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 "Your Success is our Success"

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ABOUT US & THE INITIAL PROCESS 

ABOUT US

Established in 1989, based in North West London, MA Associates has worked hard over the years to build the excellent reputation it holds today. 
Here at MA, we firmly believe in developing long-term business relationships with our clients and providing them with the highest level of customer service and workmanship. Additionally we also offer flexible meeting timings in order to suit our clients' busy schedules. Typically we provide Accountancy services to Self Employed individuals and Businesses that turnover up to £6m per year. If your business falls under this parameter then we can help. At MA Associates we take pride in being different from other Accountants. We clearly explain our work before, during and after and are always happy to provide business advisory services in order to help you further grow your business.

Some of the industries from which we currently service clientele include:
Music Industry, Entertainment Industry, Professional Athletes (Football, Cricket), Construction Industry, IT Contractors, Property Management and Developers, Doctors, Dentists, Import/ Exporters, Mechanical/ Motor Industry, Food Production/ Supply Industry, Marble Tiling Industry, Launderette and Dry Cleaning Industry, Food and Restaurant Industry, Advertising Industry, Hotel Chains, Charities, Green Grocers and many more. 

THREE STEPS TO GET STARTED

PRICING STRUCTURE


1
VISIT US AT OUR BRANCH – Call us on 0208 451 8814 or make an online enquiry to arrange a FREE consultation. 

2
CHAT TO AN EXPERT – Attend a meeting with a member of our friendly staff who will determine exactly how we can assist you and your business. This initial meeting is obligation and cost FREE.


3
GET A FIXED QUOTE – Once we have had the initial meeting and have had the chance to look over your physical records, we will then supply a fix quote for the work we believe needs completing. Quotes expire after a period of 3 months so you need not rush your decision. 

1
VISIT US AT OUR BRANCH – Call us on 02084 518814 or make an online enquiry to arrange a FREE consultation. 


2 CHAT TO AN EXPERT – Attend a meeting with a member of our staff who will determine exactly how we can assist you and your business. This initial meeting is FREE and there is no obligation to use our services. 


3 GET A FIXED QUOTE – Once we have had the initial meeting and have had the chance to look over your physical records, we will then supply a fix quote for the work we believe needs completing. Quotes expire after a period of 3 months so you need not rush your decision. 

PRICING STRUCTURE

An accountancy and taxation service that keeps its pricing clear and helps you break down your fee by monthly Direct Debit.

We meet with each customer in order to assess what accountancy and tax work needs to be carried out, discuss the possible tax savings available and answer any questions you may have.

The initial meeting is FREE and you will receive a fixed fee quote once you have met our specialised team.

Although there is no obligation to use our accountancy services our quote is valid for up to three months giving you plenty of time to think about the meeting and ask further questions or about any additional services.

We offer flexible payment options allowing our clients to pay their accountancy fees in easy to manage instalments by Direct Debit or in full once the task has been completed.

We offer a value for money service tailored to your business needs.

OUR SERVICES

Year End Accounts
Personal Tax Returns
VAT returns

If you're just starting out, we can help you decide whether you need to be VAT registered from the outset or not. And we will continue to monitor your situation, so that should it become obligatory for you to register for VAT, we can deal with all of the paperwork for you. In contrast, we will also monitor your position for when we think you are able to and would benefit from deregistering.

Whether a new or existing business, we will also look at the VAT schemes you are eligible for and establish whether you would be better off adopting one or a mixture of them. Some VAT schemes can lead to tax savings and a reduction in bookkeeping responsibilities.

We can prepare your VAT return; either from your own bookkeeping records or we can take care of your record keeping and the VAT return. And we will try to ensure that you claim as much VAT as possible; particularly on contentious items such as mixed-use expenditure and motor running costs.

As with other areas of tax, we can act as your Agent for VAT purposes and therefore correspond with HMRC or your behalf. Paper VAT returns are pretty scarce now but our software also allows us to file your VAT returns online with HMRC.

Needless to say, late VAT registration, errors, late VAT returns and late VAT payments can all lead to penalties and possibly interest being charged. So allowing us to take care of your VAT affairs, not only gives you peace of mind, but it should also avoid you wasting your hard-earned cash on penalties and interest.

Corporation Tax

Every limited company that is based in the UK is subject to corporation tax on their profits. Limited companies that are non-UK based can in some cases still be expected to pay corporation tax if the central control and management of the company is carried out within the UK.


