You do the bookings, we do the books
If you run your own business you will know all about multi-tasking.
But whatever type of business you are in there are some tasks that never go away – the VAT return, book-keeping and end of year accounts. But help is at hand.
We offer a full range of professional yet affordable book-keeping and VAT services which let you get on with running your business. Whatever the size of your business, you have the peace of mind that you are getting a first class service that is delivered on time, every time.
If you need advice on the right accounts or payroll software for you, please talk to us.
We can also offer training in use of some of the leading packages.
In addition, being a fully computerised practice we have a great understanding of many I.T. areas and knowing our clients are in an excellent position to help them. We can often help or point you in the right direction with:
- Accounts software
- Online accounts packages
- Payroll software
- Contact management software
- Advising on the necessary hardware
- E-mail and internet set up
- Management reporting solutions
- Use of various office software packages
- Prepare accounts to help in completion of self-assessment tax returns.
- Produce financial statements to file at Companies House and abbreviated accounts to ensure the minimum amount of your financial information is made public.
- Accounts are prepared to agreed timescales and deadlines.
- But we can do more than just report the history of what’s already happened.
- Identify areas where we can assist in minimising your tax liability.
- Identify areas of the business that give you the most opportunity to make improvements.
- Use the accounts to help you measure where you are in meeting your goals and what actions you need to take.
We take the time to explain your accounts to you so that you understand what is going on financially within your business, helping you to plan for the future.
Do you know why you need an audit or why you should have one?
The main reasons why you will be required by law to have a statutory audit are:
- You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these);
- You are required by your professional or trade organisation to have your accounts audited;
- Your shareholders do not agree to opting out of the audit.
- For accounting periods starting on or after 1 January 2016 audit thresholds are aligned with the new qualification as a small company, meaning companies (including LLP’s) are exempt from having a statutory audit if they meet 2 of the 3 following conditions…
- Turnover below £10.2 million
- Balance sheet total below £5.1 million
- Less than 50 employees
- For accounting periods starting before 1 January 2016 and ending on or after 1 October 2012 small company, meaning companies (including LLP’s) are exempt from having a statutory audit if they meet 2 of the 3 following conditions…
- Turnover below £6.5million
- Balance sheet total below £3.26 million
- Less than 50 employees
- Most subsidiary companies are also exempt from audit where their parent company guarantees their liabilities.
- For accounting periods ending on or before 30 September 2012 an audit is required where your turnover exceeds £6.5million or your gross assets exceed £3.26 million or the company is part of a group that exceeds those limits.
We can advise you if you need an audit and if not, you can save on accountancy fees.
However, we aim to deliver hassle-free audits and there are good reasons for having an audit even if you are not required by law to have one.
An audit involves a detailed review of the company’s accounting systems and systems of control and also requires a detailed understanding of the company’s business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters.
An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the Taxman and suppliers who may be seeking credit references etc.
A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market.
The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster.
Simply drop off your invoices, bank statements and so on and we do all the processing.
We can then easily prepare your:
- Management Accounts.
- VAT Returns.
- Key Performance Indicators.
- End of Year Accounts.
- Estimated Tax Liabilities as you go along so there’s no end of year surprises.
You pick up the records, neatly filed and organised, and all the information we’ve agreed to provide you with. It also makes it easy for us to handle any VAT inspections.
We can assist you with company formations for:
- An off the shelf ready made company
- A tailor made company
- Limited Liability Partnership
For urgent requests we can also arrange same day formations.
To check the availability of a Limited Company name, you can use the Companies House Information Service. Type in the name you want, select the option for “Company Name Availability Search” and see if it comes up in the list.
Our Company formation packages can include:
- Advice on the pros and cons of incorporation in your own situation
- Appointment of directors
- Appointment of company secretary
- Issue of subscriber shares
- Registered office services
- Completion of all necessary minutes and resolutions
- Assistance in opening a bank account
- Tax review with regard to company formation, forming the company yourself and getting this wrong can be very costly
- VAT registration
- Company registration for Corporation Tax
- Set up of Company PAYE scheme
- Book-keeping set-up advice
- Business plans
- Assistance with raising finance
Getting employment status wrong is one of the most expensive tax mistakes
The question as to whether someone is employed or self employed is not as straightforward as it might at first appear. Many people assume they are free to choose, but this is not the case.
Although there is no clear-cut answer as to how you decide if you are self-employed or not, the following should be on your checklist.
Fundamental factors to consider:
- The right to get a substitute or helper to do the job
- Mutuality of obligations
- Provision of equipment
- Financial Risk
- Basis of Payment
- Opportunity to profit from sound management
- Part and parcel of the organisation
- Right of dismissal
- Employee benefits
- Intention of the parties
- Length of engagement
These are often matters of general employment law, and not specific tax legislation. There is an enormous amount of Case Law in this area and HMRC are not always right. HMRC do not have the final say on whether somebody is self-employed or not. We can argue your case and take it before the Tax Commissioners for you.
The cost if you get it wrong is enormous. Not only is there the question of employees and employers national insurance, being classified as an employee also gives rise to all sorts of employment rights such as holiday pay, maternity pay, unfair dismissal etc. The decision has to be made by the employer and if you get it wrong it is going to be very hard to recover the back tax, interest, penalties and so on from the employee.
Up to date, relevant and quickly produced management information allows you to make the right decisions.
Our management accounts and information services include:
- Monthly or quarterly management accounts
- Reporting of key performance indicators that are the underlying drivers that run your business
- Help with in house systems for you to produce your own information
- Training on how to get the most out of your information
- Supplying management information to lenders
- Branch/Divisional results
- Actual performance compared to budget and/or comparative periods
- Costing information, including break-even turnover levels
We can take the strain away from you and let you get on with running and growing the business. Payroll is complicated and has to be done on time and you as the employer are responsible for the mistakes.
We run payrolls on time and can provide a tailor made service for your business including:
- Employee payslips
- Monthly summaries
- Departmental reports
- Dealing with leavers and starters
- Provision of analysis of staff costs
- Real Time Information (RTI) PAYE returns for the Revenue
- Assistance with automated payment set-up to your employees
- CIS returns completed by us
You will never have to worry about calculating statutory sick pay or maternity pay and dealing with student loan deductions ever again.
And at year end:
- Employee summary P60s
- P11D and P9D benefit and expenses returns
Beyond the payroll compliance service, we offer comprehensive advice on all employment tax issues including:
- Tax efficient remuneration strategies
- Planning for retirement
- Termination payments
- Inducement payments
- Company car and van strategies
- Benefits planning
Compliance with VAT is complex. Investigations can be intense – all the more important that your VAT returns are completed correctly.
There are three methods we can use to assist in completion of VAT returns:
- Let us do your book-keeping and we complete the return from there;
- Give us your books and we’ll complete the return for you;
- Provide training on how to complete your return.
We complete VAT returns in good time to ensure you avoid any penalties.
In addition we can assist with:
- Applying for VAT registration
- Advice on the VAT schemes suitable to your business
- VAT planning
- Dealing with any disputes that arise with Customs
- Attendance at VAT inspections