Welcome to Greenway Accountancy
We are passionate about accounting…
Our online bookkeeping, tax and accounting services are simplified, efficient and cost effective.
Just send us all your paperwork, and we will do the rest!
For us, the key to delivering outstanding accounting services is understanding you, your business, and your aspirations, and then tailoring our approach and services accordingly to help you achieve your goals.
Greenway Accountancy specialises in providing bookkeeping, tax and accounting services to small and medium size businesses, whether it be a small third generation rural business or a new entrepreneurial venture in one of the UK’s thriving urban districts.
By working with clients from different industries and by listening to their bookkeeping, accounting and tax service requirements, Greenway Accountancy has developed professional services that are designed to fit entrepreneurs’ work patterns, and that offer support to businesses without them having to “break the bank”.
Accounting services that fulfil all legal, professional, and personal requirements are crucial for the success of every business. So we have built our accountancy practice around your needs, to be a core partner in your growth and success.
Our services do not require the use of any software or special business account, simply send us all paperwork and we will do the job.
Greenway Accountancy has a vision to be the independent accounting services provider of choice. An exceptionally dedicated professional service – just a click away!
ABC Small Business Accounting Services!
ABC Comprehensive Accounts is our package that covers all business essentials that you need to effectively run your business. For a fixed monthly fee you get an all year round bookkeeping service, monthly management reports, year-end accounts, VAT submission and returns, Corporation Tax Returns, and Personal Taxation.
Bookkeeping has never been easier!
Greenway Accountancy can help you with all your general bookkeeping requirements. You don’t have to purchase or use any bookkeeping software, all you have to do is to send us your invoices along with the bank statements and we will keep accurate records for your business activities.
Prices start from as little as £48 + VAT a month.
Are you a freelancer?
We have developed all-inclusive accounting package that covers all your bookkeeping, accounting, and TAX needs.
Concentrate working in your field, leave the accounting to us. Services start from £76 + VAT a month.
Forming a Private Limited Company
Following the recent updates in the governmental Small Business, Enterprise and Employment Act, there has been an alteration in the compliance procedure when forming a Private Limited company (The most popular business structure in the UK). The following are the legal details to be presented to the Companies House or Formation Agent when forming a Private Limited Company. Unless otherwise stated the following are contained in the public register of companies.
1. Company Name (Must be unique and approved)
In case your name exists in the database, you shall be notified.
2. Registered Office
This refers to the companies’ address which must be based in the UK.
3. The names of the Directors
These are the people that are entrusted with the responsibility of running and managing the company. Every registered company must have at least one person as the director or act as one.
The following are the legal requirements when appointing a director:
- Full Names
- Date of Birth (Month and Year are available on the public register. The date isn’t provided)
- Country of residence
- Service Address (The official directors’ address which is different from residential address)
Provided there is at least one person who has been appointed as a director, another company can always be appointed as a director. This happens because of the fact that a company, despite being a separate legal entity, cannot be its own director.
- Company name
- The names of the authorizing persons
- Country registered
- Registration Number
- The applicable government laws
- Legal form
4. The Names of the Shareholders
This refers to the person or institution that owns shares of a company legally. It is allowed to form a company limited by shares with one person acting as a director and a shareholder at the same time. The following are the legal requirements when appointing a shareholder.
- The full names
- Relevant Addresses
- Share allotment
During the process of private limited company, it is impossible for a company to act as its own shareholder. It would require another company to take up the role. In order to appoint a corporate shareholder, the following details must be provided.
- Company Official Name
- Authorizing person’s name
- Allotment of shares
5. Standard Industry Classification Code (SIC)
The SIC Code refers to a5-digit number that identifies the industry within which every registered company belongs. If you aren’t sure of the industry you belong simply use the code 82990 and identify your industry. From time to time, you can always update the SIC code whenever you are filling a legal confirmation statement or any other applicable transaction.
6. People with Significant Control
In a move to enhance transparency in business, especially in clearly identifying those entrusted with the responsibility of running and owning the business, this section has been introduced. In accordance to the government business regulations, a person is considered to have significant control if he/she:
- Owns more than 25% of the company shares
- Has more than 25% of the company voting rights
- Holds the legal right to appoint or remove majority of the directors from office
- Has the right to or exercises full control over the business
- Has the right to or exercises full control over a company or trust that meets one of the above conditions.
A person considered to have significant control must provide the following for documentation purposes. The nature of control must also be indicated.
- Date of birth
- Country of residence
- Service address
Note: The physical address is not included in the public register unless it also serves as the service address.
In the past, the role could be taken by a person who was responsible for other administrative tasks. If for instance, one decides to appoint a secretary, he or she will have to document their full names and their service address.
7. Memorandum and article of Association
These two are legal documents that outline how a company is governed and run. There are formation agents that provide Memorandum & article of association that can suit a majority of companies. The only requirement is to provide all the legal information required to form a private limited company.
