Starting a New Business
Unless you have run your own business before or are an accountant it is unlikely you will know how to go about starting a new business.
There are plenty of avenues for free advice and with time and effort it is possible to negotiate the mine field. However, if you miss any of the mines you may find yourself being heavily fined by the taxman or missing a trick or two that could have saved your business money and perhaps made the road forward easier.
You only need to look at the other services we offer to get an understanding of what issues you need to consider when starting a new business. We have been involved in many new businesses so please contact Full Spectrum to get the advice you need at a price you can afford.
R&D Tax Credits for BioTech/Technology Companies
If saving the high costs associated with larger accountancy practices is a priority, Full Spectrum has a tailor-made solution for you – through sensible, comprehensive steps, without compromising on our high quality service.
Collectively we have over eight years of reliable experience in handling Research and Development Tax Credits (R & D Tax Credits) enquiries and preparing claims. Together our team provides our services to the biotech/technology sector at competitive rates.
Historically the biotech/technology sector has been served by larger accountancy firms because their taxation and accounts compliance obligations are more complicated. We can provide many of the skills and services required at a lower cost than the larger firms.
We agree our charges with you during the first meeting. We offer a very reasonable hourly rate based on the given task we perform for you. We do not charge on a percentage basis of any figures, unlike so many consultants who deal with R & D Tax Credits.
Full Spectrum provides:
- Part-time financial accountants, on or off site
- Tailor-made service, customised to meet to your individual needs
- Time management advice on your financial affairs according to your schedule and specific diary requirements
- Explanation of, and help with, preparing claims for R & D Tax Credits
- Bookkeeping services to help keep your records in good order
- Assistance in preparing VAT returns, ensuring that you’re maximising your reclaims
- Preparation of management accounts for directors and investors
- Design, implementation and streamlining of new procedures to improve bookkeeping, management accounts and to assist in future R&D Tax Credits claims
- Support in preparing your financial records for an audit
- Payroll support
- Business advice
- Compliance services, including preparing end-of-year accounts or audit files and tax returns.
Land and Property
Whether you have more than one home or a rental property to a portfolio of rental properties you should seek financial and tax advice to make sure you are making the most from your investments.
In addition to helping with tax planning or help refinancing we can prepare the annual information required for tax returns for taxes on property so please contact us for further information.
Money has a momentum of its own and having dealt with many successful employees and entrepreneurs over the years it is clear that many of them do not seek the tax advice they should to minimise their tax exposure. This might be regarding capital gains tax from their investments, help avoiding or reducing the exposure to the current 45% income tax rate (2020/21) or planning for retirement.
In addition to tax planning we can help with all personal tax return compliance issues from reporting shares from an employee share scheme to helping you keep track of what you need to report year on year.
To find out how we can help you, please contact us.
With government borrowing higher than it has ever been before and the economy not yet in a position to recover this borrowing, it is very likely that taxes will be raised in the long run. However the other area that tax receipts can be increased is by going after those that HM Revenue & Customs (HMRC) feel should have been paid.
There has been various cost cutting excises within HMRC and getting to speak to anyone who can help is virtually impossible and so it is very easy to make a mistake. Even if this mistake was entirely innocent, the fact the tax system is now “self assessment” means it is your fault and this can lead to fines and interest.
Many accountants are not tax specialists and some continue to use old rules, unaware of recent changes in the rules, or have misunderstood some of the rules. If this happens to you it can feel overwhelmingly unfair. There has been a new tax penalty system in place since April 2009 which means getting things wrong can cost you a penalty of up to 200% of the tax you failed to pay. Full Spectrum are tax specialists so please contact Full Spectrum for help with your tax enquiries.