Annual Accounts & Corporation Tax Return
As a limited company, you are required to prepare statutory accounts and submit these to Companies House annually. This is all included within your quote and you will have peace of mind knowing that this is all taken care of for you. You are also required to file a Corporation Tax Return annually with HMRC. We’ll take care of everything that HMRC require and inform you of the corporation tax payment required in plenty of time.
Annual Accounts Partnership
As a partnership, you are required to prepare annual accounts and Partnership Tax Return to support your Self Assessment Tax Return, you may also require them for your bank. This is all included within your quote and you will have peace of mind knowing that this is all taken care of for you. We’ll take care of everything that HMRC require and inform you of tax payments required in plenty of time.
Annual Accounts Sole Trader
As a sole trader, you are required to prepare annual accounts to support your Self Assessment Tax Return, you may also require them for your bank. This is all included within your quote and you will have peace of mind knowing that this is all taken care of for you. We’ll take care of everything that HMRC require and inform you of tax payments required in plenty of time.
Personal Tax Return
Preparation and online submission of your personal tax return, calculating your tax bills and advising you on how much tax to pay and when; completing a personal tax return is not just form filling - we follow a 10-step process in order to complete your personal tax return for you:
- Supply you with a Tax Return Checklist to save you time in getting together all the information we will need.
- We then use the information and explanations you give us to complete your Personal Tax Return.
- We also calculate your personal tax bills and payments on account so that you know exactly how much to pay and when to pay in order to avoid penalties and interest.
- With the exception of tax credits, we will advise you on possible claims and elections arising from your Personal Tax Return and from information supplied by you, in order to minimise your personal tax bills. Where you subsequently instruct us, we will make such claims and elections in the form and manner required by HM Revenue & Customs.
- Once you have given us your written approval, we will submit your Personal Tax Return return to HM Revenue & Customs.
- We will file your Personal Tax Return online - the benefits to you being: You’ll know exactly when HM Revenue & Customs received it, the risk of “human error” processing mistakes by HM Revenue & Customs will be minimised and if you’re entitled to a tax repayment, you’ll receive your refund much quicker
- We will check HM Revenue & Customs’ calculation of your tax bills and initiate repayment claims if you have overpaid.
- If you’re entitled to a tax refund, we’ll ask you for your bank account details so that we can transfer any refunds to you electronically – you’ll get your money back from HM Revenue & Customs without the hassle of visiting your bank or waiting for funds to clear.
- We’ll deal with all communications relating to your Personal Tax Return that are directly addressed to us by HM Revenue & Customs, or forwarded to us by you.
- By preparing your Personal Tax Return, you’ll automatically be covered by our tax investigation insurance policy (worth up to £75,000). As a result, you’ll not have to pay any extra fees for our help in the event of a full or aspect enquiry into your tax affairs by HM Revenue & Customs. You’ll therefore have complete peace of mind from knowing that there’ll be no extra charges if we ever do need to help you deal with the most common forms of tax investigation.
We will be preparing and submitting your quarterly VAT returns ongoing, meaning that you will be well aware of your VAT liabilities and keep the VAT-man happy! We’re not just filing a bunch of numbers though, we take a 6 step approach to our VAT Returns service: 1. Create a recurring quarterly job in our job management system so we NEVER miss a deadline and begin work on the VAT return the day after the quarter end 2. Carry out an audit of ALL transactions for the period - check that purchase VAT has been claimed on every transaction that it should have been and conversely that it hasn't been claimed where it shouldn't have been 3. Ensure that you are on the best scheme to maximise your cashflow - Cash or Accruals. Also keep an eye on going over the threshold at which you HAVE to move to accruals by obligation 4. Send you notification of the amount due within 3 weeks of the quarter end, giving you 2 weeks notice of the amount to be taken automatically via direct debit 5. File the VAT return on time, every time 6. Deal with any queries, enquiries or investigations from HMRC so you don't have to get involved, allowing you to focus on running your business and avoiding further cost of bringing us into an investigation.
Monthly preparation and filing of the company payroll to HMRC and providing payslips to employees. We will also advise on opportunities to reduce your PAYE bill, such as the £3k employers allowance that is currently available to reduce your employers national insurance bill.
We’ll use the automated bank feeds built into Xero and data collection apps to quickly and efficiently take care of all of your bookkeeping. We can also take care of your invoicing and credit control function if required.
We can look after the formalities of running a company for you, specifically
- Completion of Company Confirmation Statement
- Use of our office as your Registered Address
- New Share Issue
- Share Transfer
- Change of Director
- Change of Registered Office
- Strike Off Application
Rather than a set of accounts just once a year, you receive a fully reconciled set of accounts each month or each quarter, with a report pack containing your Profit & Loss account, Balance Sheet, Aged Debtors & Creditors, Cashflow Summary and an Executive Summary giving you the top-level information. We can also add in any further reports required (budget analysis, departmental reporting etc). Alongside the report pack, the main value we add is our analysis and commentary on the monthly or quarterly performance, as your external trusted advisers.
Budgets and Forecasts
We believe that every business should have a 3 year financial budget to plan where you want to be heading. This gives direction to the board and the entire team as to what the business is trying to achieve so you are all working in sync. We’ll also create, manage and update a rolling 12 month 3 way forecast of profit & loss, cashflow and the balance sheet so you always know what the future financial performance and position of the business looks like, based on what we already know today (committed sales and costs). This is about bringing the future into the present so you can do something about it.
Quarterly Review Meetings
We will work with you to define the Key Performance Indicators that underpin the success of the business. These will be a combination of financial and non-financial measures. We'll put these into a separate report each quarter and again provide our analysis on the results, and work with you to improve the results over time. We’ll host a Quarterly face-to-face meeting to address anything you want to discuss with us as your professional advisers and anything that we have identified as areas that will benefit from some closer attention, guided by the reports which will be presented in the meeting.
Xero Software – Subscriptions, Set Up and Training.
Xero charge a monthly subscription for using their software. Rather than paying multiple invoices for Xero and Accountancy, this allows you to consolidate everything into one monthly fee so you have just one payment coming out of your account each month.
Setup and Training
We'll set up your Xero, enter your opening balances and provide 3 hours face to face training. We find that three hours is usually enough training to get you up and going, however, we are happy to offer more, particularly if you need help integrating additional addons.