We can:
- Prepare accounts to help in completion of self-assessment tax returns
- Produce financial statements to file at Companies House and abridged 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.
Tax Returns can be completed for:
- Individuals and sole traders
- Partnerships
- Limited Companies
The self-assessment regime is full of penalties and HMRC enquiry powers are extensive. It’s important that:
- Returns are correctly completed
- They are filed on time
- All backup records are retained for the appropriate period of time
As well as the completion of your return we can assist with:
- Advice on your tax liabilities
- Negotiating with the Collector if necessary
- Identifying suitable tax planning opportunities
- Completing all the necessary tax computations
- Dealing with all correspondence from HMRC, taking the worry away from you
Compliance with VAT is complex. Investigations by the VAT Man 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
Let us take it off your hands:
- Drop off your invoices, bank statements, etc
- We do all the processing
- We can then easily prepare for you:
- 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
- We can then easily prepare for you:
- 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.
If you measure it, you can manage it!
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
Research suggests that those businesses with a written business plan are far more likely to succeed.
Business plans are also regularly needed to support finance applications, especially bank lending.
We can assist with all aspects of the business plan including:
- Business strategy and goal setting
- Budgets
- Cash flow forecasts
- Profit forecasts
- All written elements of the plan such as business background, marketing plan, SWOT analysis, markets, competition and all of the other key elements that need presenting in the most suitable way to lenders
After you’ve produced the plan, you need to monitor how you are doing against the plan and we can help you with this.
Personal tax services are available both for business owners and private individuals including:
- All aspects of Self Assessment
- Dealing with Tax Returns
- Tax enquiries
- Computation of liabilities
- Tax disputes
- Correspondence with HMRC
- Inheritance tax planning
- Tax Investigation Fees Protection
- Trusts
Everything seemed fine running your own business until the day you took on your first employee and became an unpaid tax collector.
This is when you found out what red tape was all about.
Let us 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
- 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
It is an unfortunate fact of business life that you may well come under enquiry by HMRC through no fault of your own or of your accountant. HMRC now investigates businesses at random as well as for specific reasons. A full investigation is not a pleasant experience for anyone. Without expert defence it is possible to get trampled all over.
If you are selected at random, you need an accountant who knows how HMRC works and thinks and is prepared to fight your case. We make sure that Taxman keeps to their own internal guidelines and don’t over step the mark. We will talk you through the enquiry process and what to expect and support you throughout.
The Penalties
There are various penalties HMRC can seek to impose following an enquiry for undeclared income. As well as having to pay the tax, you can find them seeking penalties up to an amount equal to the tax, so doubling your tax bill. Interest on the late payment of the tax is also part of the arrangement – not a pleasant experience. We can help you minimise these penalties.
Anti-investigation Scanning Checks
Whilst with random investigations anyone can come under enquiry, you can help to avoid the chance of an investigation into your affairs for other reasons. We know the triggers that often give rise to enquiries if not fully explained to HMRC when submitting Returns to them.
Every Tax Return or set of accounts we submit to the Taxman goes through an anti-investigation scanning check to identify any areas that may lead to an enquiry before they are submitted without explanation. This really does help to minimise the chances of you being on the wrong end of an enquiry.
