Digital taxation is likely to create a situation where bookkeeping and accountancy become slightly further apart. Bookkeeping will increasingly be done by the proprietors or by bookkeepers following only that function – Connor Spencer works with a group of very successful bookkeepers who have been moving in this direction for a few years – and accountants will have more time, when dealing with quarterly submissions, to assist those proprietors in developing their businesses.
Connor Spencer are proficient at creating cashflows, management plans, and projections and monitoring them and reporting on them.
We have started thousands of businesses over the 34 years Connor Spencer has been trading.
First we will help you decide on the most appropriate vehicle for your work; sole trader, partnership or Limited Company being the most common forms. If Limited, we can create a company within 24 to 48 hours in your specific name. If non-Limited we can register that in the same sort of time. We apply for the appropriate UTRs (tax references), PAYE and VAT where applicable as a matter of course.
By the time you leave our office you should have a plan to start your business and a further plan of where it is likely to go; knowing that we will be with you monitoring and adjusting the results.
Since April 2013, almost all employers and pension providers have been required to report PAYE in real time. This means that information about all PAYE payments needs to be submitted to HMRC online on or before the time employees are paid, rather than at the end of the year as they used to be.
The submission an employer has to make on or before each pay day is called the Full Payment Submission (FPS).
No-one in the service sector can by now be surprised to know that the government applies rigorous rules to tackle tax avoidance for those using personal services companies. This is the much-talked about IR35. The goal is to get an additional £420 million in National Insurance from individuals who avoid it by taking their profits in the form of dividends.
Increase in Investigations
Her Majesty’s Revenue & Customs (HMRC) have admitted that they have boosted their coffers by £179 million as a result of enquiries (Investigations) into tax returns. This compares to only £9.5 million in the previous year. The implication is clear – HMRC intends to continue its program of increasing numbers of Investigations.
You might think that the question of whether or not you are self-employed is your decision to make. But that is not always the case.