If your company is liable for corporation tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits. This information must be reported to HM Revenue & Customs on a corporation tax return form and accounts and tax computations must be submitted to HM Revenue & Customs in support of the return. There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines, which are determined by your company's annual accounting date, are adhered to.

Our accountants can assist with the preparation of company accounts, company tax returns and tax computations and will also be able to provide advice on any tax planning areas that may benefit you and your company.

Capital Gains Tax

Individuals are charged Capital Gains Tax in respect of gains made from selling, transferring or otherwise disposing of assets.


There are many common assets that can be subject to Capital Gains Tax (CGT) when they are disposed of, such as stocks, bonds, precious metals.

The legislation for capital gains tax is a very complex area. There are many reliefs and exemptions which may lead to significant tax savings. It is therefore recommended that you seek the advice from our specialised Accountants, who will be able to prepare your capital gains tax computations, claim any reliefs that you may be entitled to and calculate any liability that may be due.

If you are considering selling a personal asset or all or part of your business, we can advise you of the tax planning opportunities available to you before you make your disposal, in order to mitigate or reduce potential tax liabilities.

Estate & Inheritance
Tax Planning

Inheritance tax is complex – and expensive.

Your estate could be liable to pay inheritance tax at 40% on all your worldwide assets, except for the first £325,000 (£650,000 if you are married or in a civil partnership).

The actual amount of inheritance tax your estate will have to pay depends on many factors like –

  • your domicile – the country HMRC deems to be your home for inheritance tax purposes (which is not necessarily the same as your domicile for income tax purposes).


  • your marital history.


  • the location of your assets in the UK and around the world.


  • the composition of your estate – property, cash, stocks, shares, art, antiques etc. For example, if you have assets abroad, they will be liable to UK inheritance tax if you are domiciled here but not if your domicile is another country.




Or – to give just one other example – if you have been widowed, you may be eligible to transfer your spouse’s nil rate band, even if you lost your spouse as long ago as WWII.

Specialist advice for planning your estate efficiently. By structuring your estate tax-efficiently, HMRC’s claim on your estate could be minimised so your loved ones receive more of your wealth.

This may reduce the need for your beneficiaries to sell your assets quickly in order to meet inheritance tax bills. It should also reduce the amount of paperwork for them and avoid costly disputes with HMRC.

YEAR END ACCOUNTS
PERSONAL TAX
RETURNS
VAT RETURNS

If you're just starting out, we can help you decide whether you need to be VAT registered from the outset or not. And we will continue to monitor your situation, so that should it become obligatory for you to register for VAT, we can deal with all of the paperwork for you. In contrast, we will also monitor your position for when we think you are able to and would benefit from deregistering.

Whether a new or existing business, we will also look at the VAT schemes you are eligible for and establish whether you would be better off adopting one or a mixture of them. Some VAT schemes can lead to tax savings and a reduction in bookkeeping responsibilities.

We can prepare your VAT return; either from your own bookkeeping records or we can take care of your record keeping and the VAT return. And we will try to ensure that you claim as much VAT as possible; particularly on contentious items such as mixed-use expenditure and motor running costs.

As with other areas of tax, we can act as your Agent for VAT purposes and therefore correspond with HMRC or your behalf. Paper VAT returns are pretty scarce now but our software also allows us to file your VAT returns online with HMRC.

Needless to say, late VAT registration, errors, late VAT returns and late VAT payments can all lead to penalties and possibly interest being charged. So allowing us to take care of your VAT affairs, not only gives you peace of mind, but it should also avoid you wasting your hard-earned cash on penalties and interest.

CORPORATION TAX

Every limited company that is based in the UK is subject to corporation tax on their profits. Limited companies that are non-UK based that can still be expected to pay corporation tax if the central control and management of the company is carried out in


The first thing you must do is register your company with HM Revenue & Customs (Her Majesty's Revenue and Customs), using their official forms, letting them know that you are liable for corporation tax.

If your company is liable for corporation tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits. This information must be reported to HM Revenue & Customs on a corporation tax return form and accounts and tax computations must be submitted to HM Revenue & Customs in support of the return. There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines, which are determined by your company's annual accounting date, are adhered to.

Our accountants can assist with the preparation of company accounts, company tax returns and tax computations and will also be able to provide advice on any tax planning areas that may benefit you and your company.

CAPITAL GAINS TAX

Individuals are charged Capital Gains Tax in respect of gains made from selling, transferring or otherwise disposing of assets.


