At very reasonable rates, I can complete Tax Returns for…

• Individuals and sole traders;

• Partnerships;

• Limited Companies.

The self-assessment tax regime is full of HMRC Enquiry powers and penalties, so it is important that…

• Returns are correctly and accurately completed;

• They are filed on time;

• All backup records are retained for the appropriate HMRC Enquiry period of time.

As well as the completion of your return, I can assist with…

• Advice on your tax liabilities;

• Identifying suitable tax planning opportunities;

• Completing all necessary tax computations;

• Dealing with all correspondence from HMRC and taking the worry away from you!

For more information, don't hesitate to get in touch with me…

Please call me on (07967) 015190 or email mike@romseyfinancial.co.uk about any financial matter at all, on a completely no-commitment basis, and I will always do my very best to help you in any way I can.

Trusts are relatively easy and secure way of protecting your assets for future family beneficiaries. They can also offer some perfectly legitimate significant tax saving opportunities.

Trusts can be an essential requirement to avoid or reduce potential internal family feuds following from past divorce or separation.

We can advise on the most suitable type of trust for you, assist with setting them up and provide a full range of accounting and services thereafter.

We can also advise you on the preparation of a new will or review and arranging Lasting Powers of Attorney (Financial and Health) for very reasonable rates!

Romsey Financial Services can offer value for money guidance and advice to Executors to obtain Probate and complete the extremely long and involved IHT400 Tax Return and the ten to fifteen subsidiary Returns also required, even before you can apply for Probate!

Romsey Financial Services Limited established by an semi retired experienced Chartered Accountant, can offer a fantastic value for money alternative to Solicitors who routinely charge say £275 or more plus VAT! Romsey Financial Services can offer to charge from £75 to £100 per hour for a truly personal service through out!

We also offer other related services such as advice re preparation of Wills or Reviews, arranging Lasting Power of Attorney (Financial and Health), Inheritance Tax and Trust Planning.

If your personal affairs are complicated then completing a self assessment tax return can be a daunting process. Failing to submit a return on time will incur a penalty which increases over time the longer it is outstanding. The continual changes to the tax system makes completing tax returns harder and harder potentially resulting in more fines further down the line.

We can save you a lot of time, worry, and money by handling your self assessment tax return for you. We will do all the necessary computations, complete your return, and even offer advice on how you can minimise your tax liability.

We can act as your agent, dealing directly with the HM Revenue and Customs on your behalf and, should you be selected for a self assessment enquiry, act for you at any meetings.

Making Tax Digital (MTD) is one of the biggest shake-up’s to happen within HMRC and will fundamentally change the administration of the UK tax system.

From April 2019, VAT registered businesses with a turnover above £85,000 will be required to comply with the MTD record keeping, reporting requirements and VAT returns will need to be filed using MTD compatible software. From April 2020 it is most likely that it will be necessary for nearly all non VAT registered businesses to comply as well.

HOW WE CAN HELP…

Cloud based bookkeeping systems provide the simplest and most cost effective solution to achieve MTD compliance. Northover & Co are specialists in cloud based technology. Having tried and tested many out there, we have chosen to partner with

QuickBooks Online has established itself as one of the market leaders due to its simplicity, ease of use and excellent value for money. We also support the other market leader Xero should you wish to explore this option further with us.

SOME OF THE KEY BENEFITS OF USING CLOUD BOOKKEEPING SOFTWARE…

• Simple and easy to use, even for those with little/no bookkeeping experience.

• It will save you time completing your bookkeeping whilst providing a more comprehensive set of records than your standard use of excel or basic software.

• Records will be regularly kept up-to-date which should save any last minute chasing from us.

• Once set-up and training is complete, accounts preparation should be more accurate and simplified, resulting in lower Annual Accountancy Fees.

• Your Accounts will be prepared sooner, giving you more time to plan for future tax bills as well as look at current and future trading opportunities.

• Your VAT will be tracked automatically and up-to-date financial reports will be available at the click of a button.

• Direct links can be set up to your Bank, Credit Card and Loan Accounts to automatically populate your transactions into the software.

The essentials of starting a new business are always based on a realistic business plan and adequate finance.

Most new business owners when starting-up will no doubt start with a foundation of a solid business proposition and plenty of entrepreneurial spirit. We help look after the legal and financial aspects of running a business or company formations.

With our combined years of experience, we can provide extensive direction and advice on starting up a business to ensure that the process runs as smoothly as possible and hassle free for you.

Whatever the size of business you are considering starting up we can provide vital advice on:

• The form the business should take, sole trader, partnership, LLP, limited company, PLC.

• Company formation procedures.

• Preparation of projections, cash flow and business plan.

• Arranging finance.

• Bookkeeping tuition and implementing management procedures and systems.

• Tax planning.

We advise that you do not risk getting caught out by any unexpected problems and come and see us from the start. Coming to see us to present your business proposals means we can evaluate them in a constructive and realistic manner.

With the tax regime becoming more complex, and more focus being put on taxpayers' individual responsibilities, everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet all the compliance requirements.

