for landlords including selling and letting property.
In recent years landlords have seen lots of changes in the allowability of expenditure, including the removal of wear and tear allowance and mortgage interest restrictions. HMRC have brought in mortgage interest restrictions whereby individuals only receive basic rate tax relief on loan interest paid. This is being phased in over a number of years and as a result many landlords will now see an increase in rental profits before interest relief, which will result in higher levels of taxes without an actual increase in overall rental profits.
We are also due to see a change in Capital Gains tax reporting to HMRC within 30 days of completion of house sales, from April 2020.
The preparation of rental statements and reporting chargeable taxable gains is becoming ever more complex. Ease the burden and let us take care of the accounting changes and how this will affect you.
Flat Management Accounting Services
With no formal accounting framework in place for the preparation of Service Charge accounts, it is important that they are prepared using best practice guidance. A collective working group of representatives from the ICAEW, ACCA, ARMA and RICS released technical guidance in 2011 (Tech 03/11). Through years of working with managing agents we have considerable experience in preparing independent service charge accounts in accordance with Tech 03/11.
Whether you are a Managing Agent, Residents Management Company (RMC) or Right to Management Company (RTM) we can build a tailored service based on the requirements of your service charges accounts.
