RIFT Accounting Services

RIFT Accounting knows that to survive in business, you need your figures to add up. But why would you want to stop there, when there's so much more we can do?

We're not just accountants and tax experts, and you're more than just the bottom line of a balance sheet.

We want to see you grow, and work with you to achieve your ambitions…

If you're taking on new people or investing in premises and equipment, we've got you covered.

Our services include:

Company Accounts and Corporation Tax Returns

Preparation and filing of your annual company accounts at Companies House and your corporation tax return with HMRC. These are critical to your business, and the sooner after your year end these can be completed, the more useful the numbers become. This can assist with financial planning, cashflow and generally having a good ‘hands-on’ feel

Confirmation Statements

RIFT Accounting will assist with your annual confirmation statement to Companies House, making sure you keep them up-to-date on the essential information about your Directors and Shareholders.

VAT

If you need to be registered for VAT, we will assist, by ensuring you are on the correct VAT scheme and assisting with providing the correct software and assist with your returns.

Payroll

Whether it is just you on your payroll or if you employ some staff too, we can work with you to calculate weekly, fortnightly or monthly wage payments, provide pay slips and calculate the correct national insurance and income tax payments. We also have a Payroll portal that allows you and your staff to log in and view payslips and we can also arrange to make your payments to save you valuable time.

CIS Monthly Returns

If you pay sub-contractors through the CIS, HMRC will want to know how much you pay them on a monthly basis. Let us take care of completing these returns for you, we can also make the payments on your behalf.

Cloud Accounting

You will be able to keep your paperwork up to date using a cloud accounting system. We can assist you to choose the right software for you and your business.

Paying for our accounting services

Our payment terms couldn't be simpler. We charge on a monthly "pay-as you-go" basis and you will only pay for the services that you require. We will also put together a package to suit your requirements.

Switching from your existing accountant

Don’t worry - you don’t need to speak to them if you don’t want to, and you don’t need to give a reason for the transfer, please get in touch and we can assist you with the process.

Business bodyguarding

This is our favourite part! We'll stand guard over your accounts to make sure everything is going great. If we're worried about something, we'll ring you to offer some guidance.

We want you to understand exactly how your business is doing, so you can make informed business decisions as you go forward.

We’ll keep a watch on your finances with a heads-up about any obstacles or opportunities heading your way.

For our accountancy packages and to request a quote / call back -

New Limited Company Set Up

Construction Industry Scheme (CIS)

Construction Industry Scheme (CIS)

If you’re working under CIS, you’ve got to make smart decisions to get the best of it. That starts with looking at your business set-up.

Should I be a sole trader?

When you start out, a lot of people find it makes sense to go the Sole Trader route. Once you’ve established yourself a little, though, it may be advantageous to look at becoming a Limited Company.

Sole trader
Limited company

Is a Ltd Company more tax-efficient?

A Limited Company is a more tax-efficient way to pay yourself. With more flexibility on how you draw money from your business, from salary and dividends to company pensions, you could potentially reduce your personal taxes.

Will I still need to be CIS registered with a Ltd Company working in construction?

Yes, if you change to trade as a Limited Company, you are still going to trade under CIS. When you’re a contractor, you take 20% from your subcontractors’ pay and send it directly to HMRC. But only if your subbies are registered for CIS. If they aren’t, the deduction increases to 30%!

What if you’re working for a contractor, but still hiring subcontractors yourself, though? Your contractor will still make CIS deductions before paying you, as normal. You will then take CIS payments out of your subbies’ pay. The amount you end up sending to HMRC depends on which is higher – the amount the contractor took from your pay or what you’ve taken from your subcontractors’.

CIS registered

 

We know; it sounds complicated, but here at RIFT Accounting we are here to help you, and with the right help, you’ll sail through the paperwork with no stress from the taxman. RIFT Accounting has a specialist accounting service for construction workers, so get in touch to find out what we can do to help. If you’re thinking of setting up a Limited Company, we can get you safely registered and guide you through the process. If you’re already running one, we can do even more to save you money and hassle.

working with you to grow your business for the future? You didn’t know accountants did this?  Well, RIFT Accounting does, and that’s what makes us different. Here at RIFT Accounting, you will have a dedicated accountant, with the relevant support required who are committed to providing you with the best possible support and will want to get to know you and your business.

Here at RIFT Accounting we understand that your business means a lot to you and you want your accountancy in safe trusting hands.

Most people choose an accountant based on location and expect only an annual numbers check in return for their business. Sadly, it’s what people have come to expect. Worse still, many people say they “dread” contacting their accountant! Your accountant should be a trusted part of your team!

