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We are able to prepare and produce accounts for the complete range of business entities, i.e. Sole traders
Partnerships
Limited Companies
Charities
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Our registered Auditor status allows the audit of limited company accounts to be undertaken by ourselves. With limited company status comes the extra reporting requirements which we able to deal with on our client's behalf. Thus relieved of the considerable reporting burden clients are able to spend more time developing their businesses. Accounts prepared in accordance with the Companies Act 1985
Preparation of abbreviated accounts to allow less disclosure of information to the public at large through Companies House
Preparation of director's report
Preparation of Statutory forms for Companies House
Maintenance of statutory records
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For many years the firm has run a separate Taxation Department. Initially it's function was to provide the 'add on' service of preparing personal Tax Returns. More recently this area of the practice has developed extensively and now embraces assistance and tax planning advice in the following areas: Click on titles below to view more details ...
Personal Tax
The introduction of Self Assessment has brought a major change for our clients and ourselves. Deadlines for submitting returns and paying tax are stringent and penalties for non-compliance can be severe. As always, we have responded positively to the challenge and have invested heavily in new technology to help relieve our clients of the Revenue's onerous demands. Safe in the knowledge that their taxation affairs are in capable hands clients can concentrate their efforts in other areas, often in running their own businesses. "The hardest thing in the world to understand is the income tax"
Corporation Tax
Self Assessment for Companies. Accounting periods ending from 2 July 1999 onwards fall within Corporate Tax self assessment. For many companies this makes little difference to the previous system. For others there is a major impact on cashflow due to a requirement to pay in instalments. Corporation Tax Self Assessment - Basic Requirements. Corporation Tax Returns must reach the Inland Revenue by twelve months from the end of the accounting period. The Corporation Tax liability is normally due nine months and one day from the end of the accounting period. For companies with profits exceeding £1.5million payments are required in instalments. If there are associate companies this limit is divided by the number of companies We can advise in detail on the impact of these changes, complete returns, calculate liabilities and provide general help and advice.
Inheritance Tax
Although we can deal with the routine 'after the event' form filling you may prefer us to take the pro-active initiative of minimising your tax liability. This we can often achieve through a variety of means tailored to individual circumstances.
Inland Revenue Enquiries
In the mid '60s' George W Griffith Senior specialised in assisting clients facing Inland Revenue 'Back Duty' investigations as they were known. More recently this part of the practice has been developed extensively and we now advise on all dealings with the Inland Revenue. We are well equipped to combat the latest Inland Revenue approaches on 'Business Economics' or 'Black Economy' lines. Whilst we are happy to commence assisting at any stage of an investigation many clients believe, like us, that 'Prevention is better than cure'. We will therefore be pleased to review your records in order to identify and correct discrepancies and minimise exposure to potential penalties. This work includes: Accounts Investigations
Self Assessment Investigations
Benefits-In-Kind and Forms PIID
National Insurance Audits
P.A.Y.E. Investigations
"What is the difference between a Taxidermist and a Tax Collector? The Taxidermist takes only your skin"
National Insurance
It is easy to fall foul of the National Insurance regulations which are becoming more complex. A review of your procedures can enable weak areas to be highlighted and corrected prior to the dreaded Contributions Office visit. We also regularly deal with payroll related and self-employed queries as they arise.
PAYE
Nowadays PAYE means much more than simply applying the correct tax code. The new Child Tax Credit, Working Tax Credit and Student Loan repayments are further recent additions to the system. Our experienced staff will be pleased to guide you safely through the minefield.
Subcontractors
Whether you are a Contractor or 'Subby' our experience in this specialised field means we are well placed to help you with not just Inland Revenue returns but also related matters such as the 'employed v self-employed' issue.
Benefits-In-Kind
The Income Tax and National Insurance implications of most benefits have been brought more closely into line. What does this mean for your business? Perhaps you have a company car. Should you consider running your own and being reimbursed for business mileage? We deal with questions like these and many more on a regular basis.
Trusts and Estates
Administration Periods, distributions and vesting dates may all sound very daunting. We can provide sound explanation and guidance together with a comprehensive planning service.
Tax Planning
We stress the importance of obtaining sound advice at an early stage in order to avoid the Inland Revenue's rigorous penalty regime and plan effectively for the future. We are pleased to be able to offer a forensic accounting service which can be essential in many fields of litigation and in the general interpretation of financial statements. The service can be particularly valuable in legal financial disputes, matrimonial matters and complex tax enquiries. Back to top ^The department carries out all aspects of insolvency work, namely: Creditors Voluntary Liquidation
Members Voluntary Liquidation
Administrative Receivership
Administrative Orders
Personal Insolvency/Bankruptcy
Corporate Recovery
The Insolvency department aims to provide Corporate Recovery advice and should formal insolvency become necessary GHW Griffith's Licensed Insolvency Practitioner status covers all aspects of insolvency procedures to be carried out. Back to top ^We can offer a full range of services to help your business grow and release more of your time to work for yourself and not as an unpaid government form filler. Profit and Loss account forecasts.
Cash Flow forecasts.
Business Plan.
Marketing Plan.
Budgeting.
Costing Exercises.
Bookkeping.
Payroll.
Tax Advice.
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We are able to process weekly or monthly payrolls together with all the associated administration and obligations including: Calculation of Statutory Sick Pay (SSP)
Calculation of Statutory Maternity Pay (SMP)
Preparation of P45
Preparation of year end p35, P14 and P60s
Preparation of BACs and other methods of bank payment.
Control of the monthly tax and National Insurance payment to the Inland Revenue
Not only do our clients benefit from releasing the administrative burden that operating the payroll system places upon them they benefit from the privacy of information that offsite preparation brings. Back to top ^We can provide a whole range of bookkeeping services from maintaining simple cash books for the sole trader right through to a more complex business situation involving a purchase ledger, sales ledger, PAYE system etc leading to the production of the nominal ledger, trial balance and monthly management accounts. Back to top ^Whether valuations are required for Inheritance Tax, Capital Gains Tax or simply because you want to know the value of the company you have built up we can provide open market valuations. We stress the advisability of accurate valuation before proposed transactions take place. Back to top ^We are pleased to provide a complete range of services including essential tax planning. Please contact Griffith & Griffith for more details. Back to top ^ |
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