Services

Accounts

The summarisation of a company’s transactions to determine taxation liabilities.

In order for your company to pay you dividends, it must compile full statutory accounts annually for the Inland Revenue and Companies House. These are based on the records of the transactions which make up the year’s trading picture. We take your books at the end of the year and then calculate the tax that you owe.

  • End of year accounts
  • Regular management accounts
  • Help to monitor business performance

Tax Compliance

This is a very important part of our service.
HM Revenue & Customs are very strongly backed by a ‘fines and penalty’ system that means late submission of information can be very costly! There is also the added ‘sting to the tail’ that late submissions often mean information is scrutinised much more closely leading to possibly lengthy and costly ‘Enquiries and Investigations’.

  • Self-Assessment Tax Returns
  • Corporation Tax Returns
  • PAYE/NI end of year P35s and P11Ds
  • VAT Returns

We will work very hard with you to make sure everything is submitted on time and you are FULLY informed of any liabilities that may be due.

Companies House Compliance

Companies House run both efficiently and rigidly. Every company must submit both an Annual Return and Accounts every year.

There are strict deadlines for compliance and we will make sure you are fully aware of your obligations and work with you to make sure you avoid fines – for example if a company is one day late filing its accounts there is an automatic £150 fine!

Management Accounts

Management Accounts can help you make timely and cost effective decisions about your business. Different businesses have different management accounting needs, depending on the business areas that are important to them. These can include:

  • The sales process – such as pricing, distribution and debtors
  • The purchasing process – such as stock records and creditors
  • A fixed asset register – details of all fixed assets, including identification numbers, cost and date of purchase etc
  • Employee records

Management Accounts analyse recent historical performance enabling you to compare actual performance against forecasts and budgets allowing you to be proactive and make adjustments in your business accordingly. For example; ensuring that profitable products or services are not subsidising those that are selling poorly.

Bookkeeping and VAT

  • You can have monthly or quarterly accurate management accounts.
  • You will have up-to-date lists of debtors so you know who owes you money and what to chase.
  • You will have up-to-date list of creditors so you know who you have to pay.
  • You could rest easy in the knowledge that you are fully HM Revenue & Customs compliant.
  • We are fully up-to-date with all HM Revenue & Customs changes in rules and legislation, so you won’t have to worry about that either.
  • Your VAT Returns will always be filed on time, (avoiding any heavy fines and penalties!).
  • We will ensure that you are on the most tax efficient VAT scheme.
  • We will know exactly what expenses you can claim.

Let us have your information once a week, once a month or every quarter and we will do the rest. It costs at lot less than you would imagine and you’ll wish you had done it years ago!

Payroll

Are you RTI ready?

In April 2013 HM Revenue & Customs is introducing a new way of reporting PAYE. This has been called ‘Real Time Information’, or ‘RTI’. ‘Real Time Information’ means that as an employer, you will tell HM Revenue & Customs about PAYE payments via an online submission system, at the time payments are made, every time payments are made. Payroll software will need to be compatible with the RTI system to collect the necessary information and send it to HM Revenue & Customs Online. This means that you will submit information about PAYE payments throughout the year as part of your payroll process, rather than at the end of the year as you do now.

Most employers will be legally required to report payroll information in real time from April 2013 with all employers doing so before October 2013. HM Revenue & Customs will tell you when your business needs to make the change over.

  • You will need compatible computer software.
  • Processing your payroll manually is no longer an option!
  • Annual calculations are no longer an option!

We already have compatible software, so how can we help?

  • If you want to continue to use your manual system, then just phone, fax or email your information and we can submit it for you.Letting us take over your payroll administration has distinct advantages:
    • Our payroll service offers outstanding value. For example: A business with up to 15 employees will pay only £50 per payslip for weekly pay or £3.20 per payslip for monthly pay, (a minimum charge of £50 per quarter applies). Everything is included in the price!
    • We are kept fully up to date with all HM Revenue & Customs changes in rules and legislation, so you won’t have to worry about that.
    • The time you spend administering your payroll can be utilised doing something else more productive, more constructive, more relaxing, more fun!
    • No more payroll software upgrades and updates – saving you money!
    • All you need to do is send us your time sheets – saving both time and money!

Tax Planning and Advice

Personal Tax

  • Are you claiming all of your Tax relief entitlements? – They are there for your benefit, so make the most of them!
  • Are you paying enough National Insurance? – Your state pension is calculated on the contributions you make and as part of an ageing population, it’s wise to make sure you are sufficiently covered for when the time comes.
  • Are you paying your Tax correctly and paying it on time? – HM Revenue & Customs do not regard ignorance as an acceptable excuse. Don’t give them a reason to knock your door!
  • Do you know what your families Inheritance Tax (IHT) liability will be when you’ve gone? – Sometimes just making a will isn’t enough to safeguard your loved-ones future.

 

Business Tax

  • Are you trading in the most Tax efficient way? – The savings could go a long way towards your next Tax bill!
  • Are you remunerating yourself in the most Tax efficient way? – There are more ways than you would think.
  • Have you considered the EMI (Enterprise Management Incentives) Share Scheme as an alternative to pay rises? – EMI is designed to benefit you, your business and your management team. Everyone’s a winner!
  • Could you take advantage of an R&D (Research and Development) tax credit? – If you’ve developed a unique system or product then you could claim a helpful Tax relief benefit.
  • Do you have an adequate Tax Investigation Insurance policy? – HM Revenue & Customs don’t need a reason to take a closer look at your books and records and regardless of the eventual outcome, an investigation could cost your business, your business.
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