We Make Your Business Our Business
As part of the above service, we can analyse your self assessment tax return to see if any tax savings can be made and we can also review the form to see if there are any anomalies that need to be addressed before the return is submitted.
This process helps to minimise your risk of a HM Revenue & Customs enquiry into your tax affairs. If you are experiencing cashflow problems, we can explore the possibilities of deferring your tax payments or negotiating a payment plan with HM Revenue & Customs on your behalf.
By giving you a fixed, competitive price, we can take the worry away when it comes to self assessment tax returns; allowing you to concentrate on running your business.
LIMITED COMPANY ACCOUNTS
Under the Companies Act every company must prepare a formal set of accounts once a year. Normally, these accounts are for a period of 12 months ending on the official year-end of the company as recorded at Companies House (known as the 'Accounting reference date' or ARD).
The accounts must be in a specified format (as set out in the Companies Act) and are submitted to Companies House to put on public record. They are also submitted to HMRC in support of the Corporation Tax calculations and Corporation Tax return.
The accounts will include a Statement of Income and Retained Earnings and Statement of Financial Position, together with notes to the accounts. However, the accounts submitted to Companies House does not contain a Statement of Income and Retained Earnings, so there is reduced disclosure of information in the public domain.
The normal deadline for statutory accounts filing at Companies House is 9 months after the year-end. For a 31 March 2018 year-end this will normally be 31 December 2018.
The deadline for the Corporation Tax payment is 9 months and one day after the year end so for a 31 March 2018 year-end, the Corporation Tax will be due on 1 January 2019.
The Corporation Tax return (CT600) that supports your payment is due 12 months after the year-end, which in this case would be 31 March 2019.
f you're just starting out, we can help you decide whether you need to be VAT registered from the outset or not. And we will continue to monitor your situation, so that should it become obligatory for you to register for VAT, we can deal with all of the paperwork for you.
In contrast, we will also monitor your position for when we think you are able to and would benefit from deregistering.
Whether a new or existing business, we will also look at the VAT schemes you are eligible for and establish whether you would be better off adopting one or a mixture of them. Some VAT schemes can lead to tax savings and a reduction in bookkeeping responsibilities.
If your business has expanded and you need to employ more people then it’s understandable to feel daunted by the duties required to run the payroll on top of everything else you need to do. Meeting your obligations as an employer to HM Revenue and Customs (HMRC) can be confusing and time-consuming. Furthermore, the increased responsibilities to your employees surrounding auto-enrolment pension contributions can really add to the workload.
We can provide you with access to a payroll portal which enables you to easily manage employee working hours, securely store employee information, such as payslips and other related documents plus manage all annual leave for your staff using the employee calendar provided within the payroll portal.
Equally if you don't wish to use these online facilities we can offer you a payroll service that is tailored to your needs.
Either way, we can oversee your payroll processes, costs, calculations and deadlines to take care of everything for your business.
The first thing you must do is register your company with HM Revenue & Customs (HMRC), using its official forms, so it knows you are liable for corporation tax.
If your company is liable for corporation tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits.
This information must be reported to HMRC on a corporation tax return form and accounts and tax computations must be submitted to HMRC in support of the return.
There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines, which are determined by your company's annual accounting date, are adhered to.
Our accountants can assist with the preparation of company accounts, company tax returns and tax computations and will also be able to provide advice on any tax planning areas that may benefit you and your company.
MAKING TAX DIGITAL
Why is HMRC introducing it?
Making Tax Digital is intended to help you better keep track of how much tax you owe – or how much you are due back – throughout the financial year.
Accurate Tax Information
Replacing paper-based bookkeeping with digital tax accounts will let you check the information HMRC holds about you is 100% correct.
Making Tax Digital’s new reporting function will allow HMRC will to look at your tax information almost immediately, reducing human error from data input.
Easier to understand
HMRC anticipates taxpayers will better understand how much tax is owed within the digital tax account – much like online banking.
Easier contact with HMRC
Making Tax Digital will make it easier for you to contact HMRC online via webchats and secure messages.