<span style="font-weight: 400;">How should I pay myself?</span>

This will depend upon the legal structure of your business. Sole traders and partners are taxed on their proportion of the company’s trading profits. They are paid by way of drawings from the business, and these drawings are not included in the calculation of taxable profits. A proportion of the money drawn should be set aside to pay personal tax liabilities. <br>If you’re a director and shareholder in a limited company, then we’d recommend that you pay yourself by way of salary and dividend. A little tax planning can ensure that you’re doing this as efficiently as possible and within HMRC guidelines, while maximising your take-home pay. You’ll also have the option of other benefits and pension contributions this way.

Finance and Accounting Solutions

We’re good with numbers, but also with advice

Our highly skilled team of bookkeepers and accountants are meticulous experts, but they’ll also provide you with informed recommendations in plain English.

From bookkeeping support to business plans or tax returns and statutory requirements to year-end planning, our dedicated team offer a quality service, tailoured to meeting your unique business needs.

What accounting services do we offer?

We have a personal approach and work with you to develop a deep understanding of your business. Our team has decades of experience, allowing us to act as your finance department, without the full-time salaries.

Year-end accounts preparation

Meet compliance requirements with accurate, reliable accounts. Our team will share easy-to-understand figures that actually benefit your business whilst offering advice on bookkeeping technology to make your life easier.

VAT advice and VAT return preparation

Our team takes care of compliance issues, giving you peace of mind. From VAT returns to tax reporting, we can offer advice to ensure you understand the basics, allowing your business to grow, whilst remaining fully compliant.

Bookkeeping support and outsourced services

Do you need full or partial bookkeeping? System set-up? Or expert training for your employees? From account reconciliation to invoicing, payroll and reporting our virtual finance team can take care of everything. Keeping accurate financial records and having an organised system is an integral part of good accounting, however this can be very time consuming.

We’ll take the time to understand your current business processes and the key information you need to maintain, and then set up or fine-tune an accounting system to perfectly suit your needs. Rayner Essex can handle this for you, taking away the hassle from keeping financial accounts, and freeing your time, so that you can focus on what you know best, running your business.

Management accounts

Get a clear view of your business and where it’s heading, we help take away the stress of management reporting, helping you to monitor your finances and improve your performance, enabling you to better analyse trends and, make better informed strategic decisions for growth and diversification of your business.

Business plans

Are you looking to start a brand-new business? Or embarking on a new project that needs external funding? Or you may simply want to better manage your cash flows or help grow your business. Either way, we can provide the business plans and cash flow forecasts you need to ensure your venture is viable, attractive to potential investors and on the path to profitable growth.

Cloud accounting and apps

Benefit from everything in one secure location with cloud accounting – access your accounts remotely from anywhere in the world with the added security of data stored on the cloud.

Tax efficiency

With the help of our tax, payroll and company secretarial services, we can provide expert guidance on remuneration strategy and exit planning. We’ll also help you to evaluate the best combination of drawing a salary and taking dividends.

Why use accounting services from Rayner Essex?

With over 50 years of experience providing accounting services for our clients, we know a thing or two about providing an unbeatable professional service with a personal touch. We take the stress away from keeping up-to-date with regulatory requirements whilst giving you peace of mind that your accounting systems are fully optimised. For example, whilst preparing year end accounts or VAT returns we’ll always suggest improvements or spot weaknesses in your systems or processes, the aim is to make your accounting functions as efficient as possible. Going further than just the statutory requirements, we work closely with you, helping you to improve your overall business performance.

At Rayner Essex, we help you to stay up to date with changing regulations, such as Making Tax Digital requirements. Being accredited partners of most of the highly respected cloud computing providers, we can work with you to choose cloud applications that are tailored to your specific business requirements, offering a bespoke solution and seamless transition.

We also give our clients direct access to our senior team so that any questions or concerns can be addressed right away. Having worked with businesses of all sizes, we understand the different accounting needs of small to large companies. Yet all businesses need accurate, timely and reliable financial information to make informed decisions – this is something your dedicated team will always have to hand.

What type of businesses can benefit from our accounting services?

Rayner Essex work with a wide range of businesses of various sizes and sectors.

Sole traders

Partnerships

Limited companies

Start-up businesses

Small owner-managed businesses

Medium sized businesses, Corporates

Private clients and individuals

Multinationals

Accounting FAQs

What structure should my new business have?

From sole trader and partnership to limited liability partnership and limited company, there are various options. The most suitable option for your business will depend upon individual circumstances such as ownership, funding requirements and future plans. We can take you through the choices and find the right one for your company.

When do I need to prepare and submit my accounts?

Limited companies and limited liability partnerships have a requirement to file their annual accounts at Companies House within nine months of their year-end. A limited company must also file a copy of its year-end accounts with its annual corporation tax return, which HMRC requires within 12 months of the year’s end. For sole traders and partnerships, there is no requirement to file accounts, but the information contained in them must be submitted on an annual personal or partnership tax return. There are some exceptions to these filing deadlines, so please do check with us.

What expenses can I claim through my business?

There are many expenses that can be claimed through your business, and these very much depend upon the nature and structure of your business. To qualify as a tax-deductible expense, it must have been necessary and incurred wholly and exclusively for the purpose of the trade, and a full record of the expenditure must be kept. Valid areas of expenditure include office costs, motor and travel expenses, staff costs, marketing and advertising, legal and professional costs, bank charges and training.
But remember, the expenditure must be related to your business. For example, you can’t claim the cost of a five-week course in beauty therapy if your trade is architecture.

How should I pay myself?

This will depend upon the legal structure of your business. Sole traders and partners are taxed on their proportion of the company’s trading profits. They are paid by way of drawings from the business, and these drawings are not included in the calculation of taxable profits. A proportion of the money drawn should be set aside to pay personal tax liabilities.
If you’re a director and shareholder in a limited company, then we’d recommend that you pay yourself by way of salary and dividend. A little tax planning can ensure that you’re doing this as efficiently as possible and within HMRC guidelines, while maximising your take-home pay. You’ll also have the option of other benefits and pension contributions this way.

Will I always deal with the same manager or team member?

We take time to allocate you a dedicated, partner-led support team, so that you receive the due attention required at all times. This allows you to build trust and your dedicated team time to fully understand your business. There’ll always be one of your team members available to address your queries. You can rest assured that all our accounting experts are highly experienced professionals and your business needs will be met across the board. With a huge range of experience, we have the capacity to look after your accounting, payroll, audit and advisory services, giving you the best advice across a 360-degree spectrum.

Meet our accounting experts

If you want to find out more or to discuss your specific business requirements, don’t hesitate to get in touch. Our Chartered accountants in London and St Albans accountants below will be happy to help.