There are many common assets that can be subject to Capital Gains Tax (CGT) when they are disposed of, such as stocks, bonds, precious metals.

The legislation for capital gains tax is a very complex area. There are many reliefs and exemptions which may lead to significant tax savings. It is therefore recommended that you seek the advice our specialised Accountants who will be able to prepare your capital gains tax computations, claim any reliefs that you may be entitled to and calculate any liability that may be due.

If you are considering selling a personal asset or all or part of your business, we can advise you of the tax planning opportunities available to you before you make your disposal, in order to mitigate or reduce potential tax liabilities.

ESTATE &
INHERITANCE TAX
PLANNING

Inheritance tax is complex – and expensive.

Your estate could be liable to pay inheritance tax at 40% on all your worldwide assets, except for the first £325,000 (£650,000 if you are married or in a civil partnership).

The actual amount of inheritance tax your estate will have to pay depends on many factors like –

  • your domicile – the country HMRC deems to be your home for inheritance tax purposes (which is not necessarily the same as your domicile for income tax purposes)


  • your marital history


  • the location of your assets in the UK and around the world


  • the composition of your estate – property, cash, stocks, shares, art, antiques etc. For example, if you have assets abroad, they will be liable to UK inheritance tax if you are domiciled here but not if your domicile is another country.




Or – to give just one other example – if you have been widowed, you may be eligible to transfer your spouse’s nil rate band, even if you lost your spouse as long ago as WWII.

Specialist advice for planning your estate efficiently By structuring your estate tax-efficiently, HMRC’s claim on your estate could be minimised so your loved ones receive more of your wealth.

This may reduce the need for your beneficiaries to sell your assets quickly in order to meet inheritance tax bills. It should also reduce the amount of paperwork for them and avoid costly disputes with HMRC.

PAYROLL

We would be happy to discuss the implications of employing someone. Employment red tape can be intimidating, but we can guide you through the processes, costs, calculations and deadlines- or take care of everything for you!


Meeting your obligations as an employer can be incredibly daunting especially with the introduction of Real Time Information (RTI). RTI means employers will now share information with HMRC on-or-before payments are made to employees we are fully aware of the changes and use HMRC-approved, RTI-compliant payroll software.

We can also set up an Employers' Scheme with HMRC for you and we can advise you of whether employees should be added to the payroll or not and deal with the relevant forms/ submissions for you. Throughout the year, we will calculate your employees' net pay, report the figures and information to HMRC and provide you with payslips to pass on to your staff. We can calculate the tax and National Insurance deductions applicable; even if your employees are on sick, paternity or maternity leave. We can also help you to keep track of their holiday entitlement and can file all the starters and leavers forms on your behalf. Late payments or underpayments of employers' deductions can now lead to hefty penalties, so we can help you avoid incurring these.

We can also prepare your benefits and expenses forms and advice you of any filing requirements or National Insurance that falls due. Benefits and expenses can be a very complicated area and knowing what and where to report can be tricky, but we can relieve you of the burden.

We can file all of your in-year and year end returns for you with HMRC and provide you with P60s to distribute to your employees at the year end.

The responsibilities faced by employers can be intimidating, but we can guide you through the processes, costs, calculations and deadlines and take care of everything for you.

BOOKKEEPING

MA Associates can provide accurate and comprehensive small business bookkeeping services tailored to suit your specific business needs .


All businesses are required to keep accurate records for both taxation and VAT purposes. Good bookkeeping practices also benefit the business by helping you manage and control your finances, plan for future growth and ensure that your accounts are completed more efficiently, which should in turn avoid late filing penalties.

. We can offer a range of options:

  • A handy wallet for you to keep all your receipts in, which you can deliver periodically to us. We can then take care of your bookkeeping for you and return your paperwork to you when we've finished processing it


  • Excel workbook for you to tailor and use to record your transactions into. The workbook also has a basic Profit and Loss Account and VAT return calculations included within it


  • Online Accounts, so that you can prepare and access your accounts at any time; from anywhere with an internet connection. Our Accountants will also have access so that we can give you live support and advice




We will explain what records are required and consider what your accounting information needs are, all in relation to the resources you have available; to ensure you have a bookkeeping service that suits you and your requirements.

We can also prepare regular management accounts to help you manage your finances, your customer account balances, your supplier account balances, stock levels and if you are trading as a company, they will allow you to plan your dividends. Management accounts can also identify slow-moving or unprofitable goods or services, bad debt and surpluses or deficiencies in resources, so they can be a powerful aid in decision making.

