Over 30 years' experience
in the accountancy profession
Welcome to TPP Accountants
As a family-run firm, we understand
the needs of the small business owner
0151 334 7507
29 Marfords Avenue, Bromborough, Wirral, CH63 0JH
Sole Trader Income & Expenditure Accounts plus Self Assessment Tax Return Starting from £275
Limited Company Annual Accounts Starting from £500
Book a Free Initial Meeting/Tax Review
Our Fees Are Not Subject to VAT
We Strongly Believe That Communication With Clients Is Key!
"Whenever I've needed help and advice they always respond immediately and provide the results needed."
Jason Howard Photography Ltd
"Exceptional service and nothing is too much trouble with a very prompt response to any questions."
Melanie Joynes T/A Isabelles
"I have found Terry to be extremely reliable, efficient and most importantly, easy to communicate with."
Bromborough Barber Shop Ltd
"TPP are an excellent firm, being rapid in response, yet take the time to understand our business."
West Coast Ventures Ltd
TPP Accountants have over 30 years experience in the accountancy profession and are proud to be Chartered Certified Accountants in Wirral. We understand the needs of a small business.
WHERE ARE WE?
We are based just off Allport Road in Bromborough (first turning on the right after the railway station when approaching from the shops).
We offer a range of services including Annual and Management Accounts, Company and Personal Tax, Bookkeeping, Property Rental Accounts, Payroll and Fee Protection Insurance.
Please note that our fees are not subject to VAT. Our list of fees are a guideline. For a more detailed quote please fill in the online form.
“I needed a firm of Wirral accountants and have found TPP Accountants to be reliable, efficient and easy to communicate with. I have recommended them to others with positive feedback."
To discuss your needs please call us on 0151 334 7507, send an email, book a free initial meeting/tax review or request a no-obligation online quote.
"I have been using TPP accountants since I started as a sole trader, in 2011. They have from those early days been exceptionally helpful and knowledgeable. My company became Limited shortly after starting as a sole trader, TPP accountants were there to assist in this transition, and again, with their knowledge and continuing professional development (knowledge of future changes etc), they greatly assisted with my financial responsibilities and accounts. I would highly recommend them, and have done so for a friend who also sings their praises."
Ray Parr, Director - HARL Training and Consultancy Limited
"A few years ago I was looking for local, professional accountants that would understand me and my business and provide the general services a small business requires. Looking back now I can honestly say it's been one of the best decisions I've made. TPP Accountants have not only provided a great and friendly service based on sound knowledge from many years of experience, but whenever I've needed help and advice they always respond immediately and provide the results needed. I can't recommend Terry and the rest of the team enough for everything they have done for me and my business. If you choose TPP Accountants you'll be in very good hands and they won't let you down."
Jason Wilcock, Director - Jason Howard Photography Limited
Annual and Management Accounts
Personal Tax Planning and Compliance
Corporation Tax and VAT Returns
Control the Finances of Your Business
" I have received good, solid advice from TPP Accountants over the years which has allowed the business’ to go from strength to strength. I have recommended them to family and friends over the years and would not hesitate to do so in the future. They have been on hand at all times to offer advice and have truly gone above and beyond what I would expect from a firm of accountants."
Beverley Rowe, Director - Bromborough Barber Shop Limited
Sole Trader vs Limited Company...which is right for your business?
Lets look at some comparisons to help you decide.
As a sole trader you are personally liable for any debt of the business.
Sole traders pay tax on their business profits via a self-assessment tax return.
The deadline for filing online self-assessment returns to HMRC is
31 January after the end of the tax year. The personal allowance for the
tax year 2018/19 is £11,850.
The Basic rate of 20% is paid on income from £11,851 up to £46,350, the Higher rate of 40% is paid on income between £46,351 and £150,000 and the
additional rate of 45% is paid on income over £150,000.
Losses can be offset against other income in the same year, carried back
and offset against previous year's profits or carried forward and
offset against future profits.
National Insurance (NI)
A sole trader pays Class 2 NI contributions and Class 4 NI contributions of 9% on
profits in excess of £8,424 (2018/19).
