Understanding the diverse and ever-expanding sector
CMA Accountancy work with a wide-spreading array of clients who we support in the e-commerce sector, ranging from small independent retailers to large online service providers. Our team have a considerable level of experience working with businesses in this sector, and are well positioned to understand and overcome the challenges of a diverse and ever-expanding sector.
It is imperative to have an accountant providing you with expert advice as the potential for immediate and over-whelming growth is apparent with such businesses, and receiving the correct tax advice and system training to keep on top of this and stay organised is vital to maintaining growth.
We are experts in providing easy-to-digest tax advice, statutory compliance, payroll and pension support, centred around operating in tandem with the systems and processes you operate in your business.
|Time – at CMA we understand the pressures of having to keep up to date with all of the financial admin and statutory requirements.||Cloud Software - our team are experts on multiple cloud-based accounting solutions. A fully integrated software that makes use of the appropriate add-ons can be a powerful tool to drive your business forward.|
|Business Structure – your business structure affects how much you pay in taxes, the ease at which you can raise finance, the paperwork you need to file to HMRC and Companies House, as well as the extent to which you are held personally liable.||Limited Company vs Sole Trader – we will sit down with you to understand your business model, and your vision for the future. Whilst incorporating a Ltd Company creates a separate entity from your individual, you are liable to pay Corporation Tax on your profits. Any drawings you take out of the company are paid a dividend, for which you as an individual are liable to pay personal tax on. As a sole trader, there is far less statutory obligation and the profits are yours to keep directly. You pay income tax and national insurance contributions on your profits, which in the past made this option far less attractive. However, since the 2016 dividend tax changes were introduced, the differences in a tax sense are now fewer.|
|Accounts Software – with the number of accounting software’s and business support solutions on the market, selecting the most effective combination for your needs can be a challenge.||E-Commerce Software - as a leading firm in our usage of cloud-based and digital softwares, we are well-versed in utilising a number of product and creating a synergy between them to ensure your business is well organised and ahead of the curve. Through our knowledge of the business software’s available, we can easily recommend the most suitable products for you.|
|Profitability – knowing how much profit you have made is vital in terms of the tax liabilities that will be associated, but also in having a clear understanding of the money available to be drawn out of the business.||Bookkeeping Training – our team at CMA are experts at not only bookkeeping, but training inexperienced individuals into efficient, understanding bookkeepers. This allows a transparent view of your records all year round, and with readily available support from our team, you’ll be on a fast track to transparent, powerful and informative records in no time!|
|Tax Efficiency – whilst having the funds available to draw is always a luxury to enjoy, ensuring you draw them in the correct way is vitally important to avoiding unnecessary tax charges.||Annual Review – we will sit down with you to go through your financial reports for the past year, and take a look a significant variances and potential opportunities to make the business more profitable. By devising a plan each year, it leaves you best placed to implement the necessary changes to make your business work better for you. In addition to the business, we can take a look at your personal circumstances and devise dividend strategies, use of the pension contributions to save tax and potential amendments to remunerations.|