Every person who owns a business requires professional assistance on the back end who provide consistent advice and support. That’s our purpose of existence. Thanks to our years of experience with our clients, we have come up with a diverse set of skills and services which are formed to enhance the performance of your venture and maximize your profitability. We provide back end support. Time is money once you have your own business. Thanks to our support services, it becomes our job to manage all the routine operations related to finance and accounting which leaves you only with your core purpose-expanding your venture. We not only give you dynamic support, but with our advisory services, we keep a check on your venture and give you efficient advice as to what you should do to reach your targets more effectively. This is especially helpful for people who feel short of time and fail to spend time analyzing their business. We work hand in hand with our customers when it comes to any suggestion and its application. We would help you get:
- Additional time to focus on your business
- Ease the mind knowing that someone is looking after the important details
- Assist and guide you when things fall out of place
Whatever the type of venture you run, whether your venture is a newly developed one, or one that is well established, we will cater whatever your needs are, starting from restructuring or auditing and accounting to exit strategies or financing. Our professional services were made to cater your business and how to add value to it. Swipe to the right to see what services we offer and how we could assist you.
1. Tax and Audit
Although owners of ventures usually regard annual audit and preparations of accounts as a useless task that doesn’t add any value to the business, we aim to transform it into benefiting your profitability. In addition to help you meet the requirements of audit, we also use this opportunity to take an overall review of the systems used to maintain and manage your finances. This helps us point out what possible problems may exist and what their tentative solutions are, enabling you to improve the overall performance of your business. We talk about the problems and their possible solutions and assist you in the implementation of any of the solutions that have been agreed to. We would look through the preparations of how your annual report is made considering it a chance to improve the external image. A report which is well prepared has a positive effect on how the investors perceive you, on the possible sources of finance, clients, potential consumers, sources of reference including your current team – everything that has a general positive impact on the future profitability of your business.
Corporate tax planning
In trading costs, Corporation tax represents a considerable portion. Also, its starting to take time and resources more than necessary to collect revenues from the Government due to the elevated obligations on reporting, tough investigation policies on part of the tax authorities, and relentless penalties for means of non-compliance. We give you a wide range of services to help you depreciate your exposure to corporate taxes and diminish your administrative burden of coping with tax legislation. All these include:
- Choosing the most effective tax structure for your business
- Taking advantage of the reliefs and opportunities of tax
- Achieving maximum equity or revenue tax treatment
- Decreasing the amount of tax on disposal and uplifting relief on acquisitions to the max
- Gaining maximum advantage of tax opportunities specified to your industry
- Satisfying the constant demands of compliance including the self assessment of corporation tax
- Acting on behalf of yourself in the discussions with tax authorities Corporate tax planning, if done efficiently, can cause noticeable improvements in the bottom line of your business.
Personal tax planning
With the tax control becoming more and more complicated and there is more focus on the responsibilities of individual tax payers, everyone liable to pay taxes is in need of advice of professionals and back end support if they want to reach their optimal tax position and make sure that all their compliance requirements are met. We are specialists of tax have the ability to provide you with tax advice all year round on:
- Capital Gains tax
- Income Tax
- Trusts and estates
- Inheritance tax
Every single dollar that is saved from income tax during a year means that there would be more income on your disposal. Every efficiently planned asset disposal would mean that there is the least amount of loss of capital gains, in addition to this, with every inheritance tax saving would lead to more advantage of your beneficiaries. Contact us today for a personal review of tax planning in order to ensure that you take full advantage of tax saving opportunities that are open to you.
“Self-assessment” is a term which has been proving itself to become one of the greatest misnomers of all times till date. A lot of tax payers fail to understand the complexity of tax returns and hence, fail to complete them correctly. The consistent changes to tax legislation does not only mean that the returns are becoming harder to understand but also, that there is more risk of penalties incurring on the taxpayers if they fail to complete their transactions and returns on time correctly. We can help you save a lot of time, stress, and all the money by taking care of the self-assessment for you.We will do all the important computations, give you advice on how to reduce your tax liability to the maximum and also complete your return. We will act as your agent and deal directly with the Revenue Agency (CCRA), in case you get selected for self-assessment enquiry, we, on your behalf, will act for you at any meetings scheduled.
Not many of us like to think about death, but equally lesser percentage of these people manage to live with the thought of not having enough amount of provision for friends and family who survive after us. You are required to plan in advance to know the legislation that governs passing on your estate to the beneficiary that you’ve chosen. Since no one knows when they will die, it means you are to make the important provisions immediately. The faster the arrangements are made, the better chance you have to be able to take full fledge advantage of the opportunities of tax available. And hence, maximize the amount going into your beneficiary. Nothing is more demotivating than knowing that the limited amount of wealth that you have worked years to collect will end up in control of Government coffers. But, in addition to this, it is equally essential in the process of planning to transfer to your estate that to make reasonable provisions for you and your partner for the upcoming future. Keeping this balance requires considerable skill for foresight which is the detailed information of the tax regime. We provide you with a detailed estate planning assistance including:;
- Assisting you to draw and review your will
- Taking full advantage of exceptions and low taxes on lifetime transfers
- Maximizing lifetime transfers between partners
- Transferring the business or agricultural property
- Converting assets into trust.