Accounts and Tax Returns
Sole Traders and Partners are not legally required to file annual accounts.
They must, however, keep records of income and expenses for the
purpose of completing their tax returns.
A limited company is a separate legal entity, so as a shareholder your personal
liability is limited to your shareholding.
A director of a company may take a salary from a limited company and this is
taxed at source under the Pay As You Earn tax system (PAYE).
Unless they have absolutely no pay or benefits then a director MUST
file a tax return. This is regardless of whether tax is owed or not.
A limited company pays corporation tax on its profits which is charged
at 19% from 1 April 2018 and is payable 9 months and 1 day
after the accounting period end. A company tax return must be
filed 12 months after the accounting period end.
The dividend allowance (the value of dividends that shareholder can receive
tax free) currently stands at £2,000. For dividends above the dividend
allowance the following tax rates apply: 7.5% at the Basic rate, 32.5% at the
Higher rate and 38.1% at the Additional rate.
Losses can be carried forward and offset against future profits or carried back
and offset against the previous year's profits.
National Insurance (NI)
Class 1 National Insurance may be payable on directors' salaries and bonuses
depending on the level of income. Employers National Insurance at
13.8% may also be paid on directors' salaries and bonuses.
Accounts and Tax Returns
Please see below for more details of the legal requirements of a limited company.
"We chose TPP Accountants because of their approach to client relationship building and also their progressive use of technologies to aid us in developing and producing our accounts efficiently and without the worry which we had experienced with previous firms."
Ian Jamieson, Director - West Coast Ventures Limited
Thinking of setting up a Limited Company? Here's a brief outline of what is involved...
The following information must be provided to Companies House:
Memorandum of Association - limited company name, location, business type.
Director's names, addresses and registered limited company address.
The limited company must be said to comply with the terms and conditions
of the Companies Act.
Articles of Association - director's powers, shareholders right etc.
A director of a limited company has certain legal responsibilities, including:
Your newly set up limited company must be registered at Companies House.
Annual accounts and confirmation statements must be filed with Companies
House every year.
Statutory accounts must be filed with HMRC every year.
A Corporation tax return must be completed each year and filed with HMRC.
We can form your limited company and complete all necessary legal requirements, leaving you to get on with running your business.
Have a company name in mind? Click on the link below to see if it is available.
"Terry and Mark have been our accountants for nearly ten years and have seen us through the process of growing from a two man partnership to a twelve man Limited company. They are proactive in their approach and have pulled out the stops to help when we've needed them. I cannot recommend them highly enough."
Chris Ridley, Director - Jarilo (UK) Limited
A planned tax cut for 2.7m self-employed workers has been scrapped by the UK government.
It said Class 2 National Insurance contributions would not be abolished in this Parliament.
It cited concerns that low-earning self employed people would end up paying more to access the state pension and it would make the tax system more complex.
The Federation of Small Businesses said it was "extremely disappointing" and would hit more than 3m people. The move was set to save millions of workers about £130 a year but there had been concerns that the move would hit more than 300,000 self-employed people earning less than £6,000 a year who were paying the Class 2 NICs voluntarily, in order to access the state pension. They would have faced being moved to Class 3 contributions, raising weekly payments from £2.95 to £14.65.
Fee Protection Insurance
Our Tax Investigations Service is fully backed by an Insurance Policy, which we have taken out with Abbey Tax. The service offers
Fee Protection of up to £75,000 in the event of:
Full and Aspect Enquiries into:
Corporation Tax Returns;
Partnership Tax Returns;
Sole Trader Tax Returns;
Personal Tax Returns.
Employer Compliance (PAYE, P11D and NIC);
Should time spent commuting to work count as part of the working day?
The University of the West of England (UWE) has suggested that this should be the case.
Many UK employees use travel time to start or finish off work, according to a survey carried out by UWE.
It polled 5,000 rail passengers and found that many workers use their commute to reply to emails ahead of the working day, or to catch up on work they did not manage to finish during their normal working hours.
