Our Services
Bookkeeping
Bookkeeping is the process of recording and organising financial transactions and activities of a business or organisation. It involves systematically recording, classifying, and summarising financial information to provide a clear picture of the financial health of the entity. Bookkeeping is a fundamental aspect of accounting, as it forms the basis for creating financial statements and reports.
Accurate and well-maintained bookkeeping is crucial for several reasons:
Financial Reporting: It forms the foundation for generating financial statements like the income statement, balance sheet, and cash flow statement.
Compliance: Proper bookkeeping ensures that the business complies with tax regulations and other financial reporting requirements.
Decision Making: Business owners and management use the financial information derived from bookkeeping to make informed decisions about the company's operations and future strategies.
VAT Returns​
The current VAT threshold for businesses registered in the UK is £85,000, if you have hit the threshold or plan to do so in the next 30 days you are required to register for VAT.
All transactions must be recorded accurately to determine the VAT collected on sales (output tax) and the amount of VAT paid on purchases (input tax) during a specific period. The difference between output tax and input tax determines the net amount of VAT owed to the tax authorities or, in some cases, the amount that may be reclaimed as a refund.
Businesses are also able to voluntarily register for VAT. If you think you have fallen over the threshold, or are about to in the next 30 days, or if you wish to voluntarily register we are here to give you the best advice.
Self Assessment Tax Returns
A self-assessment filing is a process in which individuals, including self-employed individuals, freelancers, sole traders, and those with income that isn't automatically taxed through a traditional employer payroll system, this includes directors, report their income, expenses, and other relevant financial information to the HM Revenue and Customs.
Making Tax Digital (MTD)
Making Tax Digital is a new modern platform allowing business's to file digitally providing information to HM Revenue and Customs. It provides easier communication with HM Revenue and Customs, reduces errors and is easier to understand.
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'MTD' was first introduced back in April 2019 for all businesses above the £85,000 VAT threshold. MTD is an ongoing expansion to become a requirement for all HM Revenue and Customs filings underscores the evolution and importance of this digital initiative in modernising tax processes and ensuring accuracy in financial reporting.
Budget Forecasting
A budget forecast is a financial projection that estimates the expected income, expenses, and financial performance of an individual, business, or organisation over a specific period, typically a fiscal year, financial period or a shorter time frame. It serves as a planning tool to anticipate how money will be earned and spent in the future, helping to make informed financial decisions and set realistic goals.
Budget forecasts are crucial for various purposes:
Business Planning: Helps businesses plan for growth, allocate resources, and make informed decisions about investments, expansion, and cost control.
Financial Management: Aids in managing finances, setting savings goals, and ensuring expenses align with income.
Performance Evaluation: Provides a benchmark to measure actual financial performance against projected figures.
Decision-Making: Guides decision-making by assessing the financial feasibility of projects, initiatives, and strategic moves.
Overall, a budget forecast is an essential tool for prudent financial management, aiding in achieving short-term and long-term financial goals while mitigating financial risks.
Cashflow Forecast
A cash flow forecast, is a financial projection that estimates how much money will flow in and out of a business or individual's finances over a specific period, typically a month, quarter, or year. It's like a financial roadmap that helps you understand if you'll have enough money to cover your expenses and meet your financial obligations.
Here's how it works:
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Inflows: It predicts the money you expect to receive during the forecast period. This can include income from sales, investments, loans, or any other source.
Outflows: It estimates the money you plan to spend, such as operating expenses, loan payments, salaries, rent, and other bills.
Net Cash Flow: By subtracting your total expected outflows from your total expected inflows, you calculate your net cash flow. If it's positive, you'll have more money coming in than going out (a surplus), and if it's negative, you'll have more going out than coming in (a deficit).
Planning and Decision-Making: A cash flow forecast helps you plan for the future. If you anticipate a cash surplus, you might consider saving, investing, or expanding your business. If you foresee a deficit, you can take steps to cut expenses, secure financing, or adjust your plans accordingly.
Managing Financial Health: Regularly reviewing your cash flow forecast allows you to manage your financial health effectively, ensuring you can cover your bills and avoid financial stress.
In essence, a cash flow forecast is a forward-looking tool that helps you stay financially prepared, make informed decisions, and navigate potential cash shortages or surpluses.
Payroll for Employers
Payroll for employers is managing and administering employee compensation, including wages, salaries, deductions, and taxes. It involves calculating and distributing payments to employees for the work they've performed. The payroll process is essential for ensuring that employees receive accurate and timely compensation while also complying with legal and tax requirements.
Our services includes:
1. Registering with HM Revenue and Customs
2. Gathering employee information
3. Calculating pay
4. Deducting taxes and National Insurance
5. Employer National Insurance
6. Benefits and deductions including pension contributions
7. Generating payslips
8. Reporting to HM Revenue & Customs
9. Year end reporting
10. RTI- Real Time Information
11. Compliance and record keeping
CIS - Construction Industry Scheme
The Construction Industry Scheme is a tax deduction scheme in the United Kingdom that applies to payments made by contractors to subcontractors in the construction industry. The scheme aims to ensure that subcontractors in the construction sector pay the correct amount of tax and National Insurance contributions.
Statutory Accounts
Annual statutory accounts, also known as financial statements or annual reports, are a set of financial documents that provide a comprehensive overview of a company's financial performance, position, and activities over the course of a fiscal year. These accounts are a legal requirement for most businesses and organisations in many jurisdictions, and they are prepared in accordance with accounting standards and regulations.
Annual statutory accounts play a vital role in conveying a company's financial health to stakeholders, including shareholders, creditors, investors, and regulatory authorities. They provide a transparent and standardised way to assess a company's financial position and performance, aiding in decision-making and accountability.
Limited company reports are due to be filed with Companies House on/before 9 months from companies financial year end.
Corporation Tax
Corporation tax is a tax imposed on the profits of companies in the United Kingdom. It's a tax on the income a business generates from its operations, investments, and other activities.
Companies must complete a CT600 form, which is the official Corporation Tax Return form. This form captures details about your company's income, expenses, deductions, and tax liability.
Filing corporation tax accurately and on time is crucial to staying compliant with tax regulations and avoiding financial penalties. It's advisable to seek professional advice or use specialized accounting software to navigate the complexities of corporation tax filing.
Get in contact today for a free consultation.