I'm a Growing Business

Incorporating a Limited Company may be a tax efficient way to run your growing business.

 

 
It can be confusing deciding what type of company to trade through.  Put simply, a limited company exists as an entirely separate legal entity and they have limited liability.  Limited liability means that the companies assets are kept separate from the personal assets so if the limited company ever got into financial difficulty the owners assets are (in most cases) protected.

However the downsides are that it costs more to administrate, you have legal responsibilities and your company data will be available publicly on the Companies House website.

Downsides aside, the majority of our clients operate through a limited company due to the tax advantages.

Bowes Brooks are happy to advise whether it would be beneficial to you to incorporate.  Even if you’ve already formed your company we can review the structure to see if it’s organised in the most tax efficient way.

Running a company is time consuming enough without dealing with the accounting, tax and compliance headaches which is why we can take care of everything for you.

Help & Advice

Articles from our blog written by Jessica Brooks

What’s an Accountant for?

What’s an Accountant for?

Why does anyone need an accountant?  

How do they help me?  

What do they do anyway?

Here’s my answers to those questions:

Keeping you Legal.  We help you do your financial administration so you file everything you need to, on time, every time.

Saving Tax.  We help you save tax by making sure you do things in a way that incurs as little tax as possible.

Understanding your taxes.  Helping you understand how you are taxed, so you can plan for it.

Knowing your numbers.  Helping you understand your business by interpreting the numbers for you, so you can make decisions based on fact not just intuition.

Making you rich.  Helping you put a plan together so you can get your personal finances in order and meet your financial goals.

Budgeting and forecasting.  Planning for the future, so you can arrange your finances effectively.

Support.  Your accountant is probably one of the few people you can talk to with complete honesty about your business.  He knows the facts, so there is no need to show off or for false modesty.  

If you need any help with these, you know where we are.

Jess Brooks

Who are your best customers?

The Pareto principle or the 80–20 rule says that, for many events, roughly 80% of the effects come from 20% of the causes.  So how might this affect you in your business?  I’d suggest that it can be profound.  If you can identify which of your clients or customers are: 

  • The 20% who produce 80% of your profits.
  • The 20% who produce 80% of your complaints and hassle. 
  • The 20% of your products that produce 80% of your profit.
  • The 20% of your sales staff that produce 80% of the sales. 
  • The 20% of your marketing that produces 80% of the results.


Then you can make decisions that will drive your profits to super success.  Of course it can be hard work analysing who are the
best and worst customers, staff or suppliers. Having identified them you can exit the troublesome ones and get to work replicating your best areas.  

The clock is ticking... just 25 days to submit your tax return.

As the adverts say ‘tax doesn’t have to be taxing’. 

In fact if your affairs aren’t that complex it could take as little as 30 minutes to complete the online form BUT you need to be registered for online filing AND you need to have all the necessary paperwork in front of you. 

And deciding which information you need is one of the parts our clients have most difficulty with. 

We are always happy to answer quick questions, even if you're not a client. So if you're feeling stressed then pick up the phone.