PD ACCOUNTANTS is a firm of Chartered Certified Accountants. We are members of and regulated by the ACCA (Association of Chartered Certified Accountants).
We encourage our clients to have a tax plan in place for the running and forthcoming tax year. Tax plan not only helps our clients be aware of their approximate tax liabilities in advance, whether it’s for business tax or personal tax, but also avoids frustrations at a later stage for being too late for a tax plan and paying higher tax unnecessarily. A well-structured tax plan leaves enough room for maneuver to organize various sources of income during the year such as deciding on how much dividend should be withdrawn from companies in a tax efficient manner, use of maximum tax free allowances available in all areas of taxes such as Personal allowance, Capital gains allowance, Dividend allowance etc. We believe a well-planned business strategy always brings benefits. Similarly a well-organized tax plan helps the business and tax payer to meet their financial needs in a timely manner. We promote our clients’ business to run at its best while paying minimum tax which is what everyone wishes.
We can advise you about your estimated tax liability for the current and/or forthcoming tax year, based on your planned income from various sources. This will help you prepare budgets with confidence for yourself and your business.
We request information from our clients well in advance to ensure that we prepare accounts and other assignments in timely manner. Many accountants prepare accounts and other assignments at their convenient time and just before the deadline. This approach doesn’t work in clients’ favour, particularly when the client is requested to provide information at the 11th hour to meet a close deadline. Such situations may bring stress to the client and may result in errors with increased tax liability or attracting HMRC inquiries. This is something we will never do! We strongly believe in completing the accounts and other assignments well in advance. This provides our clients sufficient time to collate information and avoid any chances of delay in filing the accounts or tax returns. Everyone hates penalties and interest charges for late filing of accounts, and so do we!
We don’t just prepare accounts from the information you give to us, we also check our clients’ accounting records to ensure that they are adequate and maintained properly. There have been cases in the past when duplicated payments by clients to their suppliers went unidentified until we discovered them while preparing accounts!
A general question many of our self-employed clients come across is whether to set up a company or carry out a business as a self-employed? The answer depends upon many factors such as what is the current and future tax rates for a company and whether you want to extract all the profits you earn in the company every year or want to buildup reserves in the company and reinvest in the future? Also, a company set up with correct structure of shareholding is very important in order to extract dividends in the most tax efficient manner.
Many people prefer to keep same accountants over the years despite of their higher fees, as they fear that changing the accountants might mess up their tax affairs as accountants know about their business for long time. This is not right. Accountants prepare and manage your accounts and tax affairs, however HMRC regard them entirely as your responsibility and not of the accountants. All the regulated accountants are ethically and legally responsible for smooth handover of a client’s tax affairs to their new accountants, and it includes us.