Global Tax Accountants & Business Advisors

t. 0114 266 4089
e. info@global-tax.co.uk

Our Services

GlobalTax offers practical advice and services in various areas of accountancy, from tax returns to bookkeeping, management of accounts to business cashflows.

Accounts Production

Our accountants can manage annual accounts, using records and books, to prepare your tax return, for limited companies, partnerships of sole traders. We can help to organise your finances and meet all legal obligations in a professional and experienced manner.

Tax

The complex taxation in Britain means that keeping on top of tax changes and payments can be difficult. A personal accountant will ensure that expert advice is given to help minimise tax bills and that they are always paid on time.

GlobalTax can advise on various aspects of taxation. Several are outlined below.

VAT

Whether you should be registered for VAT or not, depends on your individual business circumstances.

If you are at all unsure how to proceed please do get in touch and ask for our advice. We can advise on all the issues raised on this web page and we will help you fill in the forms, if needed.

Capital Gains Tax

If you are considering selling an asset, GlobalTax can offer guidance on potential capital gains tax charges that one may be liable for upon the sale. We can recommend ways to lower tax charges and help to save you money.

Property Tax

Property Tax is a concern for a wide range of businesses and individuals. Our company can provide in depth knowledge, to explain and advise on all aspects of property tax

Corporation Tax

Limited companies face UK corporation tax on all profits. We offer a service that helps to organise your tax returns and provide information on Companies House regulations.

Recent changes in UK legislation means that it may be more profitable to join other sole traders to reduce corporation tax. This is one solution that GlobalTax accountants can advise upon, to offer ways to improve business finance.

We also provide other general business advice, such as becoming a limited company when starting your business. By liaising with our accountants, you can find the most tax efficient way to take your business forward.

Start-up

Starting up a business is difficult for a variety of reasons, not least of which if financial control. At GlobalTax we welcome those who are starting businesses, to give advice on book keeping, tax saving, cashflow and help break down accountancy fees through monthly payments.

Payroll - PAYE

GlobalTax offers advice in many aspects of employee management. We can advise on the recruitment of staff, payroll preparation and answer any questions you may have on how the payroll process works. A complete payroll service is available, should you wish to contract out employee payroll to your accountant.

Bookkeeping

GlobalTax Accountants provide an comprehensive bookkeeping service, that is designed to suit each individual or business. As keeping a record of VAT and taxation is a legal requirement, remaining up to date with bookkeeping is essential. It permits a throughout knowledge of ones business finance and allow an efficient calculation on taxes.

Our accountancy team can either help to create a bookkeeping system to suit you, or carry out some or all of the work, from regular management accounts to annual accounts. We offer fixed prices, agreed upon in the initial meeting, which are payable per month.

Cashflow Projections

Cashflow projections are fundamental for financial planning, business forecasts and loan applications. Our company can provide you with comprehensive cashflow projections based upon your business finance, allowing you to pursue other business needs. Alternatively, we can simply advise on calculating cashflow or applying for business loans.

Limited Company

Would a limited company be suitable for your business? Needless to say this is not an easy question to address in just a few short paragraphs of text, however we are more than willing to discuss your individual requirements and undertake a proper risk assessment of your business venture.

This professional assessment will enable you to make a balanced judgement on the best way to take your enterprise forward. Be it a limited company or unincorporated structure it should allow you to take advantage of the most beneficial tax arrangements available to you, we can help you make sensible choices about action that you can take to minimise your commercial risks.

Staff Appraisal

Globaltax’s computerised staff feedback system means that staff appraisals can be made simple for your company. By providing us with regular employee reports, we can help you to track staff performance using this system to foster a constructive relationship between you and your employees.

Recruitment

Our company can assist you in recruiting new members of staff, by checking our own office resources, or by helping you to advertise vacancies elsewhere.

Staff and Employer Support

We also offer a support system to employers, to help maintain a rewarding working relationship. We can help to discuss difficult issues that arise and liaise between both parties, saving you legal costs.

Inheritance Tax

Inheritance Tax is usually paid on an estate when somebody dies. It may also be payable on trusts or gifts made during someone’s lifetime. Most estates do not have to pay Inheritance Tax because they are valued at less than the threshold (£325,000 in 2009-10). Any estate valued over this rate is subject to 40% tax.

