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Certax Accounting

Welcome to Certax Accounting. We are a national network of accountants with a very specific local focus. We offer a wide range of services to help with all of your accountancy and tax requirements. All with a personal and friendly service that you will come to rely on, year after year.

Our team of Certax Accountants have got many years of experience in helping small & medium sized businesses for every aspect of their accountancy, payroll and proactive tax planning needs. We at Certax take every single client’s requirements seriously as we believe your business success is our success.

  • Self Assessment Tax
  • Payroll and V.A.T. returns
  • Accounts for Soletraders, Partnerships and Limited Companies
  • Personal and business taxation planning
  • Company formation and related secretarial work
  • Corporation tax compliance and planning
  • Inheritance tax planning
  • Representation in the event of Inland Revenue/V.A.T./P.A.Y.E. enquiries
  • Periodic management accounts and reporting
  • Introduction to independent financial advice
  • Financial projections
  • Accounting for Charities
  • Training in Accountancy, Book keeping and Computerisation
  • Raising business finance
  • Evaluation and implementation of computer based accountancy software systems

For a FREE consultation, please call 01227 806101 (Canterbury office) / 01843 280004 (Margate office) or email mail@certax.co.uk.

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How start-ups can make the most of R&D Tax Credits

If you’re a UK start-up you may already have heard about R&D Tax Credits. But do you know exactly what they are? You’re not alone if the density of information and advice available to new companies has left you in the dark. So, in one sentence: research and development (R&D) tax credits are a form of tax benefit designed to reward UK companies for innovation.

Who can claim?

Any UK limited company which, at its own financial risk, is looking to resolve a ‘technical or scientific uncertainty’ can claim. So, if you’ve set up a company to create a brand-new product or process, or to significantly improve on existing ones, then there’s a good chance you’ll qualify. And it isn’t limited to a particular industry: whether you’re innovating in Nano-tech, software development, or food manufacture, you are equally eligible.

What costs qualify?

You can claim for expenditure that directly relates to the development activity, such as the salary and subcontractor costs of the people involved, materials used for prototyping, even certain software purchases.

What does it mean for your company?

An injection of cash can be a life saver for companies desperate to innovate and stay ahead of the competition. That’s the potential outcome of an R&D Tax Credits claim. It can come in the form of a refund of corporation tax; a tax credit that can be surrendered for cash; or tax relief to put against future tax bills. Understandably, there are qualifying criteria, but you could ultimately receive between 20-33% of your development spend.

‘But hold on, we’re not trading yet…’

Profit? What profit? As an innovative start-up, your profit may still seem like a distant dream. But R&D Tax Credits aren’t only for those companies already turning a profit. In fact, companies running at a significant loss are more likely to receive the most benefit from the scheme: a generous 33p for every £1 of qualifying costs. So, whether you are currently loss making, in profit, or at pre-revenue stage, you can claim for R&D Tax Credits.

Tips on maximising your claim

  • First things first, make sure that everything you pay out on development goes through your company accounts.
  • Include your accountant in R&D Tax Credit discussions. They are best positioned to advise you on how this can be used by your company moving forward. That said, keep in mind that your accountant may only have a rudimentary knowledge of the R&D scheme (you can’t expect them to be experts in every field of taxation).
  • Finally, if you’re looking to make a claim, the simplest and most headache-free way to do so is by engaging the services of an R&D specialist. Even if you think there’s only a slim chance you qualify, a short chat with them will set you straight. And most R&D specialists will be happy to provide this initial consultation without it costing you a penny.

Tax Credits

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Government scraps plans requiring small firms to file tax digitally

Following a proposal which led to strong protests from business owners, the government has announced that more than one million small companies will not be required to submit tax information online.

HM Revenue & Customs’ Making Tax Digital strategy announced in the 2015 Autumn Statement, which aims to transform the UK tax system by 2020, proved controversial.

petition against plans for quarterly filing of tax details attracted more than 114,000 signatures and led to a debate in Parliament.

Publishing six consultation documents on Monday, HMRC said 1.3m unincorporated small business and landlords with a turnover or gross income from property under £10,000 will be excluded from the requirement to keep digital records and make regular updates to the government.

Ministers will consult on whether the £10,000 limit is appropriate and if other small businesses should be excluded.

The government also announced the deferring of the mandatory start of digital tax by one year for small unincorporated businesses and landlords with incomes above £10,000 and below a threshold still to be determined.

In addition, HMRC confirmed that small business owners who genuinely cannot use digital tools won’t have to do so, and it plans to open up cash accounting (tax paid based on the difference between money taken in and paid out rather than invoices issues) to more companies.

Jane Ellison, financial secretary to the Treasury, said: “We are committed to a transparent and accessible tax system fit for the digital age, and Making Tax Digital is at the heart of these plans.  This new system will make the UK’s tax administration more efficient and straightforward, and will offer businesses greater clarity when it comes to paying their tax bills.

“By replacing the annual tax return with simple, digital updates, businesses will be able to concentrate on putting people and profit, not paperwork, first.”