With our experience, we can easily take away the hassle of bookkeeping. We offer fixed competitive fees that are payable monthly so that you can spread the costs.

PROPERTY LETTINGS
ACCOUNTS

Here at MA we offer a great range of property tax advice specifically for landlords or those with second properties.

If you receive rental income that exceeds your total expenses, allowances and reliefs, then you are required to pay tax on this income by submitting a tax return.

If your rental property generates a loss, you may want to voluntarily disclose it because this allows you to make use of the loss in the future should the property turn profitable.

What can our Landlord and Property Rental Accountants do for you?

Our Landlord and Property Rental Accountants can offer you a wide range of services to support, guide and advise you with all the aspect related to your rental activity:

  • Self Assessment tax return


  • Rental accounts


  • Capital gains tax planning


  • Annual landlord tax savings review


  • Comprehensive property tax advice, planning and consultancy




TAX INVESTIGATIONS

Are you aware that HM Revenue and Customs no longer need a reason for opening an enquiry into your business or personal affairs? This means that potentially everyone is at risk of a tax investigation


The costs associated with an investigation can be devastating, and even if you are successful in defending yourself against HM Revenue & Customs, you cannot recover your costs from the department. But with this insurance, we feel that you will have peace of mind should you be investigated.

Furthermore, You will be provided with experienced consultants (paid for by the insurance) to assist through the investigation making sure it is resolved as quickly as possible.

How can I avoid an investigation by HM Revenue & Customs?


The best route for avoiding an investigation would be to employ an accountant first and foremost. Using an accountant should ensure that your return is accurate and complies with the UK tax regime. We also use specialist software which will analyse the completed tax return to check for anything which may arouse suspicion by HM Revenue & Customs.

HM Revenue & Customs do, however, carry out a number of random investigations which are, unfortunately, unavoidable. So even if you believe that there are no unusual entries in your accounts or on your tax returns, an investigation could still happen to you.

BACK-DATED
TAX CASES

If you have been earning income through self-employment or property but have failed to declare your income to the HMRC for last few years, we here at MA specialise in dealing with such cases and working backwards to construct such accounts.

Whether the reason you failed to declare your income was through fear of not knowing where to start, or simply not knowing you were expected to declare it, our team of professionals will carefully breakdown your situation and together with your co-operation, aim to find the best solution.

Payroll

Employment red tape can be intimidating, but we can guide you through the processes, costs, calculations and deadlines- or take care of everything for you!


Meeting your obligations as an employer can be incredibly daunting especially with the introduction of Real Time Information (RTI). RTI means employers will now share information with HMRC on-or-before payments are made to employees.All payroll processing will happen via HMRC-approved and RTI-compliant payroll software.

We can also set up an Employers' Scheme with HMRC for you and we can advise you of whether employees should be added to the payroll or not and deal with the relevant forms/ submissions for you. Throughout the year, we will calculate your employees' net pay, report the figures and information to HMRC and provide you with payslips to pass on to your staff. We can calculate the tax and National Insurance deductions applicable; even if your employees are on sick, paternity or maternity leave. We can also help you to keep track of their holiday entitlement and can file all the starters and leavers forms on your behalf. Late payments or underpayments of employers' deductions can now lead to hefty penalties, so we can help you avoid incurring these.

We can also prepare your benefits and expenses forms and advise you of any filing requirements or National Insurance that falls due. Benefits and expenses can be a very complicated area and knowing what and where to report can be tricky, but we can relieve you of the burden.

We can file all of your in-year and year end returns for you with HMRC and provide you with P60s to distribute to your employees at the year end.

The responsibilities faced by employers can be intimidating, but we can guide you through the processes, costs, calculations and deadlines and take care of everything for you.

Bookkeeping

MA Associates can provide accurate and comprehensive small business bookkeeping services tailored to suit your specific business needs. .


All businesses are required to keep accurate records for both taxation and VAT purposes. Good bookkeeping practices also benefit the business by helping you manage and control your finances, plan for future growth and ensure that your accounts are completed more efficiently, which should in turn avoid late filing penalties.

. We can offer a range of options:

  • A handy wallet for you to keep all your receipts in, which you can deliver periodically to us. We can then take care of your bookkeeping for you and return your paperwork to you when we've finished processing it.


