The UK’s service sector has seen strong growth in this post industrial era. Recent years, however, have been difficult for those in retail, as the changing face of town centres and internet shopping have presented fresh challenges.
We have developed a wealth of accounting/tax experience and insights into acting for retail clients, who typically require a mix of our services such as:
- Start-up assistance (incorporation and tax registrations with HMRC),
- Assisting you to make your book-keeping system Making Tax Digital compliant.
- Preparation of annual statutory accounts,
- Completion of all relevant business tax returns and submission to HMRC.
- Completion and submission to HMRC of the directors personal self-assessment tax returns.
- Before submitting these tax returns to HMRC, taking out tax investigation insurance to mitigate the potential extra professional fees that would arise if HMRC open a tax enquiry into one of your tax returns. Key risk areas for such an enquiry in this sector:
- Completeness of income for VAT purposes,
- Own consumption add-back adjustments.
- Book-keeping (including VAT cash-accounting or one of the retail VAT schemes),
- Company secretarial record keeping and submissions onto the public record at Companies House.
- Management accounting, to continually monitor financial performance,
- Advice on whether to trade as a sole trader or limited company.
- Protecting valuable assets and your personal wealth from potential insolvency,
- Pension planning,
- Cash flow management,
- Bench-marking your turnover growth.
- Minimising tax on profits.
- Business turnaround advice.
- Valuing your business.
- Business exit planning, perhaps enabling you to retire early.
Our Tax Group “A Brief Guide to…” publications:
- Annual Investment Allowance | Annual Tax on Enveloped Dwellings | Individual Savings Accounts | Making Tax Digital | Pension Death Benefits | Personal Tax Account | Stamp Duty Land Tax | Tax Year End Planning
Get in touch with your local office and speak to one of our specialist retail accountants, to see how we can add value to your business.
We offer a free initial consultation to potential new clients.
Whitings have looked after our shop business for many years, helping with payroll, VAT and general taxes. They always have an eye on improving the business for the future.