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HMRC tribunal victory on tax avoidance scheme.

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Accountantâs advice is more valued than banks.

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Annual Accounts, Tax Planning, Compliance,Tax Returns, Business Plans & Forecasts

Accounts

At the centre of any accountancy practice is the preparation of accounts. These may be statutory financial statements to comply with obligations under the Companies Act or Charities Act, or accounts to enable the preparation of Self-Assessment Tax Returns.

Since 1987, we at ABDS have used our experience with the cost effective preparation of accounts for clients trading within a wide variety of industries. These are often from “incomplete records” in the form of bank statements and related invoices, but can also be directly from client input data into their own accounts software packages.

We also offer a bookkeeping service which can streamline the year end accounts process as data in reviewed on a continuing basis through the year and has in many cases been used to prepare management accounts or business plans and forecasts.

The accounts can be standard in format or tailored to suit the reporting needs of individual clients. All work is produced in accordance with relevant regulations, Statements of Recommended Practice and Generally Accepted Accounting Principles.

By reviewing every set of accounts received we can ensure that the data complies with HMRC requirements and also to ensure that advantage is take of all available claims, elections, allowances and reliefs.

If you would like to discuss how we can assist with your Accountancy requirements then please do not hesitate to contact us.

Tax Planning

With UK tax rates as high as they have been for a long time, planning your tax affairs effectively is more important now than ever before. Structuring your tax-affairs effectively requires care and a good understanding of all the relevant taxation and commercial factors.

At ABDS our approach to tax-planning is based on developing a good understanding of our client’s circumstances and their short, medium and long-term objectives. We recognise that it is vital that we identify and explain simply, the advantages and disadvantages of any possible tax planning ideas and possible opportunities that suit your situation and future plans.  This approach is underpinned by technical knowledge and experience of advising on tax planning since 1987.

There are tax and commercial implications of each trading style.  In certain circumstances, running a business as a Limited Company can provide substantial tax savings and commercial benefits. So whether you are a Sole TraderPartnership, LLP or a Limited Company ask us how we may use our expertise and experience to help you to plan and structure your affairs with a view to getting the best possible tax result for you / your family / your business.

Tax planning must be tax compliant. Tax compliance is seeking to pay the right amount of tax (but no more) in the right place at the right time. Right means that the economic substance of the transactions undertaken coincides with the place and form in which they are reported for taxation purposes. This allows many options and choices i.e. if you purchase a piece of equipment, the tax laws have a wide choice of tax relief available for that purchase, it is our job to exploit the law as it stands, but still operate within that law, to obtain the maximum relief possible. Tax planning requires two basic principles; one is good knowledge of the law the second is a code of ethics.

Ten principles of managing tax:

1. Review provisioning policies
2. Watch out for discretionary bonuses
3. Get tax deductions for repair work
4. Take care over revenue deductions
5. Maximise tax relief on pension contributions
6. Plan for capital allowances
7. Reclassify expenditure on industrial buildings
8. Claim R&D tax relief
9. Look at corporate structure
10. Don't forget compliance

If you want to know more about how ABDS can help with your Tax Planning requirements, please contact us now.

Business Plans and Forecasts

Business plans and forecasts can take many forms and be used for a variety of purposes. Whether for internal management and growth assessment or for use in applications for external funding, ABDS can assist you.

As accountants and business advisers we can offer assistance in formulating internal cash flow forecasts and profit projections which will assist in the management of working capital on an on-going basis.

Over the years we have built up a network of business relationships with local representatives of national lenders which enables us to present applications for additional funding or facility renewals in a form acceptable to the banks and in a way so as to maximise the likelihood of a successful outcome.

Our client relationships are not bounded by Southampton or the Hampshire borders, but spread as far as London in the East and Cambridge in the North

The main features of our services in this area include:

  • Preparation of cash and profit forecasts
  • Providing an insight into working capital requirements and management
  • Assessing and balancing loan and overdraft funding requirements
  • Preparing business proposals for bank scrutiny
  • Advising on the taxation aspects of business proposals, whether this be in relation to Corporate Tax, Income Tax,Capital Gains Tax, Inheritance Tax, VAT or Stamp Duty
  • Recommending the most effective business structure and capital funding from business and taxation perspectives
  • Appraisal of business proposals
  • Due diligence in respect of business acquisitions
  • Advising in respect of business exit strategies
  • Preparation of projections for tax planning

If you want to know more about how ABDS can help with your Accounts,Tax Planning requirements or Business Planning, please contact us now.