 (Blog content Enterprise Nation)

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The Federation of Small Businesses

The Federation of Small Businesses (FSB) promotes and protects the interests of the self employed and people who own or run a small business. It offers a package of high quality, good value business services including legal and tax advice, specifically for small businesses. Our lobbying arm, led by the Westminster Press and Parliamentary office, puts pressure on the Government in Whitehall and the European Union, and puts the issues affecting FSB members over to the media.

We give small businesses a voice by influencing legislation to make it easier for businesses to grow, employ and do what they do best – running a business.

In Kent, we have nearly 6,500 members from every sector, and from 1 to 240 employees. We have a team of volunteers, all FSB members who own or run their own business, who get together on a regular basis to discuss local issues and plan events and activities.

Member and publishedavid cameron january 2014 policy confr Stephen Gurney of Index Magazine says “The FSB has been very good for providing us legal advice in relation to employment. As soon as we get an employment issue the FSB take on the account and look after us from the beginning to the resolution point, providing all letters and advice. We have saved a lot of money using this service and in all cases have resolved the problems, I highly recommend them!”

Sarah Poole runs her own events company and volunteers as Secretary for the North Kent FSB branch. “I volunteer as I believe that all small, young businesses should be able to talk to people who face the same issues as themselves. I like to help people either by putting on FSB events and bringing them together so they can help each other collaboratively, or just by being able to recommend people to each other. I regularly meet new businesses and encourage them to join the FSB; the fourth emergency service, as I call it.”

Join “the increasingly influential Federation of Small Businesses” and make your business voice heard.

Follow us on Twitter @FSBKent and find out more about us on www.fsb.org.uk/benefits.

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RIFT Research and Development Tax Credits

Research & Development tax relief allows SME corporation taxpayers to get tax relief for R&D activity that is revenue in nature. It also allows loss making SMEs to get cash back on qualifying R&D activity.

RIFT R&D Tax Credits is part of the Kent based RIFT Group. We love working with innovative companies, helping them claim tax relief on money they’ve spent developing their products, services or processes.

Putting together a really strong R&D Tax Credits claim is like sifting diamonds out of rough coal. It takes a keen eye for detail and a thorough knowledge of the regulations. Here’s why we’re the best:

  • We’re specialists in hunting down every qualifying cost and activity in your business.
  • We speak HMRC’s language too, and have never had a client’s claim rejected.
  • We’re here to stay. We’re a family owned business established in 1999 and employing over 160 people.
  • We recently won the bronze award in the Kent MegaGrowth 50 and won the KEiBA award for our customer service.

Not nearly enough business owners know about R&D Tax Credits, or realise what an enormous boost they are. Many mistakenly assume that they’re too difficult to qualify for or underestimate the scale of what’s on offer. Some simply can’t imagine that the scheme would even apply to their business. RIFT R&D Tax Credits is working hard to change all of this, and we’re only just getting started.

For more information visit: http://www.riftresearch.com/

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The Enterprise Investment Scheme (EIS)

The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies.

To find out more visit: http://www.hmrc.gov.uk/eis/

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Fathom solutions Limited

My name is John Detheridge. I’m a chartered accountant and chartered tax adviser, and I run my own accountancy business, Fathom Solutions Limited.

Unlike other firms, my starting point is not the accounts and tax return. My starting point is this: how much help and support do you want from us all year round? How many meetings quarterly? Monthly? Weekly? Unlimited telephone and email support? Daytime, evenings, and weekends?

Based on what we both think you need, I will give you a fixed annual fee for that support. And that’s it. Fixed. No extra bill. Ever. And it will include preparing your accounts and tax return.

I call this being At Your Side, On Your Side for whatever purpose you need. Helping you to make your business a success. Helping to make the bank manager see your point of view. Helping your own managers and staff understand how their performance affects the business results. Giving you tax planning advice before it’s too late.

You can read about it on my website http://www.fathomonline.co.uk/

As a special offer for members of the StartMyBiz community, any business that signs up for a year will receive the first two months support free of charge.

If you are interested in this offer, please email me at john@fathomonline.co.uk or call my mobile 07450 047877.

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Lakin Clark Chartered Accountants

Free initial consultation to discuss your business concept, potential legal structures, taxation implications and all aspects of starting up on your own. We would review matters such as forecasting and ways to fund your venture as well as explaining the role an accountant would have in supporting your business.

For more information visit: http://www.lakin-clark.co.uk/

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Kreston Reeves

Kreston Reeves is one of the major accountancy and financial services firms practising in the SE of England. We can offer professional advice and support to you and your new business venture. With a portfolio of +6,000 owner managed businesses we have the experience to ensure you make the right decisions from day one.

Some of the ways we can assist you include:

– Helping you to consider the most appropriate business structure for your business

– Setting up business banking arrangements through introductions

– Preparing a business plan together with forecasts, budgets and cashflow projections

– Dealing with appropriate registrations with HM Revenue and Customs, and Companies House where appropriate

– Ensuring that you have adequate accounting systems in place and, where necessary, consider outsourcing these with our in-house experts

– Producing accounts, annual returns, corporation tax returns and personal tax returns

Free of charge no obligation meeting

We like to meet with new businesses either at their premises or at any one of our offices and offer a free of charge initial meeting. By establishing exactly the most appropriate service for your business we can ensure that our fees are competitive and represent value for money. We are also able to offer flexible payment plans.

For more information visit: http://www.krestonreeves.com/