Business start ups – Get free advice
Setting up a new business can be a stressful time, as there are lots of questions to which you probably do not know the answers.
For a free initial meeting, contact Michael Fagelman on 01329 821900.
Consolidate Your Accounting Services With Us
For further information contact MFA Chartered Accountants and Insolvency Practitioners based in Fareham, Hampshire and covering Portsmouth, Southampton, Havant, Locks Heath, Petersfield, Waterlooville, Horndean, Titchfield, Lee-on-Solent, Emsworth, Park Gate, Warsash and all surrounding areas. Please call MIchael Fagelman on 01329 821900
Your accounts might be incomplete paper records residing in a couple of plastic carrier bags, immaculate computer records or something in between.
You may need regular accounts prepared, so you can keep a focus on your cashflow situation, be in the process of trying to obtain finance, or need your annual accounts prepared for the Inland Revenue.
We can relieve you and your staff of an enormous burden by taking care of all your bookkeeping and accounting needs, including the preparation of your annual accounts.Our first step is to work with you so we can gain a full understanding of your business. We then tailor our approach to your requirements so we can provide exactly the service you need.
For periods commencing on or after 6 April 2008, the threshold for a company requiring an audit is £6.5 million. Where there are several non related shareholders in a company we would recommend an audit.Though business owners traditionally regard the annual audit and preparation of annual accounts as a necessary evil that adds no value to the business - we strive to provide some benefit to the Company.
Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due. A first time bankrupt with debts will generally receive their discharge within one year after the date of the bankruptcy order.Although bankruptcy has a bad stigma and is publicly advertised, it should always be considered when dealing with individual insolvency cases.
More and more people are now starting their own businesses , having either come up with agood idea for a new venture or tired of working for other people. Most who start up in business do so because they have a good business proposition and the enterprise and commitment to see it through. However, they are not necessarily expert at the legal, financial, and fiscal aspects of running a business.
Attending Business Meetings
We can accompany you to your finance house if you are seeking finance, additional finance or renegotiating terms. Where required, we can also attend your business meetings as a non-executive director, either as additional support or as a firefighter when tough talking needs to be done.
Tax Compliance and Planning
Business tax represents a substantial part of your trading costs. Moreover, the increased reporting obligations, robust investigation policies on the part of the tax authorities, and harsher penalties for non-compliance mean that an undue amount of your time and resources can be taken up collecting revenue for the Government.
Offering an invaluable tool for running a business, Management Accounts can be prepared on a monthly, quarterly or half-year basis. Whichever you choose, our assistance will put you in the stronger position of knowing exactly what is happening at the very heart of your business.
The Government has published next year’s rates and thresholds for income tax, NICs, tax credits and ISAs
The Government has published the 2011/12 rates and thresholds for income tax, National Insurance contributions (NICs) and tax credits. We knew some of these already as they were announced in the June 2010 Budget.
The full Tables of Rates and Thresholds 2011/2012 are on the HM Treasury website. There is also a Written Ministerial Statement dated 2 December 2010 by David Gauke, Exchequer Secretary to the Treasury.
The key points to note for 2011/12 are:
· The personal tax allowance will rise by £1,000 to £7,475 (as we knew).
· The higher allowance for those aged 65–74 and aged 75-plus will each go up by £450, to £9,940 and £10,090.
· The income threshold above which age allowance is tapered will be £24,000 (up from £22,900 in 20010/11).
· The higher rate income tax threshold will be £35,000 (compared to £37,400 in 2010/11)). The intention is that higher rate tax payers will not gain from the £1,000 rise in the personal tax allowance.
· The threshold for the additional (50%) rate of income tax stays at £150,000.
· The income at which the personal allowance begins to be clawed back remains at £100,000.
· The 10% starting rate band for savings income will be £2,560.
· The lower earnings limit for Class 1 NICs will be £102 per week.
· The primary threshold will be £139 per week.
· The secondary threshold for employer’s Class 1 NICs will be £817 per week.
· Class 2 NICs rate will be £2.50 per week.
· The small earnings exception for Class 2 will be £5,315.
· Class 4 NICs will be due at 9% on annual profits between £7,225 and £42,475, and 2% above that.
· Most tax credit elements have been indexed up by the CPI.
· The basic element and 30-hour elements of WTC remain at £1,920 and £790 (as announced in the Comprehensive Spending Review (CSR) in October 2010).
· The child element of CTC has been given an extra hike to £2,555 (this and the following three changes were announced in June).
· The income disregard will be £10,000 (down from £25,000 in 2010/11).
· The second income threshold for withdrawing tax credits will be £40,000 (down from £50,000) and the taper rate for withdrawing credits will be 41% (in place of the current first and second withdrawal rates of 39% and 6.67% respectively).
· The baby element of CTC will be withdrawn.
· The childcare element of WTC will be given at 70% of eligible costs (down from 80%) (as announced in the CSR).
Individual Savings Accounts (ISAs)
· The overall investment limit is confirmed as £10,680.
· Of which up to £5,340 can be in cash