Our Services
At Pritchard & Co Digital our clients vary but our approach to each client is the same: to provide all-round solutions, designed to add value to businesses. We recognise that companies and individuals require different support at different stages of their growth, therefore we don’t force square pegs into “one size fits all” round holes, instead we provide bespoke, practical advice, in straightforward language.
Digital and cloud-based accounting is growing rapidly as technology continues to become a vital part of our everyday lives. HMRC’s ‘Making Tax Digital’ initiative has prompted a full roll out of digital accounting, financial information must be stored digitally and your taxes submitted through compliant software, starting with VAT from April 2019. Cloud-based accounting allows you to keep all of your business records in one, easy to access online location. You can securely open your accounts at the touch of a button and create and send invoices, keep up to date with payments and much more.
We specialise in all round services for businesses from moving to cloud accounting software to corporation or family tax planning. We pride ourselves on providing a personal and professional service to all our clients and we consider our fees to be very competitive in the local area.
Accounting with Xero
At Pritchard & Co Digital we can use many accounting packages but we specialise in cloud accounting software from Xero. We not only help you to integrate Xero into your business, but we can also provide training to ensure you reap the benefits of digitalisation and everything Xero has to offer. One of the main advantages of cloud-based accounting is that you can receive real-time updates about every facet of your finances from any device, anytime and anywhere.
We can help with your accounts input and make adjustments where necessary based on any further information we gather from you and Xero will be reviewed and matched to what we submit to HMRC and Companies House. Accounts can be sent to you via software for digital signature by you to avoid reams of paper!
Cashflow Forecasting
A financial forecast can be part of a business plan or it may stand alone but, whatever you need it for, we can help you prepare it. Cash flow management is essential to your business operations, it is key to growth and keeps you in control of your business. With our wide-ranging experience gained over many years advising clients, we can identify early warning signs of cash flow going off track and advise what to do to improve it.
We can help you with your cashflow management by building a basic tool in Xero or by using specific cashflow apps, depending on the complexity of your needs. We help you to create and set budgets in Xero so that you are able to monitor your budgets against your actual figures. Working together we can increase the attractiveness, functionality and profitability of your business.
Personal and Company Tax
Whether you are director of a company, in a partnership or a sole trader, you will need to be on top of your tax bills. We can help you with both your personal and company tax information, we check your accounts through Xero or your preferred financial software and let you know your estimated tax bill as often as you need. For limited companies we can calculate the annual charge to Corporation Tax and claiming all available reliefs such as Capital Allowances and Research & Development tax relief.
Corporation tax can represent a substantial part of your yearly trading costs and should be monitored closely alongside other overheads to ensure your business is tax efficient and not overpaying. We also let you know the monthly salary and dividends to take out so you always know that you have sufficient funds in your accounts.
Payroll and CIS
We take care of payroll and CIS (Construction Industry Scheme) at our competitively priced payroll service. To help grow your business you need accurate records, we concentrate on supporting businesses in their growth and work pro-actively with you to help with all payroll issues. Our experienced staff can advise you on how much to pay HMRC and when, we provide support in helping you to comply with your employer compliance obligations.
Research and Development Tax Credits
Research and development (R&D) tax credits are a government incentive designed to reward UK companies for investing in innovation. They are a valuable source of cash for businesses to invest in accelerating their R&D, hiring new staff and ultimately growing.
If you’re spending money on your innovation, you can make an R&D tax credit claim to receive either a cash payment and/or Corporation Tax reduction. The money can be used for anything – hiring more developers, buying equipment, or even paying out dividends. If your company is taking a risk by attempting to ‘resolve scientific or technological uncertainties’ then you may be carrying out qualifying activity. If you think this could apply to you please contact us.
Property Capital Allowances
Capital Allowances allow commercial property owners to claim qualifying items of capital expenditure as a tax deduction and are a valuable tax relief. The aim of a Property Capital Allowance Review is to recover tax paid and reduce tax liabilities for companies and individuals that have spent capital buying and/or improving commercial property. Property Capital Allowances are also an important factor when buying and selling commercial property. Anyone who owns an interest in a property, whether it be a freehold, leasehold or as a tenant and incurs capital expenditure either by acquiring that property, developing it from new, carrying out a refurbishment or fitting it out, will all give rise to an opportunity to claim Capital Allowances.
Getting the right advice is crucial in satisfying new legislation and securing tax savings for you and your business. We work with a specialist partner to deliver this specific service. If you think it applies to you please contact us for a free initial consultation.
Tax Planning
As well as income tax there are also many other different forms of tax including Capital Gains Tax, Inheritance Tax and Corporation Tax. The taxation rules and reliefs can get complicated and allowances often change, so it’s important to make sure you are aware of the current laws to manage your personal and business finances in a tax-efficient way. Tax avoidance is not permitted , however, there are still possibilities to arrange things within the legislation to limit your tax exposure without straying into the realm of avoidance.
We will be able to help you plan your taxes in advance, our experts will devise effective strategies that will use the legal reliefs and allowances to minimise the amount you have to pay. If you feel that we can help with your tax planning, please get in touch.
Inheritance tax planning
Inheritance tax remains largely a voluntary tax, especially if you plan ahead. For property portfolios and cash and share investments, whether held as individuals or by a company, there is a range of reliefs and exemptions. Many find the idea of discussing inheritance tax and will planning uncomfortable.
People wrongly assume that inheritance tax planning must be complicated and regrettably, many families fail to take full advantage of what is on offer.
For clients in this position we can work with you to ensure you make use of all the reliefs and exemptions you can, we can build a tailor-made succession plan based on your individual circumstances.