Spherical Accountants

Suppose your business taxable revenue has reached the VAT registration threshold. In that case, you must file the VAT return using the MTD system, i.e. Making Tax Digital system.

Making Tax Digital (MTD) is a system introduced by HMRC that has changed how the UK tax system works. From April 2019, businesses and landlords with a turnover above the VAT threshold must use online software to update and maintain their records.

We will not simply register your business for a standard-rated 20% VAT scheme. Instead, we will discuss your business and register your business under the correct VAT scheme like Flat Rate Scheme (FRS). Similarly, we will ensure that, if possible, we register you for the VAT Annual Accounting Scheme saving both time and money for you.

We use MTD compliant software like Xero, Sage One, Quickbooks, Freeagent, Capium, and Excel bridging, so your switch over can be effortless and stress-free.

Contact us today if you are looking for any advice or guidance related to VAT. Our expert team will be happy to assist you.

We can help you reduce your business administration time by providing a confidential, cost-effective, and accurate payroll service.

From initial registration as an employer to processing weekly, bi-weekly or monthly payroll, we have a unique solution to suit your specific business needs. You will receive electronic payslips, P60s, P45s, P11D’s, detailed calculation of deductions and your liability towards HMRC, confirmation of RTI submission, and ongoing support from our expert accountants.

Our expert payroll administrators understand the importance of correctly creating new employees in the payroll system and running accurate payroll runs.

We can also help you run a smooth employers pension scheme and keep you on top of your auto-enrolment duties. We do this by calculating employer’s and employee’s pension contributions, keeping track of new joiners, leavers, and those who opt-out from the scheme.

If required, we can also run your payroll under the construction industry scheme (CIS).

Contact us today if you are looking for a confidential and reliable payroll service. Our expert team will be happy to assist you.

Management accounts prepared by us provide much more than a simple profit and loss statement. Instead, we provide you with a clear and accurate insight into your business which will help you make informed decisions that will change your business for the better.

Depending on the nature of your business, we will prepare the bespoke management accounts for your business, which will provide you with a great insight into your business.

For example, we will look into the revenue, costs, and profit or loss from a specific revenue stream for a business with three different revenue streams. The accounts that we create contain both numbers and graphs, making it easier for business managers to see the business performance in visuals.

Contact us today to book a free telephone consultation. We will be happy to discuss your bespoke management accounts.

Every company has a legal obligation to prepare company accounts that comply with the Companies Act and UK Accounting Standards. Company year-end accounts are a statutory requirement and must be submitted to Companies House within nine months of the end of the financial year.

The preparation of year-end accounts must be prepared accurately and present a true and fair view of the company’s financial position.

We ensure that the accounts are compliant with the latest Companies Act but are in line with current accounting principles and acceptable by Companies House.

We will help you decide the correct financial reporting standards, i.e. FRS 102, FRS 102 1A or FRS 105, and ensure that the correct disclosures are made on the accounts.

Contact us today to book a free telephone consultation, and we will be happy to help you.

Our team is up to date with rapidly changing tax legislation, qualified and experienced to deal with your business tax matters.
When combined with our corporate tax advisory services, we will ensure that you are not paying more tax than you should. For example, we ensure that capital allowances are claimed at the correct rate, investment income, foreign income and income from land and property is dealt with correctly.

Contact us today to discuss your corporation tax requirements.

Tax can be an overwhelming and complex area to understand, which is why you must receive accurate, timely, and professional advice that follows statutory legislation.

We believe in tax planning before the tax year begins, as correct advice at the right time can have a significant impact on your personal tax liabilities and business in general.

Personal income includes income from employment, income from a property business, income from trade or self-employment, interest or savings income, dividends income and foreign income. Tax treatment for each of the above incomes is different, and separate reliefs and allowances are available for each income.

We ensure that your income from various sources is taken into account. In addition, relevant allowances and reliefs are claimed so that you don’t pay a penny more in taxes than legitimately required.

We act as your tax agents, which means that we will deal with HMRC on your behalf.

Contact us today to discuss your personal tax matters, and our team will be happy to assist you.

Suppose you’re faced with fraud, business or private disputes, financial irregularities, inquiries from a government or licensing body, or any other similar situation. In that case, we at Spherical Accountants can help you.

Forensic accounting requirements differ for every business and individual; this is why we ensure that we discuss your needs in thorough detail with guaranteed results. And if you require forensic accounting advice as a preventative measure, we will help you gain clarity in every situation.

Contact us today if you need any advice or want to find out how we can help you.

A choice of business structure determines the amount of tax that you pay and the filing requirements. As much as it is vital to choose the correct business structure, it is equally important to stay on the correct one.

Whether you are planning to start a new business or thinking of switching from self-employment to a limited company, we can help you achieve your goals.

