This is the regular practice of processing day to day financial transactions of your business which is necessary when preparing VAT returns, end of year accounts and tax returns.
It is perhaps the most important task of all because the failure to keep on top of your records only ends up causing huge issues further down the line.
But let’s be honest. It isn’t the most exciting thing to do and you didn’t go into business to do the bookkeeping.
By outsourcing your bookkeeping to us we will automate as much of the process as possible. This will free up your time and give you the peace of mind your financials are in order and that you have adequate accounting records should you ever get a HMRC inspection.
We are a highly experienced team and we’ve yet to come across a query that we cannot handle. And we believe in offering an excellent service at an excellent price.
Plus, we can offer a preferential rate on year end accounts preparation if we have maintained your bookkeeping records.
You can click here to read about the pros and cons of outsourcing bookkeeping. For growing businesses, it is highly likely you will require a different category of accountancy services. One that offers considered advice and corporate planning in addition to carrying out the day to day processing of transactions. Click here to find out more about how we can help trigger and sustain growth.
All businesses with a turnover of over £85,000 in a 12 month rolling period must register for VAT. This includes sole traders, partnerships and limited companies.
VAT is arguably one of the most illogical taxes of them all and can be difficult to understand with regulations surrounding it constantly being updated. It is also crucial to choose the correct VAT scheme if this is available to you.
Some goods and services are VAT exempt, whilst others are zero rated or partially exempt. Failure to comply with your VAT obligations can result in fines and other issues.
We ensure you are getting the most out of VAT without paying over the odds by ensuring your records are complete and ensuring you are on the right VAT scheme for your circumstances.
Payroll & Workplace Pensions
Did you know that almost two thirds of all businesses outsource their payroll requirements. Why?
Because it is yet another time consuming exercise for most business owners. It can be expensive to train your staff and to make sure you have the most up to date software. And what happens when your payroll manager goes off sick or is on holiday?
We can handle everything for you at a competitive price including:-
- Data entry
- Tax calculations
- National insurance
- Workplace pensions
- Auto enrolment
- RTI submissions to HMRC
- P45, P60 and P11d
- End of year summaries
And if you are in the construction sector you know you will have to register under the Construction Industry Scheme (CIS) and may have deductions to make from your subbies and provide them with regular Payment and Deduction Certificates as well as filing monthly CIS returns to HMRC.
Except for the smallest of operations every business requires a set of financial accounts prepared at least once per year.
If you are a limited company the format of those accounts is quite strict and may run into many pages, whereas the content of a sole trader set of accounts is usually much less.
Preparation of annual accounts is the basis of calculating the net profit of the business and from which the amount of tax due is then calculated after having made adjustments for non allowable expenditure, asset additions and disposals etc.
Despite what you might see on some TV ads that all you need to do is to press a button and the software takes care of it all for you it is far from being as easy as that! In our opinion that kind of marketing is reckless and misleading.
We are here to ensure you are claiming every expense you can against tax. No piece of software has yet been invented to ensure that is the case.
Personal Tax & Self Assessment Tax Returns
You can, of course, prepare and submit your personal tax return yourself.
Just as you can do a DIY job and instal a new kitchen or a new bathroom in your home. But how many of us would dream of tackling that and even if we did it would take at least twice as long as a professional would take and the chances are wouldn’t look as good.
The same principal goes when it comes to preparing your own tax return. Unless you have trained in accountancy for several years the fact is you do not have the knowledge or expertise to confidently prepare it yourself.
Why would you even contemplate having sleepless nights wondering if you have completed it properly, or if HMRC are going to come knocking at your door, all for the sake of a couple of hundred pounds to get a professional to do this?
A qualified and experienced accountant can ensure you are claiming for everything you are entitled to and should be able to pay for their fee (sometimes many times over) by missing no stone unturned.
In a nutshell, if the basics are right then the rest will fall into place which is why we offer the following compliance and support services.
As businesses grow it becomes increasingly likely you may require a different type of accountancy service. One that offers considered advice and corporate planning in addition to carrying out the day to day processing of financial transactions.
If you really want to make your business fly then it is crucial you partner with a firm that not only can deliver the basics but also has the experience working with larger commercial organisations.
We provide a service that is second to none and will work with you to achieve your business and personal goals becoming an integral part of your management team.