Chartered Certified Accountants serving Reigate, Redhill, Dorking, Croydon, Surrey & London

Numerico offers effective and affordable accountancy and tax services to self-employed, companies, partnerships, individuals and contractors.

At Numerico, we believe your accountant should do a lot more than just provide a statutory set of accounts.  What we offer is a stressless Accounting and Tax service.

We are proactive and whilst you concentrate on running and growing your business we

  •  Take away the burden of accounting and tax compliance requirements from your shoulders
  •  Help you improve the performance and profitability of your business
  •  Ensure that your tax bill is kept to a minimum
Why choose Numerico?      

You will benefit from

  •  Ongoing telephone and email support throughout the year from your own dedicated qualified accountant
  •  Fixed competitive fees agreed upfront
  •  Lower fee guarantee which means that we will beat any other quote you may have had from another reputable accountancy practice
  •  A personalised, flexible service tailored to your business requirements
  •  An accountant who speaks plain English and understands your business
  •  Access to knowledge and expertise just when you need it

We cover all aspects of accounting including Annual Accounts, Business and Personal Tax, VAT, Bookkeeping & Payroll, Management Accounting, Company Secretarial, Business Start-up advice.

With our office based in Reigate we are conveniently located to serve the surrounding areas of Redhill, Reigate, Dorking, Croydon, the rest of Surrey and London.

For your FREE initial consultation and a no obligation quote give us a call or email us.

paying family members

You've heard this many times, "I'll get the company to pay so it can claim a tax deduction". However simply using the company’s bank account to pay a non-business expense won't make it tax deductible. Companies can't claim tax deductions for expenses unless these are incurred "wholly and exclusively for the purpose of the trade".

So can you pay a family member? Let’s assume you would like to employ your son or daughter just to give them work experience they can put on their CV or to give them some cash in their pocket. Clearly there's an advantage for you and them, but does this break the wholly and exclusively rule?

To answer the question above you need to look at what your company gets out of the deal.  Your company will be entitled to a tax deduction for your son's or daughter’s wages, as long as the amount of salary is at an appropriate level for the type of work done.  HMRC’s internal guidance manual (BIM47105) states: "So where there is "equal pay for equal value" the amount paid is fully allowable, notwithstanding any connection between payer and recipient".

So, yes, you can create a role for your son or daughter as long it serves a function for your company and get a tax deduction for the cost of paying your child.

growing-salary

In December the Chancellor confirmed changes to the personal tax and NI limits for 2013/14.

The Chancellor confirmed a generous increase in personal tax-free allowances, but for higher rate taxpayers some of this is snatched back by reducing the point at which the higher rate tax kicks in.

So at what level should you set your salary and dividends for maximum tax efficiency?

The most tax efficient mix for director/shareholders of salary and dividends for 2013/14 is one where neither you nor your company pays NI, and you have no further tax to pay on the dividends you receive. Working on the assumption that you have no other income, this can be achieved with:

  • an annual salary of £7,696; plus
  • dividends of £30,379

This is a net annual income of £38,075.  Because the taxable amount doesn’t exceed the basic rate tax band no further tax is payable on the dividends received.

HMRC News

ACCA Accredited

Numerico Ltd is accredited by the ACCA. This means we are wholly composed of Chartered Certified Accountants and are covered by ACCA's Group Consumer Credit Licence under the terms of the Consumer Credit Act 1974.