Alteration to VAT Flat Rate Scheme (FRS)

The alteration of the VAT flat rate scheme (FRS) categories to include a ‘limited cost trader’ has been widely criticised by advisers. Those FRS registered businesses will be required to use the FRS percentage of 16.5%, which will affect a large number of honest traders.

The aim of the new rate is to check how much a business is actually spending on goods each quarter and identify whether it can submit the return based on its normal trade sector category.
Businesses must spend more than 2% of its gross sales or £250 per quarter otherwise a new 16.5% rate of the gross income will apply.

Contact us if your unsure how to proceed. We can assess whether or not you need to opt out of FRS in favour of the traditional VAT calculations or deregister altogether.

Failure to apply the new rules could result in penalties and further enquires by HMRC.

www.stephensaccountants.co.uk

Southgate Business Centre,
32 Gillygate,
Pontefract.
WF8 1PQ
Telephone: 01977 791757
FAX: 01977 795366
E-mail: info@stephensaccountants.co.uk

Workplace Pensions Auto-enrolment

Sharp rise in fines for auto-enrolment failures

More than 3,700 small businesses were issued with penalties between July and September for failing to enrol staff in a workplace pension. The figure compares with 861 in the previous three months, prompting concerns that firms are struggling to cope with auto-enrolment. Overall, more than 26,000 employers have been issued with compliance notices since auto-enrolment began in 2012. Frequent reasons given for non-compliance include confusion between a business and its payroll administrator, illness and being short-staffed. None of these explanations would result in a fine being waived, the regulator said.

The Times (28/10/2016)

We can assist in linking your payroll system to a managed pension scheme with proactive advice on the choice of pension and how best to mitigate the costs for the business as well as highlighting the benefits for your employees. It`s no longer optional for businesses to have a workplace pension and you may as well engage with the staff whilst it is being implemented. Evidence suggests this improves staff retention.

Stephens Accountants

Southgate Business Centre,

32 Gillygate,

Pontefract.

WF8 1PQ

Telephone: 01977 791757

FAX: 01977 795366

E-mail: info@stephensaccountants.co.uk

Website

Stephens Accountants | Business Start-Up

Research shows that 80% of new businesses fail within the first five years and a large percentage cease trading within their first year, starting a business is tough, we can give you a helping hand.

Business Start-ups with a good accountancy firm behind them, enhance their chance of business success significantly. Stephens Accountants offer business start up services in Pontefract, Castleford, Knottingley, Normanton and South Kirkby and have helped many of the new businesses in the 5 town areas for over 25 years.

So if you are thinking of starting a business or you have recently made those initial steps, then our business start up service has been developed with you in mind.

The effective planning of your business start up is critical and the team at Stephens Accountants have been supporting business owners like you for over 20 years with our knowledge, expertise and first class service.

So How Can We Support You In Starting Your Business?

The decision about the format of the business is key. Limited Company, Sole Trader, Partnership, all offer different advantages and dependant on your business type may determine how your business should be set up to maximise tax efficiency, business flexibility, corporate red tape and ultimately less cost. This is a discussion we need to have BEFORE you do anything!

If appropriate, we can discuss the options, have the business set up with, for instance, a company name, registration number, registered office, directors, shareholders and bank account within 7 days. Websites, branding, stationery, marketing etc all available from our partners.

Of course we offer a traditional range of services designed to support your business thereafter , such as:

• Accounts preparation
• Business planning
• Tax advice including tax planning, compliance and VAT
• Raising finance
• Bookkeeping
• Company secretarial services

We will be able to help with those how to questions and help you set up a business that best suits your products, services and personal circumstances. You’ll have lots of questions that we have the answers too.

For further information on our business Start-Ups in Pontefract, Castleford, Knottingley, Normanton, South Kirby and the surrounding areas please Contact Us.

Stephens Accountants | Tax Planning

Tax Planning

If you're looking for specialist Tax Planning services in Pontefract, Castleford, Normanton, Knottingley, South Kirkby and surrounding areas, then Stephens Accountants can certainly help. We offer specialist tax planning advice for small businesses just like yours.

Tax can be a substantial cost to profitable businesses and individuals. Tax planning for small business is imperative as these costs include the tax itself as well as the costs of complying with reporting obligations, dealing with enquiries from the tax authorities and penalties for non compliance.

We can help by relieving you of the administrative burdens and can advise you on how to minimise your tax liabilities with our tax efficiency advice

If you are starting out in business we can help you ensure that all of the initial registration requirements are met and help you to plan for future liabilities by explaining the tax system in plain language. We can provide you with a report on all of the tax consequences for any particular transactions you are considering with suggestions for mitigating liabilities, indeed a complete tax planning service for small business.