Our company can assist you with the various taxes associated with inheritance, a task that you can trust will be managed competently, in what way be a difficult time.

There are three main types of tax that may be applicable to inherited assets:

  • Income tax – if the inheritance generates personal income, it may be subject to tax
  • Capital gains tax – if you ‘dispose’ of assets, by selling or giving them away, and it has risen in value between the time of inheritance and the sale, ‘capital gain’ tax is applicable.
  • Inheritance tax – typically the tax is paid out of the funds of the deceased’s estate, but, if the estate cannot pay it, the named inheritor may have to pay.

Tax Return

Completing a tax return can become a difficult and sometimes stressful process. Any income that is not taxed at the source requires a tax return to be filed. If you pay tax through PAYE (Pay as you Earn) you are not required to complete a tax return. There are various categories depending on whether you are completing a personal return, or for a company. Providing the relevant income and business information correctly is vital to be subject to the suitable levels of tax, such as NICs (National insurance contributions). Maintaining records throughout the year can make filling in a tax return a much simpler process. GlobalTax can help to keep records up to date, can complete tax returns for business or the self-employed, or simply offer guidance on how to complete them.

Business Loans

Business loans can be hard to acquire, especially in the precarious economic market at present. Our accountants have experience in creating thorough business plans, and can advise on the types of loans available and how to obtain them through our partners; Lloyds TSB Bank. Receiving any type of loan, be it credited or against an asset, having a detailed and researched business plan is key to convincing loan companies that you are a secure investment. Incorporating a business strategy, as well as explaining how the loan will be repaid, is important.

Sage Software and Training

SAGE (UK) Ltd is a subsidiary of The Sage Group, a leading business software company. The software can be used in various different ways, ranging from programs specifically designed for payroll, to forecasting and accounts. The software itself can be highly beneficial to companies, to help to maintain ordered records and carry out essential tasks. We offer software training, to get you up to speed with the newest developments in the business software arena and take your business forward.

Limted Company Accounts

Limited Companies are privately held companies that are considered separate from an individual’s personal finances, and are usually owned by more than one shareholder, to limit liability. There are several types of Limited Companies in the UK, private limited, public limited and private unlimited companies. They must be registered at Companies House. Limited companies must complete an audit each year, and maintain records of all financial dealings. Our accountants can assist your limited company by annually auditing the business and helping with the general accounts.

Sole Trader Accounts

A sole trader, an individual who does business in their own name, is responsible for all aspects of their business and therefore liable for any problems that may occur in business. A sole trader does not need to notify Companies House, unlike a limited company, but must register as self employed with HMRC. As the business income will be considered part of your personal income, completing the yearly tax return will be required. National insurance contributions and income tax will have to be paid on all profits. Sole traders are in potentially risky circumstances, as all debt lies with the individual. Therefore, Globaltax offers ways to help you to control accounts, and monitor tax payments, to ensure you re adhering to government regulations.

Partnership Accounts

Our accounts can provide support and help for partnership businesses. A partnership is made up of two or more self - employed individuals who share the risks and profits in a business. Each partner pays tax on their share of the profit. They can be active members and run the business, or sleeping partners, in which they simply help to fund the business. As with the self employed, responsibility and liability lies solely with the individuals involved.

Management Accounts

Management accounts are a vital part of a successful business. They include the purchasing process, sales reports and employee records. They allow a business to run efficiently, and to forecast business growth. If a business has more than one outgoing, each separate output may have a specific record. As most businesses produce these monthly or quarterly, maintaining them day to day is important. Our accountants can help in putting account management systems into place, or be contracted to organise business accounts.

Employment

As an employee, taxes will be deducted from your wages, and sent by your place of work to the tax office, otherwise known as PAYE (pay as you earn). The rate of tax varies depending on income, but payslips and forms such as the P45 should be retained to keep a record of income. An accountant at Globaltax can help to maintain personal income records for the employed.

Contact Us

Please call us on 0114 266 4089 or email us as we would be delighted to discuss your requirements and/or arrange a FREE Initial Consultation.

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