Listed below are our principal practice areas. The support that we can provide you may involve one or more of these. Depending on your needs, we can design a package with a fixed monthly fee that will cover your requirements. Many of our clients have opted for such a combination as in this way they can budget for our services without nasty surprises at the end of the year.
TAX COMPLIANCE & PLANNING
The object of tax planning is to minimize your liabilities in the current and future tax years. Some examples of this include: paying a salary to a spouse/civil partner if they have little or no other income, contributing to a registered pension scheme, spreading investments between yourself and spouse/civil partner to minimise capital gains tax on eventual sale. Small businesses by adopting the flat rate scheme can in many cases reduce the VAT payable to HMRC. We can deal with all your tax filings and ensure that deadlines are met and penalties avoided. Calculation of tax liabilities and completion of tax returns using the latest software. Preparation of quarterly VAT returns and on-line submission to HMRC.
We can provide bookkeeping services using on-line and off-line systems either at your premises or ours. This can save you the extra cost and administrative effort of employing your own bookkeeper. We can provide you with monthly or quarterly management accounts with lists of receivables and payables so you can track the performance of your business. Given the complexities of maintaining a payroll system, most of our clients ask us to relieve them of this burden as well as quarterly VAT returns under whatever scheme is appropriate.
Whether you are thinking of starting a business or have reached a point where an existing one needs a makeover, we can help with advice. We can advise on type of entity (sole trader, limited company, partnership etc), bookkeeping and accounting systems, budgeting and break-even analysis and management reporting. We are a member of the Institute Of Chartered Accountants Business Advice Service.
We work with an Independent Financial Advisor who can provide you with recommendations to efficiently organise your financial affairs.You may be interested in pension advice, investment strategy, making a tax effective will, life or critical care insurance or just having someone review your finances and future financial security. Remember too that since we are very familiar with your tax situation, a wealth management review can be a very effective service.
SOFTWARE SELECTION AND IMPLEMENTATION
There is an increasing choice of accounting software on the market today. It is important to find a product that is reputable and appropriate for your business. Our team has experience with various types of software e.g. Quickbooks, Xero, Sage, VT. Using a product that is either too sophisticated or too simplistic for your needs can lead to frustration and additional costs. We can assist you with both selection and set up.
Independent Examination (I.E.) is an alternative to a statutory audit for smaller charities – a legally acceptable form of external scrutiny of their end of year accounts. With the recent increase in the audit exemption from £500,000 to £1,000,000 of income, more charities will fall under the I.E. regime. Aspens Director Ashley Fox has had many years of experience in both the audit and I.E. of charities. Our procedures have been honed over the years to provide an efficient process which translates to a competitive fee structure.