Having submitted thousands of year end accounts for sole traders, partnerships and companies, we are very experienced. We have a large team with a diverse range of skills and expertise who will adeptly produce your annual accounts.
We are not just a traditional accountancy practice. Our business model includes a personalised approach to accountancy with a team of experienced consultants to look after all of your business needs. We have also invested significantly in cutting-edge technology to enable us to provide an efficient and pro-active service to our clients.
A team of over one hundred trained and knowledgeable individuals are ready to handle the accountancy needs of any type of business. Furthermore, we offer a full package of services which also includes financial management, VAT, payroll bureau and tax advice.
Value Added Tax (VAT)
The following information is contained within your VAT Return:
- Your total sales and purchases over a set period
- The amount of VAT you have collected
- The amount of VAT you have paid
- The amount owed to HM Revenue & Customs
It may sound simple but getting to the right figure is not only time consuming but also fraught with potential complexities. An incorrect return submitted to HM Revenue & Customs can lead to inquiries, investigations or worse extra tax paid.
Many traditional accountants do not have the resources available that we have. We will take the stress out of VAT for you with our tailored VAT services.
Our VAT department will discuss your return in detail with you prior to submission. You will also be given a detailed VAT report. Upon assessing your business, we will also determine which VAT scheme is most appropriate.
With a team of over one hundred experienced individuals in our firm, we can handle your paperwork efficiently and respond to queries promptly.
Through frequent contact, our team will remind you of key VAT deadlines. We will collect paperwork at your convenience, directly from your place of business. Every single document is scanned and we maintain a soft copy. You will also be prompted for information we deem to be missing which may be necessary to complete your VAT Return. Your paperwork will finally be returned back to you.
Our bookkeeping services will in effect give you a dedicated team controlling your day-to-day accounting matters. With this team working with live data they are able to provide management with timely figures allowing them to make informed business decisions.
Payroll is a time-consuming, complex and repetitive task. Recent legislative changes have made things even more complicated. Let us manage your payroll for you so that you can focus your time and energy on your business.
We are already offering our payroll services to many different industries and sectors such as: supermarkets, retail outlets, restaurants and food outlets, care homes, manufacturing, agricultural businesses, petrol stations, pharmacies, medical professionals, I.T. contractors and consultants.
Our payroll process is shown in simple terms in the diagram below. Firstly you send us your timesheets by efax or email. We will then handle all the mundane processing and calculation tasks for you in-house. We will also make RTI (Real Time Information) and pension submissions to HMRC for you. Following this payslips can be delivered to you electronically as well as their physical copies.
“The law on workplace pensions has changed. Every employer with at least one member of staff now has new duties, including enrolling those who are eligible into a workplace pension scheme and contributing towards it. This is called automatic enrolment.” – The Pensions Regulator
This legislative change brings about many compulsory requirements which you must fulfil as a business owner. You must know your staging date, have a plan of action, work out your costs and choose the most suitable pension scheme amongst many other tasks.
Your staging date could be fast approaching and many months are required to ensure you are adequately prepared. Our team is currently working with many businesses to ensure they are well prepared for auto-enrolment.
Individuals and businesses with other income must report it to HM Revenue & Customs once a year through their tax return. Tax Returns need to be filed online by 31st January for the previous tax year.
Our consultants will have a meeting with you in advance of filing your tax return. They will discuss your various income sources and their tax treatment.
Using our proprietary software, consultants can send your information directly to our office for processing within seconds so that they may begin working on your file.
Prior to submitting your tax return another meeting will take place where our consultants will explain your tax return in detail and capture your signature digitally.
You must file a tax return if in the last year...
- you were self-employed – you can deduct allowable expenses
- you got £2,500 or more in untaxed income, eg. from renting out a property or savings and investments – contact the helpline if it was less than £2,500
- your savings or investment income was £10,000 or more before tax
- you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
- you were a company director – unless it was for a non-profit organisation (eg a charity) and you didn’t get any pay or benefits, like a company car
- your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
- you had income from abroad that you needed to pay tax on
- you lived abroad and had a UK income
- you got dividends from shares and you’re a higher or additional rate taxpayer – but if you don’t need to send a return for any other reason, contact the helpline instead
- your income was over £100,000
- you were a trustee of a trust or registered pension scheme
The amount of tax you pay depends on how your personal and company tax affairs are structured. Due to the complex taxation system, ensuring you are paying the correct and minimum amount of tax is difficult. We will devise a tailored strategy to make sure you are paying the correct amount of tax.
These are just a few areas which require consideration. We can help you in other areas such as benefits in-kind, national insurance contributions and inheritance tax and estate planning to name a few.
Corporation tax is a tax on your company’s profits. It is important that you extract the most value from your company. Our team can identify how efficiently your company is being run.
Using your annual allowances and exemptions fully is essential. This area is often overlooked but effective planning can save you thousands of pounds every year.
Capital Gains Tax
Whether you’re selling your business or selling shares from your portfolio, capital gains tax may apply to your profits. The calculation of this tax is complex. There are many considerations including to account for including inter-spousal transfers, carried forward losses and registering losses with HM Revenue & Customs. We can make sure you are not paying too much tax.
Aspect Enquiries are a type of investigation which focuses on one or more aspects of a return rather than a full examination.
Full Enquiries seek to address significant errors in a return and involves a comprehensive review of records. We have handled numerous investigations relating to VAT, personal tax and forensic enquiries.
We want to help your business take off. You know where you want your business to go and we will set you off on your journey.
The first step is always to decide on the appropriate business structure – a sole trader, partnership or limited company. Our consultants will assess your business idea and recommend an appropriate course of action.
In order to develop your business plan we can construct cash flow forecasts and projections. This will ensure you are on the right track to raising finance for your business.
From incorporating your limited company to acting as your registered office we can take care of all the necessary registrations and paperwork for the relevant authorities. Registrations can include corporation tax, VAT, PAYE and becoming self-employed.
We have been providing our services to clients in many different sectors for many years and so we are proficient in most industries. Our team of experienced consultants will offer bespoke business consultancy to assist in getting your business started. Your dedicated consultant will form a long-term relationship with you as your business flourishes.