There is a lot of demand for all trades in Kent – the Medway towns, Maidstone and the surrounding areas are no exception. The need for skilled labour is particularly resilient to economic downturns. This means big opportunities for skilled tradesmen and women.

Growing a reputation is one thing but growing a business is another and it’s vital you have the right financial support and advice to remain HMRC compliant and to put in place a bulletproof financial plan for continued growth.

Partnering with a reputable accountancy firm like AK Tax will allow you to build a strong foundation for your business so you can grow for years and decades to come, regardless of economic challenges.

At AK Tax, we offer our accounting services to a wide range of tradespeople, including:

  • Carpenters
  • Electricians
  • Plumbers
  • Carpet fitters
  • Central heating installers
  • Builders
  • Technicians
  • Contractors

Our specialised services for this sector covers all business models, from sole traders to partnerships and limited companies. 

electrician

Bookkeeping Services

Being self-employed or running a small business means you need to keep track of invoices, record all your expenses, and make sure your books are balanced. With all the client work on your plate, let our team at AK Tax handle all your time-consuming tasks, including:

  • General Bookkeeping — Utilising market-leading Xero accounting software, we can help you transition to this powerful cloud-based financial system. Say goodbye to spreadsheets, as you will not need to manually input every single transaction anymore. You can also see all your finances on a single platform, so you’ll know where your money is going in real-time. This will effectively reduce your costs, as it removes the need to print hard copies of documents and the clutter of receipts in your office.
  • Regular Reports — Whether you need to meet with us every week or every month, you’ll receive regular reports on your financial health with key metrics for growth. This includes profit and loss accounts, balance sheets, and your cash flow statement. With these data on hand, you’ll be able to see if you’re going the right track towards your goals or if you are deviating in any way.
  • Company Formation — If you’re just starting out, we’ll help you create a limited company, register it to HMRC, and submit all taxation requirements on time.
  • PayrollWe’ll administer your payroll, making sure your employees are paid on time and ensuring you’re compliant with all employment laws and submit your RTI to HMRC.

Taxation

The complexities involved in the taxation process are often too much to handle for the self-employed or small business tradespeople that we work with. We aim to lift that burden off your shoulders and take care of the following:

  • Personal Tax ReturnsYour annual tax return is one of the most important taxes you need to file. We’ll help you calculate it, add all the items that should be included, and file all requirements on time. 
  • VAT — We’ll explain to you what VAT means, how to calculate it, and which schemes you qualify for (e.g. standard VAT, Flat Rate Scheme), so you won’t have to worry about getting this wrong again.
  • Year-end Accounts and Taxation  — If you’re running a limited company, we’ll help you produce your annual company accounts and submit it to Companies House. We’ll also submit your self-assessment tax return and corporation tax return to HMRC. While self-employed tradespeople are not required to do this, we advise doing accounts for your own self-assessment, which we can also lend a hand with.
  • Claiming Expenses — If you’re unsure which expenses you can claim, we’ll run through each transaction you’ve made, so you won’t end up paying more than you should. We’ll also set up a system to make sure that you’ll have the proper documentation for all future expenses.

CIS

If you work with subcontractors, as most self-employed tradespeople do, you are required by the Construction Industry Scheme (CIS) to deduct 20% tax from their pay. Apart from explaining to you how this works, we can also help you meet all related HMRC requirements, including:

  • Registering yourself as a contractor with HMRC
  • Verifying your subcontractor is registered under the CIS
  • Figuring out if you’re exempt from deducting taxes from their pay (e.g. they have Gross Payment Status)
  • Creating and issuing certificates to your subcontractors after every transaction
  • Accomplishing requirements and submitting monthly CIS returns to HMRC

In the event that you are a subcontractor yourself, we’ll advise you on the advantages of having a Gross Payment Status. If you aren’t registered under the CIS yet, we will do it for you. If you do get CIS tax deducted, we’ll help you reclaim this in the soonest time possible. 

pincers

Business Growth

All the paperwork, tax filing, and liaising with HMRC can understandably take a huge chunk of your time. So instead of pouring hours of your precious, potentially billable, time into tackling these tasks, why not leave the business side of things to us so you can focus on delivering high-quality services to your clients. In order to ensure continued growth for your business, we offer the following services:

  • Advice and Planning — We will work closely with you, so we can figure out the best way to help you. We’ll identify your goals, come up with an action plan, and set key metrics to track your progress and make adjustments when necessary. Once your cash flow stabilises, we can also advise on how you can re-invest and grow your money whilst staying tax efficient.
  • Streamlining Systems — We will analyse your current systems and come up with a more streamlined alternative to, ultimately, free up more of your time. We’ll automate your bookkeeping process for you, and train you (and your staff) to use this new technology.

Get in touch

If you have any queries, please get in touch. We offer a free initial consultation to talk about your requirements and potential solutions.

01634 540 040

Contact Us

We have three packages to suit most needs, however, if it’s not quite tailored enough then please get in touch as bespoke packages are always an option.

AK Startup+

AK Startup +

Designed for the small or starting business. Makes sure your taxes and accounts are filed, and your back is covered.

£ 109 + VAT

Learn more

AK Advantage

AK Advantage

Vital input on your financials while making sure that your taxes are always minimised. It’s our most popular package.

£ 209 + VAT

Learn more

AK FD

AK FD

All the expertise of a Financial Director into your business, for a fraction of the cost (and still files your accounts and tax returns).

£ 499 + VAT

Learn more

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