Accountants for the Specialists
Providing accounting support to hotel and restaurant entrepreneurs.
Looking for a specialist hospitality accountant?
Taxcellent specializes in catering to the needs of the hospitality sector. Whether you are a fledgling enterprise or an established organization with a thriving chain of establishments and dining establishments, our team of accounting experts with expertise in the hospitality industry will collaborate with you to oversee and advance your business. Whether you require bookkeeping, payroll assistance, or a comprehensive range of accounting services, we are capable of customizing our offerings to precisely align with your requirements.
The hospitality industry remains intensely competitive, with the UK alone hosting over 26,000 restaurants. However, the recent economic downturn is impacting revenue streams.
We can contribute to the growth of your enterprise by providing tax and accounting guidance specifically tailored for hotels and other hospitality ventures. By offering comprehensive accounting solutions for a fixed monthly fee, we can assist you in effectively managing intricate financial matters.
Whether you are in need of accountancy or tax compliance services, seeking trusted advice derived from our industry expertise, or desiring a comprehensive in-house service throughout every phase of your business’s journey, we can cater to your requirements.
Whether your aspirations involve securing funding for your envisioned guest house, expanding your current restaurant, undergoing restructuring, or planning an exit strategy, as our client, your objectives become our top priority.
Our aim is to offer the essential support and direction, enabling your profits to soar while allowing you to pursue your passion, with the assurance that we will be there for you every step of the way.
Hair salons, barbershops, and beauty salons are vital establishments at the heart of every high street and local community, contributing significantly to daily life and the UK economy.
For those working as barbers, hairdressers, or experts in male grooming, managing your salon or chain of businesses requires constant evaluation of your business model and future direction. Your attention should be dedicated to growing your business, expanding your range of lucrative products and services, without the burden of concerns regarding your financial accounts and tax obligations.
Assisting your beauty businesses
In the aftermath of the recent economic downturn, salon owners are confronted with the challenge of adapting swiftly to the financial implications, which directly affect their earnings. Consequently, the beauty sector is currently facing more stringent profit margins than ever before.
Our dedicated team specializes in providing comprehensive accounting and tax support specifically tailored to the needs of hair salons and barbers. Whether you require assistance with year-end accounting, setting up a PAYE scheme, devising succession plans, or seeking tax advice pertinent to the hairdressing and beauty industry (such as Income tax, VAT, Corporation Tax, or Capital Gains Tax), we are here to assist you.
We are committed to delivering reliable and cost-effective guidance, available at a fixed monthly rate that aligns with the unique requirements of your salon or barbershop.
The jewelry and fashion accessories sector continues to be a highly competitive and fashionable market for entrepreneurs looking to start a business.
Moreover, this industry provides an opportunity for creative and skilled designers and artists with an entrepreneurial mindset to showcase their craftsmanship and imagination. Additionally, it can serve as an ideal part-time venture since many jewelry companies can be launched with a relatively modest investment.
Once you have successfully established your business and begun generating impressive sales, it becomes crucial to delve deeper into the accounting and financial aspects to ensure sustained growth and prosperity.
Your jewellery business accountant
When is the optimal moment to enlist the services of an accountant?
While handling your accounts independently might seem cost-effective and allow you to maintain complete control over your finances, it can also leave you exhausted and overwhelmed, potentially causing you to overlook essential accounting deadlines.
Our team specializes in the unique challenges and prospects presented by the jewelry industry, offering dependable and professional bookkeeping and accounting services. This allows you to effectively manage your financial records and run your business with confidence.
By entrusting these responsibilities to us, you gain more time to focus on your true strengths: unleashing your creativity, designing desirable products that cater to your customers’ needs, and pursuing promising leads.
Why construction accounting is different
The construction sector possesses distinctive characteristics and demands precise accounting and financial standards. Nonetheless, due to a series of alterations implemented by the UK government, such as the introduction of the VAT domestic reverse charge in March 2021 and the implementation of Making Tax Digital for tax return submissions, as well as the obligations related to processing payments in the Construction Industry Scheme (CIS), it is beneficial to have an accountant who comprehends these matters by your side.
In light of the recent economic downturn affecting the construction industry’s capacity to strategize and execute construction projects, it becomes crucial for the sector to be adaptable, maintain optimal cash flow, engage in meticulous financial planning, and uphold efficiency.
