At Demack we understand that the success of our business ultimately depends on not just meeting but also exceeding our clients' expectations in delivering reliable, on-time, value added services.
We also understand that you may neither have the time nor the inclination to take care of all the administrative burdens associated with running a business. Therefore, we have put together a comprehensive package of services which will take care of all your company's and individual's needs. Whether you require just one or a combination of our services, we will cater to your individual requirements.
For further details of the extensive range of services which we provide, please select from the list below:
- Business start-ups
- Accounts Preparation
- Tax Planning and Advice
- Tax enquiry and investigations
- Personal and Business Taxation
- Income Tax
- Self Assessment Tax
- Coming into/Leaving the UK
- Inheritance Tax
- Capital Gains Tax
- Corporation Tax
- National Insurance
- Value Added Tax Advice
- Company Secretarial services
Most businesses are started as a result of a good business proposition. The entrepreneur may have the technical know-how and a firm commitment to make a success of the business proposition; however he will need proper guidance and sound advice on various matters including choosing the appropriate business structure, preparation of a business plan, registration procedures, legal formalities to make a success of the business proposition.
Constructive practical advice at this stage is very crucial to the future of the business.
Although producing regular, meaningful financial information is crucial to the management of any business, Accountancy is no longer about a summation of facts and figures. The preparation of accounts is often seen as an end in itself whereas they are the means to interpret the trends in the business, both positive and negative.
We believe that no accounts are too small to prepare. Irrespective of the size of your business, be it sole trader, partnership or owner managed companies, we will ensure that your accounts are prepared in compliance with the requirements of the Inland Revenue, Company's Law and such other UK authorities. We advise on and assist in the maintenance of appropriate levels of financial records. We will also analyse and explain the figures to you.
TAX PLANNING AND ADVICE
When looking for tax advice, it pays to seek a Chartered Tax Advisor. Efficient tax planning would mean significant improvements to any business's bottom line –profit. Our professional expertise and pro-active approach helps to create imaginative and profitable solutions to maintain a healthy bottom line.
Tax, unfortunately, cannot be an afterthought as the success or failure of a business venture can often depend on effective tax planning. We will work closely with you and will discuss in advance the tax implications of your business decisions with a view to provide certainty about your financial affairs. Great care must be taken to ensure that your business plans are considered in the light of all taxes and not just the particular tax under review.
People and businesses are subject to a wide range of taxes including Income tax, Corporation tax, Capital Gains tax, Inheritance tax and Value Added Tax, to name a few. Through tax planning, our job is to minimise the exposure of individuals and businesses to tax within UK law.
We provide a highly expert service for complex tax affairs as well as for specialist one-off tasks.
TAX ENQUIRY AND INVESTIGATIONS
The Inland Revenue undertakes routine enquiries and investigations from time to time, which if not handled professionally, could prove to be highly stressful to you. We can act as your agent, dealing with the Inland Revenue directly on your behalf, should you be selected for an enquiry or investigation, thereby freeing up your time and energies considerably.
PERSONAL & BUSINESS TAXATION
Anyone in business, whether as a Sole trader or a Partnership, is liable to pay income tax on their business profits. Our job is not simply to calculate and tell you how much tax you are due to pay. We adopt a pro-active approach whereby we provide you help and advice so that you may plan your business activities in order to maximise the available tax relief.
Individuals are liable to pay income tax on most types of income, including income from employment, self employment and investment income. Every Pound of income tax saved means more income at your disposal. We are Chartered Tax Advisors and we can provide year round advice on the tax saving opportunities open to you.
Self Assessment Tax
DID YOU KNOW??
1 in every 5 Tax Returns submitted is late!
3 in every 10 Tax Returns are wrong!
Not only that, but also in the first year of the self-assessment tax regime alone nearly 800,000 taxpayers received £100 penalties for failing to submit their tax returns on time. This is because the UK system of `self-assessment' automatically hands out penalties for late submission of tax returns. The constant stream of changes to the tax regime also means that many taxpayers struggle to understand these changes and end up completing the tax returns either incorrectly or not submitting them at all.
We can save you a lot of time, worry and money by dealing with your Income Tax Returns under the Self-assessment regime. Our expert knowledge can help you minimize your liability and make full use of the allowances available to you.
Our Taxation service is second to none. Whether your Tax Return is simple or complex and whether you are resident in the UK or not, we guarantee you your Tax Return will be dealt with by a Chartered Tax Advisor, ensuring you quality and reliability.
Coming into or leaving the UK
If you are coming into or leaving the UK, you need to submit the appropriate forms to the Inland Revenue to ensure that they are aware of your tax residence status in the UK. We can assist you in determining your correct tax status and submitting the relevant forms. At the same time we can make a claim for any tax overpayment on your behalf.
Tax residence status can also present one with tax planning opportunities. We can provide the appropriate advice.
Inheritance tax (IHT) is a tax payable on the value of an individual's estate on death. However, Inheritance tax also becomes payable during an individual's lifetime on certain type of gifts.
Inadequate planning of Inheritance tax matters could result in substantial tax bills which you would be liable to pay out of your estate before it passes to your beneficiaries. With our tax expertise and your careful planning, you can ensure that the tax bill on death is minimised and that much of your estate is passed on to your beneficiaries and not to the Inland Revenue by way of tax.
Capital Gains Tax
Capital Gains Tax (CGT) is payable on the sale or transfer of an asset. Broadly speaking, the appreciation in the value of an asset between the time it was acquired and the time it was disposed of, attracts Capital Gains Tax.
