What we do

At Smith Heath we aim to combine high quality accountancy services with proactive expert advice to help you and your business develop and grow. We’re proud of our excellent reputation, which is based on providing added value advice and support at every stage of the business lifecycle.

So whether you’re just starting out an established business, looking to expand or thinking about your exit strategy, we can help you.

 

Accounting

You will find many accountants who can prepare your annual accounts competently. At Smith Heath, you will also find high quality advice that can really make a difference to your business.

Because we get to know you and your business, we are ideally placed to prepare your accounts and interpret the figures in the context of both your business needs and the wider sector in which your business operates.

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Further Information

Annual accounts preparation

You will find many accountants who can prepare your annual accounts competently. At Smith Heath, you will also find high quality advice that can really make a difference to your business.

Whilst your annual accounts are necessary to satisfy regulatory requirements, they have the potential to offer much more. Prepared, reviewed and discussed in an open and positive way, they provide a vital tool to assist with the monitoring of your business and provide valuable information for forward planning and decision-making.

We prepare annual accounts for limited companies, limited liability partnerships, partnerships and sole traders. Whether you need accounts to file with Companies House, with HM Revenue & Customs, to support your self-assessment tax return, to show to your bank or as part of a review of your business, we can help.

Because we get to know you and your business, we are ideally placed to prepare your accounts and interpret the figures in the context of both your business needs and the wider sector in which your business operates.

We’ll identify strengths and unexpected trends within your accounts and suggest solutions if we find areas where your business and its performance could be enhanced. We’ll also aim to time your accounts production to help you take advantage of any early tax planning opportunities.

Management accounts preparation and assistance

Your management accounts are a vital tool for keeping a finger on the pulse of the performance of your business. Up to date financial data is also crucial in helping you to make informed decisions.

At Smith Heath, our experienced team can assist with the preparation of management accounts, tailored to meet your requirements and designed to provide you with a key source of financial information.

We can provide monthly or quarterly management accounts and use these to help you set financial budgets and targets. Monitoring your performance against these targets also helps us to identify ways to further improve your internal processes and management. Accurate and up to date accounts are also a valuable tool when sourcing business finance.

If you produce your own accounts, we can provide a professional review of your data, advise you on how to get the best value from your existing accounting system and ensure that it provides the information you need.

 

Auditing

Smith Heath is a Registered Auditor and as such we are fully qualified to carry out statutory audits.

If your company or limited liability partnership requires an independent audit, it can sometimes seem like expensive and intrusive regulatory compliance that you could do without.

We have a wealth of experience in auditing small and medium-sized businesses and as such we understand the issues and frustrations involved. We aim to utilise our understanding of your business and the sector in which you operate, to ensure that the assignment is efficient and causes your business the least disruption possible.

We will use the process as an opportunity to identify areas of your business that can be improved or made more efficient, including financial controls and management systems.  Although generally carried out due to regulatory necessity, your audit will provide independent evidence of the integrity of your accounts - relaying a level of  reassurance to your customers, suppliers, actual or potential investors, banks and other finance providers.

Our qualification and experience also make Smith Heath the perfect choice if you have a requirement for a specific audit report or assignment.

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Our qualification and experience also make Smith Heath the perfect choice if you have a requirement for a specific audit report or assignment.

 

Business Tax

At Smith Heath, we work with clients including sole traders, partnerships, companies and trusts, preparing tax computations, calculating tax liabilities and completing the appropriate income tax or corporation tax returns, for submission to HM Revenue & Customs.

At Smith Heath, we have wide-ranging experience in assisting with capital allowance claims, which can be particularly helpful if a new business venture includes significant capital expenditure or your existing business is embarking on a new project.

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Further Information

Corporation Tax and Income Tax

When you are in business, you need expert tax advice to make sure that you are operating in the most tax-efficient way and keep you compliant with HM Revenue & Customs deadlines. At Smith Heath, we work with clients including sole traders, partnerships, companies and trusts. We help with preparing tax computations, calculating tax liabilities and completing the appropriate income tax or corporation tax returns, for submission to HM Revenue & Customs.

When we prepare your returns, we will make the best use of all the allowances and reliefs available to you, to minimise your tax bills.

We can also handle any HM Revenue & Customs queries and correspondence on your behalf - leaving you free to concentrate on running your business.

Capital Allowances

Capital allowances are a form of ongoing tax relief that recognises the depreciation of assets (buildings, plant and machinery, etc.) and allow businesses to offset the cost of these assets against taxable profits.

While the regime is notoriously complicated, capital allowances can provide a valuable incentive to investment and enterprise. For example, any business, of any size or structure, can claim a 100% tax relief on a substantial investment in a variety of business assets in the year of purchase.

