Business Finance and Tax Specialists Supporting Your Growth Through Change
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Contents
4
Our Services Explained
5
Grants and Funding
8
Business Consultancy
10
Tax Advice
12
Payroll
14
Accounts
16
Business Start-Up Advice
17
Established Businesses
18
Self Assessments
20
Creative Services Tax Relief
22
Your Consultation
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Who we are HDH Accountants and Business Advisors are a company headquartered in MediaCityUK Salford. The company’s mission is to support Technology, Manufacturing and Creative businesses with their operations, with services ranging from one off support to fixed fee packages including: • • • • • • • • •
Payroll Growth Support Company secretarial support Making Tax Digital Corporation Tax Quarterly VAT returns Bookkeeping Year end accounts preparation Creative Services Tax Reliefs In addition, HDH Accountants offer bespoke services such as:
• • • •
Tax Advice (including: VAT services, self-assessment, cash tax management, tax investigation support, tax incentives) Accounts (how you should register your business based on your goals) Payroll services (payroll setup, weekly/monthly bureau, auto enrollment/ pensions, contractor/IR35) Business consultancy (including motivating the workforce, Covid-19 recovery planning, investor and funding readiness)
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Grants and Funding What if we told you that we can help you access free cash to promote your business growth? Business grants can take many forms; they can be awarded by other organisations to the UK government, so this really is one of the best ways to acquire cash to start exploring markets that were previously unavailable to you. Investing money can be scary, especially if you’re a start-up, so stop worrying! Unlike loans, business grants are available to you without any strings attached so take advantage today. The world of grants can be quite confusing and overwhelming, so let us make this process a little bit easier for you. Grants for star-ups as well as small firms are normally categorised into 5 main groups:
Innovation Grants It has become apparent in the recent years that the UK government strives to take the lead in the innovation field. It therefore comes to no surprise that there is a lot of support available to small firms that have large plans! These grants are predominantly available through third or independent parties.
New Enterprise Allowancce New Enterprise Allowance is a business support funding stream aimed at individuals over the age of 18, that are claiming benefits from the government but are still working on launching a new start-up.
The National Heritage Fund The National Lottery Heritage Fund is specifically designed for businesses that are looking to re-invent the sector or maintain its appeal. This is a vast funding pot, so if you are working in the cultural industries, places rich in historic value or locations with a cultural appeal, you might be eligible for support.
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The Prince’s Trust The Prince’s Trust is a fantastic initiative that supports individuals between 18 to 30 in “special circumstances” with setting up their own business, paired with mentoring and training.
Small Grants In England It makes a lot of sense for any small business or start-up to seek support from their local Growth Hub or LEP. Their support can provide you with the crucial mentoring and technical support for your business to grow sustainably. Since their establishment in England, £25 billion has been privately invested across 2 million small businesses, through 38 LEPs that have collectively generated 180,000 new jobs. Small Grants In Northern Ireland
Your number one resource should be NI Business Info if you are a small firm operating in Northern Ireland. The site is the most informative for businesses located in the area, providing you detailed information
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on grants, funding, and the Invest NI Innovation Vouchers. The vouchers are designed to promote engagement and collaboration on innovative projects between businesses and public sector organisations.
Small Grants In Scotland
The Scottish government has a full website dedicated to all the grants that are available for entrepreneurs. Depending on where abouts in Scotland you are located, you will be eligible for different grants. If you are in the North of Scotland, your business might be eligible for grants through the Highland and Islands Enterprise. You may also be eligible for grants and funding streams through the Scottish Enterprise; however, it is always best to check individual criteria.
Small Grants In Wales There are currently 1,054 business grants on offer in Wales. The most efficient way to sieve through the grant information that is currently available in Wales is by using the Finance Locator. The Locator will provide you with a list of grants that are best suited to your needs based on the information you provide.
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Business Consultancy
HDH Accountants and Business Advisors provide businesses within Manufacturing, Technology and Creative sectors with bespoke business growth and accounting advice. Our team is dedicated to delivering the best customer experience to set your foundations up for growth and to maximise your profits. With a strong background in business consultancy and working with large corporates nationally and multinationals, we are confident in our abilities to deliver top quality services at a minimum cost to your business. Our team of trusted accountants is only ever a call away, always providing you with pro-active, compliant, and tax-efficient advice.
