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The engineering sector is packed with professionals who keep our world running smoothly. They also drive innovation and change, improving our lives using their skills, passion and imagination.
At Auditox Accountancy, we are proud of our specialist team of engineering accountants, trained specifically for this key sector of UK industry.
Our accountants possess all the necessary qualifications you'd expect, with the addition of in-depth knowledge of the world of engineering. This creates an instant rapport and avoids the need for explanations and discussions about various facets of the industry, forming a firm foundation on which to build a solid working relationship.
You can discover our full range of accountancy services when you contact us for your free consultation, but the following list gives you an insight into what we can offer you.
Whether it's a self-assessment tax return for a sole trader or an annual tax return for a limited company or partnership, our accountants for engineers will process and submit it for you, relieving you of the burden of figuring out all those allowable expenses and deciphering HMRC jargon!
Anyone can take time to examine their tax liabilities and look for ways to save money by reducing their tax bill, but it helps to have professional advice and assistance as tax efficiency preparation can be a time-consuming task.
Our specialist engineers accountants will investigate all allowable methods of tax efficiency to minimise your tax bill. These methods are endorsed by HMRC as legitimate means of tax relief, but it takes knowledge and training to locate and process them.
We will examine your business finances to establish your financial position and assist you in forming a coherent plan for the future.
When it comes to investing in a successful business, engineers know that it's not only machinery that's important, but any business plan must acknowledge key employees and invest in their skills and abilities.
Working proactively with people is the sure way to success, and our friendly team will guide you in making informed decisions about the future of your business.
Around a quarter of all engineering contractors in the UK are self-employed, and this is up from 20% in 2013. This upward trend is set to continue, but it pays to explore all of your options when it comes to the legal structure you wish to use.
Your dedicated accountant from Auditox will discuss the pros and cons of each structure and help you decide which is the best path for you.
A limited company trading in the UK (as well as certain clubs and societies) must complete a corporation tax return each year on any profits made.
Our dedicated team of accountants for engineers handle your corporation tax return for you, completing the forms accurately and submitting them to HMRC and Companies House on time.
Day-to-day bookkeeping can be a real chore, and it's easy to let things slide when you're busy trying to run a limited company, or you're self-employed, and there never seems to be a moment to spare.
Our accountants for engineers are happy to focus on the financial side of things, and bookkeeping isn't an issue for them. We'll also provide software that makes the task easy, and we'll even train you how to use it.
Although not essential, management accounts are an excellent idea, particularly when you have a set of professionally prepared accounts.
These reports are ideal for gaining an up-to-date snapshot of your company's finances, showing an accurate picture of your profit & loss and balance sheet figures. Although seen as informal (they're not generally as in-depth as your annual accounts), they can be used in business meetings for planning ahead or for providing stakeholders and partners with an overview of the business's financial health.
This is an important area for engineers, and it causes all sorts of problems for sole traders and limited companies alike!
The key sticking point is that these are allowances, not expenses, and they refer to expensive purchases for the business that will last more than two tax years. Also, there are two types: annual investment allowance and writing down allowance, and this is where some of our clients need some assistance.
Auditox engineering accountants love this kind of stuff, and they'll soon have it all figured out for you.
Engineering is a dynamic environment, and engineers are in high demand. This leaves little time to focus on accounting and tax duties or things like financial statements preparation.
However, these are essential processes that can result in serious financial implications, especially for small businesses.
Auditox Accountancy offers specialist services to engineers, and you could benefit from an all-inclusive package for a small monthly fee. You will have unlimited access to a dedicated accountant who will handle all of your accounting and tax responsibilities.
What's more, they are familiar with the industry terms, processes and regulations, meaning that you'll soon form a professional relationship based on trust and understanding.
Our team is standing by and waiting for your call, so do get in touch, and we'll create a plan to sort out your accounts and give you extra time to focus on your career.
Accountants in the UK, especially those affiliated with institutions like the Institute of Chartered Accountants in England and Wales (ICAEW), provide comprehensive financial advice to engineers starting their own firm. This includes guidance on setting up the business structure, understanding tax obligations, managing cash flow, and ensuring compliance with UK financial regulations.
Accountants assist engineers with project budgeting by providing a detailed financial analysis of the project's costs and potential returns. They help in forecasting expenses, identifying potential financial risks, and ensuring that the project remains financially viable. Additionally, they offer insights into cost-saving measures and financial strategies to maximise profitability.
Accountants help engineers manage their cash flow by monitoring incoming and outgoing funds, ensuring that expenses are kept in check, and revenues are collected promptly. They provide regular financial reports, highlight any potential cash flow issues, and offer strategies to maintain a healthy balance between receivables and payables.
Accountants can help engineers save money on their projects by identifying tax deductions, grants, or incentives available for specific engineering activities in the UK. They also assist in negotiating contracts to ensure favourable terms, recommend cost-effective solutions, and provide insights into financial best practices to avoid overspending.
Accountants in the UK, especially those affiliated with institutions like the Institute of Chartered Accountants in England and Wales (ICAEW), provide comprehensive financial advice to engineers starting their own firm. This includes guidance on setting up the business structure, understanding tax obligations, managing cash flow, and ensuring compliance with UK financial regulations.
Accountants assist engineers with project budgeting by providing a detailed financial analysis of the project's costs and potential returns. They help in forecasting expenses, identifying potential financial risks, and ensuring that the project remains financially viable. Additionally, they offer insights into cost-saving measures and financial strategies to maximise profitability.
Accountants help engineers manage their cash flow by monitoring incoming and outgoing funds, ensuring that expenses are kept in check, and revenues are collected promptly. They provide regular financial reports, highlight any potential cash flow issues, and offer strategies to maintain a healthy balance between receivables and payables.
Accountants can help engineers save money on their projects by identifying tax deductions, grants, or incentives available for specific engineering activities in the UK. They also assist in negotiating contracts to ensure favourable terms, recommend cost-effective solutions, and provide insights into financial best practices to avoid overspending.