Wood & Associates LLP
Hove, East Sussex
(7)
Hove, East Sussex
(7)
We are accountants based in Hove, East Sussex. We do work for small and medium sized businesses, providing tax advice and preparing and submitting returns for clients. We have a number of clients that range from limited companies, limited liability partnerships, sole traders, and partnerships.
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7 customer reviews
MatthewH-508
Ollie never fails to help. I recently started a new venture and tax side not my strong point, Ollie has guided me and taught me many things on xero accounts as well as answering questions re advanced tax issues. Do not hesitate to use these guys . More...
Reviewed on Yell
ThomasK-73
Best accountants I have used, always no problems.
Reviewed on Yell
RupertD-7
I've been using Wood & Associates for over 7 years now and would happily recommend them to anyone seeking accountancy advice and services. They have always been extremely helpful, very knowledgeable in my areas of business, reasonably priced, and prepared to be proactive to help adapt and find solutions to the evolving changes in the areas personal and business tax. They have made my life as a small business owner much much easier!!! More...
Reviewed on Yell
AnthonyM-288
Wood & Associates have been working as my accountants for 12 years and I am delighted with the service that I have received in that time. Steve and Olly are meticulous in everything they do, and take great care to ensure that my business requirements are fully met. It’s great to have a local firm that works to such a high standard, and is absolutely reliable. We certainly would not hesitate to recommend them. More...
Reviewed on Yell
PhilipG-104
I have used Wood & Associates LLP for 6 years, great service and reasonable fees, i highly recommend them.Philip GiblinBrighton and hove window cleaning.
Reviewed on Yell
MrL-31
Excellent service from a firm that treats you as if you were a partner, always easy to talk to & well skilled in explaining the tricky world of accounting to us simple folk that run other businesses. Heartily recommended for every occasion. More...
Reviewed on Yell
DavidH-1410
Excellent service. Very helpful and prompt in completing my returns. David HarrisonDHA Contracting Limited
Reviewed on Yell
What kind of accounting services do you provide?
We provide a range of services including:
Year End Accounts
Tax Return Preparation
Payroll Services
VAT Returns
Tax Advice
Capital Gains Tax Advice
Why is it so important for businesses to hire a great accountant?
It is important to be confident in the advice that you are receiving. If you have just started your own business, there are bound to be a number of questions you have. We can advise on the advantages and disadvantages of trading as a company, partnership, or as a sole trader, so that you have all the information you need to make a decision.
Most people are completely unsure where to begin, so we start off by going through the steps that need to be taken to make HMRC aware of your self employment income or registering a company with Companies House. The initial steps will be to meet and to discuss your business and what is involved, after which we will give you a quote to do the work. After that, we will send forms to HMRC to let them know that you have self employment income and that a tax return will need to be filled, or that a your company is trading and a company tax return needs to be filled. You can ask us any questions that you have from bookkeeping advice to more in depth areas of tax.
We can also advise you on the best way to keep records of income and expenses.
Year End Accounts
We provide services for a range of different businesses that includes;
Year end work for Limited companies
Year end work for Limited Liability Partnerships
Accounts for sole traders and partnerships
Year end work for rental income
We will prepare accounts in accordance with all of the relevant accounting standards. We make sure that the necessary disclosures are made in the accounts in line with accounting standards before they are submitted to Companies House.
We can advise on how to keep records and to record transactions in bookkeeping software, such as Xero, Sage, QuickBooks, and Freeagent. Keeping good records, will help to keep track of income and expenditure in the business. This can help to budget effectively.
We offer monthly payments to clients to help spread the cost of doing the year end work over the year.
Tax Returns
Tax legislation in the UK is one of the largest in the world and can be confusing and complicated. Even the most straight forward tax return, can be complicated.
Some of the most common reasons you will need to file a personal tax return are;
you were self-employed – you can deduct allowable expenses
you received £2,500 or more in untaxed income, for example from tips or renting out a property
your income from savings or investments was £10,000 or more before tax
your income from dividends from shares was £10,000 or more before tax
you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
you were a company director – unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or benefits, like a company car
your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
you had income from abroad that you needed to pay tax on
you lived abroad and had a UK income
your income was over £100,000
you were a trustee of a trust or registered pension scheme
This list does not cover everything, so if you are unsure whether you need to file a tax return, it is best to check. If you need to file a tax return and register for self-assessment after 5 October following the end of the tax year, then you may be charged a penalty.
As part of our service we will;
Make sure that you are aware of all transactions that need to be included on your tax return.
Calculate your tax liability
Advise on any tax savings that can be made
Complete your tax return
File you tax return
Let you know payment deadlines if any liability is due
If you are unsure whether you will need to file a tax return, get in touch and we can discuss this in our free initial consultation.
VAT Returns
VAT can be very complicated for some businesses. We can advise on a range of areas of VAT such as;
Whether your business needs to register for VAT
Advice on all the eligible VAT schemes and which schemes will be most appropriate
Advice on supplies of services and goods and the rates of VAT that are applicable
Advice on reclaims of VAT on expenses
Updates to legislation affecting VAT, such as changes to the Flat Rate VAT Scheme
Tax Advice
Rental income advice
https://woodandassociatesllp.com/2017/02/20/landlord-tax-update/