We can provide you with year-round tax advice on:

• income tax

• capital gains tax

• inheritance tax

• trusts and estates

• non-domiciliary tax issues

Every pound of income tax you save means more income at your disposal, every well planned disposal of assets means minimal loss of capital gains, and every inheritance tax saving means more benefit for your beneficiaries.

Make sure you take full advantage of the tax saving opportunities open to you - call us today for a personal tax planning review.

Corporation tax is a major part of your trading costs. It is the increased reporting obligations, thorough investigation policies imposed by the tax authorities and tough penalties for non-compliance that means that a lot of time and resource is taken up collecting revenue for the Government.

We can assist you and your business by completing and filing business tax returns as well as preparing and submitting end-of-year payroll Tax Returns. By using us for your corporate tax and planning, means we can act as intermediaries for any disputes with the tax authorities.

As part of this service, we can help you with determining the most tax effective structure for your business by taking full advantage of tax opportunities and reliefs. It is our job to make sure that you achieve the best capital or revenue tax treatment as well as reducing your tax on disposals and maximising relief on acquisitions. There are also many tax opportunities specific to certain industries and our in-house expertise to help you tackle these.

The company secretarial function for any business is often seen as an arduous task normally overseen by a family member or a senior employee, such as Company Secretary. This can be met with issues as the designated Company Secretary may not have a full understanding of the duties they are required to undertake.

We can provide you with a comprehensive service to ensure that your company complies with the myriad of obligations required under company law. We have experience working with a variety of companies helping them meet their company secretarial and corporate governance requirements. We offer a range of services from a fully outsourced company secretarial function to providing ad-hoc advice and assistance.

Our full company secretarial services include:

• Company formations

• Preparation and electronic filing of statutory returns

• Preparation of all documentation related to minutes and resolutions

• Maintenance and storage of statutory books

Everyone hopes to maintain the same standard of living in retirement as they presently enjoy while working, but to achieve this requires considerable forward planning.

Here are some important questions you need to ask yourself:

1) Exit strategies

If you are in business, the first thing you need to consider is your exit strategy. Will you withdraw from the business, leaving it for the next generation, or will you hope to sell the business? If you intend to hand the business over, do you have a workable succession plan? If you intend to sell, how will you value the business, find a suitable buyer, etc.? Are you aware of all the tax implications of the timing of disposals?

2) Pension provision

Do you have an adequate pension in place? Do you have the right type of pension? Are you aware of all the pension possibilities open to business owners and directors? Are you making full use of all your allowances?

3) Savings and investments

Do you have the right balance between savings and investments, and is your portfolio split adequately between exposures?

4) Life assurance and long-term care

Do you have adequate life assurance, and have you made provision for long-term care and medical insurance for you and your family in your later years? We can help you answer all these questions and recommend solutions tailored to your particular needs.

The task of payroll processing can often divert you from your core business activity. It is our job to help and take the worry and time out of this process for you.

By allowing us to look after your payroll activity, we will free up more time for your staff to attend to other business areas, therefore creating more opportunities and raising efficiency in the business.

Our payroll services are thorough and, of course, compliant with HM Revenue & Customs statutory requirements. We can deal with every aspect of UK wages and salary requirements including:

• Setting up a new payroll system

• Day to day payroll processing

• Dealing with PAYE and National Insurance deductions

• Completing your end of year returns

• Holiday pay

• Statutory pay

• Stakeholder pensions

Auto Enrolment

The law on workplace pensions has changed. Every employer with at least one member of staff now has new duties, including enrolling those who are eligible into a workplace pension scheme and contributing towards it. We can help you manage the whole process and ensure that you don’t risk the substantial Penalties that can be charged for noncompliance.

There is much more to an audit than the annual year end and compliance visit. Accounting and audit regulations are arduous and our aim is to deal with them with as little hassle so that you can get on with running your business. We are qualified to deal with all statutory and bespoke audit assignments. Aside from fulfilling all legal audit necessities, our audit approach gives us the chance to really see how your business is run because we spend time finding out about it and then plan our work to test the systems you have in place. We have a set criteria and pre-agreed timetable to work with your accounting staff so that your annual audit process is as speedy and efficient as possible. This process also helps us offer effective and constructive feedback on your accounting and other in-house systems and in offering advice on how to improve.

Value added tax is not an easy subject to talk about. Our aim is to make it as simple as possible for you to handle and understand. It is seen as one of the most complex tax areas to be imposed on businesses. The VAT “goalposts” are constantly being moved as well as the ever changing stream of regulatory details. HMRC is constantly demanding more and more from businesses which add more stress on top of what you already have to manage. It is our expertise and expertly trained eyes that help you make sure you do not miss anything and do not fall foul of the regulations. We make sure you do not pay the chancellor any more than you need to.

Our efficient and cost-effective VAT service includes:

• Assistance with VAT registration

• Advice on VAT planning and administration

• VAT control and reconciliation

• Help with completing VAT returns

• Processes put in place to avoid future issues with HMRC

• Representing you at VAT tribunals.