Quilfords is proud to support charities and not-for-profit organizations in realizing their potential. We understand that our charity clients face unique circumstances in comparison to profit-making businesses.
Although many charities believe that they are entirely tax exempt, this is unfortunately a misconception. In fact, they do not pay tax on funds used for charitable expenditure, but tax is levied on income for non-charitable expenditure, as well as some dividends and profits from property development. Charities are also liable for VAT on purchases, although the regulations are more complex, and differ to those for businesses and individuals.
Ensuring that donations have the biggest possible impact is an aim shared by all charities. At Quilfords, we can help you to achieve it through the use of Gift Aid, which increases the value of eligible donations by 25%. We will set you up with top-quality accountancy software to keep accurate records of your donations, as well as completing the administration required for the use of Gift Aid.
Quilfords can also assist in a variety of other ways, such as by providing payroll and employment-related services, conducting financial risk reviews, and assisting with charity governance and strategy. Contact us for an initial meeting, at no cost.
Protect your income with tax advice from Quilfords. We provide our services to a wide range of clientele, including British citizens living abroad, landlords, company directors and high-net-worth individuals.
HMRC requires that those who receive income that is not taxed at source (via PAYE) for example, to submit a Self-Assessment tax return. Self-Assessment encompasses all types of personal taxes, such as Income Tax and Capital Gains Tax. The deadline for this is typically midnight on 31st January, for the previous tax year. Quilfords can advise on how best to minimize your tax liabilities, whilst satisfying HMRC’s requirements. We can also assist with the recovery of prior excess tax payments.
Quilfords can also offer advice on tax efficiency strategies. For example, employees looking to cut their Income Tax can often make use of salary sacrifice schemes and private pensions (such as SIPPs). Employees can often benefit from Government-backed Tax-Free Childcare, which is replacing the former Childcare Voucher scheme. Quilfords can advise on which option to utilize, based on your circumstances.
We have direct access to experts on wills and trusts, which are important methods used to reduce Inheritance Tax obligations, alongside the use of gifts.
Landlords and investors can often be stung by a large Capital Gains Tax (CGT) bill. Contact Quilfords to avoid a nasty surprise – we can help with techniques such as maximizing exemptions, using losses to mitigate against excess CGT, and selecting a primary residence for CGT purposes.
Contractors and Freelancers
At Quilfords, we have a wealth of experience in advising London’s contractors, freelancers and locums on their tax affairs.
Regardless of industry, we offer unlimited telephone advice on queries such as HMRC expenses rules. We’ll also keep you aware on your position with regards to the tightening regulatory framework concerning off-payroll working, known as IR35. We provide regular IR35 reviews to ensure this, and can help with contract templates.
As our clients expect, Quilfords meets Government ‘Making Tax Digital’ guidelines. In practice, this means that our clients have access to helpful accounting software, such as QuickBooks and Xero. However, we’re also able to help those with paper records of transactions
Many contractors and freelancers benefit financially from setting up a limited company. This separates the assets of the individual and the business. In addition, tax advantages can be obtained by adjusting the ratio of salary to dividends drawn on a yearly basis. Quilfords is here to guide you through the process of setting up as a contractor.
Small Business and Start-ups
Small businesses and startups are the lifeblood of our economy. At Quilfords, we nurture your business from its initial stages to maturity. We are more than just a firm of accountants. We use cloud accounting software to give you the detail you need, wherever and whenever you need it.
We believe that successful small businesses are a sign of a thriving community. That’s why Quilfords is here to advise on the right business structure for you. We can also help produce a business plan, which is important for seeking funding from investors, or obtaining a bank loan.
We know that funding is one of the major concerns facing directors of new businesses. Through our network, we are able to offer access to potential investors in your firm. What’s more, Quilfords are familiar with Government-backed funding schemes, including grants and loans. Contact us today to determine what your business is eligible for.
Our clients benefit from telephone advice, as and when needed, at no additional cost. We also provide business consultancy services, giving our clients a clear vision for growth. This means you’ll feel well-supported by Quilfords through every step in building a fantastic business.
Once your business is ready to take on employees, why not outsource your payroll administration to Quilfords? We can provide regular payslips, delivered in a timely fashion.
Contact us today for a free, no-obligation consultation.