  • Excel workbook for you to tailor and use to record your transactions into. The workbook also has a basic Profit and Loss Account and VAT return calculations included within it.




We will explain what records are required and consider what your accounting information needs are, all in relation to the resources you have available; to ensure you have a bookkeeping service that suits you and your requirements.

We can also prepare regular management accounts to help you manage your finances, your customer account balances, your supplier account balances, stock levels and if you are trading as a company, they will allow you to plan your dividends. Management accounts can also identify slow-moving or unprofitable goods or services, bad debt and surpluses or deficiencies in resources, so they can be a powerful aid in decision making.

With our experience, we can easily take away the hassle of bookkeeping. We offer fixed competitive fees that are payable monthly so that you can spread the costs.

Property Lettings Accounts

Here at MA we offer a great range of property tax advice specifically for landlords or those with second properties.

If you receive rental income that exceeds your total expenses, allowances and reliefs, then you are required to pay tax on this income by submitting a tax return.

If your rental property generates a loss, you may want to voluntarily disclose it because this allows you to make use of the loss in the future should the property turn profitable.

What can our Landlord and Property Rental Accountants do for you?

Our Landlord and Property Rental Accountants can offer you a wide range of services to support, guide and advise you with all the aspects related to your rental activity:

  • Self Assessment tax return.


  • Rental accounts.


  • Capital gains tax planning.


  • Annual landlord tax savings review.


  • Comprehensive property tax advice, planning and consultancy.




Tax Investigations

Are you aware that HM Revenue and Customs no longer need a reason for opening an enquiry into your business or personal affairs? This means that potentially everyone is at risk of a tax investigation.

How can I avoid an investigation by HM Revenue & Customs?


The best route for avoiding an investigation would be to employ an accountant first and foremost. Using an accountant should ensure that your return is accurate and complies with the UK tax regime. We also use specialist software which will analyse the completed tax return to check for anything which may arouse suspicion by HM Revenue & Customs.

HM Revenue & Customs do, however, carry out a number of random investigations which are, unfortunately, unavoidable. So even if you believe that there are no unusual entries in your accounts or on your tax returns, an investigation could still happen to you.

From time to time when an investigation is opened by HMRC, our years of experience dealing with HMRC will help us support you and/or your company in order to efficiently bring all matters up to date and to the Revenue's satisfaction.

Back Dated Tax Cases

If you have been earning income through self-employment or property but have failed to declare your income to the HMRC for last few years, we here at MA specialise in dealing with such cases and working backwards to construct such accounts.

Whether the reason you failed to declare your income was through fear of not knowing where to start, or simply not knowing you were expected to declare it, our team of professionals will carefully breakdown your situation and together with your co-operation, aim to find the best solution.

CIS Tax Rebates

Hassle-Free CIS and PAYE Tax Rebate Services

We all want to save time and get more for our money. So, when it comes to your tax rebate, why should you settle for anything less?

At MA, we guarantee to get you the best tax rebate we can, in the fastest time possible, all in line with HMRC guidelines. Our expert tax team has worked with thousands of construction workers on their tax needs over the last 25+ years. So we know a thing or two about the world of tax.

Construction Tax Rebates Maximised by the Experts

Tax can be a lengthy and complicated process. Aside from trying to work out tax jargon like your 64-8’s from your P11D’s or how much you’re owed, it’s also about how much you value your time.

Why not maximise your tax rebate the smart way? Our experts tailor each claim to every builder’s needs, as we know every snag list is different. So, whether you’re scaffolding in Luton, bricklaying in Richmond, or welding in Chiswick, we’ll see to it that you get the maximum tax rebate you are owed. With prices starting from £195 for a full professional service, you won’t regret getting in touch.

Refer a Friend Scheme

It Pays to Be Popular with MA. If you’ve received your tax rebate, are happy with our service and have friends, colleagues or family who could also do with a tax rebate, why not let them know about us? Every time you refer someone to MA, we’ll give you £50 once they receive their tax rebate. Cash in your pocket every time.

THE RIGHT SERVICE FOR THE RIGHT INDUSTRY

STARTUPS

Business Structure
Banks and Finance Companies

Identify your "friendly bank manager" as they can be one of the most important contacts for your business. Fortunately, here at MA we already have well established relationships with all the major banks in the UK and are able to help you prepare for your first and subsequent meetings.

VAT (Value Added Tax)

You should decide whether or not it's in your best interest to register for VAT from the time of starting up. Whether you decide to register now or in the future both the profitability and the cashflow of your business will be affected.

