Annual Accounts for Sole Traders, Partnerships & Limited Companies
A set of annual accounts is needed to reflect the financial health of a business:
- as part of a business planning exercise
- to comply with statutory requirements, filing accounts at Companies House
- for the Revenue
- for a finance provider
- as a mortgage reference
Every business has its individual approach to record keeping. If you don’t want to maintain your own financial records, I will be pleased to do it for you on a monthly basis.
Either way, by adopting a hands-on policy to accounts production I am able to easily adapt to your methods and produce reliable accounts. It also enables me to identify and correct any weaknesses and shortcomings that might become problems if left undetected, potentially costing you money in Revenue penalties, unnecessary fees or both.
Self Assessment for Individuals, Partnerships and Limited Companies
Tax can be complicated. Even the most basic tasks of sorting out tax returns often require in-depth specialist knowledge. It is essential to be armed with this knowledge to avoid paying more tax than you need to. As a tax specialist, I can ensure that my business clients comply with the requirements of the tax law while not paying any more tax than they have to.
Whether you’re an individual who has to complete a tax return or you operate a business as a sole trader, a partnership, a limited company or a limited liability partnership, I’ll be able to help you.
For even more piece of mind I can arrange for Fee Protection Insurance at a reasonable cost to safeguard you from incurring substantial extra fees as a result of HM Revenue & Customs investigations.
What I do
- prepare and file the business’s tax return, making sure I claim all the tax allowances available to you
- deal with all the personal tax returns of the proprietors / partners
- advise your business of its tax liability and due date of payment
- deal with all the correspondence from HM Revenue and Customs
- deal with any questions you have
Company Secretarial & Formation
Shorter deadlines and bigger penalties for non filing of Company’s accounts at Companies House have recently come into force meaning that even innocent mistakes can bear a heavy cost.
I can provide online filing services for limited companies to reduce the chance of deadlines being overlooked and to ensure the accuracy of the returns made.
Depending on the level of service you require I can also: -
If you are starting a new business or if your existing business has reached the point in its development when it’s time to “go limited”, I can easily and quickly form a new limited company to the name and structure of your choice.
- Prepare AGM minutes
- Prepare & file elections & resolutions
- Maintain the Company’s statutory records
- Provide a registered office
- Self Assessment
- And much more
- Sole Traders
- Clubs & Associations
DEVELOPMENT & ADVICE
Getting it right from the start is essential. Choosing the wrong status i.e. Sole Trade, Partnership, LLP or Limited Company for your business could cost you thousands in needless taxes and compliance costs. Failure to register with the proper authorities at the right time may incur statutory penalties.
By getting in touch before you start your business, I can help you to avoid unnecessary costs and also point you in the right direction with other important matters.
Start up issues I can help with include: -
- Business plans and projections
- Business finance
- Status choice & company formation
- Registering business & domain names
- Choosing a bank
- VAT registration
- Registering with HMRC as a business
- Registering as an employer
- Setting up and training on accounting systems
- HR contracts of employment etc
- Marketing & branding
Cashflows, Projections & Budgeting
Strategic relationships enable me to introduce you to professional partners and liaise with them to provide help and advice in such areas as Business Finance, Banking, Marketing, Web Design, Branding, Financial Planning, Estate Planning, Legal Services, Business Recovery and more. If you already have professional advisors in these fields, I am equally happy to work with them to provide the service level that you require.
A business plan is an important management tool and essential when raising business finance. Regrettably many organisations do not have one. Whether you are a start-up or established business, it makes sense to work to pre-planned goals and objectives to enable you to measure your progress and react to change much more quickly.
I can help you by preparing the plan or by creating the framework to enable you to create your own.
Whether you are simply looking for returns and accounts or require more specialist advice, I offer a wide range of services tailored to your needs and designed to add value to your business. I can provide advice and guidance to your business at every stage in its development to keep it on the right track.
Developing and maintaining your own in-house expertise can be costly, and take time. I can provide whatever services you need, when you need them, at highly competitive rates.
By law you are required to “retain and maintain” records. This means that not only are you required to keep such things as bank statements, cheque stubs, receipts and invoices, you are also required to keep a written record of all of your business transactions “the books”. If you don’t have the time or the skills to maintain your own financial records, I can do it for you on a monthly basis.
The production of a set of management accounts can help to give you a current and up-to-date overview of the profitability of your business, identify areas for growth and improvement, enable you to better manage your resources, evaluate the effect of implemented strategies and plans and assist with budgeting comparisons. This can be especially helpful to a new business in the early stages.
Regular, ideally monthly, management accounts are the barometer against which important strategic business decisions are made. Often businesses do not have access to good management accounts, because they are time-consuming to compile, your team's skills are needed elsewhere if your business is to flourish, or they believe that they are just for when a business is in financial trouble.
If you already have management accounts how confident are you that they supply the information you need to make business-critical decisions? Is the person who prepares them reliable and knowledgeable? Do they give you accurate budgeting and cashflow information?
There is no legal requirement to prepare management accounts, but it is hard to run a business effectively without them. Once again, if you don’t have the time or skills to prepare management accounts but would like to have the benefit of them, I can do them for you.
Paying your staff isn't just about giving them the right money on the right date. The legal requirements involved with payroll administration are becoming increasingly complex and I can help ensure you meet the obligations you have as an employer.
There is tax to calculate, deductions to subtract, sick pay and maternity pay to work out. HM Revenue & Customs, Benefits Agencies, Child Support, Tax Credits and end of year returns all have to be dealt with.
I can deal with all this, leaving you with more time to get on with running your business.
Over the past 25 years I have worked with businesses in a wide range of industries, including hotels and the construction industry, with payrolls ranging from one to 200 plus employees. I can provide weekly, monthly or fortnightly payslips and deal with all of the necessary form filling and annual returns.
VAT is a complex tax that creates an administrative burden on businesses. I can help to relieve this burden by completing VAT returns either from your bookkeeping records or by maintaining records for you.
I can also help by advising on such matters as registration & deregistration, cash accounting, fixed rate schemes, partial exemption etc.