A solid foundation for your construction business
Our dedicated accounting team specializing in the construction industry can provide guidance on organizing your business, managing cash flow, devising tax plans, and optimizing your business structure to enhance the seamless operation and profitability of your construction or property enterprise. We guarantee that all builders, developers, contractors, and sub-contractors adhere to both new and existing regulations, ensuring your compliance and facilitating the ongoing growth of your business.
What is the
Construction Industry Scheme (CIS)?
The Construction Industry Scheme (CIS) encompasses a wide range of construction activities, such as plumbing, roofing, plastering, electrical work, and general building works. If you operate as a contractor in the construction industry, whether as a company or self-employed individual, it is mandatory for you to register for the CIS and fulfill your payment obligations to HMRC. As a subcontractor, registration is not compulsory, but if you fail to register, deductions will be made from your payments at a higher rate.
With our extensive knowledge and experience in the construction sector, we can assist you by providing the necessary information to address challenges and make informed business decisions that enhance profitability. During difficult times, we will be there to support you by reviewing your operations and offering suggestions to streamline processes and reduce costs.
Why construction accounting is different
Being renowned authorities in the media and entertainment sector, we comprehend the unique focus of your industry.
Operating within this realm can be uncertain, as you are well aware. Certain assignments may be of limited duration, requiring one to swiftly respond to assist with an external broadcast. With extensive experience in the media and entertainment field, we have offered exceptional financial guidance, customer support, and specialized knowledge for numerous years. Our customized accounting solutions are designed to meet the specific requirements of the industry, catering to both production companies and small businesses.
Your adeptness at financial planning allows you to effectively manage your finances, ensuring coverage during periods of reduced activity or fluctuating incomes.
Your specialist media accountant
Our dedicated accounting team specializing in the construction industry can provide guidance on organizing your business, managing cash flow, devising tax plans, and optimizing your business structure to enhance the seamless operation and profitability of your construction or property enterprise.
We guarantee that all builders, developers, contractors, and sub-contractors adhere to both new and existing regulations, ensuring your compliance and facilitating the ongoing growth of your business.
Helping Doctors and other Medical Professionals to manage their finances
Being a locum offers increased flexibility and a diverse range of tasks, allowing you to undertake various types of work and receive payments through different methods.
Our primary focus is providing guidance on determining your employment status, as it determines your employment rights, financial responsibilities such as National Insurance contributions, taxes, benefits, and your interaction with HMRC. We are here to offer assistance in these matters.
We have the privilege of collaborating with locum doctors, nurses, and veterinary practices who engage in the following:
– Engaging in salaried positions or working within general practice.
– Acting as Consultants to provide coverage outside their contracted NHS work.
– Offering short-term contracts and adaptable hospital agreements.
– Undertaking out-of-hours work or pursuing private assignments.
– Providing coverage for instances of illness, maternity leave, or sabbaticals.
Choosing the best specialist
accountant for locums
Taxcellent offers financial management and guidance to medical professionals in the UK healthcare industry, aiding them in deciding between working as a limited company or a sole trader. When it comes to LOCUM work, opting for a limited company is often the most advantageous choice as it can yield various tax benefits for your overall earnings. We are ready to support you throughout the entire setup process, from tax returns to national insurance, should you choose to establish a limited company.
Why is it better to work through a Limited Company?
By operating as a locum doctor, nurse, or any other medical professional under your own limited company, you have the flexibility to manage your income effectively. You can strike a balance between your salary and dividends, which allows you to minimize the amount of national insurance contributions required, thereby maximizing your earnings. Additionally, working as a limited company enables you to make expense claims, reducing the tax burden you have to shoulder. As a result, you can retain a larger portion of your income.
Locums have greater protection when working through a Limited Company
Limited companies are regarded as distinct entities from their proprietors. Consequently, if your limited company becomes insolvent, there is no risk of losing your personal belongings, money, or other possessions, thereby ensuring your protection against adverse outcomes. Furthermore, by applying for loans under the company’s name, you can steer clear of indebtedness in the event of any unfavorable circumstances.
We will collaborate with you to ensure a seamless operation. Taxcellent specializes in offering assistance to contracting professionals and possesses extensive expertise in delivering accounting services to healthcare workers. You can confidently depend on us to provide the necessary accounting support that will enhance your financial situation and grant you more personal time.
