An effective bookkeeping system is essential to the success of your business. Faiz & Co helps you make the most of this first vital step in your business management by combining our expertise and skills at value for the price.
We will provide the following services:
Up to date record of bank payments and receipts
Up to date sales invoices
Up to date purchase invoices
Reconciling the bank accounts
Balancing the sales and purchase ledger
Profit and Loss Accounts
Cash flow and budget reconciliation
At Faiz & Ci, bookkeeping at is structured around our keen understanding of your business goals. We not only make sure that your numbers add up, but get to the focal point of what they mean to you and how to make them work to the advantage of your business. We mainly use cloud based book keeping systems. A dedicated team will assess your requirements and set up the system suitable for your need. The team will carry out site visits as and when required to ensure you get the best out of the systems. They will be available to resolve any issues. The principal is to enable business to compile the data themselves and achieve a real time set of information for effective management of their operations. Our systems are compliant with all legal requirements.
Management of data plays an essential role in effectively managing your business and further progression. Faiz & Co Accountancy’s structure goes further than data evaluation and concentrates on value creation. We aim to have real-time data available for client’s use. The system will be designed and improved on an ongoing basis to ensure that management has the figures to make decisions.
You can choose to have monthly or quarterly management accounts, depending on how closely you want to monitor your business and the information available from other sources. We will recommend additional performance measures that are best suited to help you monitor and develop your business.
Your management report will be easy to understand, making it simple for you to check your progress as well as supporting decision making and planning. Management reports produced by our expert team take an in-depth look into your business dynamics.
This helps you determine the direction to take your business by answering fundamental questions such as:
How well are different products or services selling?
Has a promotion worked?
What is the best pricing strategy?
Who are your best sales people and how can you continue to motivate them?
Which stock should you order more or less of?
Is a new process saving you money?
What is no longer working and what effective changes can you make?
Where should you make further investment in your business?
What new opportunities are there for growth and improvement?
At Faiz & Co we are keen to understand your vision, how your business works and what drives your success lies at the centre of our approach.
Self-assessment Tax Return & Inheritance tax
Compiling a Tax Return can be time-consuming and complicated. At Faiz & Co with our professional and expertise, your Tax Return will be accurate and the answers to your queries will be clear and easy to understand.
Our proficient advice and guidance will make the process as easy as possible!
Faiz & Co's Tax Return Service will be:
Simple for you by completing and filing all the forms with HMRC;
Time effective so you can dedicate your time to your personal interests and priorities;
Cost-effective by considering diverse tax saving opportunities as well as recognising and declaring all your tax-deductible expenses;
Giving you that peace of mind by collating and representing information, in a way that reduces the risk of any HMRC investigation.
Our expertise allows us to provide you with skilled assistance, whatever your personal circumstances are.
Faiz & Co frequently advises clients who are:
Are a company director
Have income from several sources
Have property investments
Have capital gains
Our dedicated team work with you, they:
Gain an understanding of your financial position and personal wealth goals to ensure your tax return is completed accurately and all tax saving opportunities are taken advantage of
Look into opportunities for inheritance tax, remuneration and capital gains tax planning
Prepare your self-assessment tax return for your approval before we submit it to HMRC
Check your HMRC statements and PAYE codes where relevant
Liaise with HMRC on your behalf answering your queries
Inheritance tax (IHT) is levied on your total wealth before it can be passed on to your beneficiaries. These include:
As well as some of the gifts you make during your lifetime
The current nil-rate threshold of £325,000 per person will go up to £500,000 by year 2020/21, if a main residence allowance is available in your particular circumstances.
IHT is levied after deductions such as mortgage and reasonable funeral expenses, as well as final income tax and capital gains tax liabilities accrued prior to death have been deducted.
Tax at 40% is due on anything above £325,000 per person.
If you are a married couple or civil partners you can pass your possessions to each other tax-free. The remaining tax-free allowance of the first spouse or partner gets passed on to the surviving spouse or partner.
At Delta Accountancy, we can help you reduce – possibly even eliminate – the potential IHT charge with our specialist advice and careful tax planning.
To get maximum benefit out of your tax situation, we can combine our IHT advice with advice on trusts, remuneration planning, and capital gains tax, as well as the preparation of your personal tax return.
Corporate tax advice at Faiz & Co is focused on two key foundations:
Determine tax savings for you
Ensuring you are up to date with your tax obligations
Tax rules and regulations often change; with our tax expertise on hand, to give you that peace of mind by reducing this complex, time-consuming administrative burden.
We will look at the best options for you, in segments such as:
Transactions and projects
Capital expenditure reliefs, such as capital allowances
Innovation reliefs such as research and development and patent box reliefs
Group tax efficiency
Corporate capital gains
Our recommendation will help by:
Calculating your corporate tax and corporate tax allowances;
Preparing your corporate tax return for your review and signed approval;
Submitting your tax return to HMRC before the deadline to avoid penalties;
Liaising with HMRC on your behalf;
Keeping you informed of the latest legislative and regulatory changes; and taking any necessary actions
Your accounts as well as your corporate tax return will be sent to you as one document to make it simple for you to review and sign them!
Value Added Tax
VAT is a difficult area of taxation with many potential drawbacks. Faiz & Co VAT services will help you steer clear of costly mistakes and retrieve all VAT you are entitled to.
At Faiz & Co, our in-depth understanding of your business or organisation, we foresee risks and recognise opportunities to make the most out of your VAT position!
Our wide – ranging VAT services consist in the following areas:
Transactional VAT advice – Day-to-day VAT assistance to help you with your bookkeeping and improve your cash flow
Partial exemption – We give advice on how to account for taxable and exempt production costs and calculate the tax that is recoverable on your exempt income, so that you recover just the right amount
VAT planning – We assist you to arrange your transactions to make certain that you pay minimum amount of VAT without effecting your reputation with HMRC
VAT reviews – We will present to you a thorough report emphasizing areas of concern and opportunities for possible VAT savings and consider how you can apply our proposals
Vat figures are collected through the cloud base accounting systems. VAT returns are ready to be submitted soon after the quarter end through our systems.