Monitoring tasks performed by employees during their journeys to and from work is an ‘ongoing issue’, according to the survey. Currently, no legal guidance exists on how to monitor and reward employees who work during their commute.
Commenting on the matter, Dr Juliet Jain, Senior Research Fellow at UWE, said: ‘If travel time were to count as work time, there would be many social and economic impacts, as well as implications for the rail industry.
‘It may ease commuter pressure on peak hours and allow for more comfort and flexibility around working times. However, it may also demand more surveillance and accountability for productivity.’
HMRC urged to reverse the burden and complexity of the UK tax system
The British Chambers of Commerce (BCC) has urged HMRC to ‘reverse the burden and complexity’ associated with tax administration and compliance.
A survey carried out by the BCC and software company Avalara revealed that 75% of businesses believe the overall burden of tax administration and compliance has increased, when compared to five years ago.
64% of firms surveyed stated that VAT generates ‘the biggest administration and compliance burden’, whilst many businesses reported that the ‘vast array of rules and rates’ can be confusing.
According to the survey, firms also feel under pressure to be ready for the April 2019 introduction of the government’s landmark Making Tax Digital (MTD) initiative.
The BCC stated that there is a ‘real need’ to reduce compliance costs, transaction costs and the complexity of business tax. It is calling for HMRC to make compliance easier and improve its process for collecting tax.
‘Companies now routinely cite tax administration and compliance, rather than regulation, as their biggest single source of administrative headaches,’ said Dr Adam Marshall, Director General of the BCC.
‘If the government wants its ‘global Britain’ vision to become a reality, it is time to tackle the huge costs and complexities of the UK tax system, which sap away time and resources that could be better spent raising business productivity and growth.’
HMRC tax investigations into SMEs are 'too intensive'
New research commissioned by HMRC has revealed that more than half of small and medium-sized enterprises (SMEs) believe that HMRC’s tax investigations are ‘too intensive’.
Insurer Professional Fee Protection (PfP), who undertook the research, found that 52% of SMEs believe that tax probes are ‘too rigorous’, while an additional 56% think HMRC investigations are ‘too costly and time consuming’.
PfP warned that tax investigations often prove to be disruptive for SMEs, with many resulting in significant professional fees.
Commenting on the issue, Kevin Igoe, Managing Director of PfP, said: ‘Small businesses think they are getting rough treatment from HMRC and are making this clear. [They] are often at the receiving end of lengthy tax investigations, which can be very disruptive. Many of these businesses also do not have the resources at their disposal to manage an inquiry or negotiate with inspectors.’
According to the research, 48% of SMEs ‘do not believe that HMRC’s penalties are fairly distributed’, and many think that small firms are ‘unfairly targeted’.
PfP also revealed that, in 2016/17, HMRC’s investigation teams collected an additional £16 in taxes for every £1 spent on investigatory staff.
Making Tax Digital
VAT registered businesses with a taxable turnover above the VAT threshold (£85,000) will be mandated to keep digital VAT records and send returns using Making Tax Digital (MTD) compatible software from April 2019.
Training for Self-Employed to be tax deductible?
A government proposal to make training for new skills for the self-employed tax deductible is being welcomed by the Association of Independent Professionals and the Self-Employed (IPSE).
IPSE have said that the tax relief should not be limited to formal qualifications, but also include the training many sole traders need which are specific to their individual trade such as general training on how to run a business – such as marketing or accounting.
IPSE does however, question the necessity of an annual cap on tax relief spending on the self-employed, an issue which has been raised in the consultation papers. Imogen Farhan, IPSE Policy and External Affairs Officer, commented:
“We would also recommend the government follow the lead of many OECD nations by not imposing an annual cap. It is difficult to imagine a cap that would be suitable for all sectors and earning levels. Instead, the government could minimise the risk of misuse by introducing clear rules on the types of training people can undertake.”
"TPP Accountants have been our accountants since we started trading 5 years ago. Exceptional service and nothing is too much trouble with a very prompt response to any questions. Highly recommended."