Bookkeeping & Company Services
Adur, West Sussex
United Kingdom

UK small and micro businesses in Adur district — including those in Shoreham-by-Sea, Southwick, and Lancing — must prepare statutory annual accounts under one of two UK GAAP (Generally Accepted Accounting Practice) standards, depending on their size. FRS 105 — The Financial Reporting Standard applicable to the Micro-entities Regime: Applies to companies that qualify as micro-entities — meeting at least two of three criteria: annual turnover below £632,000, balance sheet total below £316,000, fewer than 10 employees. FRS 105 accounts are significantly simplified compared to FRS 102 — there are no notes required except for advances, credits, and guarantees to directors, and no statement of cash flows. The accounts are also exempt from audit. Most very small Adur sole traders who have recently incorporated, small contractors, and micro SMEs in Shoreham and Lancing will qualify for FRS 105. FRS 102 — The Financial Reporting Standard applicable in the UK and Republic of Ireland: Applies to small companies (Small Company Exemptions apply if meeting two of: turnover below £10.2m, balance sheet below £5.1m, fewer than 50 employees). The majority of actively trading Adur SMEs — including Shoreham Port logistics companies, Southwick industrial businesses, and Lancing hospitality businesses — will file under FRS 102. FRS 102 requires: a Statement of Financial Position (Balance Sheet), a Statement of Comprehensive Income (P&L), a Statement of Changes in Equity, notes to the accounts, and a directors' report. Audit requirements: companies below the small company thresholds are audit-exempt — only companies exceeding two of: turnover above £10.2m, gross assets above £5.1m, more than 50 employees need audit. This means the vast majority of Adur district businesses are audit-exempt. Companies House filing: small companies can file abbreviated 'filleted' accounts with Companies House — omitting the P&L from the public record. This is important for Adur business owners who want to keep their revenue figures private. Full accounts are filed with HMRC as part of the Corporation Tax return. Sirus Infotech determines the correct accounting standard for each Adur business based on their size thresholds and prepares compliant annual accounts accordingly — ensuring correct Companies House and HMRC submissions.

Registering a UK Private Limited Company for a Shoreham-by-Sea, Southwick, or Lancing business is a straightforward online process through Companies House — and Sirus Infotech manages this entirely on behalf of our Adur clients. Here is the complete process: Step 1 — Company Name Choice and Availability Check: The company name must be checked against the Companies House register to ensure it is not already taken or too similar to an existing company. Additionally, certain sensitive words require approval (e.g., 'Royal', 'Bank', 'University'). Sirus Infotech pre-checks name availability before any application is submitted, minimising rejection risk. Step 2 — Prepare Incorporation Documents: Memorandum of Association: a short formal statement signed by all initial shareholders agreeing to form the company. For online incorporations, a prescribed model format is used — it does not need to be a lengthy document. Articles of Association: the rules governing how the company is run. Companies Act 2006 provides standard 'Model Articles' that are adopted by default for most small companies — appropriate for the vast majority of Adur SMEs without special governance requirements. Custom Articles may be required for companies with investor rights, preference shares, or complex shareholder arrangements. Step 3 — Form IN01 Submission: The IN01 (Application to Register a Company) is submitted online via Companies House WebFiling (or through Sirus Infotech's authorised Companies House filing agent account). The IN01 requires: company name, registered office address in England/Wales (can be our Adur service address), SIC code(s) describing the business activities, details of all directors (name, date of birth, nationality, service address, residential address — residential address is not made public), details of all shareholders (name, address, number and value of shares), Person of Significant Control (PSC) details. Step 4 — Companies House Processing: Online incorporation is typically processed within 24 hours (often within a few hours). Companies House issues: Certificate of Incorporation (electronic PDF) confirming the company number and incorporation date. The company is simultaneously automatically notified to HMRC — which triggers a letter to the registered office address within 2–3 weeks containing the company's Unique Taxpayer Reference (UTR) for Corporation Tax. Step 5 — Post-Incorporation Setup: Once incorporated, Sirus Infotech sets up: PAYE scheme with HMRC (if you will pay yourself a salary), VAT registration (if applicable — mandatory over £90,000 turnover, voluntary below), statutory registers (register of directors, shareholders, charges, PSC), company bank account opening — we provide documentation support for bank applications. Registered address in Adur — Sirus Infotech provides a West Sussex registered address service, ensuring all Companies House and HMRC correspondence is received, scanned, and forwarded to you. Companies House registration fee: £12 for online standard registration (24-hour processing). Same-day service: £78 for Companies House same-day priority registration. Sirus Infotech's £149 all-inclusive incorporation package covers: name check, IN01 preparation and submission, Companies House filing fee, and post-incorporation setup — providing the best-value company formation service for Adur businesses.

