Full book-keeping service

Management Accounts

Our firm is able to ensure that the business's records are kept in a suitable format enabling end of year requirements to be dealt with in a timely and cost efficient manner. We have staff available to meet your bookkeeping needs, whether hourly, daily, monthly or quarterly, taking the headache out of dealing with the paperwork of your business. We can either attend your premises or maintain the records at our offices.

 

Payroll

The task of payroll processing can often divert you from your core business activity. It is our job to help and take the worry and time out of this process for you.

By allowing us to look after your payroll activity, we will free up more time for your staff to attend other business areas, therefore creating more opportunities and raising efficiency in the business.

Our payroll services are thorough and, of course, compliant with HM Revenue & Customs statutory requirements.  We can deal with every aspect of UK wages and salary requirements including:

•    Setting up a new payroll system
•    Day to day payroll processing
•    Dealing with PAYE and National Insurance deductions
•    Completing your end of year returns
•    Holiday pay
•    Statutory pay
•    Stakeholder pensions

 

VAT

VAT can be a complex business.

  • Do you have to be registered?
  • If not, does it make financial sense for you to be registered anyway?
  • Do you import or export?
  • To EU or non-EU countries?
  • Do any of your products or services attract non-standard rates of VAT?
  • Which of your expenses qualify for a VAT reclaim?
  • Do your accounting processes recognise your net VAT position at any given time and separate the funds to meet any liability?
  • Which VAT accounting option is the best one for you?

We can mange this process for you, ensuring you avoid late payment fines and that you only pay the amount you are liable for.

If you want to manage this function yourself, we can advise on the systems and processes you need to follow. We can also check your calculations for you to ensure their accuracy.

Finally, if you are ever in the unfortunate position of facing a VAT inspection, we can assist you

 

Construction Industry Scheme

If your business activity is in construction it will be included in the Construction Industry Scheme.

This may be as simple as having tax deducted at source by your customers from invoices you have issued for work done to the more complication of  you having to deduct tax from costs incurred from work you have sub contracted out to other businesses.

The rate of tax deducted from your work depends if you have registered as a Sub Contractor with HM Revenue & Customs. The main contractor has to verify you with HMRC, if you are not known to them they will instruct your customer to deduct 30% if you are known it is 20%.

You should receive from your customer, the main contractor, a monthly certificate of amounts earned and tax deducted. These should be retained to make a claim for tax paid against the tax due on you annual profits shown on your self assessment tax return. If you business is a Limited company you can deduct these amounts from the monthly PAYE and National Insurance deducted from employees and the CIS tax deducted from Sub Contractors due to be paid to HMRC each month.

If you sub contract work out you are responsible for verifying your sub contractors with HMRC, deducting tax and issuing monthly Certificates. In addition you have to make a monthly online return to HMRC of these deductions.

Failing to make these returns will incur a fine.

 

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