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As part of our business consultancy package, you will receive: • • • • • • •
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An initial free 1-hour consultation Small business start-up strategy/planning Business development advice Non-exec director services for growing businesses Structured FD/CFO services for SMEs Investor and funding readiness services Process improvement and optimisation services
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Tax Advice Tax is something that affects everyone, yet it can be a very complex thing to understand. Making sense of what you must pay, your liabilities, self-assessments, VAT, what tax reliefs are out there to support you, our team can help you navigate this minefield with expert advice. With Chartered Tax Advisors inhouse, we can provide you with extensive knowledge to help you understand your position. With our FREE 1-hour consultation available to all our new prospect clients, we can really get to grips with what your goals are, how your business operates and provide bespoke advice. At HDH, you will always get careful tax advice that is really tailored to your goals. With comprehensive tax planning specifically tailored to your objectives, we can guarantee ongoing practical advice to the ever-changing landscape of your relative field.
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Here's how HDH can support your tax needs: • • • • • • • • • • • • •
Personal Tax Advice Corporate Tax Advice VAT Capital Gains Tax Inheritance Tax International Tax Property Tax Tax Investigations Share Schemes Trusts R&D Tax Relief Making Tax Digital Creative Services Tax Reliefs
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Payroll
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At HDH, we have helped several clients set up payroll systems using the latest cloud based software.
We can help you do this efficiently, making sure your employees are paid the right amount, at the right time and all tax and NIC contributions are paid to HMRC. To keep your clients, your employees and yourself happy, this area of your business must operate smoothly however, that’s not always easy to achieve. HDH can take this stress away from you. Responding quickly and compliantly to everchanging legislation can be quite overwhelming, and that’s not even the main thing that you have to consider. Here are some of the key things that HDH offer within our Payroll Services.
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Our payroll services: • • • • • • • • • • •
Data entry National Insurance PAYE Auto-Enrolment Pensions RTI provided to HMRC Payslips Official documents, e.g. P45, P60 and P11d End of year summary GDPR compliancy
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Accounts
If you have started a business or are thinking about starting one, then you will need to decide on a business structure. You can choose to create a limited company, work as a sole trader or a partnership. Each business structure varies, especially when it comes to accounts and the bookkeeping. Sole trader owners are classed as self-employed; therefore, they have their own set of tax rules and regulations to adhere to. From a legal perspective, a sole trader and their business are considered one entity, however records should be kept in a distinct and separate format for several reasons. For a limited company, the year end accounts will set out details of the company’s financial performance, it’s a balance sheet (assets and liabilities), together with details of the directors’ remuneration. The limited company accounts will also form the basis of a company’s accounting and tax filing obligations. In addition, accurate and timely record keepings allow the business owners to make data driven decisions, helping to grow and streamline the performance of the business.
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If you are a partnership, you will need to state the balance of the current accounts for each of the partners. It’s important to note, if you are self employed and you are looking at getting some finance or you’re applying for a mortgage, the bank would normally like to see a set of accounts. In terms of deciding on your year end, it does not matter in what business structure you operate, you are free to pick your own year end to suit your business needs. If you have multiple business interests, we recommend making all of your year ends the same to stay well organised. However, it does mean that all of your deadlines approach at the same time. Now, let’s not forget about bookkeeping! Accurate and up to date accounting records are essential for any business. They give you real time visibility over the performance of your business and enable you to make data driven decisions, helping your business grow. Issues can be identified before they start to affect the performance of the business. You will also have an overview of your tax liabilities, ensuring no nasty surprises at year end! Bookkeeping is a necessary and important part of running a business however, keeping accurate and up to date records can be time consuming and stressful, not to mention being an unwelcome distraction from focussing on what you do best – running your business. At HDH, we are experts in making accounting and bookkeeping simple as possible. We utilise several leading bookkeeping software tools to automate the process – so let technology do the heavy lifting!
