Company

Tax Planning

Everyone wants their business to be successful, but the amount of tax you pay is naturally linked to the profitability of your business. However, with careful planning at critical stages of your business planning cycle, considerable savings can be made.

By planning ahead, it is possible to take advantage of tax saving opportunities which may not be available at a later date, maximising the savings you make and ensuring that more money is retained in your business.

It is a renowned fact that UK taxation system is complex and challenging therefore getting it right is very important.

A recent study shows that UK taxpayers are paying £4.9 billion more in taxes because they haven’t taken advantage of the tax saving opportunities available to them and 74% of taxpayers admit they haven’t done anything to reduce their tax waste in the last 12 months.

This is where Siddiqui & Co tax specialists can help. We have a proven track record of helping businesses and individuals minimising their tax bill. In some cases, we are able to reduce our client’s tax liability to nil.

Give us a call on 0207193399 if you’d like to know more.

Accounting and Bookkeeping

Bookkeeping is a hectic task, but the business needs to know the figures for its operations. We don’t only believe in advice, but our professionals offer bookkeeping services to all our clients according to their needs regardless of their size and domain. Bookkeeping is a tedious task, it is necessary to understand the needs of the business to maintain the entries in the books and record.

Our customer’s delight and satisfaction is a prime goal of our firm.  In Siddiqui & Co we offer a quality bookkeeping services to all range and size of businesses at a very competitive rate.

Payroll

Employees are the internal customers, and they expect their payment on time. Regardless of their number, dealing with their payroll and ensuring compliance with employment legislation, and avoiding possible fines, can be yet another burden and concern.

By using our payroll service, you will be able to ensure pay is made in accordance with the appropriate legislation, allowing you to focus on running your business or organisation

Our dedicated payroll team looks after the payroll for all sizes of businesses and organisations dealing with employees and directors.

We tailor our payroll services to the needs of our client with:

• One or more employees
• Employees paid on a weekly, fortnightly, 4 weekly, monthly, quarterly, half yearly or even an annual basis
• Requirement for electronic or paper reports, e-payslips and e-p60s
• Secure files and password protection
• Online filing with HMRC
• Pre-agreed processing timetables
• Pre-agreed fee, based on employee numbers and level of services required

For further information about our payroll service and to receive a fee quotation please call us on 02071933999

VAT Returns

Introductions of VAT in a new business environment is a complex and costly task for the organisations. VAT policies are in particular counted as a time taking responsibility for both small and large enterprises. Moreover, small and medium enterprises facing common VAT issues such as:

• VAT policies while trading with EU companies.
• VAT returns for each business category.
• Value-added tax on income.
• VAT rules for invoices.

Our clients need the best advice about VAT and search for the best possible VAT package, which perfectly fits with their business needs . Our firm supports you throughout the VAT process, which starts from the registration process and ends up filling a return. We release your stress by managing all the VAT related matters for you at affordable charges. Our team of professionals is highly capable of giving you information about VAT laws and EU policies, as well. The services provided by our firm are as follows.

• Registration of VAT
• Suggestions and advice about the best possible schemes.
• Negotiation in case of any further dispute
• We support you in case of any delay in the VAT return
• Planning of VAT

Making Tax Digital

Making Tax Digital for VAT requires VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns using software.

It is increasingly common for business records and accounts to be kept digitally, in a software program on a computer or tablet, or in a smartphone application, or maintained through such a device and stored using a cloud-based application.

The difference under Making Tax Digital is that the software which businesses use must be capable of keeping and maintaining the records specified in the regulations, preparing their VAT Returns using the information maintained in those digital records and communicating with HMRC digitally through our Application Programming Interface (API) platform.

If your digital records are up to date, software will be able to collate and prepare your return for you. It will then show the return to you and ask you to declare that it is correct and confirm that you want to submit it to HMRC. Once you have submitted your return you will receive confirmation through your software that it has been received.

Siddiqui & Co has team of tax accountants who can explain you everything you need to know about Making Tax Digital

Tax Advice and Investigations

The businesses of the modern era need careful tax planning due to multiple sources of income and revenue, such as revenue, sale, purchase, and saving. The expert pieces of advice make a significant impact on the success of the business be to reduce your tax liability. Suitable tax planning and management are vital to regulating the financial matters of the company because the complex tax policies are a massive liability for the taxpayer. We offer a full range of tax services to the clients with free of cost tax advice as well.

The service our firm offer to the customers is as follows.

• Income Tax
• Capital gain tax
• Non- domiciliary tax issues.

Our firm supports you in properly planning your tax matters and save your cost through our expert services.

Pension- Auto Enrolment

All UK businesses are now legally required to operate an auto enrolment pension scheme for qualifying employees. Any employee earning over £833 per month or £192 per week and aged between 22 and state pension age must be automatically enrolled by their employer into a pension plan. A worker earning £5,876 or less a year is also entitled to join the scheme, but you can choose whether to contribute to the pension scheme.

These requirements bring significant additional financial implications and administration, meaning many employers may need assistance in administering compliance to reduce the overall impact on their business.

If you have started your auto enrolment duties and are struggling with the additional burden, we at Siddiqui & Co , offer fully compliant auto enrolment services to help support you and your business through successful implementation and ongoing compliance.

Management Accounts

To drive your business forward, you need timely, accurate and insightful reporting of key management information. This continuous accountability of the financial performance of the firm is necessary for the long-term revenue stream.

At Siddiqui & Co, our team of expert management accountants can tailor our service to fit your needs. We offer the following services

• Customer and Supplier reports
• Cash-flow reports and forecasts
• Profit and Loss reports
• Balance Sheet reports
• Budget vs Actual reports
• Cost Centre and Project analyses
• Business plans and forecasts

To talk through your options with us, give us a call on 02071933999

Annual/Statutory Accounts

Statutory accounts – also known as annual accounts – are a set of financial reports prepared from the company’s financial records at the end of each financial year. Copies of statutory accounts must be sent should always be sent to

• all shareholders
• people who can go to the company’s general meetings
• Companies House
• HM Revenue and Customs (HMRC) as part of your Company Tax Return

Statutory accounts must include:

• a ‘balance sheet’, which shows the value of everything the company owns, owes and is owed on the last day of the financial year
• a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year
• notes about the accounts
• a director’s report (unless you’re a ‘micro-entity’)

You might have to include an auditor’s report – this depends on the size of your company.

The balance sheet must have the name of a director printed on it and must be signed by a director.

Statutory accounts must meet either:

• International Financial Reporting Standards
• New UK Generally Accepted Accounting Practice

At Siddiqui & Co, we understand these challenges, and we’ve developed specialist teams who can offer you a fast and efficient service that includes preparation and submission of statutory accounts to the Companies House and HMRC. Call our corporate finance accounting team today on 02071933999 to arrange your free initial consultation.

Profit Extraction

There are three main routes for a business owner to extract profits from their own Ltd company:

1. Salary
2. Dividends
3. Pension contributions.

Getting the right balance is key to taking your money in the most tax efficient way possible. At Siddiqui & Co, our dedicated team will assist you to make the right decision at a right time to make the balance right.

Research and Development Tax Credit

We provide advice to all clients on tax relief. For companies that are more heavily involved in creative processes and work in technology, Patents Box and Research and Development Tax Relief are Important.

Businesses with a qualifying Research and Development (R&D) project can claim back up to a 230% tax deduction on the amount they’ve spent on qualifying R&D expenditure.

Our R&D tax relief specialists can assist with your claim, as claiming yourself can be a complicated and prolonged endeavour.