Small Businesses.
Our small business accounting services covers everything a small business needs including; cloud-based bookkeeping, payroll, VAT and all year-end returns. Our highly qualified and experienced team provides a professional and friendly single low-cost accounting solution for small businesses.
Small businesses face a number of accounting
and tax challenges and getting the right help is crucial
Small businesses in the UK face several accounting and tax challenges that can significantly impact their operations and financial health. These challenges often stem from the complexities of the tax system, the need for compliance with various regulations, and the necessity of maintaining accurate financial records. Here are some of the primary accounting and tax challenges.
Small business owners must navigate a range of taxes, including VAT, Income Tax, Corporation Tax and National Insurance Contributions (NICs). Tax laws and regulations frequently change, requiring businesses to stay updated to ensure compliance.
VAT compliance.
Businesses must monitor their turnover to determine if they need to register for VAT, which can add administrative complexity. VAT returns must be filed quarterly, and errors in reporting can lead to penalties.
Making Tax Digital (MTD).
The UK government’s MTD initiative requires businesses to maintain digital records and submit tax returns online, necessitating investment in compatible accounting software and training.
Payroll management.
Employers must report payroll information to HMRC in real-time, adding to the administrative burden. Small businesses must automatically enrol eligible employees into a pension scheme, which involves additional compliance and administrative tasks.
Expense tracking and deductibles.
Properly documenting business expenses to claim allowable deductions can be challenging but is essential for reducing taxable income. Calculating and substantiating claims for home office use and business mileage can be complex.
Compliance and penalties.
Failing to comply with tax regulations can result in significant penalties, interest charges, and even legal action. Being subject to an audit by HMRC requires thorough and accurate record-keeping.
Financial reporting.
Preparing accurate annual accounts for Companies House and HMRC requires time and expertise, often necessitating the help of an accountant. Regularly updating management accounts can help in making informed business decisions but adds to the workload.
Tax reliefs and incentives.
Identifying eligible activities and maintaining the necessary documentation to claim R&D tax credits can be challenging. Taking advantage of other available tax reliefs and incentives requires knowledge of the specific criteria and application processes.
"Boxwood have been our accountants for a number of years and provide us with advice and support. We have always found the team helpful and professional. They are always available to chat through any questions we may have and we no longer worry about getting our tax filed on time."
Peter at Curzon
Landscapes Ltd
Why not get some expert help with your accounting and tax?
You'll be surprised at how easy and affordable it is
to get the support you need.
No more missed deadlines or paying the wrong tax.
Take the worry and effort out of your accounting process.
From bookkeeping to financial statement preparation, we offer a full suite of tax and accounting services. Our goal is to provide a low-cost and professional accounting and tax service to small businesses, saving time and money and providing peace of mind. Some of the key areas that our professional team can help with include the following.
Tax planning and compliance.
We provide expert advice on tax planning strategies to minimise tax liabilities within the legal framework. We can also help ensure that all tax returns are accurately prepared and filed on time, reducing the risk of penalties. Finally, we can keep you up to date with the latest tax laws and regulations, ensuring the business remains compliant.
Bookkeeping and financial record-keeping.
Our team can look after all day-to-day bookkeeping, ensuring that all financial transactions are recorded accurately and systematically. We regular reconcile all bank statements and financial records to ensure accuracy and identify discrepancies early.
VAT Management.
We can advising on VAT registration thresholds and handling the registration or de-registration process. We can also prepare and submit all VAT returns, ensuring all claims and calculations are correct. The team can also advise on the most suitable VAT schemes for the business, such as the Flat Rate Scheme or the Annual Accounting Scheme.
Payroll services.
We can manage all payroll calculations, deductions, and payments accurately and efficiently. We can also help ensure compliance with Real Time Information (RTI) requirements by reporting payroll information to HMRC in real-time. Finally, we can also assist with setting up and managing auto-enrolment pensions for employees.
Financial reporting and analysis.
The team can preparing annual accounts in compliance with Companies House and HMRC requirements. We can also provide regular management accounts to help business owners make informed decisions. These accounts offers insights and analysis of financial performance, helping to identify trends, opportunities, and areas for improvement.
Cash flow management.
We can prepare cash flow forecasts to help manage liquidity and plan for future financial needs. We can also advise on effective credit control measures to ensure timely collection of receivables.
Tax reliefs and incentives.
We can help identify and claim eligible tax reliefs and incentives, such as R&D tax credits or capital allowances, helping ensure that all necessary documentation and evidence are maintained to support claims.
Legal compliance
Finally, the team can assist with all company secretarial duties, such as filing annual returns and maintaining statutory registers. This helps ensuring that the business complies with all relevant financial regulations and reporting requirements.
We offer a completely complementary initial consultation.
Why not give one of the team a call today to get
answers to any questions you may have.
WHAT PEOPLE SAY
"Boxwood have been our accountants for a number of years and provide us with advice and support. We have always found the team helpful and professional. They are always available to chat through any questions we may have and we no longer worry about getting our tax filed on time.
John at Bentley Consultancy Services Ltd
"The team at Boxwood have managed my personal tax return preparation and filing since 2016 and I have found them really helpful and approachable. They are always available to answer any questions and I would have no hesitation is recommending them."
Hans-Werner at
Deutsche-Hypo Bank
"The team at Boxwood have been our accountants since 2014 and have always been helpful and proactive. They help us with our VAT, payroll and year-end filings. They always remind us when there is an approaching deadline and we no longer have to worry about our accounting and tax."
Karen at Chomp
Creative Ltd
Why should you choose us?
Keeping on top of your accounting and complying with tax legislation can be overwhelming. Partnering with the right accountants and tax advisers will make a real difference; saving time, money and worry and allowing you to focus on growing your business with peace of mind.
1
Chartered
Tax Advisers
We are fully qualified Chartered Tax Advisers & Accountants and we can provide expert advice & guidance
2
Complimentary
Consultation
We provide a completely free initial consultation, allowing you time to chat through any questions you may have
3
Competitive
Fixed Pricing
We operate on a fixed fee basis which is agreed in advance and there are absolutely no hidden costs
4
Small Business
Expertise
We have a long and established history of providing advice and support to small businesses.
Switching accountant?
If you are not getting the level of service that you expect from your current accountant then switching is very straight-forward.
1
Book our complimentary consultation and get answers to any questions you may have and get a fixed fee quotation,
2
Once you are happy that Boxwood Accountants is the right accountant and tax adviser for you then simply let us know by dropping us an email,
3
We will contact your previous accountant to advise them of the change and obtain all relevant records from them. Once we receive these the the switch is complete.
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