Accountancy News
Starting up and Growing
Some businesses do this work themselves but sometimes it is more sensible to have us do it for you, with the advances in computer communication you can send us the data at regular intervals and we can check it, allowing you to get on with the important job of running and growing the business.
We can produce management information in various ways and styles either from the bookkeeping you do your we do for you or by taking your books and making corrections and putting in all the important accruals and prepayments which are often only recognized by people with an accountancy background.
In both cases we would discuss the figure with you so that you understand what they mean and how they come about. This more detailed approach allows us to understand your business better. Consequently, we can help you move your business forward.
It can also help you to reduce your year-end accountancy costs, make VAT inspections less of a worry and also deal with any tax enquiries by making sure your bookkeeping properly reflects the business' transactions.
We can alternatively provide you with training to allow you to keep your books yourself in the way most suitable to your business.
Submitted by Admin on Wednesday 4th August 2010
Self Assessment Tax Returns for either Income or Corporation Tax
Income Tax Self Assessment can be a complex administrative burden for many people or companies. To avoid penalties, it's important that:
- Returns are correctly completed
- They are filed on time
- All backup records are retained for the appropriate period of time
All forms of Self Assessment
The first and major rule of self-assessment is that H M Revenue and Customs are always right and never make mistakes - well that is what they like to think and it is important that you have someone at your side who knows better.
We will complete, from the information you give us, all the necessary tax forms, computations and the tax returns. We calculate your tax liability and advise you on when and how much tax you need to pay. If you are a large enough business we will also advise on any quarterly installment payments.
We will correspond on your behalf with the revenue taking the worry away from you.
The enquiry powers and penalty regimes of HMRC are increasing all the time and expert advice and assistance is now crucial.
As well as completing your income or corporation tax return, we can provide you with advice on your tax position and the planning opportunities available to you including advice on tax efficient profit extraction strategies for owner managers.
VAT Returns
We complete VAT returns in good time to ensure you avoid any penalties. The returns can be completed from us doing the bookkeeping or we can take your books and complete the returns from there.
With the requirement of more and more interaction with VAT and Tax authorities on line we will also simply submit without comment for you as some of the government websites are not the easiest to interact with.
Alternatively, training can be provided in completion of VAT returns.
In addition we can assist with;
- Applying for VAT registration
- Advice on the VAT schemes suitable to your business
- VAT planning
- Dealing with any contentious disputes that arise with Customs
- Attendance at VAT inspections
- Representations at VAT tribunals
VAT
If your business is VAT registered the VAT Verification visit is unavoidable, however, the object is to have a tidy set of records that are easy to follow and as such get the VAT person out of your hair as soon as possible!
Compliance with VAT is becoming ever more complex. The VAT man in recent years has increased the level of intensity and aggression of their investigations so it is all the more important that your VAT returns are completed correctly.
They have recently started doing checks by telephone and correspondence. These are a more difficult thing to face and it is imperative that most of the interaction is done by a qualified and experienced accountant.
These enquiries start with a demand for all records etc. to be supplied and often a copy of the accounts system back up disk - do not - unless you are a properly authorized computer geek, you are never sure what might be attached to your accounts system. More about this from time to time in our blog.
Inland Revenue
It is an unfortunate fact of business life that you may well come under enquiry by the H M Revenue and Customs through no fault of your own or of your accountant.
HMRC now investigates businesses at random as well as for specific reasons. A full investigation is not a pleasant experience for anyone. Without expert defense it is possible to get trampled all over.
However you are selected, you need an accountant who knows how HMRC works and thinks and is prepared to fight your case. We make sure that the Revenue keep to the rules and guidelines and don't over step the mark. We will talk you through the enquiry process and what to expect and support you throughout.
We will correspond on your behalf with the revenue taking the worry away from you.
The Penalties
There are various penalties HMRC can seek to impose following an enquiry for undeclared income. As well as having to pay the tax, you can find them seeking penalties up to an amount equal to the tax, so doubling your tax bill. Interest on the late payment of the tax is also part of the arrangement - not a pleasant experience. We can help you minimize these penalties.
Submitted by Admin on Wednesday 4th August 2010
Annual Accounts Preparation
Every business, whether a sole trader or partnership or a limited company, has a statutory obligation to produce some kind of reports annually whether for HM Revenues & Customs or Companies House or various other government bodies. This is a job that is often best left to accountants particularly since the advent of Self Assessment and the attached penalties.
One of the key objectives in accounts preparation is to identify areas where we can assist in minimizing your tax liability. Another key objective is to ensure that the accounts are compliant withal the statutory regulations. Also with the changes in Bank relationships, informed presentation of the position is critical.
In addition we like to gain a full understanding of your business, which enables us to give advice and recommendations tailored exactly to your requirements.
Accounts preparation including periodic management accounts can give a massive insight in to your business and how it relates to the bigger picture. We take the time to explain your accounts to you so that you understand what is going on financially within your business, helping you to plan for the future.
We are very conscious of both your time and ours which you will be paying for hence we try to use the booking data that is often produced for VAT or other causes to be used. People often do not realize that this information can be extended and used for management and annual accounts preparation.
All businesses can benefit from quality management information on which to make the right decisions, but only a minority of businesses can afford a dedicated finance function. We can also design and implement systems so that you can produce management accounts on an ongoing basis. If you are unfamiliar with accounting, we can also help you to understand and get the best out of management accounts.
Alternatively, we can prepare you Management Accounts on a monthly or quarterly basis in an efficient and cost effective way, in order to help you track how your business is performing, and identify strengths and weaknesses in good time.
Some businesses will require management accounts to be prepared on a quarterly or even monthly basis for the purposes of providing information to your bank to support a borrowing facility. In these circumstances banks often require some involvement of independent accountants in their preparation.
Submitted by Admin on Wednesday 4th August 2010