- To cover the potential inheritance liabilities of tax, we arrange appropriate life assurance
We would advise you to start off with your estate planning as soon as you could by contacting us for pilot review
Every person wishes to maintain a consistent standard of living while they enjoy their present along without work, but in order to achieve the set target, you need to have a skill of forward planning. There are a set of important questions that an individual needs to ask themselves: Exit strategies: if you have a venture, one thing you need to be sure of is your exit strategy. Will you leave the business, leaving it there for the upcoming generation to take over? Or do you plan on selling the business? If you plan on handing over the business, do you have a practical succession plan? And if you plan on selling it, how will you set the value of the business or find a buyer who is suitable and willing to buy the business on the set value? Do you know of all the implications of tax of the timings of disposal? Pension provision: have you made appropriate pension provisions and is the pension that you have, the right kind? Do you know about all the pension possibilities that are open to directors and owners of the business? Are you using your allowances to the fullest?Savings and Investments: whether or not you have the right balance of both savings and investment and between low and high exposures Life assurance and long term care: Do you have appropriate life assurance? Have you made all necessary provisions for the long term care and gotten medical insurance for yourself and your partner for the later years? We will assist you and help you answering all your queries and help you reach solutions which cater your needs.
Trusts & Executorships
Trusts are comparatively easier and more tax efficient in order to set the assets aside for beneficiaries outside of inheritance tax net for the future. We will assist you to link up with the trust that is most suitable to serve your purpose, set up a trust and provide you with a full variety f accounting services for your trust. We also help give assistance on preparing your will. We act as trustees or executors wherever required.
2. Specialist Services
Special Services for Canadians Overseas
Investment and financial services
We are certain that because we are the ones dealing with your accounts, we will rightly offer the appropriate, unbiased advice in areas like:
- Life assurance
- Pension schemes
- Private care plans and medical insurance
- Saving accounts of individuals
- Retirement saving plans
In addition to this, we also realize that in a complicated world like today, where the financial markets are equally complicated, the areas we assist you in, require professional knowledge – this is where we take advantage of our huge range of specialist contacts. In matters that concern assistance from outside our field, we would recommend you a professional independent individual who is suitable as per your demands, and then work in coordination with them to give you appropriate advice. Once we become your first point of contact, we will ensure that we give you appropriate, relevant and professional advice.
3. Business services
Bookkeeping & Accounting
- Set up accounting procedures for dealing with the euro or other currencies
- Determine the best business structure for tax purposes
- Reduce your overseas tax burden
- Develop strategies for financing overseas subsidiaries
- Repatriate profits at minimum tax cost
Our team also includes proffessionals who are specialized in US Taxation and other US services.
Business Start-up and Corporate Finance
Although it is often believed that corporate finance is most appropriate for large multi-national companies, it is just as appropriate for small businesses run and managed by the owners and for ventures of all sizes. Here at MAK Financial Services, we have developed efficient skills related to corporate finance which can be suitably applied for catering the needs of business of all sizes. All the work we do is partnered, and is designed to cover a diverse range of business planning and finance in order to include:
- Levitation of capital
- Selling off your business
- Management buy-outs
- Management buy-ins
- Planning out a business strategy
- Financial modeling
- Business valuation
- Due diligence
A lot of people who start their ventures do it because they have great business schemes and the creativity and compassion to see it come through, not because they master legal, financial and fiscal characteristics of running a business. These matters can feel undoubtedly intimidating and may even put and entrepreneur off. The good part is that in order to succeed you do not need to excel in these arenas. All you need is a skilled set of individuals who are trained in this particular field to help assist you through. That’s where we come in. all you have to do is bring in your business idea and we will help assist you and evaluate the business in a productive and accurate way. We also offer:
- Help you choose which business structure is most suitable for your business idea-sole trader, partnership or limited company
- Help prepare a proper business plan, cash flow projections, budgets and forecasts of trading
- Evaluate your business and its financial requirements, and give you advice on which are the best sources of finance and also construct appropriate propositions.
- Institute a positive working relationship with the bank you’re working with
- Conclude any unfinished procedures of registering with the Revenue Agency and/or the Ministry of Finance.
- Establish a system that would record all the activities for your internal use and fulfills your legislative requirements.
Start up your new business with a guaranteed foothold- contact us for preliminary consultation today!
Managing your payroll can be exhausting and also time consuming and would distract your energy and attention from the other core activities running in your business which may be more essential. In addition to the already exhausting task, it has been made more complex because of the taxation process and employment legislation accompanied by the list of penalties for non-compliance. We have the staff which is very dedicated and can help take the burden off you by giving you confidential payroll services involving:
- Payslips that are customized
- Management of payroll, CPP, EI, legal sick pay, legislative maternity pay etc.
- Finishing off your statutory forms, which includes the year end T4 returns, that are issued to your employees and submitted to the Revenue Agency
- Analysis and summaries of staff costs
- Managing the incentive schemes, bonuses, ex-gratia and termination payments.
- Organizing the pension schemes.
Despite the small number of employees that you may have, you can still make savings by involving us in managing your payroll. You can let MAK Financials ease your burden so you can focus more on other more imperative issues. The staff we have for payroll also has access to the resources of our professional Tax Department for guiding and assisting on all matters related to payroll.