Keen Young & Co. provides accountancy and tax solutions to sole traders, start-ups and small- to medium-sized businesses in Reading, Wokingham, Bracknell, Maidenhead, Basingstoke, Henley on Thames, Fleet and Newbury. Below is a brief guide to the services we offer.
All businesses are required to keep accurate records for tax and VAT purposes, but good bookkeeping systems benefit the business by:
helping to manage and control finances
facilitating planning for future growth
allowing the efficient completion of accounts.
We can take care of all your bookkeeping requirements - or, if you prefer, we can put a system in place that you feel comfortable with and then extract the information to prepare annual accounts.
Tax returns are issued to people with complex tax affairs, but also to people who receive:
income from self-employment or from a partnership business
rent or other income from land or property
income from overseas
other income that is received gross, i.e. without tax deduction.
We use HM Revenue & Customs software to:
complete your tax return
calculate your final tax bill and when to pay
file the return online
analyse your self-assessment return to see if any tax savings can be made.
How to get VAT-registered and what to consider. If your business sells VAT-able goods and/or services, you should register as soon as your sales reaches the statutory registration threshold. You can register voluntarily even if your sales are below the statutory threshold.
We can help you with this and other special schemes such as Cash Accounting, Flat Rate Scheme, Annual Accounting and Retailers' Schemes. We also provide advice on VAT implications of buying, selling or developing property.
If you need help with any VAT issues, please call us on 0118 986 6005.
Sole Trader & Partnership Accounts
We offer a range of accountancy and tax solutions for sole traders and partnerships. If you are starting a new business, we can assess whether it would benefit from being a limited company, a sole trader or a partnership.
If you are already running a business, we can help you with forecasting to see whether it is running at optimum efficiency, or whether you should consider changing its status from sole trading/partnership to limited company or vice versa.
IR35 legislation was introduced to counter perceived tax avoidance, initally targeting contractors in the IT industry, and now extended to other service companies.
IR35 is intended to stop contractors setting up compensation structures whereby they pay less tax and NIC than regular employees performing almost identical tasks for the end client.
Each contract is considered by HMRC in isolation, so the wording and terms of the arrangement are an important factor in their decision to apply IR35 to income received from the service company.
It is not always obvious whether a service company will be caught by IR35, so professional help should be sought to avoid significant problems later.
We provide a wide range of Property Tax advice. You pay no capital gains tax when you sell your family home as long as it has been used as your private residence for the whole period of ownership.
But what should you do when buying or considering the purchase of a second home?
If you rent property out, you pay income tax on the rent, less allowable expenses and charges.There are special rules for holiday homes and rent-a-room.
The Construction Industry Scheme sets out special tax rules for contractors and subcontractors working in the industry.
As a contractor you have specific obligations under the scheme, including registering with HMRC, checking that your subcontractors are also registered, paying subcontractors, deducting tax and submitting monthly statements confirming these payments.
Services we provide for contractors:
registering you with HMRC as a contractor
cerifying your subcontractors with HMRC
ensuring you pay your subcontractors correctly within the scheme
supplying deduction statements to the subcontractors
keeping your records in good order and supplying HMRC with monthly returns.
Helping to structure wills, type and ownership of assets, and the use of insurance to reduce the impact of inheritance tax.
a full compliance service
planning for retirement and business succession
advice on protection of assets, passing wealth down the generations
mitigation and postponement of tax liabilities.
If you employ staff, you have statutory filing deadlines for forms and payments to HM Revenue & Customs. If you ignore these obligations, penalties and interest follow, adding to payroll costs. Penalities are now issued automatically for late filing or late payment of tax and NI contributions.
Our full PAYE preparation and compliance service saves time for employers and provides peace of mind.
Limited Company Accounts
One trading option for a business is to form a limited company. This will provide access to a number of tax planning strategies, and limited liability status. It has its costs as well, in that accounts must be filed at Companies House, including directors' and shareholders' details which are open to the public.
We provide a full range of tax and accountancy services:
Year End accounts
Are you facing HMRC assessments going back more than 6 years and facing penalities more than 10%? You can trust us to handle your case with HMRC.
HMRC is looking to identify highest tax risks.
We have experience and knowledge of HMRC structure, practices and compliance powers, and can help you manage your risk profile.
We help all type of people and businesses by:
managing voluntary disclosures
handling tax investigations and enquiries
advising on information powers, interest and penalties
helping with tax appeals and litigation.
Tax Advice & Planning
We can provide help with:
Enterprise Finance Gurantee Scheme