At Smith Heath, we have wide-ranging experience in assisting with capital allowance claims - particularly helpful if a new business venture includes significant capital expenditure or your existing business is embarking on a new project.

We can also advise on related issues such as the impact of capital purchases on cash flow and financing investment.

VAT

VAT is a major tax, but the regime is so complicated that many businesses unintentionally overpay or underpay VAT. Dealing with VAT can also act as a drain on your precious business resources.

So it’s a sensible step to turn to professionals in the VAT field for efficient, cost-effective services. We’ll assist you in your VAT planning, for example deciding if and when to register or de-register or whether or not the flat rate scheme is beneficial.

Our services also include:

  • VAT registration
  • Checking VAT returns that you have prepared
  • Preparing VAT returns on your behalf
  • VAT control and reconciliation.

We can also advise on both day-to-day VAT issues and on more specific VAT implications, such as selling a property or a business, or agreeing a specific partial exemption method directly with HM Revenue & Customs.

PAYE and National Insurance Contributions

Employing people as part of your business is a positive sign of your enterprise’s success, but it also brings extra responsibilities. These include:

  • Ensuring that salaries and other benefits comply with the tax rules on PAYE and national insurance contributions
  • Informing HM Revenue & Customs when you take on an employee
  • Regularly paying tax and other deductions, such as student loans, to HM Revenue & Customs
  • Dealing with the tax implications of benefits in kind, such as a company car.

You must also file reports with H M Revenue & Customs each and every time you make a payment to an employee, submit end of year reports to HM Revenue & Customs, provide an annual P60 statement to each member of staff and stay up-to-date with the latest rules to ensure ongoing tax compliance.

To avoid potentially substantial HM Revenue & Customs penalties, we can ensure that you meet the many deadlines for submission of reports, forms and payments during the year, leaving you free to concentrate on building your business. We can also keep you up to date on issues including tax codes and national minimum wage rates.

If your business is in the construction industry, we can advise and support you in staying compliant with the Construction Industry Scheme.

Assistance to deal with HMRC

If you run a business, at some point you are likely to have direct dealings with HM Revenue & Customs.

It may be through a standard compliance visit to review your operation of VAT or PAYE or an enquiry into a particular aspect of your tax return. In some circumstances, a business may face detailed examination of a specific transaction or even full investigation of every aspect its tax affairs.

We have many years of experience in assisting clients with HM Revenue & Customs enquiries and understand that expert help and support is vital.

We will support you by attending compliance visits, hosting meetings with HM Revenue & Customs inspectors in our offices and providing constructive advice and support.

You’ll be able to focus on your day-to-day affairs whilst we liaise with HM Revenue & Customs, making it our priority to bring any review or enquiry to a satisfactory conclusion for you.

 

Personal Tax

When we work with you, we will also make sure that all the appropriate claims and elections are made for maximum tax efficiency, taking into account your individual circumstances.

By working with us now to explore options to reduce your exposure to inheritance tax, you will have real peace of mind that your loved ones will be financially secure when you are no longer around to look after them.

At Smith Heath, our experienced team will advise you on an approach to the sale that will ensure it is carried out in the most tax-efficient way.

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Further Information

Self-Assessment

If you are one of the nine million people in the UK who complete a self-assessment personal tax return, you will know that the process can be complex and time-consuming.

That’s where Smith Heath can help. No matter how complex your tax affairs may be, our experienced team will prepare and file your tax return, using professional tax software, ensuring that it is filed on time to avoid HM Revenue & Customs penalties.

We’ll also deal with any queries and all correspondence with HM Revenue & Customs on your behalf, calculate your tax liability, advise you of the timing of any payments to be made and, wherever possible, forecast future liabilities.

When we work with you, we will also make sure that all the appropriate claims and elections are made for maximum tax efficiency, taking into account your individual circumstances.

Inheritance Tax, advice and assistance

Inheritance tax planning forms a key part of organising your financial affairs for maximum tax efficiency.

By working with us now to explore options to reduce your exposure to inheritance tax, you will have real peace of mind that your loved ones will be financially secure when you are no longer around to look after them.

We will:

  • Review your estate, including personal and business assets
  • Look at tax-minimisation opportunities, including trusts
  • Advise you on ways to make best use of the gifts and exemptions allowed under the inheritance tax regime, including lifetime gifts, annual gifts, gifts to charities and agricultural and business property relief.

And we’ll make sure that we look at your estate planning from all angles so that, for example, a gift that saves inheritance tax does not unnecessarily create a capital gains tax liability.

