Bookkeeping, Management & Annual Accounts

Bookkeeping is something every business is required to do. The Inland Revenue regularly request to see the bookkeeping records of businesses. I can take over the bookkeeping of your business so that you can focus your attention on growing your business.

This will provide you with an up to date position of the financial results of the business, allowing you to make more informed management decisions.

Limited companies have filing deadlines for their financial annual accounts and they need to be compliant with current accounting standards. With the new rules from HMRC all Limited company accounts must be tagged to ensure they are IXBRL compliant.

Sole traders and partnerships need accounts preparing as they provide the proprietors and partners with the vital financial overview of the business. Information from the accounts is also required to be included on the self assessment and partnership tax returns.

Some businesses prefer more up to date and frequent financial information. Management accounts can be prepared as often as the owners would like.

These accounts can then form the basis for many management decisions.

If you would like to talk to me about any of these services then please call me to arrange a free consultation to discuss your business needs.

VAT & Payroll

VAT Returns need to be filed electronically to HM Revenue & Customs by 7th of the second month after the quarter end date. For example a VAT Return for the quarter ended 31st October 2014 would need filing electronically by 7th December 2014. Any payment due would be payable by 7th December also.

Failure to meet these deadlines will incur a penalty and surcharges.

The new Real Time Information (RTI) payroll rules, which are in place, mean that all employers must submit a Full Payment Submission report to HMRC about payments and deductions made to your employees. These reports must be filed with HMRC on or before your employees’ pay date. If you pay your employees weekly, weekly reports must be submitted.

From 6th March 2015 HMRC is introducing penalties for employers with fewer than 50 employees who report their payroll information late. For employers with over 50 employees these penalties are already in place. The penalties are £100 per month for 1-9 employees and £200 per month for 10-49 employees. These penalties can quickly mount up.

Contact me if you need help with your payroll or VAT or if you would like me to run your payroll or prepare and submit your monthly VAT Returns and take the stress away from you.

Personal and Corporate Tax

Ensure your earnings are not unnecessarily handed over to the taxman! No one wants to pay more than they need to in tax.

It is important that when completing any tax return you have claimed the correct amount of tax relief for your business expenditure.

It is also important that you keep the correct records to satisfy HMRC should they decide to raise an enquiry on your Tax Return.

Ensure all your tax returns are submitted on time to ensure you do not receive any fines and penalties.

If you don’t like speaking to the Revenue then I can liase with HMRC on any of your tax matters for you.

Business Start-up

Get practical advice on tax efficient structuring for your business and how to avoid pitfalls.

It is important to understand both the practical and tax implications when deciding whether to set up as a sole trader, partnership or Limited company.

It is essential for new business start ups to have the correct advice before starting up and to be able to rely on an experienced accountant to provide them with the ongoing advice and support.

The tax deadlines are quite complicated for a new business start up and so it is vital you get some advice on this.

If you are thinking about starting a business or if you have recently started up in business and would like some advice then please call me.

 Year-end Annual Returns

A limited company needs to submit a Return to Companies House each year detailing details about the company, such as the registered office, directors and shareholding of the company.

Changes made to the company such as a change in directors and an increase in the issued shares of a Company also needs to be reported to the Revenue.

I can keep track of when your Annual Return is due for filing and submit this electronically for you and notify Companies House as and when changes arise.