Charging VAT as a Locum doctor
While most locum doctors are not required to levy VAT on their services, it is contingent upon the terms of their contract. If you are a locum doctor employed directly by a hospital to treat patients, you will not be obligated to charge VAT for your services, allowing you to retain your entire income. Conversely, if you hold a non-patient-facing role such as HR, office, or managerial position, you will need to apply the standard VAT rate when invoicing for your services.
As esteemed Medical & Veterinary accountants based in Telford, we are equipped to address any inquiries you may have regarding your VAT status or the establishment of a limited company.
Accountancy services and tax advice for opticians
Our team possesses extensive expertise in collaborating with opticians and eye-care practitioners, regardless of whether you operate as a locum, sole practitioner, or as part of a partnership or limited company. We have an in-depth understanding of the sector’s requirements.
Recognizing the importance of allocating your financial resources toward the growth of your optometry practice, we offer a comprehensive range of accounting and financial services. Whether you require assistance with locum work, establishing a new business, or expanding your existing practice, we are equipped to fulfill all your needs.
Our proficient team is capable of providing support for tasks such as annual accounts, income tax returns, and payroll management. Additionally, we offer guidance on business strategy and development, ensuring compliance with Making Tax Digital for VAT, employment law, and the formation of LLPs or limited companies.
Furthermore, we extend our expertise to tax planning and compliance, pension planning, and wealth management, aiding you in optimizing your financial affairs.
Dentist accountants in Telford
We possess a comprehensive understanding of the challenges and opportunities within the dental industry, particularly with regards to the advancements in specialist and cosmetic dentistry.
Securing the services of a proficient accountant can greatly contribute to the triumph of your dental practice. By utilizing Taxcellent for your bookkeeping and annual accounting needs, you can shape your future according to your desires and realize your aspirations of establishing or managing a prosperous private practice.
A common inquiry posed by dentists is, “How can I establish a thriving practice?” Our response emphasizes treating your practice as you would any other business, emphasizing the importance of a robust operational foundation. Implementing systematic procedures will facilitate precise monitoring of cash flow, allowing for continual evaluation of your practice’s processes and systems. This, in turn, will enhance its efficiency, maximizing profitability.
Get your business off
to the best start
to the best start
Need to do a corporation tax return for your company?
Contact us now and have a conversation with our skilled tax advisors. Our aim is to simplify the entire process of filing your company tax return, ensuring a hassle-free experience for you.
FAQs
What insurances do I need as a contractor?
Causing harm to another individual can result in an injury. While insurance may be elective in certain situations, your line of work could make it compulsory.
What kind of insurance do independent contractors need?
Independent contractors must prioritize general liability insurance due to the following reasons: It safeguards both you and your business, as independent contractors share similar legal responsibilities and vulnerability to liabilities as larger companies. They can face lawsuits for client property damage, bodily harm caused, or advertising-related injuries. In case of any uncertainties, Kingsbridge Contractor Insurance can provide expert guidance on the most suitable insurance choices.
How long does a contractor have to warranty his work UK?
Typically, warranties remain legally enforceable for a period of twelve years after the completion of the works. This time frame is well-founded on practical grounds. Based on industry knowledge, it has been observed that the majority of defects become apparent within the initial two years, while the remaining ones surface over the subsequent eight years.
Is a contractor responsible for damage?
It is imperative for every contractor to possess general contractor liability insurance. Failure to have insurance could leave you responsible for any property damage caused by the contractor. Although it is uncommon, there are situations where both insurance companies may reject coverage and refuse to compensate for the damages.
Can a contractor charge more than the quote?
Requesting a price estimate involves receiving a quote, which is a proposal to carry out a specific job at a precise cost. Once you accept a quote, the contractor is bound by the agreed-upon price, unless additional work is agreed upon or the project’s scope undergoes changes during its execution. Legally, such modifications to the contract are referred to as variations.
What happens if you have no public liability insurance?
In the event of a lawsuit against your business and the absence of public liability insurance, you will be responsible for financing your own solicitor. If the claim made against you proves successful, you may face a substantial settlement payment, potentially even bearing the legal expenses of the individual suing you.