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Catherine Bennett Ltd

Catherine Bennett Ltd is a practice with qualified and experienced chartered accountant and a chartered tax adviser making sure that your accounts are accurate, timely and relevant and that your tax liabilities are minimized. We pride ourselves on a quick turnaround of the work, dedication to making sure clients file well within deadlines and being contactable to quickly provide accurate solutions to client queries.

We work closely with other organisations and experts which may also be of benefit and will refer our clients to these where we feel they need additional support.

During the free and non obligatory initial consultation we will collect all your details to get a clear picture of your personal and business position to make sure that everything is set up to be as tax efficient and profitable as possible and provide a fixed fee for the services you and your business require.

If you would like an initial consultation please contact me and we would be delighted to arrange an appointment with you.

Mission Statement

“To provide a quality and professional accountancy and taxation service to individuals and businesses. To be approachable and understandable while delivering answers and solutions to achieve the best outcomes for clients.”

Business Start-up Services

Starting a business is a very daunting time with many hurdles to overcome including finance, knowledge and time constraints.

We can make the process easier by assessing your position, aims and objectives and making sure the first steps are the right ones.

We will help you within the free initial consultation

  • To decide on the legal structure that is most suitable for you and your business –  sole trader, partnership, limited liability partnership, limited company or perhaps a community interest company
  • Providing methods for efficient record keeping to meet legal requirements
  • To decide on methods of bookkeeping and options for accounting software
  • Consider if voluntary VAT registration could be beneficial
  • Advise on the set up of payroll if necessary
  • To understand your obligations for accounting and tax compliance issues

Start-ups can also benefit from the following services:

  • Registering your business and the individuals involved with HMRC
  • Notifying Companies House and company formation services
  • Prepare a business plan including cashflow projections and budgets especially important when finance is needed
  • Providing details of organisations offering free help and possible grants to new businesses
  • Company secretarial duties required by a company

Taxation

With tax we all need to be compliant and meet our obligations and we all want to pay as little tax as possible. To do this it is important to plan ahead and get the right advice. Here are a few of the areas as a chartered tax adviser we deal with:

Tax Compliance

Getting your tax right and meeting your obligations is so important with penalties growing and HMRC cracking down. We will therefore ensure your tax affairs are legal, accurate and deadlines met.

Tax Planning

The way you structure your business and personal affairs impacts the amount of tax you pay. We will look at all aspects to make sure that you pay the minimum amount of tax.

Capital Gains Tax

If you sell any valuable items you may be subject to capital gains tax. This can involve quite complex calculations and other considerations. We can help you look at your situation before the sale to look for tax saving opportunities, identify any exempt assets and calculate the tax for inclusion in your self-assessment tax return. We can also offer solutions to eliminate any capital gains tax through tax efficient investments.

Income Tax

Whether you need a tax return, repayment claim or tax planning advice regarding income and reliefs we can help.

International Tax

Living or setting up business abroad will have UK tax implications. We can help you save UK tax and consider your position abroad.

Inheritance Tax

I will show you how to prevent the tax man getting his hands on your estate with trust and estate planning.

Corporate Tax

Whether you have a single company or a group, are based in the UK or abroad, are considering selling or purchasing a business or just setting up a new business we can help you to look at your position, choose the best structure for you and for tax purposes.

Corporate Tax Saving Opportunities

We will endeavor to help you make the most of all available tax saving opportunities such as:

  • Capital allowances
  • Extraction of profits – salary vs dividends
  • Tax rates
  • Group and loss relief
  • Timing of expenditure
  • Dividend planning

VAT

VAT legislation is complex, therefore it is important to identify VAT planning opportunities and ensure that all VAT compliance matters are dealt with. It is important to consider VAT even for small or start up businesses as voluntary registration may be beneficial or there may be a VAT accounting scheme that would ease the burden of VAT registration.

Should I be registered for VAT?

Value Added Tax (VAT) is a tax charged on the sale of most goods and services supplied by a VAT registered individual. VAT is charged at either 0% on for example books, newspapers, and construction of new homes. Reduced rate of 5% charged on domestic fuel and power and the standard rate currently 20% which applies to everything that isn’t zero, reduced rate or exempt. Exempt sales are for example, sales of some land and property, insurance and some postal services.

If your sales exceed the VAT threshold (currently £82,000) in the previous 12 months or are expected to in the next 30 days. There is also an option to register for VAT even if your sales have not reached the current threshold allowing you to claim back VAT on purchases which can be beneficial if:

You make zero rated supplies – because your customers will not have to pay VAT

Your customers are themselves VAT registered – because they may be able to claim back VAT you charge them

VAT Schemes

There are various schemes which can make it easier for a VAT registered business. It is important to speak to an accountant or business adviser to see if there is a scheme that will benefit you.

The Annual Accounting Scheme will allow you to do an annual VAT return reducing the burden of monthly or quarterly return deadlines.

The Cash Accounting Scheme  will allow you to account for the VAT based on the invoices you have received payment for on sales and have made payment for on purchases. This allows you not to have to pay over the VAT on sales where you have not received the cash, improving cash flow and giving instant bad debt relief.

Financial and Management Accounts

Accounts need to be prepared accurately for all businesses as they are the basis for the calculation of tax. They are also a statutory requirement for companies which need to submit these to Companies House and HMRC with the corporation tax return.

We firmly believe that every business should produce year end accounts as soon as possible after the accounting date preferably within three months. Timely accounts are a valuable tool with which to make:

  • Accurate and informed business decisions
  • Monitor the success of the business
  • Form the basis of budgets and future tax planning
  • Provide evidence to support applications for raising finance

Company accounts need to be prepared in accordance with the relevant accounting standards and also need to be filed online using iXBRL code which we can do on your behalf using up to date accounting software.

Management Reports

Timely management information is a key part of running a successful business. We will work closely with you to really understand your business and the vision of where you want the business to go.

We can either produce relevant reports or provide the training to allow you to produce and understand the reports yourself with continued support when required.

Management accounts can be prepared in accordance with your business needs either monthly, quarterly or as and when needed to provide reliable and accurate information on which to base decisions.