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Business Start-Up Advice Every entrepreneur wants to have a successful and a profitable business, but they fail to understand that in order to achieve this, you need to be on top of your financial management from the get-go. Accountancy sits at the heart of your business; understand your finances and watch your business grow. How you run your finances affects absolutely everything that you do, from you employees, any shareholders, or investors that you’re working with, to customers and let’s not forget HMRC. If you do not possess strong skills in basic accountancy or bookkeeping, you might be hindering the process that you’ve worked so hard to make.
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Established Businesses Each business goes through a variety of stages of growth, so hiring an accountant for some of them makes absolute sense. We’re not disputing that it’s a tricky decision to make, hiring an accountant, as they can support you with business planning, applying for any loans as well as managing tax investigations, an accountant can be a real asset. This does not necessarily mean that you need to hire an accountant on a full-time, in-house basis. If you are a SME or a start-up, you do not need a full-time accountant, sometimes a few hours’ worth of work will suffice for your needs. If you really want to add a monetary value to your struggles, consider how long these simple tasks would take you to complete and to what standard those would be done to. You can add longterm value by outsourcing these tasks to specialist like HDH and put your valuable time to good use by dedicating this newly acquired time to your best skill: running your business! Risks are mitigated, costs are lowered, leaving you free to focus on your business.
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Self Assessment Tax Returns Self Assessment Tax Returns (SATR’s) are a necessary document which is required to be submitted to HMRC on an annual basis if you are in receipt of income which is not categorised by PAYE. SATR’s are complicated and require detailed information in order to be completed and submitted compliantly. If these aren’t submitted on time or correctly, it can be quite a stressful and costly time as HMRC impose multiple fines. There are many reasons why you might be required to submit a self-assessment, here are a few to list: • • • • • • • •
You are self-employed You are a director of a company You have savings that have not yet been taxed and/or investments You own a property and/or land that you are renting You have been in receipt of income from overseas You have given a form of an asset away (e.g. you have sold some shares) If you are involved in a partnership If your house income exceeds £50,000 while you claim child benefits
HMRC staff do not provide advice on how to organise your finances to minimise your tax liability, hence why if you want to make sure that you are making the most of your finances, you should consider getting in touch with a professional.
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Creative Tax Relief Services There are many creative tax reliefs out there to support the entertainment industry. Here at HDH Accountants and Business Advisors, we provide top of the range creative tax service across all of the tax reliefs currently available. Although creative tax relief is very similar across all sectors, there is different eligibility criteria for all of them which we can help you navigate For majority of the reliefs, you won't be able to claim unless your company is liable for Corporation Tax as your benefit will come in the form of a reduction in your tax liability, or a payable credit. Again, this will vary case to case based on the scale of your production and what relief you are claiming for. Our Creative Tax Relief Services cover: • • • • • • • •
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Theatre Tax Relief Film Tax Relief Animation Tax Relief High End Television Tax Relief Children's TV Tax Relief Orchestra Tax Relief Museums and Galleries Tax Relief Video Game Tax Relief
As part of some of the reliefs, you will be required to obtain a certification from the British Film Institute confirming that you are indeed a British production. We provide this service for FREE to all the businesses that wish to claim their relief with us. Get in touch with us today if you would like to learn more about the eligibility criteria for each tax relief and how the process for claiming works within your sector.
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Your Consultation
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Don't hesitate to get in touch! Call us today to discuss what your business needs and how we can get you there.
It doesn't matter whether you are pre-revenue, a start-up or an established business, HDH accountants are here to help companies of all sizes reach their full potential. If you have any questions regarding your accountants or services that we offer, just get in touch with us via phone or email and one of our accountants will get in touch with you. We want to help your business grow, so let us help you with your finances which will free up your time to focus on other aspects of your business. At HDH we offer a FREE one hour consultation to find out more about your business, your goals and what the best strategy for achieveing them is.
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Contact Us Tel: 0161 714 4720 Email: info@hdhaccountants.co.uk Website: www.hdhaccountants.co.uk