Bookkeeping can be a very time-consuming exercise for most business owners and there are often not enough working hours in the day as it is. By outsourcing this to us, you will have more time to focus on growing your business and maximising profits. We will ensure that all sales and purchases have been accurately recorded in the correct month and that all accounting transactions have been correctly made. We will also ensure that your Balance Sheet has been properly reconciled and that any adjustments are made as required.
and Corporation Tax
Limited Companies are required by law to file accounts with Companies House and a Corporation Tax Return with HMRC annually. We take the stress out of this process and ensure that all of the necessary accounting adjustments have been made and that your accounts and tax returns comply with all relevant legislation. We will remind you when your accounts are due and ensure that they are filed accurately and on time. We will provide tax-efficient advice to reduce your tax liability where possible and ensure that you know how much to pay HMRC and when it is due.
Companies House require Limited Companies to file an annual Confirmation Statement to confirm that the information held on record for the company is accurate and up to date. We will remind you when your Confirmation Statement is due and we will ensure that Companies House hold the most up to date information in regards to directors, shares, people with significant control and the company’s registered office address. We will then complete the form and action any necessary changes on your behalf.
VAT Returns are required for all businesses that exceed the VAT threshold and are usually submitted quarterly. We will make sure that all sales have been treated correctly in the VAT Return and that purchases have been reclaimed in line with HMRC’s VAT rules. We will remind you of upcoming VAT Returns and ensure that you have copies of all the VAT invoice documents to support your return.
For many businesses in the Construction Industry, CIS Returns are required on a monthly basis, which can be daunting and time consuming for a lot of business owners. We take the hassle out of this for our clients so that you can focus on running your business. We will verify the rates of deduction for each subcontractor and we will advise you what percentage to deduct from their payments. We will take care of the preparation and submission of both contractor and subcontractor CIS Returns as required. We will remind you in plenty of time when your CIS Returns are due and ensure that you know how much to pay HMRC by the deadline.
Company Directors, Sole-Traders and Partnerships are all required to file a Self-Assessment Tax Return each year and pay over any personal tax due as a result. It’s well worth having your tax return prepared by an accountant to ensure that all relevant income has been correctly recorded and that all possible expenses have been claimed. Once your return has been submitted, we will advise you how much you need to pay to HMRC and the relevant deadlines for payment.
We can set-up and run weekly or monthly payroll for you and your employees. We use Xero to do this, which can also be used for timesheets, time-off requests and much more. All staff will be given access to a cloud-based portal, where they can view their payslips, P60’s, P45’s and make requests for time-off. As an employer, you have certain obligations in relation to employee pensions. We can ensure that you are compliant with all legislation, as well as opening a pension scheme for you if required. We will also advise you on any amounts payable to HMRC and the pension provider.
Registered Office Address
Companies House require Limited Companies to have a registered office address, which is visible to everyone on the internet through Companies House Beta. As many businesses are run from home, business owners often want to keep their home address private and do not wish to publish this on the internet. Our registered office service provides a perfect solution to this. We will set our office address as your registered office on Companies House, which means that we will receive some post on your behalf, usually from Companies House or HMRC, but this means your personal address will remain private. We will scan in any post received and ensure that it is emailed to you in a timely manner.
New Taxes with HMRC
There are numerous HMRC taxes available, which all need to be applied for separately in order to use the schemes. Common examples are PAYE, Self-Assessment, VAT, CIS and Corporation Tax. You may need to register for one or more of these taxes and we can make these applications to HMRC on your behalf. If you are unsure which taxes that you might need to register for, please get in touch and we will advise you.
and Opening of a UK Bank Account
Starting a new Limited Company can be a daunting process, particularly if you haven’t done it before. So, why not let us help you? We take the stress out of the whole process by doing it for you. We have even partnered with some well-known banks to help you open a Business Bank Account for your new company. We love helping new businesses and entrepreneurs so feel free to reach out to us and we will guide you through the whole process.
If you want to monitor the performance of your business more regularly than once a year, Management Accounts are a great way to do this. We can produce detailed accounts on a monthly or quarterly basis, which will include everything from profitability to cash position, with useful commentary and advice on how to improve the performance of the business. We will also let you know what your estimated VAT and Corporation Tax liabilities are so that you know how much to save for these. In addition, we can regularly calculate the available dividends so that these are not overdrawn come year-end.
Virtual Finance Director (FD)
Most businesses could benefit from the knowledge and experience of a Finance Director, but to hire one full-time can be extremely costly and often unaffordable. Our Virtual FD service is a perfect solution for this. You will be assigned a dedicated Finance Director who can be viewed as an extended member of your internal team, but for a fraction of the cost! Your FD will attend management or board meetings and offer expert advice on how to improve the business’s performance and provide meaningful insight on the company’s financial performance. Your FD will also help with problem solving, cashflow management, tax saving strategies, improving internal processes and much more.
Our Business Consultancy service is a perfect solution for clients who are ready to take their business to the next level. Whatever your goals, our team of experienced experts are here to help. Whether you want to improve profit, increase revenue or need help to turn your business around, we’ve got you covered with our flexible consulting specifically tailored to meet your requirements. Get in touch with us today to see how we could benefit your business and help you to fulfil your potential.
Nobody likes to have larger tax bills than expected come the end of the year, so we will create you an annual tax plan and help you to stick to it! Our tax planning service will help to give you more certainty over your tax bill by advising you on the most tax-efficient ways of running your business. Common examples of this could include; advising on the most tax-efficient combination of salary and dividends for company directors, or what vehicle would be most tax advantageous to purchase through the business. There are also a number of tax-allowable deductions available to employers, which we can ensure that you are claiming every year. There are many other opportunities to legally save tax and we can work with you to explore all possibilities.
Whether you are a new or existing business, we can help you with a financial business plan to give you something to work towards. It is a sensible idea for all businesses to have a medium and long-term plan to help future-proof the business and ensure sustainable growth. We can review performance against the plan and identify any areas of under or over performance and revise it accordingly. This will help to ensure you do not fall into the trap of short-termism and that the long-term success of the company is always being considered and monitored.
It is a sensible idea for all businesses to have a Cashflow Forecast as Cash Is King! Your business always needs to have sufficient cash available to sustain operations and ample savings for various taxes. It is also important to ensure your suppliers are paid on time, which will help to ensure strong long-term relationships with them and maintenance of your credit score. A cashflow forecast is a great way to look ahead at the cash needs of your business to ensure you have sufficient income to cover your outgoings. If any period of low cash is identified, we can advise on corrective action to ensure that the business is not left in a vulnerable position with little or no cash.
Budgets and Forecasts
Budgets and Forecasts are a great way to set financial targets relating to the costs of your business to ensure that you are not overspending. It’s also a great way to set sales targets and monitor your progress towards meeting them. We can create Budgets and Forecasts in Xero and report against them on a monthly or quarterly basis to let you know if you are on target. We can identify any differences between the actual outcome and your original Budget or Forecast and advise on corrective action that you can take to limit any negative impact on your profit or cashflow. Ultimately, this will improve control of your business and enhance your decision-making abilities.
We believe in maintaining close and personal relationships with all of our clients because keeping you happy is our first priority. We will always be available through telephone and email, but we love meeting with our clients in-person too! Therefore, all of our packages include in-person meetings as standard and these can be used to discuss whatever you want. We can use the opportunity to go over your accounts in detail, or we could discuss your future plans for the business. Alternatively, we can just have a catch-up over a coffee! We are committed to building sustainable long-term relationships with our clients so feel free to book an appointment and pop into our offices any time.