Making Tax Digital (MTD) is HMRC's transformative digital tax programme — mandating that businesses keep digital tax records and file tax returns using MTD-compatible software, rather than using HMRC's own online portals or paper forms. For Adur businesses in Shoreham-by-Sea, Southwick, and Lancing, MTD affects tax obligations in the following ways: MTD for VAT — already fully mandatory: Since April 2022, ALL VAT-registered businesses in the UK — including every VAT-registered business in Adur district — must use MTD-compatible accounting software for their VAT records and submissions. The HMRC VAT online portal (the old 'file VAT return' option) is now closed for all VAT-registered businesses. MTD-compatible software (Xero, QuickBooks, Sage, FreeAgent, Kashflow, VT Returns, Excel with bridging software) must connect directly to HMRC's API to submit VAT returns. Non-compliance: HMRC has introduced a penalty points system (from January 2023) — each late VAT return earns a penalty point; at the threshold (4 points for quarterly filers), a £200 penalty is imposed plus £200 per subsequent late return. Additional late payment penalties apply. What this means for Shoreham-by-Sea, Southwick, and Lancing VAT-registered businesses: if you are VAT-registered and not yet using MTD-compatible software, you may already be non-compliant. HMRC has been increasingly enforcing this — particularly for businesses that continue to manually log into the portal and type figures in. Sirus Infotech sets up MTD-compliant accounting for all Adur VAT-registered clients as part of our standard service. MTD for Income Tax Self-Assessment (MTD for ITSA) — upcoming for sole traders and landlords: From 6 April 2026: sole traders and landlords with qualifying income above £50,000 will be required to submit quarterly updates to HMRC via MTD-compatible software, and file a final declaration (replacing the current Self-Assessment tax return). From 6 April 2027: this extends to sole traders and landlords with income above £30,000. From a date TBC: further extension to income above £20,000. Impact on Adur sole traders: many Shoreham and Lancing tradespeople — electricians, plumbers, builders, painters — operate as sole traders with income in the £30,000–£100,000 range and will be required to file quarterly reports from April 2026 or 2027. Sirus Infotech advises Adur sole traders on MTD for ITSA preparation — including whether incorporating as a Limited Company (and thereby being subject to Corporation Tax rather than ITSA) might be more advantageous given the approaching MTD for ITSA compliance burden. MTD for Corporation Tax (MTD for CT) — future: HMRC has announced MTD for Corporation Tax will be mandated in the future — a technical consultation began in 2021. UK Limited companies in Adur will eventually be required to keep MTD-compatible digital records for Corporation Tax. Sirus Infotech will advise all Adur company clients on MTD for CT readiness when implementation dates are confirmed.

Shoreham Port — formally the Port of Shoreham, administered by the Shoreham Port Authority under a statutory trust port model — is one of SE England's most active commercial harbours. Located on the River Adur estuary, the port handles approximately 700,000 tonnes of cargo annually — including bulk agricultural commodities (grain, animal feed, fertiliser), timber, construction aggregates, and general cargo. Port-adjacent businesses range from small independent ship chandlers to mid-sized logistics operators and bonded warehousing companies. Maritime accounting requirements unique to Shoreham Port businesses: Cargo Revenue Recognition: maritime businesses must determine precisely when revenue from cargo handling, freight forwarding, or shipping agency services should be recognised under FRS 102 Section 23 (Revenue from Contracts with Customers). The key question: is revenue earned when the ship arrives, when cargo is loaded, when cargo is discharged, or when it reaches the final destination? The answer depends on the specific service terms of each contract — and getting this wrong can materially misstate annual accounts. Shipping Agency Principal vs Agent Revenue Recognition: shipping agents in Shoreham who arrange freight on behalf of clients (principals) must apply FRS 102's agent vs principal guidance. If acting as agent: only the net commission is revenue. If acting as principal: gross freight revenue is recognised. This distinction significantly affects reported turnover. Multi-Currency Accounting: maritime businesses commonly invoice in multiple currencies — GBP for UK domestic services, EUR for European shipping, USD for international commodity contracts. FRS 102 Section 30 (Foreign Currency Translation) applies: all foreign currency transactions must be recorded at the spot rate on the transaction date, with monetary items retranslated at the closing balance sheet date and exchange differences recognised in profit or loss. Post-Brexit Customs Accounting for Shoreham Port: Brexit significantly changed the customs compliance landscape for Shoreham Port businesses. Import duty and VAT on imports: customs agents and logistics businesses at Shoreham must correctly account for UK customs duty on imported goods, import VAT (paid at entry or deferred under HMRC's Duty Deferment Account), and customs-bonded warehouse inventories (goods in transit without duty paid). Customs declarations: businesses acting as customs agents for importers need to understand and account for the Customs Declaration Service (CDS) charges and procedures. Port Dues and Vessel Operating Costs: businesses owning or operating vessels through Shoreham Port must correctly account for port dues, pilotage fees, berthing and mooring charges, fuel (bunker) costs, and crew wages. These are classified as operating costs — but the timing of recognition (when vessel enters port vs over the period of port stay) requires judgement. Bonded Warehouse Inventory Accounting: Shoreham Port businesses operating customs-bonded warehouses hold goods for which duty has not yet been paid. These goods must be accounted for separately — they are assets of the business but the duty liability only crystallises when goods are released from the warehouse. Sirus Infotech provides specialist maritime accounting for Shoreham Port-related businesses — including cargo revenue recognition policy drafting, multi-currency Xero/QuickBooks setup, post-Brexit customs accounting, and FRS 102-compliant annual accounts preparation specifically designed for maritime businesses.

