Accounting Services For Family Businesses
by a specialist family business accountant
The challenges of running a family business are significantly different to running another type of company, so you will want to work with a specialist family business accountant like Warr & Co.
Many of the family businesses we work with have been with us for generations now, and we thrive on seeing them grow and develop. Planning for the future is a huge aspect of what we help our family business clients achieve, as well as capitalising on the ever-changing opportunities that arise from running a family business.
We’ll be there to provide as much or as little help as your family business requires. Some like us to take over all of the financial aspects of the family business, while others prefer to be more involved, having our accountants take over with certain accounting services only. In either case, our family business accountants are always on hand to provide advice and guidance.
Get in touch now for a free consultation to see how Warr & Co can help your family business achieve its goals.
Specialist Family Business Accountants
Each and every family business has a unique structure, a unique operating model and unique challenges. We offer the service level you need. Whether you want us to take over or take a back seat, we custom-build a suitable suite of accounting services for your family business. The services we offer include:
- Company formation
- Advice on bookkeeping
- HMRC registrations covering PAYE, VAT and Corporation Tax
- Advice on tax efficient share structure and remunerations
- Assistance with VAT and PAYE filing
- Assistance with financial planning including referrals to IFAs
You can work with us on a pay-as-you-go structure, or we’re happy to arrange a monthly payment plan for you so there are no surprises down the line.
Additional Relevant Information For Family Businesses
What Is Professional Indemnity Insurance?
Professional indemnity insurance is the most important type of insurance that your family business should have. This type of contractor insurance protects you against claims made by clients or customers.
Professional indemnity insurance will cover you and your business from the everyday risks that can come with running a business. Imagine a mistake has been made, and then imagine the costs that are potentially applicable in correcting this mistake – costs that you could potentially be liable for.
While it’s worth noting that these cases are rare, they do happen every year. Without professional indemnity insurance, you and your business are at huge risk with every day. Insurance is an affordable and tax-deductible safety net for your business.
Why Do We Recommend Professional Indemnity Insurance?
If an occasion should arise where you and your client or customer enter a dispute over an error made, work standards, or expectations, your business needs to be protected from a potential claim. It’s worth noting that even if you are in no way at fault, a claim could still be made against your business, resulting in you having to defend yourself at your own cost.
Professional indemnity insurance protects you from some of the costs associated, which is why the team at Warr & Co believe this is an essential requirement for your family business.
Warr & Co have teamed up with Caunce O’Hara – family business insurance specialists – to offer professional services to our client base. Caunce O’Hara, a top 100 independent broker, were selected by our board of directors for their expertise across a wide range of industries, combining decades of specialist experience. In addition, the team at Caunce O’Hara provide a 24/7 easy purchase option. Simply fill in your details to obtain a quote and click to begin your policy.
We can’t stress enough the importance of protecting your business with professional indemnity insurance. Please click the link below to visit Caunce O’Hara for a free no-obligation quote now.
*By clicking the link above you understand that you will be directed to a third party website. If you choose to proceed to purchase insurance products from Caunce O’ Hara, Warr & Co will receive commission for your purchase, and by clicking this link, you agree that Warr & Co Limited may retain this. For example should you purchase a professional indemnity insurance policy for £200 (net of IPT) Warr & Co would receive £15 as commission.
What Is A Tax Enquiry?
A Tax Enquiry is an HMRC investigation into your businesses taxes. Often this is not a simple process, as the investigative team from HMRC may want paperwork and face-to-face meetings to discuss your business taxes.
Anyone can be subject to an HMRC enquiry, and you must comply by law. They can target any business they wish to and do not have to have a reason to target your business, meaning that they can open an enquiry even if you’ve done nothing wrong.
This is troubling for businesses, and especially small businesses. The cost of defending your company in a tax enquiry with HMRC is significant and can easily run into thousands of pounds – in addition, it’s not unusual for enquiries to last months or even years. So you need a good accountant on your side to defend you and ensure no errors are made on your behalf throughout the investigation.
What’s Included In The Tax Enquiry Service?
Warr & Co will deal with all HMRC correspondence on your behalf, we will prepare and defend your case, and we will negotiate the best possible outcome for you wherever necessary.
Did you know? Even if you are not at fault and have had no errors in your business taxes, the costs of defending your business in an HMRC enquiry are not refunded. Unfair, yes, but that’s exactly why this add-on service is highly recommended to all of our business clients.
For one small annual fee, your business is covered in case HMRC decides to open an enquiry for your business. Whatever the outcome, you’re safest if you have our Tax Enquiry Service on your side.
We have plenty of information, including a downloadable leaflet about tax enquiries and pricing for this service, on the link below.
Book A Free Family Business Accounting Consultation Now
with a specialist family business accountant