SERVICES FOR BUSINESS OWNERS

Small Businesses Accountants

Looking for a small business accountants in Surrey? If you are thinking of setting up as a sole trader or limited company, or if your small business is already well established, Butt Miller can relieve you of managing your accounts, so that you can focus on your operations.

Welcome to Butt Miller, accountants for small businesses in Surrey

At Butt Miller, we have years of experience in helping small businesses thrive throughout Surrey. Our comprehensive range of chartered accountant services can be tailored to meet the needs of your small business at any stage of development.

Surrey provides an excellent base for sole traders and limited companies, with its thriving property market, higher than average household income and transport links to major towns and cities. Based in Camberley, Butt Miller are ideally located to serve small businesses throughout Surrey, and beyond.

Our friendly and professional team of chartered accountants can lift the burden of managing your finances, freeing up your valuable time to focus on your business. We can also provide valuable advice to help your business to become more efficient, profitable and future focussed.

We’d be delighted to discuss your requirements, so feel free to contact us at any time.

What is classed as a small business?

Small businesses are generally defined as having fewer than 50 employees and an annual turnover of under €10 million. The business structure could be a limited company, a sole trader or a partnership.

What do small business accountants do?

Small business accounting services range from helping the company start up, all the way to acting as an outsourced finance department, dealing with the day to day financial running of the business and supporting the owners in their business goals.

Additional services that an accountant can provide include bookkeeping, payroll, statutory company accounts, VAT returns and Corporation Tax, helping reduce the burden on the owner so they can solely concentrate on running and building the business.

Our Surrey small business accounting services

At Butt Miller, we offer accounting packages tailored to our clients’ individual needs. Our team of small business accountants offer a full range of services to make life easier, and provide our clients with support at every stage of their business development.

Limited company set up

Making the transition to become a limited company can be a minefield, with a whole host of new legal obligations to HMRC and Companies House. We can help you start up your limited company and give you the foundations to hit the ground running.

Business and tax advice

As your business grows, Butt Miller can offer sound business and tax advice to optimise your finances and profitability. We will ensure that you are operating tax efficiently and can be on hand to answer any financial queries that you may have.

Payroll

Payroll can be a confusing and time consuming business. We can save you time and resources by acting as your payroll department, helping you deal with PAYE, national insurance and pension contributions.

Bookkeeping

As a new small business, we can also offer you a reliable service for your monthly bookkeeping. We will ensure that your business transactions are recorded promptly and accurately, so that year end reporting can be carried out with ease.

VAT

If your small business is thriving and reaches the threshold for VAT, we can help with VAT registration and ensure you are compliant. We will walk you through the complex legislation and lift the administrative burden of filing VAT returns.

Making Tax Digital

HMRC’s Making Tax Digital (MTD) initiative promises to make tax affairs much easier for small businesses by digitising tax administration – but it is not without complexity. We can guide you through the transition to MTD, providing advice on the new processes and compatible software.

Personal Tax Affairs

Whether you are the director of a limited company or a sole trader, it can be beneficial for us to deal with your personal tax. By taking a holistic view of your tax affairs and with careful planning, we can help you to become as tax efficient as possible.

What information do I need to give my accountant for small business taxes in the UK?

The information you need to give your accountant depends on your business structure, which determines your tax liability:

Limited companies

If you run a limited company, your corporation tax liability will be calculated from your profit found in the year end accounts.

If this is done by your accountant, then in most cases they will also deal with your corporation tax returns, as they will have the best idea of the type of business expenses and revenues that have gone through the company during the year.

As part of our monthly bookkeeping services for small businesses, we can estimate your corporation tax liability allowing you to prepare for any upcoming tax bills.

A director of a limited company may also be required to complete a self assessment tax return, particularly if they withdraw money from their small business in the form of dividends.

Sole traders

In a similar way to limited companies, sole traders’ tax liabilities will be calculated from the profit found in their annual accounts. The difference here is that sole traders are subject to income tax and not corporation tax and are therefore required to submit self assessment tax returns each year.

From April 2024, taxpayers with business and/or property income over £10,000 will be required to keep up to date digital business records and provide digital quarterly updates to HMRC through making tax digital (MTD) compatible software.