One of the main advantages of registering for VAT when you do start-up is you'll be able to reclaim VAT on purchases made before you start trading. Don't worry though, if you find it's best to register at a later point in time HMRC have made it possible for traders to reclaim VAT prior to their registration provided the claim is made within certain time limits. For further guidance on VAT registration please see our VAT section.

Tax Traps to Avoid!

  • Tax Penalties - As soon as you have set a start date, ensure that you notify HMRC of your intention to commence trading. Self-employed individuals, partnership businesses and limited companies face penalties for failure to notify HMRC that they are liable to tax.


  • VAT Penalties - Do not represent yourself as registered for VAT if you are not, as this is considered to be fraud. If you do register for VAT submit your returns and pay your dues on time to avoid late filing penalties, interest and surcharges.


  • Missing Invoices - Always obtain a proper invoice for any business purchase and a VAT invoice if you are registered for VAT. If you fail to do so, you may find that your claim for tax relief will be denied, as will your VAT reclaim.


  • Company Car - whether you are self-employed, a member of a partnership or operating as a limited company, planning for the use of a car in your business needs to be thought through carefully. Self-employed individuals and partners will need to keep a log of business mileage to backup any claim for tax relief. Limited company owners will need to compare whether the cost of using a car owned by the company will be more cost effective than using a privately owned vehicle for business purposes. The tax implications vary considerably depending on many factors, which is why a careful review should always be undertaken in order to minimise any tax charges and maximise any reliefs.


Business Structure
Banks and Finance
companies

Identify your "friendly bank manager". As this can be one of the most important contacts for your business it's crucial that you're well prepared for that critical first meeting. Fortunately, here at MA we already have well established relationships with all the major banks in the UK and are able to help you prepare for your first and subsequent meetings.

VAT (Value Added Tax)

You should decide whether or not it's in your best interest to register for VAT from the time of starting up. Whether you decide to register now or in the future both the profitability and the cashflow of your business will be affected.

One of the main advantages of registering for VAT when you do start-up is you'll be able to reclaim VAT on purchases made before you start trading. Don't worry though, if you find it's best to register at a later point in time HMRC have made it possible for traders to reclaim VAT prior to their registration provided the claim is made within certain time limits. For further guidance on VAT registration please see our VAT section.

Tax Traps to avoid!

  • Tax Penalties - As soon as you have set a start date, ensure that you notify HMRC of your intention to commence trading. Self-employed individuals, partnership businesses and limited companies face penalties for failure to notify HMRC that they are liable to tax.


  • VAT Penalties - Do not represent yourself as registered for VAT if you are not, as this is considered to be fraud. If you do register for VAT submit your returns and pay your dues on time to avoid late filing penalties, interest and surcharges.


  • Missing Invoices - Always obtain a proper invoice for any business purchase and a VAT invoice if you are registered for VAT. If you fail to do so, you may find that your claim for tax relief will be denied, as will your VAT reclaim.


  • Company Car - whether you are self-employed, a member of a partnership or operating as a limited company, planning for the use of a car in your business needs to be thought through carefully. Self-employed individuals and partners will need to keep a log of business mileage to backup any claim for tax relief. Limited company owners will need to compare whether the cost of using a car owned by the company will be more cost effective than using a privately owned vehicle for business purposes. The tax implications vary considerably depending on many factors, which is why a careful review should always be undertaken in order to minimise any tax charges and maximise any reliefs.


Here at MA, we welcome people who are about to start in business, or those with new businesses, to come and talk to us.

We can help you from day one by looking at your cashflow position, which is one of the most important factors for any new business; by helping you to find the best bookkeeping system for your business and by discussing your options for the best tax savings available.

SOLE TRADERS

PARTNERSHIPS

SOLE TRADERS

The main advantages of setting up as a sole trader
The reasons why sole traders are often successful
The main disadvantages of being a sole trader
The main advantages of setting up as
a sole trader are
The reasons why sole traders
are often successful are
The main disadvantages of being
a sole trader are
Are you already trading or considering starting a business as a sole trader? 

Here at MA can help as we are a 'one-stop-shop' for accountancy services and tax advice for small businesses and self-employed individuals.
The main advantages
of setting up
as a sole trader are
The reasons why
sole traders are often
successful are
The main
disadvantages of
being a sole trader are:

  • You are personally liable and accountable for all your businesses debts - Should your business fail you could end up losing your personal assets such as your home, car, etc.


