your questions answered

Common questions with answers:

Why do I need an accountant?

With the complexity of the UK tax regime, a qualified accountant will be able to advise on the most tax-effective way to minimiseyour potential tax liabilities.


I'm a sole trader - what is my next step in dealing with HMRC?

It's essential that the HMRC. are informed of your Business activities as soon as possible from the start of trading.
If this is not followed there are automatic penalties imposed by HMRC.


I have recently formed a Limited Company. When do I have to file my first period of accounts to Companies House?

The first period of accounts must be filed within 21 months of the date of incorporation of the company.


 

I'm not sure when my self-assessment return has to be filed with HMRC.

Your return must be filed with HMRC no later than 31st January in the year following the relevant tax year, if filing on-line. The deadline for hand written returns is 31st October in the same year.


I have just started a new business and wonder if there are any grants or financial support available?

As a small business specialist, I can advise you of a number of different grants available for new businesses in this area.


For further information and advice, do contact us.

We offer a half hour consultation FREE

Call 029 2088 6996 for a chat about your needs

  • SMALL BUSINESSES TO LIMITED COMPANIES
  • NEW BUSINESS: START UPS
  • BOOK KEEPING
  • BUSINESS AND PERSONAL TAXATION
  • - Corporation/Capital Gains/Income Tax
  • TAX PLANNING
  • - Inheritance Tax Planning, High income earners
  • PENSIONS AND INVESTMENTS
  • - Reg'd by Association of Chartered Certified Accountants.
  • SOURCING
  • - Independent Financial Advice

TOP TAX TIPS

Make sure that your Personal Allowances in a Tax Year are used fully. Personal allowances CANNOT be carried forward to a later tax year.

For Capital Gains tax purposes, ensure that, where possible, transactions are carried out at the beginning of the tax year (after 6th April) in order to gain the maximum amount of time before paying tax to HMRC.

e.g. If you sold a second property after 6th April 2017 - any tax liability would not be payable to HMRC until 31st January 2019!

If you are an employee using your own car or van for your employers business*, make sure that you claim the full tax-free mileage allowance payment of 45 pence/mile for the first 10,000 miles. If your employer is re-imbursing you for less than this amount - then you need to claim tax relief on the difference from HMRC.

* not applicable to normal travel between home and work.

Hammond & Co specialise in Start Up Businesses

It's very important that, for Start Up Businesses, the record-keeping, notifications to HMRC, together with contacting and liaison with Banks and Government Agencies are dealt with in the correct way. (see FAQ's)

If Funding is required, then we have excellent links with the major High Street Banks together with good contacts within the secondary Lending Sector.

We have helped many clients achieve successful and speedy Funding applications.
Hammond and Co can also provide help and advice with your Business Plans; Cash flow Forecasts and Budgets.

Not sure if you need an accountant?

Stewart Hammond offers a free half-hour consultation - so you can judge for yourself.

Opening Hours

Mon-Fri : 9.00am - 5.00pm

Stewart M Hammond, B.Sc (Econ) F.C.C.A

Hammond & Co
22 Golwg-Y-Coed
Hendredenny
Caerphilly
CF83 2UA

Call 029 2088 6996 for a chat
or to book an appointment

EMAIL STEWART

Map/Directions HERE

   

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