For every business, whether it be a sole trader, partnership or limited company, a set of year-end or annual business accounts is essential for taxation purposes. Accounts prepared in a timely manner means that you know how much tax your business should be paying in advance of the due date.
If you are a company – after the end of your company’s financial year, the Directors must prepare annual accounts from the company’s financial records. Copies of the annual accounts must be sent to all shareholders, HM Revenue & Customs (HMRC) as part of your Company Tax Return and Companies House (unless abbreviated accounts apply). Companies House must receive the Accounts within 9 months of their Accounting Reference Date and penalties exist for those not filing on time.
If you are a small company – because you meet at least two conditions, namely, annual turnover is less than £10.5 million; have less than £5.1 million on balance sheet; or fewer than 50 employees, then you are able to file abbreviated accounts to Companies House.
If you are a sole trader – where you trade without incorporation, you will need to prepare accounts mainly for the benefit of HMRC to support your calculation of business tax, which are entered onto your Self Assessment tax return and also for your internal purposes to see how you are doing.
In addition to Year-end or Annual accounts, we can prepare Management Accounts at agreed intervals, usually monthly or quarterly for you. Alternatively, we can help you prepare them yourself. The availability of Management Accounts information such as profitability, cashflows, budgets, forecasts and key performance indicators, not only helps you build good relationships with your bankers but allows for timely decision- making based on how your business is doing. In addition, keeping regular and accurate Management Accounts lowers your cost for the preparation of year-end accounts.
Routine book keeping and accounting can be time consuming and take you away from core business management, generating income and improving your profits. We can offer assistance with all your book keeping requirements (e.g. cash book and bank reconciliations, trial balances, nominal ledger reports) and therefore free up your time and resources. This service is bespoke to fit in with your business so it can be carried out either on-site, at your business premises, using book keeping software owned by your business or off-site, using book keeping software owned by us.
Whatever your tax position, whether you are sole trader, in partnership, a Director of a company, an employee or simply receive investment income or a pension we can tailor a service to meet your needs.
If you are a limited company then limited company tax responsibilities require the submission of a Company Tax Return and Directors must fill in a Self Assessment tax return and pay tax and National Insurance through PAYE if paid a salary.
If you are a partnership then partnership tax responsibilities include being registered with HMRC, each partner registering for Self Assessment, preparing and submitting to HMRC a partnership Self Assessment tax return each year and each partner submitting a personal Self Assessment tax return and paying income tax and National Insurance.
If you are a sole trader then tax responsibilities include being registered with HMRC as self-employed, preparing and sending a Self Assessment tax return every year and paying income tax on business profits and National Insurance.
If you are an individual then tax responsibilities mean that you will be required to complete a tax return. For example, if you are self-employed, if you have capital gains tax to pay; if you have lived or worked abroad; if you have income from employment; income from letting property or land; UK savings and investments, pensions, annuities and benefits; or income from overseas. Generally returns are issued by HMRC on 6 April each year and need to be filed by 31 October in paper or by 31 January if filed electronically.
The ever changing regulation means VAT compliance can be a difficult administrative process. We can assist with all aspects of your VAT compliance from registration for VAT, registering your business and obtaining a VAT number, through to the submission of your VAT returns. Timely and accurate VAT return submissions are crucial to all VAT registered businesses and failure to comply risks penalties being imposed. Having a smart Chartered Accountant can make all the difference.
The normal due date for filing of VAT returns and payment of VAT is 1 month after the end of the VAT period unless you register for online payment in which case you get an extra 7 calendar days to submit the return and pay the VAT.
Payroll must be operated by all businesses with paid employees. Administering payroll is becoming increasingly burdensome for many businesses, especially with the introduction of Real Time Information (RTI) for PAYE information to HMRC and the introduction of Auto-Enrolment (the workplace pensions legislation). So, now it takes more and more time and resources away from your core business activities and the penalties can be severe.
Outsourcing payroll to us even if you have only a few employees, will give you ‘peace of mind’ and eliminate the need for in-house training to keep up-to-date with HMRC legislation. This service can be carried out either on-site at your business premises, using payroll software owned by your business or off-site using payroll software owned by us.
Setting up a new business and getting it right from the start is important to the future success of the business.
We can provide: advice on the different ways to form a new business, whether you wish to be a sole trader, in partnership or a limited company; prepare a business plan, cashflow projections, budgets and trading forecasts and best sources of finance; assist with the paperwork from registering a limited company with Companies House, registering your business with HMRC and registering your business for VAT if required; and set up a book keeping/recording system (including cloud based).
The Companies Act requires companies to submit various documents within strict time limits. We can assist you meet these requirements. For example, preparing and filing the company’s annual return and accounts or maintaining minute books and statutory registers or administering share option schemes and dividends and preparing and lodging any information required by Companies House, such as changes to directors. Entrusting your company secretarial work to us will ensure that your legal requirements are fulfilled in a timely manner and you are free to concentrate on your business.
Our service offering goes beyond just compliance with rules,regulations and accounting, we have experience to talk to you about your business.