Inland Revenue stipulates that the sale or transfer of assets must be reported to them and the failure to do so can result in severe penalties. Complex calculations are involved in the calculation of Capital Gains Tax and reliefs available. The timing of the disposal of an asset is of immense importance to ensure that you do not lose any available tax relief. Therefore, if you are planning to sell or transfer an asset, it is important that you speak to a tax advisor in advance.
Companies are legal entities and are liable to pay corporation tax on their profits for each accounting period, which include both income and chargeable gains.
National Insurance (NI) applies to the employed, employees and the self-employed. National Insurance is an additional cost affecting all individuals and employers. The importance of National Insurance cannot be overstated as it is National Insurance Contributions that enable individuals to claim various benefits such as State retirement pension, jobseeker's allowance, maternity benefit, certain type of sickness benefit, incapacity benefit, widow's benefits, amongst others. National Insurance Contribution calculations are riddled with complications and it is important to ensure that contributions are not over or underpaid.
If you are concerned with the demands made on your time by your payroll requirements, we would be happy to take over the responsibility. We provide a range of Payroll Services, including setting up of PAYE Schemes, checking PAYE Coding Notices, Preparing Monthly Payroll and Preparing End of Year Return.
As with its ever-increasing demands, HM Customs & Excise is also constantly expanding the scope of VAT.
Professional advice and expertise would be called for to ensure that you do not end up paying more than you need to the State Exchequer.
We work closely with our clients to ensure that help and advice is given on the entire range of VAT compliance issues with a view to minimising VAT costs and maximising VAT recovery.
Our VAT services include:
Completion of quarterly VAT Returns
Advice on VAT record-keeping requirements
Advice on VAT liability affecting the supply of certain goods and services
Providing support for VAT investigations
Dealing with assessments, payment of arrears negotiations
COMPANY SECRETARIAL SERVICES
At Demack we understand well the pressures on the small and medium-sized businesses. Therefore, as a busy businessman you have precious little time left to spend on making sure all the compliance requirements of the Companies Act are met. However, failure to comply with the Companies Act legislation adversely affects your company and its directors.
The Company Secretarial Service offered by Demack is aimed at relieving you of the red tape involved in dealing with all the administrative tasks, meeting statutory requirements and filing deadlines.
By carrying out the company secretarial duties for you we can free you from needless concern about what is required by law, avoid penalties and punitive action and save you precious time.
In detail, we can assist with:
enance of Statutory records such as Share Register.
Preparation and filing of Statutory Returns with the Registrar of Companies.
Preparation of all documentation such as minutes, resolutions, share allotments, dividend vouchers.
Registered Office facility for Limited Companies.
Director and Secretary appointment and amendments.
Changes of Registered Office.
Amendments of Articles of Association.
Share allotments and transfers.
Preparation of Dormant Accounts.
Setting up in business | Legal Compliance | Keeping informed | Planning for profit | Raising finance |
| Managing growth | Buy, sell or merge | Minimising tax | Agreeing tax liabilities | Tax Rates 2017/2018 |
What Are The Benefits For You Demack?
- Most business owners are facing challenges in these harsh financial times. We are passionate about your business and finding not only solutions to these challenges, but also to help you progress, grow and, most importantly, keep more of what you earn.
- Despite the economic downturn our Top 15 customers have increased their combined net worth by 79% and are still growing!
|1-3: Compliance work
Regular visits of at least three times a year
Deeper knowledge/understanding of business
We are interested in being closely associated with your business
So you get peace of mind from knowing someone is paying close attention to how your business is running the whole year and not just when the accounts need doing.
We will show you the valuable insight that can be gained from the analysis of your accounts.
Helping you understand your accounts so you can spot potential opportunities or danger areas much more quickly, helping you plan your cash flow more accurately.
And giving you guidance on how you can improve your profitability.
So you know book-keeping and accounting systems are working through the year so preventing any nasty surprises at the end.
You can get a lot more out of your accountant than compliance work.
|4: Pushing for Profits
Forecasts to implement the four ways to grow
Using the details of your accounts
Pushing for Profits workshop
Time away from working IN your business to work ON your business allowing you to focus on its true potential.
By using the four ways to grow model you will be able to set a specific action plan to develop your business over the coming financial year to maximize your profit margin.
From our knowledge of your accounts we can create accurate forecasts that plot the best way to grow your business by highlighting the areas with the most potential for increased profitability.
|5: Taking Financial Control
The monthly reviews of the taking financial control programme will keep you focused on your financial and tactical goals and keep a focused eye on profitable opportunities.
The programme will make sure you have the ALL information you need to allow you to feel confident in all the necessary financial and tactical decisions you will need to make.
It will also make sure you are within or beating your cash flow, balance sheet and P&L forecasts helping you make the most of the money you have and stop unnecessary wastage.
6: Planning For Growth
Development of Business Plan
Helping you keep more of what you earn
All good businesses have a robust plan for the future. The Planning for Growth process helps you to construct a solid vision of the direction and growth of your business.
From this strong relationship and in-depth understanding of your company you can develop long term strategies which include tax mitigation planning.
Business start-ups, Accounts Preparation, Tax Planning and Advice, Tax enquiry and investigations, Personal & Business Taxation including Income Tax, Self Assessment Tax, Coming into/Leaving the UK, Inheritance tax, Capital Gains Tax, Corporation Tax, National Insurance, PAYE, Value Added Tax Advice and Company Secretarial services
What a Demack Chartered Accountant can do for you? Call +44 (0)20 784 1122