Frampton & Co | Chartered Accountants

Frampton & Co Chartered Accountants | Accountancy Services

Accountancy services involve the measurement, processing, and communication of financial and non-financial information about economic entities such as individuals, businesses, and corporations. Frampton & Co are experts in all fields of accounting, auditing, bookkeeping, tax preparation, financial reporting, and business advice. Our services are provided by professionals who have the appropriate qualifications, skills, and experience in the field of accounting.

Engaging with Frampton & Co can benefit both individuals and businesses in various ways. For individuals, accountancy services can help you manage your personal finances, plan for your future goals, comply with UK tax laws, and make informed decisions. For example, our team can help you as an individual to prepare your tax returns, advise you on tax savings strategies, or assist you with estate planning. For businesses, we can help you monitor performance, improve efficiency, comply with regulations and achieve milestone objectives. For example, we can can help your business prepare financial statements, audit accounts, review internal controls, and provide you with invaluable business advice. Additionally we can also help businesses access finance, attract investors, expand into new markets, or merge with other entities.

Frequently Requested Accountancy Services

View Service | Individual Tax

Registering as self-employed with HMRC and setting up as a sole trader or a partner. This should be done by 5 October in the second tax year of trading.
Filing a self-assessment tax return online or on paper by 31 January or 31 October respectively, after the end of each tax year. The tax year runs from 6 April to 5 April.
Paying income tax and Class 2 and Class 4 National Insurance contributions (NICs) on the profits from the self-employed activity. The income tax rates and bands for 2023-24 are:
Paying any tax and NICs due by 31 January after the end of each tax year, and making payments on account by 31 January and 31 July if the tax bill is more than £1,000 and not covered by other sources of income.
Keeping accurate and complete records of all income and expenses related to the self-employed activity for at least five years after the submission deadline of the relevant tax year.
Claiming any allowable expenses that are incurred wholly and exclusively for the purpose of the self-employed activity, such as travel costs, equipment, advertising, or professional fees.

View Service | Current Tax Issues

Reviewing your tax situation and identifying any errors or omissions in your previous tax returns or payments.
Negotiating with HMRC on your behalf to agree on a payment plan, a penalty reduction, or a settlement offer.
Advising you on how to avoid further tax problems and comply with your tax obligations in the future.
Representing you in any appeals or disputes with HMRC, such as challenging a tax assessment, requesting a review, or taking the case to a tribunal.
Providing you with support and guidance throughout the process and helping you cope with the stress and anxiety of dealing with back taxes.

We know that keeping on top of your tax affairs can be challenging; make contact with us today on 01424 211 141 or make an enquiry via our online contact form.

View Service | Business Accounting

Preparing financial statements that show the income, expenses, assets, liabilities, and equity of the individual or the business. These statements include the balance sheet, the income statement, the cash flow statement, and the statement of changes in equity
Conducting a financial analysis that evaluates the financial performance, position, and health of the individual or the business. This analysis can include calculating financial ratios, comparing financial trends, identifying strengths and weaknesses, and benchmarking against industry standards.
Providing financial reports that summarize and communicate the financial information to the intended users, such as lenders, investors, regulators, or tax authorities. These reports can include an executive summary, an introduction, a methodology, a findings section, a conclusion, and recommendations.
Supporting the financial documentation with relevant evidence and sources, such as invoices, receipts, bank statements, contracts, tax returns, audit reports, or valuation reports. These evidence and sources can help verify the accuracy and reliability of the financial information and address any queries or challenges.

Find out more by visiting our New Business Start-Up Services:

Start-Up Services Page

View Service | Forensic Accounting

Conducting forensic accounting investigations and analyses to examine financial records, transactions, and documents for evidence of fraud, corruption, misappropriation, or other financial irregularities.
Performing investigative due diligence of individuals and entities to verify their backgrounds, reputations, and financial activities, and to identify any red flags or risks.
Assisting with conducting witness and fact-finding interviews to obtain relevant information and testimonies from key parties involved in or affected by the financial issues.
Quantifying damages and losses resulting from the financial issues and providing expert opinions and reports on the findings and conclusions.
Performing root cause analysis and internal control and compliance program remediation to identify the underlying causes of the financial issues and to recommend and implement corrective actions and improvements.

View Service | Inheritance Tax Planning

Advising on inheritance tax planning and estate planning strategies to minimise the inheritance tax liability and maximise the wealth passed on to beneficiaries.
Helping with setting up trusts and transferring assets into trusts to take advantage of inheritance tax reliefs and exemptions, such as the nil-rate band, the residence nil-rate band, the spouse exemption, and the business property relief.
Assisting with preparing and filing inheritance tax returns and paying any inheritance tax due within the deadlines.
Providing guidance on making lifetime gifts and potentially exempt transfers (PETs) to reduce the value of the estate and benefit from the seven-year rule.
Supporting with making charitable donations and leaving legacies to charities to reduce the inheritance tax rate from 40% to 36%.
Representing clients in any appeals or disputes with HMRC regarding inheritance tax assessments, penalties, or investigations.

View Service | Investment Schemes

Venture capital schemes: These are schemes that provide tax relief for investors who invest in small and medium-sized enterprises (SMEs) or social enterprises. The main schemes are the Seed Enterprise Investment Scheme (SEIS), the Enterprise Investment Scheme (EIS), and the Social Investment Tax Relief (SITR). Frampton & Co can help with applying for advance assurance, complying with the rules and conditions, and claiming the tax relief.
Collective investment schemes: These are schemes that pool money from multiple investors and invest it in a range of assets, such as shares, bonds, or property. The main types are authorised investment funds (AIFs), such as unit trusts and open-ended investment companies (OEICs), and unauthorised unit trusts (UUTs). Frampton & Co can help with reporting and filing requirements, calculating tax liabilities, and claiming reliefs and exemptions.
Community investment tax relief: This is a scheme that provides tax relief for investors who invest in accredited community development finance institutions (CDFIs), which lend money to local businesses and social enterprises in disadvantaged areas. An accountant can help with finding eligible CDFIs, verifying the tax relief certificates, and claiming the tax relief.

Find out more by visiting our Scheme Service Pages:

SEIS Accountancy Services

EIS Accountancy Services

"At Frampton & Co, we understand that the uncertainty and complexity of the UK tax system can make it difficult to plan ahead and budget accordingly. The pressure of meeting deadlines, making decisions, avoiding penalties, and the possibility of owing more money than expected can be overwhelming; that's why we go above and beyond to fully explain each specific situation in a language you'll understand. We work closely with our clients to ensure they feel fully supported and expertly advised, so that they can make sound financial decisions."

Yvonne O'Connor Company Director | Frampton & Co