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.
We are Xero Certified, and experience in remote collaborating and serving businesses.
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.
When taking on a new employee
Probably you are aware that every new employee should complete a starter declaration. It is crucial in order to work out the correct tax code prior the first Full Payment Submission. Not completing a starter declaration on time will lead to incorrect tax code being used when making the first Full Payment Submission. Consecutively leading to not paying the correct amount of tax. In many cases overpayment due to an emergency tax code, or underpayment because the use of a standart one. Although that depends on personal circumstances e.g. total tax paid in the current financial year. A starter declaration is pivotal in order to get the correct tax code.
Incorrect tax payment has to be corrected through payroll. HM Revenue and Customs have provided a very useful tool which help with the submission of the accurate new employees’ tax code.
When taking on a new employee, every employer should be provided with P45, so it is important to ask for one as soon as possible. If the document is missing every starter should complete a new starter checklist. The latter appears to be very useful in providing all relevant information, working out the correct tax code, and avoiding future payroll adjustments. Holding all relevant information, employers should check if previous income and tax are being considered.
Certain circumstance might lead to additional changes to employees tax codes. Usually that takes place when HMRC receive information of any changes (e.g allowances or deductions that have taken place). If that is the case, the tax office would inform the employer, or the payroll provider.
Before the beginning of each tax year the government officially confirm the amount of Personal Allowance applicable. Most payroll software would update such information automatically, still worth checking if that is the case with the one you are using.
When taking on a new employee, employers should request P45 as soon as possible. Alternatively they would need to request information and work out the correct tax code prior executing the payroll.
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.