Helping you manage a thriving business so you don't miss out on life's most important moments.
We understand that your time is precious. By managing your finances efficiently, we ensure you can focus on running your business without sacrificing the important moments life has to offer. From ambitious sole traders and start-ups to established limited companies, we offer solutions for all kinds of business.
Navigate financial success with our most popular services.
Making Tax Digital
Stay compliant with HMRC’s latest Making Tax Digital for ITSA rules.
Annual Accounts
Comprehensive financial reporting, giving you an overview of your business's performance.
Construction Industry Scheme
Simplifying CIS compliance for contractors and subcontractors, saving you time and stress.
Payroll
Streamlining your payroll process, guaranteeing accuracy and regulatory adherence.
Why choose Navigate?
Every successful voyage needs a skilled navigator; let us be yours.
Financial roadmap
We provide your business with a tailored financial roadmap, providing you with a clear, strategic plan for achieving your goals.
Innovative solutions
By leveraging the latest accounting technology, we offer innovative solutions that will keep your business ahead of the curve.
Increased profits
By implementing efficient financial strategies and cost-saving measures, we help boost your bottom line, leading to increased profits!
Dedicated support
Our dedicated support ensures you have a reliable, expert team on your side, ready to address your financial queries and challenges promptly.
Say goodbye to accounting worries
With our powerful cloud accounting solution, you can manage your business finances anytime, anywhere. Say goodbye to complicated spreadsheets and the stress of managing paperwork, and hello to easy, accessible, and efficient cloud-based finances.
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The latest articles and resources from Navigate Accountancy.
Something we have noticed many of our clients struggle with is keeping their finances in order day to day. Receipts often get lost, some expenses are paid from personal accounts, and when it comes to year end it can feel like a scramble to make sense of it all. A business credit card is one of the simplest tools we have seen transform this. It brings structure, reduces admin, and even offers a few tax and cash flow advantages along the way. The problems a business credit card solves Lost receipts and messy records, no more shoeboxes full of paper, every card transaction is automatically recorded with merchant, amount, and date. Cash flow gaps, most cards give you up to 56 days before payment is due, which can bridge the gap between paying suppliers and receiving payment from customers. Mixed personal and business expenses, using personal cards for business spending creates confusion, a dedicated business card keeps everything separate. Tax inefficiency, if you ever pay interest on business spending, it can be deducted from your tax bill, but only if it is clearly documented. The benefits Accuracy with HMRC, a clean digital trail of expenses means less stress if you are ever questioned. Simplified bookkeeping, cards that integrate with software like Xero, QuickBooks or Sage automatically feed transactions in, cutting down on manual entry and errors. Rewards, many providers offer cashback, points or discounts, and used wisely these can reduce everyday costs. Team control, additional cards can be issued to staff with spending limits, giving flexibility without losing oversight. How to apply If you already have a business bank account, start there, approval is often easier with your existing provider. You will usually need your Companies House or HMRC registration, proof of ID, and recent accounts or bank statements. Credit history, both business and sometimes personal, will also be checked. Where to compare We recommend checking comparison sites such as Business Moneyfacts , MoneySavingExpert , MoneySuperMarket , and NerdWallet UK . Look for: Annual fees, some cards are free, others charge but offer higher rewards. APR, focus on the long term rate, not just introductory offers. Rewards that match your spending habits, cashback tends to be the most practical. Integration with your accounting software. Tips for making the most of it Pay balances in full each month where possible, treat the card as a tool for cash flow, not a long term loan. Keep all business spending on the card and personal spending separate. Review statements monthly to catch unusual charges and monitor spending patterns. Use rewards as a cost saving measure, not an excuse to spend more. Final thought If this is something you are considering for your business and you would like to talk it through, please call our team on 01709 589 439 or book a discovery call with Frances . We are always happy to help.