  • Can be difficult to raise finance -When you run a small unincorporated business, banks will not lend you large sums and you may find raising finance for the business is very difficult unless you are prepared to change your ownership status.


  • ï‚·Can be difficult to enjoy economies of scale - Smaller business often find that they cannot buy supplies in bulk and do not enjoy the same discounts as larger businesses.


Business Partnership Advantages
Business Partnership Disadvantages
A business run as a partnership shares control, responsibility and finances between 2 or more people. 

The partners are not only responsible for managing the business, but also "jointly and severally" liable for any debts incurred by the business and the profits are shared between the partners based on pre-agreed percentages.

Below are just a few examples of the advantages and disadvantages of running a business as a partnership.
The main advantages of setting up as a sole trader are
The reasons why sole traders are often successful are
The main disadvantages of being a sole trader are
Are you already trading or considering starting a business as a sole trader? 

Here at MA can help as we are a 'one-stop-shop' for accountancy services and tax advice for small businesses and self-employed individuals.
The main advantages
of setting up
as a sole trader are
The reasons why
sole traders are often
successful are
The main
disadvantages of
being a sole trader are:

  • You are personally liable and accountable for all your businesses debts - Should your business fail you could end up losing your personal assets such as your home, car, etc.


  • Can be difficult to raise finance -When you run a small unincorporated business, banks will not lend you large sums and you may find raising finance for the business is very difficult unless you are prepared to change your ownership status.


  • ï‚·Can be difficult to enjoy economies of scale - Smaller business often find that they cannot buy supplies in bulk and do not enjoy the same discounts as larger businesses.


Business Partnership Advantages
Business Partnership Disadvantages

PARTNERSHIPS

A business run as a partnership shares control, responsibility and finances between 2 or more people. 

The partners are not only responsible for managing the business, but also "jointly and severally" liable for any debts incurred by the business and the profits are shared between the partners based on pre-agreed percentages.

Below are just a few examples of the advantages and disadvantages of running a business as a partnership.

LIMITED COMPANIES

Significant Advantages
Significant Disadvantages
Significant advantages
Significant
disadvantages
Needless to say, choosing the right business entity is not always an easy decision.

We are happy to discuss your individual requirements and undertake a proper risk assessment thus enabling you to decide on the best way forward for your business. 

Whether you proceed as a limited company or as an unincorporated business, our assessment will indicate the most beneficial tax arrangements available to you and help you to make sensible choices about how you can minimise your commercial risks.
One trading option for a business is to operate as a limited company. 

This will provide access to a number of tax planning strategies and limited liability status.

Although there is perceived prestige in operating as a limited company you will lose some of your privacy - directors' and shareholders' personal details and abbreviated accounts have to be filed and are open to public scrutiny.

A limited company is a distinct legal entity that is able to enter into contracts in its own name. The fact that the company is a separate legal entity from its owners is very important as it means that all the company's liabilities are the responsibility of the company - not that of the directors and shareholders!

The only exception is if you, as director of the company, offer a bank or other creditor a personal guarantee to repay the company's debt. In that instance you then become personally liable to repay the debt if the company is not able to.

So what are the pros and cons of incorporating your business?

CIS CONTRACTORS

CONTRACTORS

CIS CONTRACTORS

Services we provide for contractors
Services we provide for subcontractors
Services we provide for contractors
Services we provide
for subcontractors
Services we provide
for contractors
Services we provide
for subcontractors
The Construction Industry Scheme (CIS) sets out the special tax rules for subcontractors who work in the construction industry and how payments must be handled by contractors.
Set up
What is the next step?
As a freelancer, you want to be in control of your income and be ready to take on the next project without the hassle of accountancy getting in the way.
Services we provide for contractors
Services we provide for subcontractors
Services we provide
for contractors
Services we provide
for subcontractors
The Construction Industry Scheme (CIS) sets out the special tax rules for subcontractors who work in the construction industry and how payments must be handled by contractors.

CONTRACTORS

Set up
What is the next step?
As a freelancer, you want to be in control of your income and be ready to take on the next project without the hassle of accountancy getting in the way.

We offer a simple to use online facility with our Online Accounts package to keep you abreast of your invoicing and allow bookkeeping to be an integral part of your business.

LANDLORDS

If you receive rental income that exceeds your total expenses, allowances and reliefs, then you are required to pay tax on this income by submitting a tax return. 