We can offer advice on a wide range of topics including:

BUSINESS TAX PLANNING AND TAX STRATEGIES

• Pre-Year End Tax Planning: We recommend a review of the company’s position shortly before the accounting date to advise you of the tax saving measures that can be put in place before your year end to mitigate the company’s and your personal tax liabilities.
• Tax strategies: We actively investigate opportunities to take advantage of advanced tax mitigation, reduction and elimination strategies. As part of our wide range of services available, we have arrangements allowing our clients to access through us the services of the country’s leading providers of innovative tax strategies which can offer significant tax savings in all areas of taxation, such as income tax, profit extraction from your company, capital gains tax and stamp duty. Please note that due to the nature of tax law the available strategies are constantly changing so please contact us with your particular requirements.

Stephens Accountants | Accounts Preparation

Accounts Preparation

Our Management Accounts Preparation service is one of our most popular services for small business owners in Pontefract, Castlelford, Normanton, Knottingley, South Kirkby and surrounding areas, we have clients in a variety of businesses that use our accounts preparationservices before each year end (and also throughout the year) to make their life that little bit easier.

After working with you to understand how best we can help your business, you will benefit from our friendly and efficient accounts preparation service. You will receive a service tailored to suit your individual needs.

LIMITED COMPANIES

We offer an efficient and competitive accounts preparation service for limited companies in Pontefract and the five towns region

We strive to ensure the service we provide to our clients is first class. We produce accurate financial statements to suit the directors needs and meet legal requirements. We ensure that we work to your required timescale and assist in the understanding of the content of these statements. The extent of our work is tailored to the size of your company and your specific requirements.

SOLE TRADERS AND PARTNERSHIPS

We offer an efficient and competitive accounts preparation service for self-employed individuals. We strive to ensure the service we provide to our clients is first class. Our specialised accounting department provides a speedy service no matter how good (or bad!) the quality of your accounting records are. Our accounts preparation service includes a full review of the accounting records with suggestions and recommendations to improve the quality of the records.

LIMITED LIABILITY PARTNERSHIPS

We will prepare accounts to meet your statutory filing obligations. Our efficient service is tailored to the needs of you and your business.

CIS SUBCONTRACTORS SELF ASSESSMENT ACCOUNTS

This service involves the reconciliation of contractors payments, income and expenditure accounts and income tax refund claims.

INCOME AND EXPENDITURE ACCOUNTS

The absolute minimum requirement for self-employed individuals is the preparation of a statement of their income and expenditure for self-assessment purposes. However, we generally recommend that full accounts are prepared for the majority of businesses, due to the added assurance this provides both to you and HM Revenue & Customs. If you are unsure what the best option is for you, then please call.

RENTAL STATEMENTS

We can prepare profit statements of income and expenditure relating to the letting of properties for inclusion on the self-assessment tax returns. As part of the service we will discuss with you all expenses you may be able to claim to reduce your tax liabilities.

For further information on our Accounts Preparation services for businesses in Pontefract, Castleford, Knottingley, Normanton, South Kirkby and surrounding the areas please Contact Us.

Stephens Accountants | Raising Finance

Raising Finance

Stephens Accountants have been helping local businesses raise finance in Pontefract, Castleford, Normanton, Knottingley, South kirkby, and surrounding areas, for over 26 years.

There are often times when a business needs to raise additional funds whether this is raisingfinance for increase working capital or to fund a particular transaction or acquisition.

It is important that sufficient funding is put in place in a way that allows flexibility for the business and sufficient head room to cover seasonal economic changes and unforeseen events.

We can help you prepare profit and cash flow forecasts on a monthly, quarterly or annual basis together with preparation of a suitable business plan, this will then form the basis of your platform for raising finance for your business

The business plan will be tailored to the specific needs / circumstances depending on the amount being raised and the likely recipients existing knowledge of the business.

For further information on Raising Finance for businesses in Pontefract, Castleford, Normanton, Knottingley, South Kirkby and the surrounding areas please Contact Us.

Stephens Accountants | Our History

Our History

It is no surprise that after 26 years working for local businesses, Stephens Accountants continue to provide a reliable, professional service to help manage peoples personal and business finances.

Our philosophy is based on the assurance that all of our team guarantee to offer much more assistance to the success of your business than just completing reports on how your business was performing last year.

Your success is also success we like to share in and we strive to be proactive, recommending value added solutions and help to identify opportunities that improve your bottom line. Your success reflects on us and we welcome feedback to assure new clients that we deliver on our promises. We are open to suggestions and apply lessons learned to ensure we provide the best customer service possible.

Taxman Takes £87m From Missed Online Deadline

Taxman takes £87m from missed online deadline

According to statistics released from the ICAEW, 870,000 people missed the 31 January 2016 deadline for filing their tax return online, leaving HMRC able to issue IOUs worth £87m. Anita Monteith, tax manager at ICAEW, warned: “Additional fines could reach up to £900, leaving people with a total bill of £1,000 by the end of July. What’s more, anyone who hasn’t filed after six months may face a further penalty of 5% of the tax due or £300 – whichever is greater. The costs could rocket”.