One of the first big decisions for any business owner is choosing the right structure. Do you continue as a sole trader, or is it time to set up as a limited company? It’s a choice that shapes your tax position, your responsibilities, and even how clients and suppliers see you. For small and medium-sized businesses, the decision can be particularly significant – so it’s worth weighing up the pros and cons carefully. Why you might choose to become a limited company Protecting your personal finances A limited company is a separate legal entity. This means that if the business runs into financial difficulty, your personal finances are generally protected. Your risk is usually limited to the money you’ve invested, unless you’ve given personal guarantees. Tax planning flexibility Running through a company can sometimes be more tax-efficient. Using a combination of salary, dividends, and allowances allows you to plan how you pay yourself, and you don’t always need to withdraw all profits straight away. This can make a big difference if you want to leave funds in the business for reinvestment. Stronger business image Having “Ltd” after your business name can boost credibility with clients, suppliers, and lenders. Larger organisations in particular may prefer working with incorporated businesses, especially on longer-term contracts. Protecting your business name Once registered, your company name is legally protected through Companies House. That gives you added security if you’ve invested time and money into building your brand. Future growth and investment If you plan to bring in partners or attract outside investment, a limited company provides a framework that makes this easier. Shares and ownership can be structured clearly, which helps if you’re planning for growth. The downsides of incorporation Public records Limited companies must file details such as accounts, directors, and shareholders at Companies House. While sensitive details can be protected, a certain amount of information is publicly available. Extra admin and costs Compared with being a sole trader, a limited company brings more paperwork and compliance – annual accounts, Corporation Tax returns, and a Confirmation Statement. Many business owners need ongoing accountancy support to keep everything in order. Taking money out is less flexible Withdrawing profits isn’t as straightforward as it is for sole traders. Funds must be taken as salary, dividends, or loans, each with their own tax rules. Cash flow planning becomes more important. Special tax rules For some businesses – particularly where you’re working through a limited company for a single client – the IR35 rules can reduce the tax benefits. Professional advice is essential if you think this might apply to you. Which option is right for you? If your business is small, your profits are modest, and you want to keep things as simple as possible, staying as a sole trader is often best. It avoids additional admin and gives you flexibility in how you take money out. If you want to protect your personal assets, plan to reinvest profits, or are looking to work with larger clients or attract investment, then incorporation may be the stronger choice. It really comes down to your goals, how much you earn, and how you see the business developing in the years ahead. Making the move If you decide incorporation is right, the steps are: Choose a company name that meets Companies House rules. Appoint at least one director and one shareholder (these can be the same person). Register the company with Companies House – usually completed within 24 hours. Register for Corporation Tax with HMRC within three months of trading. Set up a separate business bank account. Stay on top of annual filings, returns, and tax deadlines. Can you switch later? Yes. Many businesses start out as sole traders and incorporate once they grow. Moving back to sole trader status is possible but more complicated and may have tax consequences, so it’s important to get advice first. How we can help At Navigate, we specialise in supporting small and medium-sized businesses across a wide range of industries. So if you’re considering whether to become a limited company, we can talk you through the options, explain the tax implications, and help you choose the structure that works best for you. Give us a call on 01709 589 439 or book a discovery call with Frances .
Getting a letter or call from HMRC about a VAT inspection can be a worrying moment for any business owner – especially if it’s your first time dealing with one. But knowing what to expect and how to prepare can make the whole process much smoother. In this article, we’ll explain what a VAT inspection involves, how likely it is, how long it takes, and what you can do to get ready – plus how to reduce the risk of future problems. What is a VAT inspection? A VAT inspection (or compliance check) is when HMRC reviews your VAT returns and records to make sure you’ve been reporting everything accurately. It might be a routine check, or triggered by something in your VAT returns that’s raised a red flag. Inspections can take a few different forms: Desk-based – HMRC asks you to send information online or by post. In-person – An officer visits your premises (usually with notice, though not always). Remote – Increasingly done over the phone or video, especially for smaller businesses. How likely is a VAT inspection? HMRC doesn’t inspect everyone – they usually focus on businesses they see as higher risk. Triggers can include: Late or missing VAT returns or payments Large or unusual VAT reclaims Sudden changes in your turnover or VAT liability Mismatches between your VAT return and other tax filings (e.g. your corporation tax return or CIS) Operating in industries where errors are more common (e.g. construction, hospitality, retail) How long does a VAT inspection take? It varies. A basic check might be over in a few days or weeks. More complex cases can take months, especially if there are follow-up queries or multiple VAT periods involved. If HMRC visits your premises, the visit itself might last a few hours or a full day, depending on what they’re reviewing. What can HMRC inspect? They’ll want to see all records that support your VAT returns, such as: Invoices (sales and purchases) VAT return calculations Bank statements Bookkeeping records (e.g. from Xero, QuickBooks or Sage) Till receipts, stock records, and delivery notes (if relevant) Contracts and agreements with clients and suppliers If you use cloud accounting software, HMRC may request access to digital reports. What are the possible outcomes? After the inspection, HMRC will either confirm that they’re satisfied or issue a VAT assessment. That could involve: Paying additional VAT – if you’ve underpaid. Interest – currently 7.75% (as of August 2025). Penalties – ranging from 0% to 100% of the VAT due, depending on whether the error was careless, deliberate, or concealed. Example: A business accidentally reclaims VAT on insurance costs (which are exempt). HMRC finds the same mistake repeated over four quarters and issues an assessment for £2,400, plus interest and a 10% penalty. How to prepare for a VAT inspection If you’ve been contacted by HMRC, here are some steps to take: Organise your records – Make sure your VAT returns match your bookkeeping. Have clear documentation for all income and expenses. Review recent returns – Check for any inconsistencies, such as duplicated invoices, incorrect VAT codes, or items where VAT shouldn’t have been claimed. Contact your accountant – Let us know straight away. We can help you prepare, review your records, and even speak to HMRC on your behalf. Be open and cooperative – Being transparent helps. Trying to delay or obscure things often results in tougher penalties. How to reduce your chances of future inspections Keep VAT records up to date and accurate File VAT returns and payments on time Use proper VAT codes in your software Be careful with zero-rated, exempt, or reverse charge transactions Speak to your accountant if anything seems unclear Need help? If you’ve had a letter from HMRC about a VAT inspection – or just want peace of mind that your VAT records are in good shape – we’re here to help. At Navigate Accountancy, we work with small and medium-sized businesses across a wide range of industries. We’ll review your VAT returns, help you get organised, and handle HMRC communications on your behalf so you can stay focused on running your business. Book a call at www.navigateaccountancy.com/book-a-call or phone us on 01709 589 439.
