What can an accountant do for your business?

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What can an accountant do for your business?

23 March 2022

We offer a range of accountancy services across various industries and sectors. The divisions below will highlight some services we offer.

Contractors

1st Class Accounts offer personalised services to freelancers and contractors. Further to the completion of tax returns and advisory, we offer expert guidance on IR35, a complex legislation passed by HMRC affecting contractors working via their limited companies, also referred to as ‘off payroll working’.

We understand that no two clients are the same, each case is unique. We provide flexible accounting solutions including a bespoke payment advice service called Pay Calcs, advising on tax provisions and the ways to extract money from your limited company in the most tax efficient manner.

Individuals

Our individuals client portfolio is assigned a dedicated team, to assist with the completion of self-assessment tax returns and general accountancy advice. At 1st Class Accounts, we assess each individual to ascertain the best steps in ensuring they remain as tax efficient as possible. We are on hand to assist with achieving your goals, whether you are self-employed, employed, or a landlord.

Properties

Our properties division are well versed in property and real estate investment via limited companies also known as special purpose vehicles (SPVs). With the introduction of Section 24 of the Finance Act 2015 in April 2017, we have witnessed an influx of property investors creating limited companies to take advantage of being able to deduct their mortgage interest and other finance costs from their rental income before calculating their tax liability.

Other than the mandatory completion of the limited company annual Companies House confirmation statement and HMRC’s annual corporation tax return, 1st Class Accounts are on hand to assist with investment and acquisition strategies such as purchasing via auctions and releasing equity from properties. We boast of a network of property specialists who can offer bespoke guidance and support.

Construction Industry

Our construction industry team are a group of experienced advisers to those working in the construction industry, both limited companies and self-employed individual, ranging from builders, plumbers, electricians and engineers.

Whether you run a limited company or you are a subcontractor, we can help with all of your finances and tax returns, including CIS returns or the payment of subcontractors via payroll. We believe that good accountancy services are more than just numbers. We can help grow your business financially, offering bespoke tax planning tailored to your needs and goals.

Sports & Entertainment

Our sports & entertainment group, initiated by Yemi Ajala, are leading advisers to the creative industries sector. Our enthusiastic and trusted professionals offer a full range of advisory services to both corporate clients and individuals, spanning the fields of film and television, sport, music, video games, theatre, fashion, photography, advertising, marketing, and PR.

Guiding our clients through a complex range of accounting, financial and regulatory issues is just the start of what we do. We are able to provide far more than just accounting and tax advice and work closely with clients to help them take full advantage of market opportunities through close involvement with their planning and business structuring needs.

SMEs

At 1st Class Accounts, we offer accounting and tax services for SMEs - companies and start-ups all over the UK. We offer everything you need take care of your small business accounting — compliance, advisory, tax and much more. We believe it’s not just about the numbers but about bringing order and clarity to your business. This will help to minimise your stress, get back your time, achieve your goals and grow your business while having fun, whilst we take care of the rest.

To find out how we can support you and your business, book your consultation today using the form below.

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What is the Start Up Loans scheme?

by Sharif Yousefzai • 9 June 2023

What is the Start Up Loans scheme and how does it work? The Start Up Loans Programme was launched in 2012 by the Start Up Loans Company, with the aim of promoting entrepreneurship in the UK and making it easier for new businesses to access financing. This government-backed personal loan is available to individuals who are eligible and allows for borrowing up to £25,000. The scheme includes a repayment plan set at a fixed interest rate of 6% per annum over a period of 1-5 years. Successful applicants benefit from 12 months of free business mentoring through the programme's network of Delivery Partners and access to Open University business courses. What are the requirements to be eligible for the loan? Applicants must be at least 18 years old, a resident of the UK with the right to work, and have a business based in the UK that has been trading for less than 2 years. Additionally, applicants must demonstrate that they are unable to obtain financing from other sources and have passed a credit check, indicating their ability to repay the loan. Also, for a business to be eligible for the loan scheme, its business activity must not be related to any of the following categories: Weapons Chemical manufacture Drugs Illegal activities Banking & money transfer services. Private investigators Gambling and betting Property investment Charities What are the benefits of the Start Up Loans scheme? Opting for a government-backed loan to finance a business has numerous benefits. One of the major advantages is that the loans are "unsecured". This means it does not require any collateral or personal guarantee. Therefore, the risks associated are low. Moreover, the interest rate and overall repayment terms are comparatively more favourable than other types of business loans. This scheme is very useful for individuals, especially directors of new limited companies to fund and help their company grow. If you have any questions regarding this please do not hesitate to contact us. At your service!

What is the difference between accounting and auditing?

by Carine Thompson • 8 June 2023

Have you ever found yourself wondering what the difference is between accounting and auditing? Read this post to discover what auditing and accounting entail and the main similarities and differences between them.

When to complete a W8-BEN-E form

by Carine Thompson • 5 May 2023

Read our post to discover what a W8-BEN-E form is and when it must be completed. We also explore the differences between the W8-BEN-E form and the W8-BEN form.

Why is it important to open a business bank account?

by Bobo Lee • 5 May 2023

There are many reasons why opening a business bank account is essential. Read our blog to discover 3 of the most important reasons.

Declaring rental income and expenses on a self-assessment

by Sharif Yousefzai • 12 April 2023

Read our post to discover why it's essential for individuals to declare rental income and expenses accurately on their self-assessment tax return.

What are the advantages of accounting software?

by Yemi Ajala • 12 April 2023

Is accounting software as good as it seems? Read our post to discover three advantages of accounting software and how using the right one can be one of the best decisions you can make for your business.

Voluntary National Insurance contributions

by Bobo Lee • 13 March 2023

In this post, we're exploring what National Insurance is and who may benefit from making voluntary contributions.

The importance of receipts and invoices

by Sharif Yousefzai • 6 March 2023

In this post, we're exploring what receipts and invoices are and why it's important for business owners to keep a record of both.

What is a DS01?

by Megan George • 15 February 2023

Time to read: 2 minutes DS01 is a voluntary way to dissolve a limited company, this is sent to Companies House and once submitted can be struck off from the Register of Companies. For this application to be accepted the company must have met a certain criterion: up to or more than three months there should no trading, selling of property, changing the company name, or clearing all debts. How to file a DS01 Two of the most common ways an individual can file a DS01 is by completing a paper form or a form online . Filing a DS01 using a paper form A paper form can be found online. An individual would need to search for DS01 and click the hyperlink “Strike off a company from the register”. The relevant page will now show you information about a DS01. An individual can print off the form on this website and fill out the necessary information, such as the company's full name, directors’ signatures, and the company number. After the individual will carefully seal it in an envelope and send this off to HMRC. Once this has been accepted, the individual will receive confirmation of the DS01’s submission. Filing a DS01 using an online form An online form can easily be accessed the same way as a paper form. The individual will search for DS01 online and go onto “Strike off a company from the register”. On the page, scroll down to ‘close a company online’. This will take the individual to a starting page. The individual will put the relevant information such as the company’s registration number, and the companies' house authentication code. This is for HMRC to find the correct company to dissolve. It will then ask to confirm the director's name and if they wish to submit this form. At your service!