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Accounting and Taxation

Management Accounts
It's really important for the business owner to know how their business is performing as the year goes by. This is achieved through the preparation of management accounts which identify key information for the business as a whole, or each department or service area. These are used internally by the business owner to gain a better awareness of how the business is doing, helping them to maximise sales opportunities and keep costs under control while providing a sound base of information for business decision making.

Management accounts can be designed to meet the needs of each business and provided monthly, quarterly or half yearly as agreed with each business owner.

Statutory or End of Year Accounts
All businesses are required to produce statutory or ‘end of year’ accounts, although the format and complexity of the accounts will be different depending on the size and nature of the business.

Our company is able to assist with the production of statutory or ‘end of year’ accounts for sole traders, partnerships, small or medium sized limited companies.

Once produced and approved by the business owner, these can be submitted to HMRC and Companies House on behalf of the business using online services.

Taxation and Tax Planning
Our company is able to assist with taxation and tax planning services as follows:

For individuals – those who are self employed, who have multiple employments or sources of income, who receive benefits in kind from their employer such as health care or an employer provided car or who are higher rate tax payers who may or may not be claiming child tax credit will usually be required to prepare and submit an annual summary of their income known as a self assessment return at the end of each tax year. We are happy to prepare and submit self assessment returns on behalf of individual clients.

For sole traders – preparation and submission of business accounts as part of self assessment return

For partnerships – prepare partnership accounts, allocate profit shares among partners and prepare and submit all necessary returns to HMRC on behalf of both the partnership as a whole and the partners as individuals.

For companies – undertake computations to establish corporation tax liabilities and return details to HMRC on the company’s behalf.

For all taxation clients we are able to offer a tax planning service to minimise tax liabilities for both businesses and individuals.

All business are required to register for VAT if their annual turnover is, or is likely to exceed £85,000 (threshold for 2017/18). 

Once the business has registered there are a number of VAT schemes which may or not be of benefit depending on the nature of the business, its trade and customer base.

We are able to advise the business owner on how to choose the VAT scheme which best suits their business and the most appropriate accounting arrangement whether quarterly or annual.

We are also able to submit periodic VAT returns on behalf of business clients.

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Do I need to complete a self assessment return
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