Ian B Thompson & CoAccountant in Sheffield, South Yorkshire

Anyone starting in business needs a special kind of service and we are experts in giving this. As members of the ICAEW Business Advice Service and Sheffield Chamber of Commerce mentors we know the challenges that exist for anyone trying to start a business when the economy is struggling. Once the decision has been made to start a business it is always a wise to compare the alternative strategies available.

Questions we can help you with:

• - Should the business be a company or would beginning as a sole trader or a partnership be more cost efficient?
  
• - Should the business be VAT registered and if so what VAT schemes should be adopted.
  
• - Would a flat-rate system be better?
  
• - Does cash accounting make sense for my business?
  
• - How should directors extract funds or put money into the new entity and what will be the tax consequences?
  
• - Are you really prepared to decide all this for yourself or take a friends advice?
  
• - The man in the pub may be best mates with his accountant but does he or she really have the qualifications, continuous training and experience to back that up?
  
• - Is your business plan sound? What about your cash flow forecast?
  
  There could never be a more dangerous stage at which to miss out on the advice of an expert. We offer a free initial consultation.

For most clients we are a buffer between them and HM Revenue & Customs, always prepared to challenge an increasingly aggressive HM Revenue & Customs. Specifically we can help with:

• - Preparation and of business and company tax computations and returns.
  
• - Personal tax returns for individuals in the UK, including for those with interests abroad.
  
• - Taxation planning for businesses at all stages.
  
• - Planning taxes for individuals who may be looking to minimise tax cost at all stages of life.
  
• - Payroll services
  
• - HMRC investigations
  
• - VAT registration, returns and advice.

For small businesses keeping appropriate financial records is a drain and a distraction from the things they do best; earning the money; that the business was established for. But never forget that:

• - A limited company is legally bound by the Companies Acts to keep proper records; ask us if you need to know what exactly that means.
  
• - If you are in business you will be telling the government what taxes you need to pay under the self assessment system. You have no choice in this and whoever prepares and submits your tax return you are still responsible if it is incorrect.
  
• - HMRC has a new programme of checks where it drops in on small businesses and performs checks on business records. HMRC plans to complete up to 12,000 Business Records Checks by the end of the current financial year, with 20,000 provisionally planned for 2012/13. HMRC is increasing the number of visits. That’s a quote from the HMR website.