Capital Gains Tax

Capital gains tax is levied on any “gain”, or profit, above an annual exempt amount, when you sell or give away an asset that has increased in value.

So if you are considering selling an asset – such as a business, shares, property or even antiques or jewellery – you need to understand the potential tax implications.

If you are selling a business or substantial shareholding, you may be able to take advantage of “entrepreneur’s relief”, which effectively reduces the capital gains tax rate to 10% on gains accumulated during a lifetime.

At Smith Heath, our experienced team will advise you on an approach to the sale that will ensure it is carried out in the most tax-efficient way.

 

Business planning

At Smith Heath, we have many years of experience in working with new enterprises, so if you are thinking about setting up your own business, talking to us is a good place to start.

Your business plan is your map for moving forward. It sets out where you want to be, how you will get there and how you will finance the journey.

Whether planning your retirement from the family business, selling your business or just ceasing to trade, we have the experience and expertise to assist you. An exit strategy requires careful planning in order that all aspects and indeed opportunities are fully considered, reviewed and taken on board.

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Further Information

Business start-up advice

Starting your own business can be richly rewarding but it also brings unique challenges. That is why building a team around you that includes accountants experienced in business start-ups is essential.

At Smith Heath, we have many years of experience in working with new enterprises, so if you are thinking about setting up your own business, talking to us is a good place to start.

We’ll take an independent, expert view of your plans and give you practical, professional advice on the concept for your business - whilst challenging your proposals in a constructive way. We will also work with you to refine your plans and resolve any potential problems, to give your business a better chance of success.

We will also advise you on the best structure for your business – sole trader, partnership, limited liability partnership or limited company – and help you with all the paperwork necessary to keep you compliant with regulatory requirements.

We can assist with:

  • Reviewing or preparing business plans, budgets and cash flow forecasts
  • Help to focus on the financial viability of your venture
  • Support you in sourcing funding or in negotiations with banks or other investors

We will explain how you will be taxed, when the tax will be due and how your business can be structured to ensure that you do not pay more than you need to.

We will also provide guidance on your VAT obligations, including registration and planning, advise you on record keeping requirements and bookkeeping systems and can support you with services including payroll, management accounting and, of course, annual accounts preparation.

In the early stages of your business, you may welcome regular reviews, to assess your progress and keep you on track. Once you are really up and running, we’ll be there to support you as you take the next steps in growing your business.

Company formation assistance

Having decided that the correct business vehicle is that of a limited company, we can assist with the formation, registration and structure of your company. Dealing with the compliance in order that you can concentrate on starting to run your business.

Business plans, budgets and forecasts

Your business plan is your map for moving forward. It sets out where you want to be, how you will get there and how you will finance the journey.

An accurate picture of your likely profits and cash flow needs to form an important part of your business plan. A realistic forecast of future profits will help you in forward planning and decision-making, while keeping control of your cash flow is vital to the ongoing financial health of your business.

At Smith Heath, we can support your business planning by preparing budgets in order to forecast your profit levels and cash flow requirements and to provide a benchmark against which you can measure your actual results.

We can also prepare business plans, budgets and financial forecasts for you to present to or negotiate with banks and other investors, for project evaluation and to support business valuations.

Exit route planning

Whether planning your retirement from the family business, selling your business or just ceasing to trade, we have the experience and expertise to assist you. An exit strategy requires careful planning in order that all aspects and indeed opportunities are fully considered, reviewed and taken on board.

Selling your business

We have a wealth of experience in assisting with both the taxation and practical aspects surrounding a business sale. We can advise you to ensure that your business sale is structured in a tax efficient manner. We will work with the legal teams and the accountants acting for the other parties. This will ensure that the transaction is completed in a timely and efficient manner and remain focused on ensuring that you retain the maximum value possible from the transaction.

 

Outsourcing

We have a thriving bookkeeping and payroll department which deals with the needs of many businesses and organisations. Our service is bespoke to each and every client and we deal with payrolls of all sizes and complexities. In our bookkeeping department, we use all of the major bookkeeping packages and cloud-based solutions such as Sage, Xero, and QuickBooks.

We are QuickBooks Advanced Pro-advisors, Sage Partners and Certified Advisors for Xero. Cloud-based accounting solutions are a great way for us to work with our clients providing as much or as little support as you need with the flexibility of being able to access your records instantly.

In order to comply with Making Tax Digital, we are able to assist with all aspects of payroll, bookkeeping, and submission of VAT returns. If your payroll or bookkeeping is becoming time-consuming or taking you away from dealing with the tasks and duties which help make your business successful why not contact us.

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We are a telephone call or e-mail away.

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