Research has found that 1/3rd of small business owners say that they are too scared to ask for advice about running their business, due to the cost, yet 75% of business failures could have been prevented with better financial advice, understanding & support.

 

How To Switch Accountants

Here's all you have to do to switch your accountant:

Come and talk to us so that we can work with you to pick the service that best suits your business and your future plans.

Give us your current Accountant's details, along with the services that they provide for you.

We'll take the whole process of switching accountants onward from there. We'll contact your accountant and have all your accounts and tax details sent to us. There'll be no disruption to your business and no messing about with complicated procedures. The changeover will be smooth and fast (a couple of weeks, in most cases).

It's important that you choose the right accountant for your business and your particular needs. These may have changed over time, and will likely change again as you grow or develop new plans.

Your business is about more than just the numbers, and so are we, we are here to give you business and financial guidance, support and encouragement whenever you need it - not just when you've managed to schedule an appointment. We're not going to try to hammer your business into some pre-conceived shape of our own - we want to help you build the vision that you believed in when you first set out.We specialise in looking after small businesses and start-ups, as well as established businesses, looking for a new way of working. With our help, you will understand much more about your finances and will want to get right under the skin of tax advice, property issues, asset disposal or acquisition, raising finance and all that other stuff!!

What Is Cloud Accounting?

A Better Overview of Your Finances

The cloud: it's nowhere, anywhere and everywhere all at once - but what is it?

Don't get hung up on the metaphor. The "cloud" is just a useful way of representing an intangible thing. If you use social media or online data drives, you're already using the cloud; you just may not realise it. Google Drive, Dropbox and online banking are all good examples.

Simply put, using the cloud just means storing and processing data over the internet. Remote servers are networked to provide vast computing resources that would otherwise be restricted to the largest and richest corporations.

You can use cloud-based software from any device with an internet connection, without the costs or hassle of upgrading your systems. It's all part of your subscription.  We work with a number of providers, including, Clear Books, Odoo, Xero, FreeAgent and Quickbooks, all of which work with a whole range of business systems and payment software. It’s very easy to use and customise as your needs develop and our RIFT Accounting team have a vast amount of knowledge to be able to assist clients.

Cloud accounting offers a useful overview of your finances and helps you work with your team, suppliers or customers, allowing you to work smarter and faster. Your data is always securely backed up and you can log in and work with us from anywhere – seeing exactly the same screen as us.

If you are just starting out – you may want to consider our LEAP package to get you started - https://rift-accounting.uk/services/

Value Added Tax (VAT)

Registration and Returns

VAT is charged on most of the goods and services traded in the UK.

If your company hits the “VAT threshold”, and the service you provide is not for any reason exempt, then your business will need to become VAT registered.

Some companies register for VAT even though they haven’t reached the threshold. If this is an option you would like to consider, then we will be happy to discuss this with you.

If you are a VAT-registered business you can generally claim back VAT that has been paid for materials or other goods. Depending on your circumstances, if your business isn’t registered for VAT, you might be missing out.

The first thing to be aware of is that there are various VAT schemes for VAT registration. We can help you to work out which type of VAT will be the most appropriate for your business. There is another set of regulations called VATMOSS that applies to the selling of digital services in the EU.

Not all goods and services are treated equally when it comes to VAT, with some having a lower rate applied and others being exempt altogether.

All VAT returns need to be completed via accounting software – which is part of the Making Tax Digital (MTD) which HMRC are making mandatory across a variety of tax processes. 

It’s a fine line sometimes - a cake is zero-rated even if it is covered in chocolate, whereas a biscuit is 20% VAT rated even if it is wholly or partly covered in chocolate. So it's definitely worth staying on the ball when it comes to the rates that apply to your business.

While you're generally free to register your business for VAT even if you don't have to, there are situations in which it's compulsory. Basically, if you're dealing in goods or services that VAT applies to, you'll need to register within 30 days if your turnover hits the "VAT threshold".

If you do register for VAT, there's some paperwork to keep up with, which we will be glad to assist with. You will need to complete a VAT return, and let HMRC know both the amount of VAT that you've charged on sales and the amount you've paid out on your own purchases.

It will also be important that you are using accounting software and here at RIFT Accounting we can help you select the most appropriate software for your business, and either provide you with some training in order to complete your bookkeeping to keep your company records in order, or we can agree a fee for us to complete this for you, so that you can continue working on and in your business rather than getting tied down with admin.

Once the numbers are crunched, you'll either get a bill or a rebate, depending on the difference between what you've charged and what you’ve paid.

VAT can be extremely complex so talk to us about your specific business set up.

As with all tax-related matters, solid guidance goes a long way toward making sure you never miss out or get tripped up.

Get in touch today