Running an owner-managed business – whether you’re starting out on your own for the first time or are the latest in a long line of generations to take the reins – means that you are constantly juggling dozens of different demands.
That’s why you need advisers you can trust to help you run your business in the most cost-effective and efficient way, identify and make the most of new opportunities and to plan for the future, so that your business can continue to develop and grow in the longer-term.
At Fawcetts accountants in Salisbury, we can help to free up your time, so that you can concentrate on running and building your business, by dealing with day-to-day financial issues, including bookkeeping, payroll and VAT.
If your business needs are more complex, we offer expertise to assist with business strategy and planning and corporate tax planning.
We can use our experience in raising finance to help you if you’re planning investment and growth and support you every step of the way with mergers, acquisitions and sales.
When it comes to passing on your owner-managed business, whether it’s to the next generation or through an in-house takeover or external sale, we’ll also make sure your succession and retirement planning starts well in advance so everything is in place for a smooth transition.
For more information on Fawcetts accountants’ services for owner-managed businesses in Salisbury, please contact us.
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Self-employed workers in the UK have reported their struggles to acquire a mortgage, after HM Revenue & Customs (HMRC) changed the way it issues details of tax calculations and tax year overviews for submission with mortgage applications.
Until recently accountants and workers themselves have been able to obtain a paper copy of form SA302 that lenders require in order to complete the mortgage application process.
However, from 4 September 2017 HMRC has confirmed that it will no longer issue paper copies and will instead provide digital versions.
This will make the process of securing a mortgage more difficult for self-employed workers and may even further restrict the number of lenders that will offer a mortgage, with reports already coming in of lenders insisting on original paper copies rather than electronic printouts.
Self-employed individuals and their advisers will be required to supply the relevant year’s tax computation, printed from the adviser’s software, along with the tax year overview that advisers can print from HMRC’s online services website, in order to act as a self-serve SA302 that will satisfy lenders.
HMRC has already undertaken discussions with UK Finance, formerly the Council of Mortgage Lenders, about lenders’ requirements. However, the list of lenders who will accept self-serve SA302 forms omits some big high street names.
Many accountants are therefore reminding self-employed individuals to check their lender’s requirements early on in the mortgage application process.
LINK: SA302 Tax Calculation