Forming a private limited company is as complicated as many people think, and in many occasions appears to be much more tax effective than running a business as self-employed.
Starting a Business
Starting a business comes with its own legal implications and therefore, calls for proper decision making. Whether you decide to incorporate your business as a partnership, limited company or any other structure, you must be aware of the related costs, responsibilities, and the likely liabilities. Most importantly, you must ensure that you comply with all the legal requirements related to the registration, licensing and any other legal process during the startup.
Before starting a business, it is crucial that one decides whether to start from scratch, buy an existing business, merge or do a franchise. To avoid possible future disputes, ensure that the partnership duties, rights, shareholder agreement among other legal contract matters are set out clearly before embarking on the business.
Picking a business name could impact heavily on the business success. Despite the fact that most people perceive a business name as an afterthought, it is one the most important marketing assets in the corporate world. One has to ensure that the name picked doesn’t conflict with the existing laws or conflict with certain interests. For instance, one has to ensure that the chosen name or trademark doesn’t match with those of the already existing and registered companies.
Choosing the Right Legal Business Form
Deciding on the right business form requires thorough preparations and critical thinking, especially in a situation where more than one individual(s) is involved. At times, one may end up establishing a business relationship without intending to do so. For instance, equal personal liability to business debts may occur in a partnership.
Despite the higher costs and administrative burdens involved, most business owners prefer registering their businesses as limited companies. This is why quite a high number prefer sole-proprietorship form because of the simplicity and the straightness involved. Limited Liability Partnership (LLP) is another better alternative when forming a limited company. Tax Obligations on the different forms of business and personal liability are also some of the key considerations that shouldn’t be ignored.
It is always very important that one thinks over and over again before buying a new business or investing in a franchise. Generally, addressing all the important legal issues when starting business streamlines the process and avoids unnecessary penalties and fines.
Company Registration and Other Requirement
Regardless of the form of business, notifying the HM revenue & Customs is compulsory. In addition, it is necessary to comply with tax deductions such as PAYE and National Insurance for employees. VAT registration may also be required depending on the form of business and the nature of transactions involved. It is also important to understand the fact that some businesses require a license or unique registration processes.
In addition to the above, health, safety and environmental standards must also be given consideration. They are mostly important for businesses that are located in a particular location or premises.
Do You Need A Payroll System?
Provided your business has employees, you need a payroll system running in order to succeed. Apart from streamlining HR operations, a payroll system ensures that the Income tax & National Insurance deductions and other legal obligations are met. With that said, how then, do you find the best payroll system for your business?
Some businesses used to rely on manual payrolls but since the introduction of HMRCs Real Time Information (RTI), new requirements have made it impossible to virtually depend on the old systems. Every time a business runs a payroll, it is required by RTI to submit information electronically to HMRC. This is also done through the RTI systems.
Many businesses face challenges putting up with the complications of the auto-enrollment system of pension contributions. The free HMRC Payroll Tool is an option for businesses with fewer than nine employees. However, the major downside with using basic HMRC Payroll System is the time consumed and the inability to be used with firms that take on more employees. Firms that use basic HMRC do outsource their payroll upon expansion or transfer the employees’ data to an electronic payroll system.
Majority of the payroll systems already in place are integrated with features that enable them to handle RTI and process auto-enrollment. It is possible to complete key payroll forms and submit them to HMRC. Delay penalties in filling information and errors are greatly minimized because the payroll system does all the calculations.
- The system helps in avoiding calculation errors and saves time. There are many allowance changes and rates involved.
- Helps simplify complicated calculations such as pension contributions and student loan repayments.
- The payroll system alerts you when anything looks odd, especially when you are inputting data.
- There is a risk of losing data to system crushes, payroll errors and virus attacks, especially when tax rules are improperly implemented
Picking a Payroll System
Any payroll system processes the data at hand and clearly shows the deductions. Whichever choice you make, ensure that the payroll system gets recognized by HMRC and that it can compute income tax, NI and taxable benefits. Sage, Intuit and Iris are some of the renowned payroll software providers for small-scale firms. Also note that payroll service providers have different policies. Some charge an extra fee for every additional employee while others make monthly or annual charges for their services. However, the good news is that most payroll system providers allow their clients to run their trial version for free. You can always inquire from your accountant or other small scale businesses about the type that they use.
Payroll System Management
Most businesses opt to outsource their payroll in order to cut on costs and save time. Perhaps, this happens because of the low fee charged by dedicated payroll bureaus. The do a pretty good job provided you present to them payroll details. Alternatively, outsourcing to an accountant may be given consideration too but it comes with a higher cost. Another option could be to upgrade the existing payroll systems and let the accountant do his or her work. Outsourcing may seem like the last option but when administrative costs and time are taken into consideration, one realizes that it is a much better way to go. Generally, costs will normally depend on the number of employees in a given business. Usually, accountants get notified when a new employee starts a job in order for them to manually update their own. This is why using a recognized electronic payroll system is more preferred because of the ability to process all the information as required by the HMRC.