On the one hand, the availability of modern technology has made it easier to start using systems on the go. Still, on the other hand, it is becoming increasingly complex and technical to connect various systems.

Accurate, timely and reliable integration between the systems is vital to recording business transactions and, hence, business reporting.

We are not only qualified and experienced accountants and tax advisors; we are API experts too.

From building a bespoke system for your unique requirements to bridging various systems, our experts can help you create a reliable business reporting system.

It is vitally important that you understand the essence, pros and cons, requirements and reasons for the accounting standards and tax legislation before executing a plan. Incorrect understanding or non-understanding can result in hefty fines and penalties.

We offer a free and non-obligatory 30-minute telephone or Zoom initial consultation to all potential clients. For face to face consultations, we charge on an hourly basis.

Whether you are planning to start a new business, sell a property, or buy shares in a qualifying Enterprise Investment Scheme, our expert tax advisors are happy to help.

Our knowledge is not only limited to tax. For example, suppose you are planning to buy a new business asset. In that case, we can advise you on implementing the correct depreciation policy, VAT claims, recording of the lease, capital allowances and, if applicable P11D benefits to your employees.

We can provide consultation on personal income tax, capital gains tax, inheritance tax, corporation tax, VAT, stamp duty, accounting standards and policies, business structuring and system implementation.

We understand that partnerships, whether they consist of two or more partners, are all about fairness and accuracy. That is why we guarantee timely and accurate preparation of partnership accounts.

LLPs (Limited Liability Partnerships) are required to file the accounts with Companies House. However, we advise our clients to have the accounts prepared even if the partnership is not an LLP that enables our clients to distribute their partnership profits and control their business financially and economically.

Accurate accounts preparation is vital for the partnership as the results on the accounts become part of the partners’ personal tax returns. Therefore, we ensure that all the relevant capital allowances and reliefs are claimed to ensure that the partners don’t pay a penny more in taxes than legitimately required.

Contact us today so we can help you grow your business partnership successfully.

We understand that inheritance tax planning can be overwhelming and a sensitive matter. That is why we carefully listen to all your wishes and needs and help you make the right decisions for you and your family’s future.

Our realistic approach to tax and financial planning means we can provide comprehensive advice and guidance with every step of the way, giving you peace of mind that you have made the right decisions.

Whether the planning is related to the land and property or business, we ensure that your assets are transferred to your loved ones without paying any unnecessary tax bills.

Contact us today if you want to secure your future, and our team will be happy to help.

Whether you are a UK or non-UK tax resident, you must pay Capital Gains Tax on gains made from proceeds from the sale of an asset. These assets include; land, property, shares and gifts.

We ensure that we have understood the nature of the transaction and asset in question, determined your residency status, and considered factors like divorce or gifting an asset.

We make sure that rollover relief, entrepreneur relief, private residence relief, letting relief, gift relief and incorporation relief are claimed where applicable.

Capital Gains Tax planning is vital for both personal and corporation taxes. We have a proven track record of helping our clients save tax by doing advance tax planning.

Contact us today for a free, non-obligatory consultation to discuss your capital gains tax planning.

HMRC is continuously trying to tackle tax avoidance and tax evasion, which means filing your tax return could potentially lead to an enquiry by HMRC. And you may find that you have been chosen randomly as part of HMRC’s routine check procedures.

Resolving a dispute with HMRC can be highly time-consuming, disrupt your business, and cause a great deal of worry and stress.
Whether you have received an enquiry letter or have an undisclosed income, we are here to support you through every step of the procedure. We will help you make the correct disclosure and make sure that HMRC doesn’t impose incorrect penalties.

Examples of some of the disclosures we deal with are undisclosed property income, undisclosed self-employment income, disguised remuneration/loan charge, and undisclosed foreign income.

Contact us today to get expert advice and support, and we will be happy to assist you.

Timely and accurate budgeting and forecasting is vital for the growth of any business. We combine our knowledge and experience from various industries to prepare accurate, timely and detailed budgets and forecasts for our clients.

Whether you are making an investment decision or simply wishing to look into future cash flow, we can prepare a detailed budgeting and forecasting report for you.

Contact us today to find out how we can help you.

Selling a business is part of the business. Our expert accountants can help you determine the correct value of your business.

We apply modern business valuation techniques and clearly explain how the valuation is reached; this enables you to negotiate the best price.

We also take into account factors like capital gains tax, capital redistribution, and reinvestments.

Contact us today to get help and guidance with your business valuation.

Internal controls are critical to the success of any business and management, and those charged with governance must be aware of the risks that an organisation faces.

Our accountants can test your business's internal control systems, identify areas of concern, and advise on reducing risk and monitoring the internal control systems.

We can safeguard your business against potential internal and external frauds, so you can focus on more critical strategic tasks and grow your business.

Contact us today for a free consultation.