If your rental property generates a loss, you may want to voluntarily disclose it because this allows you to make use of the loss in the future should the property turn profitable.

Below are some common areas that our Accountants at MA can help you with your property affairs:
Deciding on your Main Residence
Selling Property
Landlords

If you rent out property you will pay income tax on the difference between the rents you have charged in a tax year, less any allowable expenses and charges. We can help you to make sure that you are claiming all of the expenses and reliefs you are entitled to.

Knowing what maintenance and repairs can be deducted can be tricky, because there are a number of different methods that can be used depending on your circumstances. We can discuss your options with you and make sure that you make the right choice in order to optimise in a way that fits your needs.

We can also make sure that you are claiming all of the finance costs for any loans or mortgages you have on your properties, as again, this can be a complicated area and taxpayers can miss out on valuable tax relief.

Furnished Holiday Lets

Significant changes were made to the treatment of Furnished Holiday Lets (FHLs) for tax purposes in April 2012. The conditions in order to qualify for such treatment are now more stringent and the benefits have been reduced.

But we can advise you on the qualifying conditions and the implications that such status entails for your properties.

Letting Rooms in your Home

If you let rooms in your own house, you may not pay tax if the total rents charged are under £4,250 per tax year.

But there are conditions in order to apply this exemption, which our Accountant can discuss with you.

We can provide you with advice regarding all tax aspects of buying, selling and letting property. We have only included a few areas for you to consider on this web page.

If you are about to invest in, dispose of, or let property do give us a call.

Deciding on your
main residence
Selling property
Landlords

If you rent out property you will pay income tax on the difference between the rents you have charged in a tax year, less any allowable expenses and charges. We can help you to make sure that you are claiming all of the expenses and reliefs you are entitled to.

Knowing what maintenance and repairs can be deducted can be tricky, because there are a number of different methods that can be used depending on your circumstances. We can discuss your options with you and make sure that you make the right choice; to optimise your tax position and fit your needs.

We can also make sure that you are claiming all of the finance costs for any loans or mortgages you have on your properties, as again, this can be a complicated area and taxpayers can miss out on valuable tax relief.

Furnished holiday Lets

Significant changes were made to the treatment of Furnished Holiday Lets (FHLs) for tax purposes in April 2012. The conditions in order to qualify for such treatment are now more stringent and the benefits have been reduced.

But we can advise you on the qualifying conditions and the implications that such status entails for your properties.

Letting rooms in
your home

If you let rooms in your own house, you may not pay tax if the total rents charged are under £4,250 per tax year.

But there are conditions in order to apply this exemption, which our Accountant can discuss with you.

We can provide you with advice regarding all tax aspects of buying, selling and letting property. We have only included a few areas for you to consider on this web page.

If you are about to invest in, dispose of, or let property do give us a call.

MUSIC & ENTERTAINMENT INDUSTRY

For over 10 years, we have provided our services to the arts & entertainment industry.

We provide specialised accountancy and taxation services for actors, entertainers, agents, singers, musicians, dancers, – in fact, anyone in or connected with the entertainment and arts world. It works for us. And it can work for you.

Let’s face it, you may not have the time or inclination to keep your accounts and paperwork up to date – and if you are ‘resting’ the last thing you’ll want to fill your day is bookkeeping!

So feel the freedom by bringing on board a firm of specialist accountants and tax advisers to the entertainment industry who ‘get’ the way you think and work; a firm that talks your language and understands the creative world.

In the same way that we are totally focused on delivering first class accountancy services, we work closely with partners who provide complimentary services to help your wider business and personal matters run smoothly. 

This enables us to work with a range of other industry specialists by bringing a financial and commercial perspective which best represents your interests in any agreement.
Business Management
Clients
BUSINESS
MANAGEMENT
CLIENTS

Additional Services

  • ROYALTY SERVICES
  • COPYRIGHT ADMINISTRATION/NEIGHBOURING RIGHTS/GLOBAL DIGITAL RELEASES

  • INSURANCE

  • LAWYERS 

  • WEALTH MANAGEMENT 

  • TOUR ACCOUNTING 

Book a Meeting today!

Book a meeting today to see a friendly member of the M A Associates staff. 

We’re highly professional and we speak your language. 

Let’s meet for a coffee and talk about where you are – and where you’d like to be.

CONTACT US

BOOK YOUR FREE CONSULTATION

BOOK YOUR FREE
CONSULTATION

Businessman checking emails on the phone
Businessman checking emails on the phone
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