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, thus we 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.
In short, 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.
Chancellors’ spring budget March’17
Following the tabling of the Chancellors’ Spring Budget on the 8th of March 2017, majority of the tax payers will be glad only a few adjustments were made to the landscape. Primarily, the budget confirmed the changes that were announced in the Autumn Statement, plus a few new measures that are likely to affect Limited Company Contractors.
Let’s break down the Key Spring Budget for Limited Company Contractors:
This tax-free Dividend Allowance that is supposed to take effect as from 6th April 2018 didn’t appear in the Autumn Statement. Dividend allowances will be reduced from 5,000 down to 2,000.
Limit of ISA Savings
In a move to counter-balance the effect of the changes made to the Dividend Allowance, the Chancellors announced a new ISA Savings Limit of 20, 000 for the year 2017/2018 from the 15, 240 limit for the year 2016/2017 currently in effect.
Off-Payroll in the Public Sector (IR35)
Though a few changes have been made to the draft legislation, these measures will take effect as from 6th April 2017.
VAT Flat Rate Scheme (FRS)
Changes to this scheme are scheduled to take effect as from 1st April 2017. Plus, new category known as the New Limited Cost Business will be introduced.
Tax Evasion and Avoidance Measures
A number of measures have been put in place with those enabling tax avoidance schemes being the most notable ones. A new Enabler Penalty will be used to those tax avoidance schemes found to be ineffective.
As announced before, the corporation tax rate will drop from 20% to 19%. This will take effect as from the beginning of the new Financial Year that starts on 1st April 2017.
Corporate Gains Tax
The usual annual exemption of the CGT will be increased from 11, 100 for the year 2016/2017 to 11, 300 for the year 2017/2018.
Digitalizing Business Tax System
A project under the title “Making Tax Digital for Business” is being rolled out extensively in regard to how taxpayers record and report income to the HMRC department. As outlined in the Spring Budget, a one year deferral that snatches MTDFB. The mandate of dealing with the unincorporated business and unincorporated buy will be put in place. Instead, it allows those landlords whose turnovers are below the VAT threshold of 83, 000.
New consultations were announced but those that that are expected to notably affect contractors include:
- Employee Expenses and Benefits in Kind
- Consultations on Rent a Room Relief
- Disguised Remuneration (Again)
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, however 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, a 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 start-up.
Before starting a business, it is crucial that one decides whether to start from scratch. The alternative options are to 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 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.