Oakvale Business Services offers a full Bookkeeping and Accountancy Service from the record keeping novice right through to Annual Accounts and Tax Returns. Vat Returns can be completed on a quarterly basis.
This all round Accountancy and Bookkeeping service is offered to Sole Traders, Partnerships & Limited Companies and is fully conversant with current H M Revenue legislation. We are fully up to date with the H M Revenue on-line proceedures and have the capability of complying fully with future on-line requirements.
A full Payroll Bureau is also available with the capability to deal with unlimited employees on a weekly,fortnightly or monthly payroll run.
For the start-up, new business client we can offer Business Plan help and advice, Cashflow & Profit and Loss forecasts and signpost clients to other organisations to assist with grant applications. We can also register the client with all the appropriate H M Revenue departments.
We regard our main strength to be the one to one personal service that we offer and our flexibility to deal with any organisation.
If you have any queries please do not hesitate to contact us
(01325) 776440
Our accounting and taxation compliance services are available to:
Services include:
At Oakvale Business Services Ltd we will help free up your time to concentrate on other areas of running your business, providing you with a highly confidential and professional service and offering peace of mind that your business accounts and/or tax returns are accurate.
"Do you find yourself spending much of your valuable time on maintaining the accounting records for your business? Is bookkeeping becoming a day-to-day burden on you running your business?"
At Oakvale Business Services Ltd we have accumulated many years of experience in working with business owners, assisting with the bookkeeping. Many of our clients first came to seek assistance, stating that too much of their valuable time is spent completing the basic tasks of business administration and keeping their accounts up to date. Jumping on-board, our clients have now delegated these simple but timely tasks to Oakvale Business Services Ltd, allowing them to centre their focus on running their business.
Oakvale Business Services Ltd can offer you advice on bookkeeping systems which can be incorporated into your business or alternatively, we can assume responsibility of your business paperwork and routine tasks. We will prepare and compile your business accounts, these are specific to each individual business and will be completed in a timely manner. We also ensure that our services and your bookkeeping records comply with current legislation.
Clients are currently benefiting from a combination of the following services:
Discovering an innovation or the potential for a business start-up can be exhilarating for budding entrepreneurs and business owners. However, people do not always acquire the necessary knowledge concerning the legislation and financial requirements surrounding the set-up of a business.
Here at Oakvale Business Services Ltd we have several experienced accountants available to offer you advice about the structure of your new business, the tax implications of the decisions you are making, business planning and mentoring support, and explaining to you your new business's statutory requirements.
We can help you to:
A sole trader is an individual who is the exclusive owner of a business and is entitled to keep all profits after tax has been deducted. One disadvantage of being a sole trader is that you are personally liable for all debts of the business. This is known as unlimited liability where creditors can take your personal assets to cover any outstanding debt(s). Another not so obvious disadvantage is that the business relies entirely on one person and this therefore requires for you to invest long hours and ensure you are in good health to run the business successfully. Business as a sole trader however, is relatively easy and straight forward to set up and you can begin trading with immediate effect.
A partnership divides ownership of a business between two or more people and it is always advisable to set up a partnership agreement between all involved parties. This specifies where the responsibility lies for certain situations, how much capital each partner has invested in the business, the splitting of the profits, what happens in the event of a partnership dispute or the death of a partner. The particulars of this agreement will depend wholly upon the partners involved – this can be as simple or as detailed as you want it to be. Oakvale Business Services Ltd can provide you with a template setting out all the vital elements however if you require an agreement with much more detail, a solicitor would need to complete this for you. A partnership also involves unlimited liability with everything being in the partners' names, consequently all those involved are jointly and severally liable for all the debts. Quite often there are disputes in partnerships so you must make sure that you look at every eventuality before getting into one. The common failings are that one partner works harder and longer hours than the others, or one wants more money out of the business and one wants to invest in the business. However holidays and illnesses within the business can be overridden unlike the sole trader.
An LLP exhibits elements of a partnership and a limited company, where some or all partners have "limited liability"; more partners equals shared responsibility. An LLP involves complex legal arrangements and requires detailed consultation with professionals before choosing to form an LLP structure. Usually, solicitors and accountants are those that form this type of partnership. Therefore, there are a number of different advantages and downfalls for all entities and once you have decided which one you wish to proceed with, Oakvale Business Services Ltd are here to assist you with all of the legal requirements.
A limited company is owned by shareholders. The purchase of shares can provide shareholders with either different levels of voting rights or equal rights across the board. The owners are also usually the directors of the company and are in control of running the business.
A limited company distinguishes the business from its owners and therefore giving it its own legal entity. Here, owners/shareholders have limited liability meaning that the debts belong to the company and capital will be freed from assets of the business and NOT the individuals' personal possessions. This is a main advantage for business owners. However, over the recent years the financial institutions insist on having personal guarantees from the directors when either lending money or granting overdraft facilities. A personal guarantee implies a legal agreement, stating that if the borrowing falls into arrears, the person giving the guarantee becomes liable for the debt.
