At Shafiq & Co we get the best out of your finances. We are committed to supplying professional help to manage your personal and business finances, which we tailor to your needs as a client. You will receive expert tax advice, including assistance in completing tax returns, corporate tax computations and complex capital gains computations. We take every opportunity to maximise your financial growth while minimising your tax liability.
Advice is also available on the provision of commercial mortgages and Loans.
We have formed strategic alliance with other professional firms and individuals so that together we can cover all your financial and business needs.
If you wish to discuss any aspect of our service, please do not hesitate to call us on 0161 795 4555.
You can also contact us out of office hours on 07939 582681.
From the 6 April 2026, all self-employed and landlords with a relevant taxable income of over £50,000 must be registered with the HMRC's new MTD reporting scheme. It requires that the taxpayer must use HMRC-approved accounting software to record income and expenditure, and submit an online summary report every quarter.
If you fall within the scope of the new MTD rules, we recommend you start preparing now to be ahead of the game for next April. It is essential you choose the right HMRC-approved software for your situation. Many clients who have already started their MTD digital journey discover that they now spend less time doing paperwork and they have far more control over collecting in money and expenditure. The exercise also eliminates the stress of annual reporting because you are effectively recording much of the information as you go when the information is to hand, instead of having to find it again at the end of the year to give to us as your accountants.
You may have noticed Sage, Xero, and Quickbooks have all started advertising their solutions to help you meet your MTD obligations. The downside of the HMRC's MTD initiative is it mandates you must use approved software, which unsurprisingly comes at a cost. We can confirm they all work well, but they are different. We can help you choose which one is the best fit for your needs. This includes recommending if you should subscribe to any of the additional optional apps they offer. Some clients will benefit from investing in these optional extras, but many should save their money.
The mandated compliance with the new MTD regime is unavoidable. That being the case, we recommend you have nothing to lose by planning to embrace the new accounting software solutions MTD has brought about. It does front-load the amount of time you will spend inputting information, but the advantages you and your business will gain as a return on your investment, will make you wish you had done it years ago.
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Delivering good business and tax advice from years of commercial experience in the real world.
Guidance
Using our expertise to deliver concise and effective recommendations you can take advantage of and rely upon.
Learning & Training
Using our extensive business and tax knowledge to help you understand your legal compliance obligations.
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We provide the best possible professional service, reflected by the many long-standing clients we retain.
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