UK Corporation Tax underwent its most significant restructuring in years from 1 April 2023 — replacing the single flat 19% rate with a tapered system that significantly affects how Adur Limited companies plan their tax. Here is the complete current Corporation Tax picture for Adur businesses: Current UK Corporation Tax Rates (2024-25, applicable from 1 April 2023): Small Profits Rate: 19% on profits up to £50,000. This rate applies to the full amount of profits for companies with annual profits at or below £50,000. For a Shoreham-by-Sea or Lancing sole trader who incorporated because their net profit was around £40,000–£50,000: the 19% Corporation Tax on company profits (compared to 40% Income Tax as a higher-rate taxpayer) represents a substantial ongoing tax saving — confirming that incorporation was the right decision. Marginal Relief Rate: for companies with profits between £50,001 and £250,000, marginal relief gradually increases the effective Corporation Tax rate from 19% towards 25%. The marginal relief fraction is 3/200 — effectively creating an effective marginal rate of 26.5% on profits in this range. Adur SMEs in the £50,000–£250,000 profit range: you are in the marginal relief zone. Your effective CT rate depends on exactly where in this range your profits fall. Sirus Infotech computes the exact marginal relief for each Adur company. Main Rate: 25% on profits above £250,000. This applies to larger companies — most Adur SMEs will not be in this bracket. Associated Companies Rule: if an Adur company has associated companies (under common control), the £50,000 and £250,000 thresholds are divided by the number of associated companies plus 1. A Shoreham-based company with one associated company: the small profits threshold drops from £50,000 to £25,000 — potentially pushing more profits into the marginal relief zone. Corporation Tax Payment Deadlines: For Adur companies below the £1.5 million taxable profits threshold (the vast majority of Adur SMEs): Corporation Tax is payable in a single payment 9 months and 1 day after the accounting period end. For a company with a December 31 year-end: CT payment due by October 1. CT600 return filing: within 12 months of the accounting period end (December 31 year-end → CT600 due December 31 next year). Capital Allowances — critical CT reduction tool for Adur businesses: Annual Investment Allowance (AIA): up to £1 million of qualifying plant and machinery can be fully deducted in the year of purchase — creating immediate CT savings. Shoreham Port logistics businesses purchasing forklifts, warehouse equipment, or cargo handling machinery can fully expense these in Year 1. Enhanced Capital Allowances: full expensing (100% first-year allowances) for main pool assets (computers, most equipment); 50% first-year allowance for special rate assets (long-life assets, integral features). R&D Tax Relief: Adur technology companies and innovative businesses (including Brighton City Airport-adjacent aerospace businesses) can claim R&D tax reliefs — the merged R&D scheme (from 1 April 2024) provides a 20% uplift on qualifying R&D expenditure and a taxable credit of 20%. Sirus Infotech prepares CT600 returns for Adur companies with full utilisation of available capital allowances, R&D reliefs, loss relief, and group relief — ensuring Adur businesses pay no more Corporation Tax than they legally owe.