These are prepared and forwarded to HMRC using both commercial accounting software and using the HMRC own website, if more appropriate.
Capital Gains Tax
For the majority of clients not so relevant-unless we take on clients who buy and sell shares:-buy and sell properties.
A throwaway line for most accountants – not with our practice. I keep on-and-on to clients about their best methods of advertising – how they best get their new customers – and for each client I prepare key management ratios so that these can be compared to previous years.
New clients can require a lot of work/contracts/invoicing/costings – as well as the traditional advice of business structure. However, here at David Barry we put in all this work – sometimes at very low cost – if the clients gets in right with our help we get a far better relationship with our client-we are all winners.
Can sound very easy – but we complete intricate tax planning for specially director controlled companies – do they take higher dividends and lower salary or higher salary and lower dividends? This is the conundrum!
As we explained above -can be key if comparing previous years figures – crucial both for business planning and avoiding HMRC enquires – the dreaded scenario!
Sometimes we see client “must have a limited company – my best friend has got one” – well not always appropriate – we work with the client and balance the possible tax savings against the extra work and accountancy fees. We are not a greedy accounting practice. Sometimes that same client will walk out a sole trader – and be far happier.
Another give away line from accountants – we do genuinely try in our practice. It is about treating all clients with loving care – it is not just about the amount but also advising clients in plenty time when to pay the tax-and what about class 11NIC and class 1V NIC also?? All adds to the amount payable.
There are dozens of different VAT schemes. In the main it is better with the standard VAT outputs less VAT inputs – but not always. We regard ourselves specialists at the VAT cash basis scheme.