Xero cloud online accounting software – affordable, flexible and convenient

Xero cloud online accounting software enables you to access your finances on any device, in any location.

At Butt Miller, our tech focused team are qualified as Xero Champions, and can actively use the software to find ways to improve your business.

We’re the best placed partner to help develop your systems as your business grows, whether it’s adding Xero bolt-ons, or creating an entirely bespoke system. As Xero Champions we know the software inside out and can leverage it to design a system that works for your business.

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Check if our frequently asked questions can shed more light

Simply put, bookkeeping is the recording and organising of financial data which should be a regular process throughout the year, no matter what size your business.

As part of the bookkeeping process, the business expenses going through the company bank account will be split into different expense categories such as travel, vehicle expenses, legal fees etc.

A good bookkeeping system will allow you to easily monitor the health and progress of our business, and ensure that you are organised in preparation for your annual accounts submission. There are various types of accounting software which can help with bookkeeping and reduce the admin burden.

Accounting is the process of interpretation and presentation of this data, mainly for compliance purposes, for example through year end accounts.

A limited company is a separate legal entity, distinct from its owners. The income, assets and debts of the company are completely separate to those of its owners, even if there is only one sole director.

The director's liabilities to the business will be limited to whatever they have invested in the business or any personal guarantees that they have made for the business.

On the other hand, sole traders are not separate legal entities and therefore the income, assets and debts of the company are also the assets or liabilities of its owner. Any business debts that can't be met can therefore be secured against the owners personal assets, such as their house.

The way you structure your business set up will have a direct impact on the documents and returns that you are required to submit to relevant authorities, such as HMRC and Companies House.

At Butt Miller, we have had a huge amount of success in advising small business clients on the best way in which they should set up their business, allowing them to optimise their business efficiency and meet their accounting needs.

The way in which your small business is set up will have a direct impact on what type of tax you are liable for, and therefore what type of tax return you must complete.

Limited companies are required to submit a Corporation Tax Return (CT600). Profits from a limited company are currently subject to one rate of Corporation Tax which is 19%, this is due to increase to 25% from April 2023.

Sole traders are required to submit a Self Assessment Return (SA100). Profits from a sole trade are subject to income tax which is payable at different rates, depending on the level of earnings, as follows:

  • Tax free allowance - income up to £12,570
  • Basic Rate 20% - income between £12,571 - £50,270
  • Higher Rate 40% - income between £50,271 - £150,000
  • Additional Rate 45% - income over £150,000

These tax bands will also include any other taxable income that the business owner receives outside of the small business.

Profits of a sole trader will also be subject to national insurance through a Self Assessment tax return with the rate of national insurance depending on level of income, as follows:

  • Class 2 National Insurance - £3.05 per week if business profits are above £6,725 for the year (£158.60 in total)
  • Class 4 National Insurance Lower 10.25% - income between £9,881 - £50,270
  • Class 4 National Insurance Upper 3.25% - Above £50,270

An accountancy firm can help you set up your business in the most effective way, offering valuable financial and accounting advice.

They can also help you deal with all the ramifications that are incurred when setting up a business such as preparing relevant, legal documents that are required by HMRC and Companies House.

As a new business, small business accountants can also help you set up online accounting software such as Xero, so that your company has an efficient start to life. It is important that your business is set up with the correct legal structure as it can be difficult to change once set up.

There are many different ways in which a small business can be financed, this can be through internal and or external sources.

Internal sources include money put into the small business by the business owner and or his family and friends, this is one of the most common ways particularly for startups.

As small businesses grow and become more successful they will be more able to rely on their retained earnings to finance.

External sources of finance include bank loans and government grants and can be great ways of preserving your own resources whilst still enabling you to grow and expand. However, they can give rise to their own financial issues such as interest rates and repayment terms.

At Butt Miller we provide a professional and reliable service to assist you in running your small business. We have a a great wealth of experience in helping small businesses throughout Surrey, and we take time to understand our individual clients' needs in order to tailor the right accounting package to each and every one.

Ultimately, as a small business owner, you should concentrate on growing and developing your business without being weighted down by small business accounting. Should you choose Butt Miller to be your dedicated small business accountant, we will do our upmost to ensure you are relieved of any accounting burden and support you in achieving your goals.

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