Services
Annual Statutory Accounts
We prepare and file your final accounts to Companies House & HMRC within deadlines. We also take sufficient time to explain your accounts to you so that you can understand your financial performance and position and plan for the future.
Moreover, based on accounts, we can advise on:
- The areas that can be focussed for further improvement
- How the tax liability can be minimised
Audit and Assurance Related Affairs
Non statutory audit:
Many small businesses don’t need to have an audit by law. However many of our clients still choose to have one, as there are tremendous benefits available for example:
- Achieve best price when selling business,
- Financial institutions such as banks are more comfortable to provide finance,
- Keep credit insurers and suppliers happy,
- Keep customers confident,
- Give you assurance in terms of internal controls and accurate results.
Statutory audit:
If your business is not a small company, there is a requirement of audit by law: (According to the UK’s Companies Act 2006 a small company is defined as one that does not have a:
- An annual turnover of no more than £10.2 million
- Assets worth no more than £5.1 million
- 50 or fewer employees on average
If your business meet 2 out of the above requirements, your business still require account to be audited by independent auditor. However above may not apply for charities and not for profit organization.
At Goldstar:
We have been providing audit and assurance services to small and medium size companies which include following sectors.
- Educational institutions,
- Wholesale and retail,
- Charities,
- Not for profit organizations,
- Solicitors accountant reports,
Tax Due Diligence :
- Review the VAT registration status of the Target, and confirm that the Target has met any obligations with regards to the filing of returns and payment of VAT.
- Review any payroll documentation and returns (including P11ds) submitted to HMRC in the past 24 months to identify any PAYE/NI risk areas.
- Consider the Target’s corporation tax position and review the Target’s corporation tax computations. We will provide an estimate of the corporation tax due to the date of completion.
- Review the Target’s position with regards to capital allowances.
- Review any correspondence with HMRC to determine the potential impact, if any, on the Target.
- Estimate the tax effect and any potential tax risk to the Target by undertaking the Proposed Transaction.
- We will review the documentation surrounding the transfer of the petrol station to the operating company and comment on whether the transfer was actioned appropriately.
Corporate Due Diligence (Merger & Acquisitions)
Almost every corporate Mergers & Acquisitions require corporate due diligence specially financial and tax due diligence. Our due diligence services will help you identify your merger and acquisition (M&A) risks which enable you to negotiate better terms, conditions and prices. We provide you the simplified report to extensive due diligence report as you require. Due Diligence involve:
Financial Due Diligence:
- Review of bank accounts.
- Review of the annual financial statements for the period ending December 2022 and 2023 to ensure compliance with UK GAAP.
- Review of the solvency of the balance sheets.
- Review of the latest available management accounts.
- Review of the detailed information to support the latest financial statements or management accounts.
- We will review the income of the Target and comment on any trends and unusual items.
- We will comment on any unusual items in the Target’s expenses paid during the period under review.
Tax Planning and Investigation
We act in the best interest of our clients to enable them to pay the minimum tax that is absolutely required under the law and not a penny more. We are confident that our long-term experience in this sector will enable us to do so.
We can help with tax affairs in relation to planning and administrating:
- Personal tax
- Corporation taxes;
- VAT planning
- PAYE planning
- Capital gains tax planning;
- Inheritance Taxes;
- IR35
Self Assessment
Completing a Personal Tax Return, otherwise known as a self-assessment, is a requirement of every tax payers with taxable income other than employment. This include company directors, self-employed, property income (buy to let), saving income above the taxable threshold and foreign income etc. You will also be required to complete a return if you have rental property. HMRC normally issue Notifications to File Returns on a yearly basis to who they believe needs to submit a Return. However some individual may not receive notice and therefore it is tax payer’s responsibility to prepare and submit SA tax return if they have taxable income other than employment.
Unless you have previous knowledge on preparation and submission of tax return, it can be a time consuming and stressful task. Failure to submit return by the HMRC deadline 31 January following the end of the relevant tax year will incur instant £100 late filing penalty and further daily penalties including late payment interest .
At Goldstar, our specialist Personal Tax team has completed thousands of Personal Tax Returns of individuals including non resident landlords since 1994. We will take care of everything for you from completing the forms and calculating your tax liability or tax refund, to verifying all the information with you before submitting your Personal Tax Return to HMRC on time.
Payroll and Pension Administration
We are here to protect you from any potential problems associated with the payroll and also planning your payroll in most tax efficient manner. We are here to help you with:
- Planning your payroll in most tax efficient manner
- Registering with HMRC for payroll purposes
- Executing your payrolls, preparing payslips and reporting to HMRC accordingly.
Book Keeping
- VAT returns
- End of Year Accounts
- Management Accounts
- As well as any other reports as and when demanded
VAT Returns & MTD
We advise you on the need for VAT registration from legal as well as tax saving perspectives. We help you in:
- Determining best VAT option based on your circumstance
- Completing forms and formalities to register with HMRC for VAT purposes
- Completing VAT returns on your behalf
- Supporting you if any disputes arises with HMRC and attending the inspections wherever needed
Management Accounts
We help in providing up to date information quickly so that the businesses can make right decisions. As a part of our management accounts services, we provide monthly, quarterly and half-yearly management accounts as well as on demand whenever businesses need
- Preparing reports for lenders, suppliers etc.
- Analysing the reports and advising on them.
Business Start-Up & Advisory Service
- Deciding most appropriate form of business structure (i.e. Sole trader, Partnership, Limited Company or Limited Liability partnership)
- Registering the businesses with Companies House and/or HMRC well in time to avoid unnecessary penalties
- Prepare a business plan, Cash-flow projections, Budgets and trading forecasts for the business
Advising on appropriate sources of finance for your new business and helping you secure these if necessary.
Business plan preparation
- Budgets preparations
- Cash flow forecasts
- Projected Income statement and Balance sheet preparation
- Business goals setting, carrying out PESTEL, SWOT analysis and advising accordingly
- Advising you on paying PAYE to HMRC on time
- Updating leavers and starters on time
- Calculating Statutory Sick pay, Statutory Maternity and Paternity pay, administering student loan etc. appropriately as per the law
- Executing Payroll Year End on behalf of the client, prepare P45 and/or P60 as needed and reporting to the HMRC
- Benefits planning
- Retirement planning
Office & System Setup
A well set-up office, the equipment, the systems and the environment all contribute to making you and your business more efficient. In this regard, we help you in deciding right equipment and software for maintaining your accounts and finance related records and process them accurately and appropriately.
If needed, we can provide book-keeping service at your site as well as train your staff in doing so.
Ready to Get Started?
Are you ready to grow your business? Our team is ready to build a custom strategy for you.