Ascot Drummondonline accounting for your business

Bar accountants & business advisers

 

Accountancy packages

Ascot Drummond offers a comprehensive range of accountancy packages designed to meet the specific needs of the Bar. Ranging from fixed-fee packages to fully outsourced accounting services. Whether you are self employed barrister, advocate or clerk or a chambers seeking accountancy support for your service company, we have a solution for you.

 

Client loyalty

 

Like most accountants we seek to build long term relationships with our clients. Unlike other accountants we put our money where our mouth is, by rewarding client loyalty with a cumulative discount on our standard fee tariff.

For more information download the terms & conditions.

 

Structure and Type of Business

At Ascot Drummond we understand the nature of the business structures currently operating within the Bar. Our services are therefore focused on the needs of the self employed and the various sets that are making use corporate vehicles. We acknowledge that the Bar Standards Board has recently relaxed the rules prohibiting partnerships; however we do not believe there is any appetite within the Bar for the establishment of partnerships. Consequently, whilst we can support partnerships we have chosen not to include partnerships within our current bar offering.

Self-employed

If you're registered as self-employed, every April HM Revenue Customs (HMRC) will send you a tax return or a letter telling you to file online. This relates to the previous tax year, from 6 April to the following 5 April. If you receive a tax return, HMRC will always send you the core pages of the tax return - forms SA100 and SA101. You may also have to fill in some supplementary pages, depending on your circumstances. For example:

  • As a self-employed person you'll need to complete either page SA103S (if your billing is below £68,000) or SA103F (if your billing was £68,000 or more).
  • You may need page SA102 if you also work as an employee.

It's best to complete and send back your tax return online. Online filing is secure and accurate and the software automatically calculates your tax. You also get an immediate acknowledgement when HMRC receives your tax return and faster repayment.
You must normally keep your business records for five more years after the normal filing deadline of 31 January. This date applies even if you've sent in a paper tax return.
You may need to keep them for longer if you send your tax return back late or if HMRC tell you they are checking your tax return.

Click here for details on our fixed fee packages for the self-employed.

Limited companies

A limited company is one of the ways that you can structure a business. In contrast to other types of businesses for example sole traders or partnerships; a limited company is a legal entity distinct from its shareholders and directors. A limited company comes into existence when it is registered at Companies House. It must file certain documents with Companies House when first established and on an annual basis. Companies House filing requirements are separate to what your company needs to do for HMRC Corporation Tax purposes.
When you set up a new company you must advise HMRC whether your company is liable for Corporation Tax and file a Company Tax Return for each Corporation Tax accounting period. You must take these steps regardless of whether your company will actually have any Corporation Tax to pay. You will need to take these steps whether or not your company is active or established as a not for profit company.

Click here for details on our fixed fee packages corporate vehicles,
or find out about our accounts outsourcing services.

 

tel: +44 (0) 1382 201300
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