Accounts are a necessity to be able to get the numbers correct to enter onto your Tax Return if you are a sole trader or partnership and they are a statutory requirement if you are a limited company.
Whilst having the accounts solely for tax purposes is necessary, they can also give you a great insight into how your business is doing both from a profitability and tax perspective throughout the year.
We believe that accounts can give business owners a greater insight into how things are doing, tracking your turnover often doesn’t show a true picture of what is actually going on. We can help you get more value out of your accounts so that you have got something you can use to ensure your business is heading in the direction that you are wanting.
Tax Returns need filing every year whether you are an individual, business or limited company, making sure that they are right is often daunting and we often find that it can be very stressful for people.
We can help you prepare your Tax Returns ensuring they are compliant with all of the HMRC changes, whilst taking advantage of all of the legitimate tax allowances available to you.
We can ensure everything is filed to HMRC in a timely manner and if HMRC do come back with any queries then we are on hand to assist you in responding.
We often find that if clients keep good bookkeeping records, then they gain a lot more meaningful information. Leaving the bookkeeping until the end of the month / quarter / year often makes it feel like a more impossible task.
We work with clients to streamline the way in which records are maintained, stepping in to help you ensure that everything is accurate and up to date so that you have a better overview of your finances which will allow you to make more informed decisions.
If you are employing people in your business then ensuring that you process payroll correctly, providing the necessary information to your employees and also HMRC is imperative.
HMRC set clear requirements of what is expected on employers in terms of processing payroll and we can take care of all of the reporting for clients. We also deal with calculating statutory pay, the necessary submissions involved and also calculating, processing and submitting your auto enrolment pension requirements alongside.
All VAT registered businesses need to prepare and submit Returns to HMRC using Making Tax Digital compliant software. We work with clients to ensure they are meeting the requirements set by HMRC, with VAT payments advised to avoid missing the deadline.
The different VAT rates that are available to businesses both for charging onto customers on sales and also being able to reclaim on their expenses is complicated, ensuring that you get your VAT Return correct is important and we can help you with this.
If you are running a limited company, it is necessary for you to keep accurate company statutory records. This involves preparing and submitting the annual Confirmation Statement with Companies House, as well as ensuring that all of your Director and Person of Significant Control (PSC) details are accurate and up to date.
Directors often feel overwhelmed with the reporting requirements into Companies House, and we work with clients to take care of this for them. This ensures that they meet all of the necessary deadlines in terms of reporting changes to Companies House to avoid penalties.
We work with individuals and businesses to plan for tax liabilities. This can mean considering when the right time to either purchase or sell equipment and vehicles is optimum, how making pension contributions could impact a tax liability and also ensuring that clients have a plan in place for larger taxes such as Stamp Duty, Capital Gains Tax and Inheritance Tax.
If you would like a discussion in respect of your personal or business tax planning, then please reach out to us and we can set up a meeting.
The reporting requirements associated with Capital Gains Tax have changed in recent years. The reporting requirements on the sale of a residential property now require individuals to report this to HMRC within 60 days of completion and prepare and submit the necessary declaration.
This is much more complex than in previous years and we assist clients with calculating potential Capital Gains Tax liabilities, advising them to HMRC and then preparing and submitting Tax Returns to report the final position. We also work with clients to plan how they could potentially mitigate the Capital Gains Tax liabilities arising.
We understand that when in business you often do not have a sounding board. We are quite happy to work with clients to be their sounding board, holding regular meetings to discuss business direction and development.
We also have a wide network of trusted advisers who we can recommend in terms of legal and HR support, borrowing and personal mortgages. If you are feeling like you are not being supported in your business please let us know and we can assist you moving forwards.