A limited company is also more difficult to set up as the business needs to be registered with Companies House, setting out strict guidelines on naming the business and its similarity to other existing limited companies. A limited company must also comply with more complex statutory and legal requirements and consequently, the professional fees are more expensive due to these obligations. Oakvale Business Services Ltd however, can deal with all of these requirements for you, from the setting up of the company to the routine filing of the statutory requirements.
Most banks offer a starting a new business service with a range of helpful guides and planning templates. They also offer incentives to bank with them, this can be in the way of free services for you or free banking for set period of time. Visit all of them and decide which is best for you. Is locality a priority, if you are busy where can you pay cheques/cash into. Is there a charge for paying in cash? Will you need change? Is there a charge for this? If my business grows do the facilities or charges change? These are all questions you should be asking maybe ask friends and acquaintances for there opinions. Banks can also over various additions to just a bank account, be aware you don't have to take all that is offered to you as the likelihood is that it will incur a charge.
Think of a good name for your business. If you are a sole trader or partnership this will normally officially appear as your name trading as ..... Other considerations are where you going to advertise. If in the yellow pages for example this is done alphabetically therefore a business name beginning with A will come before Z. On the internet think of words that are put into search engines. You want people to find you and contact you before the competition and this can all stem from having the right name.
It is important to choose a year end which is suitable to you and your business. Most people choose a 31 March or 5 April year end to coincide with the tax year end however, this may not be the most suitable for your business. If you have already chosen a year end you can change it to a more suitable one at a later date. This will, however, involve more form filling particularly if you are a limited company.
You must register for VAT if the value of your taxable turnover exceeds £82,000 in a twelve month period as from 1 April 2015. Voluntary registration is possible and in some circumstances advantageous. The standard rate for tax is 20% and is chargeable on most things in the UK. However there is a reduced rate of 5% on some items such as residential fuel costs. When considering this there are also various options re the repayment of VAT, speak to us for the best advice.
It is important to keep accurate records for the statutory requirements of H M Revenue & Customs. These can either be completed by hand in specially designed accounting books or be computerised using accounting software or spreadsheets. Every business is different and therefore different methods are suitable. You can either do this in house or let us complete this for you enabling you to concentrate on the running of your business.
In order to keep yourself and your business protected there are a whole variety of insurances to consider, these include employers liability, public liability, business premises and company vehicle to name a few. Here at Oakvale Business Services Ltd we also give you Tax Enquiry insurance, which is included in our price. This also gives you access to a Health & Safety and Employment law advice helpline.
There are different sorts of NICs depending on your business type; Sole traders and partners in a partnership pay Class 2 and Class 4. Class 2 are calculated on a weekly basis and Class 4 are based on the profits of the business and are dealt with on your Self Assessment Tax Return Directors of a limited company will pay Class 1 contributions on their salaries and the company would pay Class 1 on them as well as Class 1A on benefits
In most circumstances you will need to complete a Self Assessment Tax Return. For example if you're self-employed (including being a member of a partnership), a company director, receive income over a specified level from property overseas, investments or savings, you always have to complete a return. There are other circumstances where Self Assessment is necessary but always discuss this with us if you have any income from another source other than employment.
If you are a limited company you will be taxed on the profits earned in your financial year. This tax is payable 9 months and 1 day after the year end.
You must register for VAT if the value of your taxable turnover exceeds £82,000 in a twelve month period as from 1 April 2015. Voluntary registration is possible and in some circumstances advantageous. The standard rate for tax is 20% and is chargeable on most things in the UK. However there is a reduced rate of 5% on some items such as residential fuel costs. When considering this there are also various options re the repayment of VAT, speak to us for the best advice.
A limited company distinguishes the business from its owners and therefore giving it its own legal entity. Here, owners/shareholders have limited liability meaning that the debts belong to the company and capital will be freed from assets of the business and NOT the individuals' personal possessions. This is a main advantage for business owners. However, over the recent years the financial institutions insist on having personal guarantees from the directors when either lending money or granting overdraft facilities. A personal guarantee implies a legal agreement, stating that if the borrowing falls into arrears, the person giving the guarantee becomes liable for the debt.
A limited company is also more difficult to set up as it falls under the requirement that the business is registered with Companies House, setting out strict guidelines on naming the business and its similarity to other existing limited companies. A limited company must also comply with more complex statutory and legal requirements and consequently, the professional fees are more expensive due to these obligations. Oakvale Business Services Ltd however, can deal with all of these requirements for you, from the setting up of the company to the routine filing of the statutory requirements.
The PAYE scheme ensures that tax is deducted from employees' wages each pay period. This will affect you if you have employees or if you are a company director. At Oakvale Business Services Ltd we can offer you a full payroll service which will deal with all aspects of being an Employer. See our Payroll page.
As well as these taxes we can deal directly with H M Revenue & Customs on your behalf (after completing an authority from you) This often receives quicker responses from the Revenue as we are registered agents and have access to direct lines.
We at Oakvale Business are trained in Quickbooks and can supply Quickbooks to our existing and new clients.
Please see some of the below resources to help you with using your Quickbooks account.
https://www.quickbooks.co.uk/support
https://community.intuit.com/quickbooks-online-uk
https://www.quickbooks.co.uk/accountants/webinars
https://intuitglobal.com/training-uk/businesses/smbwebinars