ONYX ACCOUNTANTS PARTNERS WITH
EC LOGISTICS
Onyx are partners with EC Logistics offering accountancy and business advisory services to Automotive Sub-Contractors
Get in touch with us for a FREE no obligation consultation
Who Are EC Logistics?
With over 10 years experience in the Motor Trade, with frontline positions held at Alphabet GB, BMW UK & Sytner Group EC Logistics have excellent knowledge and insight of the high standards their customer’s deserve and should expect at the point of their vehicle delivery or collection.
Onyx Accountants are EC Logistics preferred Automotive Partners. Therefore offering the best advice and guidance to individuals when becoming a sub-contractor or already working as a sub-contractor.
As industry experts we are able to advise on the most tax efficient way for you and your business to progress within this industry.
Our services include:
– Compliance Services
– Accounts preparation
– VAT
– Payroll
– Bookkeeping and Software
– Management Information
Benefits of a Sole Trader
Setting up as a sole trader holds a great benefit to those earning up to circa of £45,000.
- Be Your Own Boss
- Ownership Of Profits
- Setting Up Is Simple
- Less Admin Involved
- You Can Easily Change Your Business Structure Later On
For more information on the above advantages please take a look at our recent article here
VAT Flat Rate Scheme
The HMRC VAT Flat Rate Scheme for small businesses, including smaller limited companies, has existed for the last 2 decades. It’s a simplification intended to relieve small business owners of some of the administrative burden involved with preparing VAT Returns.
Instead of accounting for input and output VAT, you simply pay a set rate as a percentage of your turnover. This rate varies, depending on what you do. Under the VAT Flat Rate Scheme, the tax you pay is calculated by multiplying your VAT flat rate by your VAT-inclusive turnover.
For example, if you have a turnover of £10,000 and a flat rate of 10%, you would pay a flat rate of £1,000 (10% of £10,000). Your flat rate is set according to the type of business you run and how much you spend on goods. However, all businesses get a 1% discount in the first year they’re registered for VAT.
With the Flat Rate Scheme, businesses keep the difference between the amount of VAT paid to HMRC and the amount of VAT paid by customers.
Are You Thinking About Setting Up As A Sole Trader But Do Not Know Where to Start?
Setting up a company can be confusing. Here at Onyx we will make sure you are set up in the correct format and handle all of the initial paperwork.
This can include:
– Registration with HMRC
– Ensure Self-Assessement tax return is submitted on time
– Keeping you up to date with savings to be made on the current tax rates and allowances
– Assistance with VAT registration when applicable
Benefits of going Limited
Setting up as a Limited Company will hold a greater benefit than being a Sole Trader when earning over £50,000. There are a range of benefits that come with going ‘Ltd’ that you can take advantage of including:
- Tax Incentives
- Limited liability
- Increased credibility and brand protection
- Pensions
- Raising new capital
For more information on the above advantages please take a look at our recent article here
Are You Thinking About Setting Up A Limited Company But Do Not Know Where to Start?
Setting up a company can be confusing. Here at Onyx we will make sure you are set up in the correct format and handle all of the initial paperwork.
This can include:
– Selecting the company name.
– The appointment of directors and the allocation of shares.
– Prepare minutes of initial directors meetings held.
– Advise on how shares are issued to you and other shareholders.
– Write up the company’s share register.
– Provide you with the Certificate of Incorporation.
– Register the company and file all the necessary documents at Companies House, should any changes be needed at short notice.
– Advice regarding any changes in the business and notifying Companies House, where required.