Our Accountancy Services
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Company Accountancy services
If you’re thinking about starting a business, we can help you launch right the first time, guide you through best practice and provide consulting and advice. We’re based in Greenford, but can help start up businesses across other areas including Ealing, Chiswick, Acton and the surrounding.
Business planning and development services for when you want help taking your business to the next level.
Cash Flow Forecasting
Cash is king. Having a good idea of how to monitor and forecast cash is key to maximising the potential of your business.
These often form the basis of your self assessment tax returns
When your financial year ends, our chartered global management accountants translate your books into your yearly accounting submissions. We handle submitting your accounts, tax return and confirmation statement, i.e. everything that is required for HMRC and Companies House, including:
Profit and loss report: a summary of your businesses activity in the year comprising all sales and expenditure
Balance sheet: a report of your assets and liabilities; your cash position, what you own, and what you are owed
Director’s Report and Notes to the account: prepared in accordance with General Accepted Accounting Principles (GAAP)
Unlimited tax advice is included as part of the accounting service. We want all of our clients to feel comfortable asking us questions, at any time. In the long run, this is more efficient than needing to fix something avoidable at the end of the year. Contact our Greenford-based accountants today on 0207 088 8141 or email us at email@example.com for more information.
You need your accounts and tax return to meet deadlines for filing with Companies House and HM Revenue and Customs (HMRC).
File first accounts with Companies House 21 months after the date you registered with Companies House
File annual accounts with Companies House 9 months after your company’s financial year ends
Pay Corporation Tax or tell HMRC that your limited company does not owe any 9 months and 1 day after your ‘accounting period’ for Corporation Tax ends
File a Company Tax Return 12 months after your accounting period for Corporation Tax ends
Your accounting period for Corporation Tax is the time covered by your Company Tax Return. It’s normally the same 12 months as the company financial year covered by your annual accounts.
For Sole Traders, your standard annual Self Assessment is included as part of your fee for Accountancy services. For our Limited Company Directors with Self Assessment obligations, we can handle your Self Assessment and make this return simple and quick to complete.
Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.
Who must send a tax return
You must send a tax return if, in the last tax year (6 April to 5 April), you were:
self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
a partner in a business partnership
You will not usually need to send a return if your only income is from your wages or pension. But you may need to send one if you have any other untaxed income, such as:
money from renting out a property
tips and commission
income from savings, investments and dividends
Other reasons for sending a tax return
You can choose to fill in a tax return to:
claim some Income Tax reliefs
prove you’re self-employed, for example to claim Tax-Free Childcare or Maternity Allowance
If you get Child Benefit
If your income (or your partner’s, if you have one) was over £50,000, you may need to send a return and pay the High Income Child Benefit Charge.
Our accountancy service is here to help take the stress away from your tax returns! If you live in Greenford, Ealing, Wembley or any other areas of West London, contact us now
You must pay Corporation Tax on profits from doing business as:
a limited company
any foreign company with a UK branch or office
a club, co-operative or other unincorporated association, eg a community group or sports club
You don’t get a bill for Corporation tax. There are specific things you must do to work out, pay and report your tax.
Register for Corporation Tax when you start doing business or restart a dormant business. Unincorporated associations must write to HMRC.
Keep accounting records and prepare a Company Tax Return to work out how much Corporation Tax to pay.
Pay Corporation Tax or report if you have nothing to pay by your deadline – this is usually 9 months and 1 day after the end of your ‘accounting period’.
File your Company Tax Return by your deadline – this is usually 12 months after the end of your accounting period.
Your accounting period is normally the same 12 months as the financial year covered by your annual accounts.
At Budget 2020, the government announced that the Corporation Tax main rate (for all profits except ring fence profits) for the years starting 1 April 2020 and 2021 would remain at 19%
At Spring Budget 2021, the government announced an increase in the Corporation Tax main rate from 19% to 25% for companies with profits over £250,000 together with the introduction of a small profits rate of 19% with effect from 1 April 2023. The small profits rate will apply to companies with profits of not more than £50,000, with marginal relief available for profits up to £250,000.
Bookkeeping is the practice of recording and tracking the financial transactions of a business. Bookkeepers regularly summarise this activity into reports that show how the business is doing. They may also perform wider tasks such as invoicing, paying bills, preparing tax returns, monitoring key performance indicators, and providing strategic advice.
Our accountants get sales data for you, to save you time. You’ll never have to explain to us how a particular platform’s reporting works as we make it our job to be expert here. We save you time and money by:
- Getting sales data for you for all platforms
- Using best in class software solutions: Quickbooks for bookkeeping but can use ALL other software
You choose your bookkeeping frequency, allowing you to save money on fees if you require more infrequent bookkeeping
Core duties of our bookkeeping service:
Recording the financial transactions and balancing the books.
Matching the books against bank statements and other source documents to confirm accuracy.
Summarising the business’s financial position to keep you up to date
Get the tools you need to manage your staff. With our payroll service you can streamline your payroll with automated pay-runs, pension auto-enrolment and auto-file your payroll taxes to HMRC via HMRC recognised software. Add on QB Time for simplified timesheet tracking that links to your payroll. We also use 12Cloud but can integrate with most payroll packages
No-nonsense payroll services that save you time
Automate pension submissions and pay runs. Payslips can be created automatically too, then emailed, printed or downloaded from the secure self-service employee portal. Make adjustments to pay runs from any device using our cloud-based software.
Compliance, accuracy & peace of mind
Take the headache out of compliance. Our HMRC- recognised software does the calculations for you and lets you submit your figures directly in just a few clicks. Be confident that you’re paying your employees correctly. We’re up-to-date with all of HMRC’s changes and updating tax codes automatically.
Equally if you don’t wish to use these online facilities, we can offer you a payroll service that is tailored to your needs.
Construction Industry Scheme (CIS)
Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC).
The deductions count as advance payments towards the subcontractor’s tax and National Insurance.
UK VAT and MTD (Making tax digital) Services
Our accountants advise on the most beneficial VAT scheme to use, then prepare and submit ongoing VAT returns. Our VAT service is fully Making Tax Digital (MTD) compliant. Our accountants will also ensure that you reclaim all input VAT due.
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.
VAT registered businesses with a taxable turnover of more than £85,000 must follow the rules for ‘Making Tax Digital for VAT’ by keeping some records digitally, unless:
- your business uses the VAT GIANT service, for example if you’re a government department or an NHS Trust
- you apply for an exemption
- you can choose to sign up to Making Tax Digital for VAT if your business earns less than £85,000.
From 1 April 2022 all VAT registered businesses must sign up, whatever they earn.