Why choose a Chartered Certified Accountant? We are regulated by a professional body and bound by a code of ethics, meaning you can have total confidence in our professionalism.
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, Company Secretarial Services, Bookkeeping, Property Rental Accounts and Payroll.
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 have found Terry to be extremely reliable, efficient and easy to communicate with. I have recommended them to other people and have had very positive feedback from those sources."
Call us on 0151 334 7507 or email using the links provided. You can also fill in the online form to receive a free, no-obligation quote.
Starting up in business or looking for a change in direction?
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 2017/18 is £11,500.
The Basic rate of 20% is paid on income up to £45,000, the Higher rate
of 40% is paid on income between £45,501 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 £8,164 (2017/18).
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 2017 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 £5,000. However, from 6 April 2018 the allowance
is being reduced to £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.
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.
What's in the news?
Welsh land taxes
If you are about to buy a property in Wales, you need to consider the new land transaction tax (LTT) that comes into effect for all property deals which complete on or after 1 April 2018. The LTT replaces stamp duty land tax (SDLT) and in general its rates are lower (see table).
If you are purchasing a residential property for more than £400,000 or commercial property costing more than £1.1 million, you may save some tax if you complete before 1 April.
National Minimum Wage and directors
The national minimum wage rates rise on 1 April 2018. Most directors of their own companies do not have to pay themselves the national minimum wage. This is the case where the director does not have a contract of employment with the company and is effectively paid only for their role as an office holder. Where the director does have an employment contract with the company, they will be treated as an employee for NMW purposes and the NMW should be paid for all the hours they work.
Paying your children from the business
You can pay your children out of your business, but they must do some real work for that money, work which is worth what you pay them. You can’t pay more than the going rate for an office assistant just because the worker is a relative. The work needs to be performed at your business premises. Skills which could be used to promote your business online or to design marketing materials could be applied remotely, if for example they are away at university. However, you need to be able to prove that adequate work was performed for the rewards.
What Our Clients Say...
"It is a pleasure to recommend the services of TPP Accountants. They have answered all my queries professionally and, to me more importantly, in a language I can understand.”
“We found Terry and his team to be extremely proactive - actively providing ideas and suggestions to improve our accounts preparation and most importantly our cash flow management.”
“I can say without reserve that TPP Accountants have provided the most valuable, accurate and timely information of any accountants I have worked with. I recommend Terry and his team unreservedly.”
“I have found Terry to be extremely reliable, efficient and most importantly, easy to communicate with. I have recommended them to other people and have had very positive feedback from those sources."
"TPP Accountants have provided us with a fantastic solution to our small business needs. Terry and the team have been a real boost to our business."
"I first used the services of TPP Accountants when I became self employed. They were a great help and their knowledge allowed me to overcome the fears I had regarding the financial side of business."