- Daily Mirror (26/04/2016)

Stephens Accountants | Why Us

Why Us

At Stephens Accountants we offer an exceptional range of accountancy services, for business predominantly in Pontefract, Castleford, Normanton, Knottingley and South Kirkby, even out of office hours. If the unexpected happens, or you need immediate advice just contact us and we will aim to respond within 48 hours.

Some of the qualities and services we are proud of are:

• No jargon, we speak plain English and cut out the complexities.
• Deal directly with qualified staff and be certain you can speak to the person you want to. Our senior staff have all been with us many years so you can build a relationship with an individual, improving the service.
• Free telephone advice, you are not charged for these calls, so don`t be afraid to ask.
• We return calls the same day, which are usually dealt with there and then. Don't be ignored, your call is important to us.
• No hidden extras, some firms charge for brief telephone calls, photocopies, postage, faxes etc, we do not.
• Free basic Sage support for clients.
• Referral Network, we make our clients aware of each other. It`s amazing just how many contacts we have in all kinds of business. If you need anything we can probably give you a name and number. And its free. We have a network of local business contacts vetted for quality.

Stephens Accountants | Testimonials

Testimonials

Julie Wombwell, Accounts & Payroll Manager. Cottage Woodcraft Ltd.

"We have recently moved to Stephens Accountants and it’s the best decision we could have made. Looking for a new accountant can be a little daunting but we were put at ease with their very approachable and friendly attitude. They have helped us and explained things we weren’t quite sure about when it came to our Year End. They were very knowledgeable about the accounts software that we use which made it so much easier. All in all, we’re happy."

Sallyann Wheeler & Craig Gallimore A & S Catering Services.

"Stephens Accountants have been our accountant since we first established in business. In this time Sean & his staff take care of all of our accountancy needs leaving us to take care of our business. I can also rest knowing that our business is in safe hands & if we need to that Sean & his team are there to answer any Tax/financial or business related questions we may have. We have used various accountants for other projects in the past & find that none of them come close to personal, professional service that Stephens Accountants provide. We are proud to call Stephens Accountants our accountants & look forward to doing many years of business with them. "

Nigel Martin N.M.P.S. Nigel Martin Packaging Services.

"Stephens Accountants Limited are a helpful, friendly, approachable and professional company, they speak in terms that I understand, any questions or queries that I may have are promptly and efficiently answered, I would have no hesitation in recommending them to anyone."

Jacqui Brooks. The New Inn Public House (Walton) Ltd.

"I am so impressed with Stephen's accountancy. They make it so simple. I simply plug in the sales and purchases invoices and cash receipts, send across a backup and Stephen's do the rest. All the bank reconciliation and management accounts. And generally on the same day. Since using their services I always feel up to date and have the confidence to take managerial decisions in the running of the business. They are knowledgeable, informative and very nice people."

Simon Brayshaw – POP Architectural Ltd

"I've been using Stephens Accountants for the past year since my last accountant let me down, and I've been very impressed with the service I've received. The companies professionalism and understanding was impressive from the start. Stephens have been very proactive in dealing with any issues that have arisen during my time with them. Highly recommended."

Julie Stead/Russ Smales – Russcott (Yorkshire) Ltd.

"We are very happy with the service received from Stephens Accountants. The promptness of response and helpfulness has been great in our first year of trading."

John Breckon

"Accountancy speak into understandable language. The team is a pleasure to work with."

Part Time Financial Director | Stephens Accountants

Part Time Financial Director

Stephens Accountants, Pontefract, established over 25 years ago, have been serving local businesses with a variety of accountancy services, including part time or temporary Financial Director Services, in Castleford, Knottingley, Normanton, South Kirkby and surrounding areas as well as our home town Pontefract.

Are you looking to grow your business, improve your cashflow or gain better control of your finances? Have you considered the benefits of having an external skilled part time Financial Director involvement in your business?

If you cannot justify the expense of employing a full time Financial Director or Financial Controller you may wish to consider the option of using our part time FD service.

The benefit to your business could be immense. You would benefit from having regular access to a financial expert, who in turn has access to a vast array of other experts. No matter your financial or accounting challenge we will be able to find the answer quickly and efficiently.

Using the part time financial director service also has other spin off benefits that frequently result in considerable cost savings for our clients. Having your own Stephens Accountants expert work on your business for an agreed period each month, typically results in a considerable saving when it comes to paying for other services at the year end.

You would enjoy the peace of mind knowing your, bookkeeping, management accounts, VAT and other financial concerns are being properly looked after by your own part time finance director. Your business also benefits from having a financial expert available to help and advise you on the important decisions relating to the financial side of running your business. This expertise would not otherwise be available at an economic cost.

For further information on our Part Time Financial Director Services please Contact Us.