How we can help you

If you trade through a limited company you are required to prepare a set of financial statements for your shareholders and file a version of these with Companies House in accordance with the Companies Act. I ensure that no deadline is missed and that you file the correct type of accounts, record your income and expenditure in the most tax efficient way and provide advice and guidance where possible.

A limited company has to pay corporation tax and submit a corporate tax return along with the statutory financial statements to HMRC. Knowing what you can claim as tax deductible, how capital allowances work, what rate of corporation tax you should pay and ensuring you utilise any losses is part of the process in preparing your tax return. And, although the tax return doesn’t need to be submitted until 12 months after the accounting year end, any tax owed needs to be paid within 9 months and 1 day of the year end. I like to send out payment reminders and instructions on how to pay to help you meet these dates.

Often people keep hold of a limited company they have never or no longer wish to trade through. Perhaps to protect a name they wish to use, or maybe a change in life has meant the business is on a hiatus. Whatever the reason, this doesn’t mean you no longer have the responsibility to send information to Companies House and HMRC. I manage deadlines and filing requirements to ensure no unnecessary penalties come your way.

Running a company means complying with The Companies Act and submitting relevant data to Companies House. From completing your confirmation statement each year, making changes to your directors or shareholders information, or setting up the company with the best structure, these important statutory pieces of information will always be kept up to date and no deadline missed. If you like to keep on top of this side of things yourself, I still send a friendly reminder to ensure you always stay one step ahead of any filing requirements.

If you run your own business as a sole trader, you don’t need to submit any information to Companies House, but you are required to keep business records and calculate your profit. If your sales are less than £150,000 a year you can choose to use the cash accounting method whereby you only account for income you have received and expenses you have paid. The alternative and more traditional methods is called the accrual basis where you take into account amounts you owe and amounts owed to you.

The bookkeeping of a business can often be time consuming and onerous but don’t underestimate the value of good books and records. This data is what feeds into your accounts and provides up to date information for you to make business decisions, plan future expenditure, know who owes you money, know who you owe money to, and use if you need to raise any finance. This is often completed with a combination of input from you as the business owner, your staff, and me, your accountant.

Waiting until the end of your financial year to see how your business has performed is often too late. With management accounts, whether monthly or quarterly, you can keep track of how your business is doing to help you make important decisions and investments as well as making tax efficient planning choices. This is often performed as part of completing quarterly VAT returns but anyone can have management accounts to check how they are doing in business throughout the year.

The VAT registration threshold is £85,000. This means that if you have sales income of £85,000 or more within a 12 month period you need to be a VAT registered business. This isn’t always black and white as your business may sell goods or services that are exempt from VAT, or you may have temporarily reached the threshold. By maintaining good records this can be regularly reviewed to ensure all requirements are met in relation to VAT and you won’t fall short of meeting the HMRC timelines for becoming VAT registered.

If you are VAT registered, keeping on top of your sales and purchases is vital in order to file your VAT return every three months. Knowing what you can and cannot claim, ensuring filing deadlines are met and meeting the requirements of ‘Making VAT Digital’ is all part of the service to make sure VAT isn’t giving you a headache.

If you employ staff there are a good number of things that need attention on a regular basis. Keeping track of HMRC submissions, tax and national insurance, minimum wage, pension requirements and ensuring your staff receive their payslips and pay are all part of the process. Keeping staff happy and paid correctly may be core to your business but can often get overlooked if not regularly reviewed. I ensure your PAYE submissions are completed on time, staff receive their payslips electronically, you know who to pay and when as well as completing any year end tasks to make sure that your payroll is managed and run efficiently and HMRC have all the correct information on a timely basis.

If you’re self-employed, a director of a business, or get some extra income from a rental property, investments, or just need to claim work expenses, you should be filing a tax return each year with HMRC. This is always due by 31st January each year, for the previous April to March. For example, for the year ended 31 March 2023, the filing deadline is 31st January 2024. I can help you calculate your tax bill in advance of this deadline so you have time to save and plan for when the payment is due, as well as advising on payments on accounts, what you can and cannot claim and dealing with HMRC on your behalf.

Self-assessment tax returns also have a big part to play in a number of personal areas of our lives, such as if you want to move house, need to apply for a mortgage, want to claim free childcare or just need to prove your income for some additional finance, this is where those people will be looking. I will always help to provide information in relation to these life events on a timely basis so there is no waiting around.

If you have investments and make a gain, this information may need to be disclosed on your self-assessment tax return, think stocks and shares but also potentially cryptocurrency and bitcoin.

If you sell a second property, you are required to declare any capital gain to HMRC within 60 days of the completion date.

If you decide to sell your business then CGT will come up in conversation. Knowing what you need to declare and what falls out of the remit of CGT, as well as how to report it and what rate of tax you pay can be confusing so if you think you might need to discuss this, I can help provide the assurance that your capital gains tax responsibilities are met.

Running a charity can be rewarding but often Trustees are not aware of the requirements put on them from The Charity Commission. Knowing that as a Trustee you are complying with the requirements of the regulator will give you peace of mind so you can concentrate on the charity work and managing the resources of the organisation. I enjoy working with charities to ensure they are aware of the financial position, how they can or cannot spend their funds, as well as providing an outside perspective on how the charity can improve and make the most out of its resources. You may not need a full accountants report and instead an independent examiners report may be what is required per your governing document, so keeping on top of this can also ensure you maximise the charity funds.

Are you a social enterprise? A Charitable incorporated organisation (CIO), a Community Benefit Society (CBS), a Community Interest Company (CIC), a not for profit Limited company or an unincorporated club? With so many options, knowing what accounts need to be filed, where they need to be submitted and when the deadlines are is important. This alongside the general bookkeeping, payroll, accounts and potentially any tax or VAT requirements can often be put on the back burner when the important running of the organisation takes priority. I enjoy working with not for profit organisations to help add value to a good cause and assist with the compliance of being involved with a community based organisation.