R&D Tax Credits
Administered by Her Majesty’s Revenue & Customs (HMRC) to foster the governments aim of supporting innovation and investment in new technology by Small & Medium Sized Enterprises, this relief totalling up to 33.35% of the qualifying R&D expenditure can be received as cash payment or offset against corporation tax.
If you conducting Research & Development (R&D), but uncertain if you could claim tax relief? Watermill Accounting’s expertise has helped businesses in a variety of sectors from Robotics and Medical Science to Environmental Technology successfully receive either a payment or tax deduction against their R&D expenditure. Operating on a ‘No-Win-No-Fee Basis’, we can review and help maximise your R&D claim lodging this with the alongside your corporation tax return.
Please contact us if you are engaged in any form R&D to discuss this further.
Registered Limited Company’s [Ltd] are required to file end-of-year accounts with both HMRC and Companies House. To achieve this compliance (on the basis of your bookkeeping records) Watermill Accounting can prepare those end-of-year accounts in accordance with the applicable Accounting Standards and Companies Act which can involve:
- The preparation and filing of statutory or abbreviated accounts with Companies House
- Assistance to complete and lodge the Annual Return at Companies House
- Help with other company secretarial matters
Watermill Accounting provides its clients with the latest statutory tax allowances; personal or corporation tax rates and updates on the various aspects and impact of tax law. We can file businesses Corporation Tax returns with HMRC and claim expenses, alongside these other specialised tax services that we provide:
- Tax Planning
- Personal Self-Assessment
- National Insurance Contributions (NIC)
- Capital Gains Tax Liabilities
- Electronic Filing with HMRC
- R&D Tax Credits
Bookkeeping is a crucial part in improving any business’s cash-flow and our fully trained bookkeepers can update your accounts on a daily, weekly or monthly basis according to requirements.
To complete either on-line and desktop bookkeeping, simply send us your receipts and we are happy to work with your business’s existing software – or can suggest the most suitable accounting software of which free (or low cost) packages are available.
If your business employs staff, you are obliged to establish a payroll system to subtract the correct amount of tax and National Insurance Contributions (N.I.C) from their pay. That system must be capable of handling any changes in employees’ taxable benefits (e.g. company cars), and other deductions (e.g. pension contributions or student loan repayments).
Watermill Accounting can prepare a business’s weekly or monthly payroll, calculating the necessary Income Taxes, N.I.C and send both the employer and employees electronic payslips. In addition to this we can file your monthly PAYE R.T.I (Real Time Information) Return and help claim an employer’s National Insurance allowance.
There are three rates of ‘Value Added Tax’ (V.A.T) levied across a range of goods or services – Standard (20%), Reduced (5%) and Zero Rated (0%). Business’s must register for VAT with HMRC if their turnover for the previous 12 months exceeds £82,000 and if:
- Turnover may go over that threshold within the next 30 days
- Acquire a V.A.T registered business as a going concern
- Sell goods into the U.K from another E.U country and exceed the ‘Distance Selling Threshold’
- Purchase goods totalling more than £82,000 from other E.U countries in a single year
Watermill Accounting can assist with the V.A.T registration process, but we must notified promptly for this to occur within one month following the month you exceed the V.A.T threshold. We also offer advice regarding the various V.A.T schemes in operation and (based on the information supplied) prepare quarterly V.A.T returns filing them electronically with HMRC after your approval.
We provide a simple and complete same day company formation service involving:
- Digital Certificate of Incorporation
- Digital Copy of Memorandum & Articles of Association
- Digital Share Certificate
- Business Bank Account with either Barclays or HSBC
Our all-inclusive service involves an ‘IR35’ review and assessment of your agency contract, where a ‘Pass’ means that contract adheres to ‘IR35’ and a ‘Fail’ indicates it falls outside. Should it fail, we will highlight any necessary amendments and suggest clauses that could be added, happily re-assessing once they have been made.
This assessment is free if you sign up for our contractor services .
We provide full Pension Auto-enrolment service to help meet employer’s obligations
- Identifying the staging date
- Writing to all the employees
- Providing a report to help employer choose the scheme
- Enrolling all the employees to the selected scheme