Accounting and Tax

Your Core Numbers

No business can be truly successful without an accurate foundation of accounting. Our team of accountants can handle the accounts side of things for you, so you don’t have to worry. Our focus is always on helping our clients by removing the stress of accounting and the hassle of deadlines.

Our service here includes the regulatory preparation and analysis of your annual accounts. We take the time to make sure you understand what the numbers mean and can see the picture they are painting. Our tax specialists will also ensure you and your business are taking advantage of all the tax saving initiatives available to you.

Our intention is to give you peace of mind by filing in the right format, ahead of imposed deadlines.

We conduct VAT reviews and prepare and file returns, ensuring you understand all refunds and payments. We offer a bookkeeping service that is as extensive as you choose, ranging from monthly bank reconciliation work and processing of invoices through to overseeing the month end accounts ensuring entries are posted in the right way.

We also run payroll and pension services for clients, handle Company Secretarial responsibilities and handle all personal and company tax planning matters.

Bookkeeping

For our “Complete bookkeeping”, we use Xero cloud accounting software so that you can see everything in your books and records, but we do all the work to get it there.

We will process your bookkeeping on a quarterly or monthly basis. Generally, we will carry out a little of your bookkeeping most days as this is the most effective way of keeping your books up to date.

We utilise modern technology from Receipt Bank to automate as much of the bookkeeping process as possible, so that transactions are automatically sent to our ‘back office’ for checking and onward posting to your accounts.

For our “Finishing Off Your Bookkeeping” service, many businesses do much of their own bookkeeping and leave us to finish it off, improving the accuracy and completeness of the work.

Dealing with transactions routinely means we can deal with tricky transactions, such as a prepayment or whether a purchase should be capitalised, whilst everything is fresh in the mind and when paperwork is available.

VAT

We will ensure your accounting system is set up correctly in the first place. Making sure zero rates, exempt rates, and outside the scope of VAT are set up correctly.

We will then review your transactions to see if the VAT is correctly treated; claimed where it should be and not claimed where it should not.

We will explain the differences between VAT treatment on certain expenses such as personal expenditure in your accounts, entertaining and travel.

We will advise on the best VAT scheme for you, from cash accounting to accruals accounting, explaining the difference and the implications of your choice. VAT can also be dealt with monthly, quarterly, and annually, and there is the fixed rate scheme as well as dealing with exempt supplies.

Payroll

We can run your payroll, from calculating gross wages/salaries, all the legislative paperwork for starters, leavers, students and those on CIS to sending electronic payslips to your employees.

Payrolls, once processed, have to be submitted to HMRC before they are paid – we will deal with all that for you.

Workplace pensions

Additionally, work place pensions must now be applied by all employers. This means calculating who is eligible for a workplace pension within the payroll, and applying the deduction if they are eligible; bearing in mind that they may opt in or out as well.

We work with the popular workplace providers and can set up workplace pensions as well as process the deductions through your payroll.

Annual Accounts

We prepare a set of your annual accounts separate to your Statutory accounts, that are meaningful to you, with insights as to what your numbers say. They are your story, and we will highlight the good and the bad. We will include relevant non-financial information if appropriate, and focus on the information you want and need to run your business easier and better.

Statutory Accounts

We prepare statutory and other regulatory accounts to meet your legal obligations.

We aim to prepare these with the minimum of fuss, so that we can concentrate our time on more valuable services, such as saving you tax, explaining your numbers and helping you maintain, improve and grow your business.

Business tax

Within the framework of the law we seek to minimise the tax you pay, enabling you to retain as much as possible.

We will seek out allowances and reliefs relevant to your business. We will review your position before each year end, as the timing of when you do something is now absolutely critical to saving tax.

Company Secretarial Work

Companies have to keep statutory records, minutes of certain decisions and event, notify Companies House within a time scale of certain changes or event, and prepare minutes and tax vouchers for dividends paid. If these are not done, if becomes hard to sell your company, or borrow monies, and a host of other things.

We therefore deal with these matters as standard, keeping you legal and up to date.

Quarterly Management Accounts

Producing accounts more frequently than annually means that financial challenges and problems are spotted and corrected quickly. They also mean that you as the business owner know your financial position more regularly which should lead to a better result for the year.

These accounts are also known as management accounts and with the “Making Tax Digital” directive from HMRC, will tie in with VAT returns (if you’re registered). Looking ahead, HMRC will be expecting the filing of quarterly profits and we will ensure that you remain compliant with these changes.

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