Annual accounts
We will prepare company/statutory accounts.
All companies, whether trading or not, must prepare annually the company’s accounts (also known as Statutory Accounts). Their aim is to breakdown and report on the financial position and performance of a limited company in that year.
We will prepare accounts after the end of your company’s financial year for:
- Companies house
- HMRC
Tax Calculation on profit is submitted to HMRC and corporation tax is paid. corporation tax rate is 19% up to £50,000 profit and 25% on profit more than £50,000. In case no turnover is there, you can submit dormant accounts.
Bookkeeping & vat
We provide onsite and offsite bookkeeping services and cloud based bookkeeping services on Xero, QuickBooks and Sage.
We normally request bookkeeping records every three months and upload them on our software to summarise and prepare VAT returns.
At the year-end, as a part of the bookkeeping, we journalise the payroll figures and extract profit and loss statement. We then call the client to discuss dividend and tax strategy.
We also send our representatives for onsite bookkeeping at clients’ premise.
Business startup
A good business idea needs a good business plan with sound financial information and a strategy to make the idea become a reality.
The following steps will be carried out with the new business startup:
- Forming of Limited Company or Sole Trader.
- Getting PAYE Number and VAT Number.
- If business requires start up loan, then we can help in filling up application for start-up loan supported by government.
- We can prepare business plan as well as cash flow and sales forecast.
- Our associate can help in creating a website.
- Our associate can help in distributing their leaflets.
- Our associate can help in opening a bank account.
Corporation tax planning
We will prepare profit & loss for limited companies and will draft accounts for limited companies and tax calculations to be submitted to HMRC for corporation tax.
While preparing P&L, our expert professionals will make sure that all expenses are entered and then calculate profit after tax. The profit after tax can be extracted as dividend and paid to directors.
Our experts will work out maximum profit and minimum tax strategy for the company. Pre-submission meeting will be held with the directors to explain the impact of taking dividend and salary to their personal tax return.
Landlord tax planning
Our experts will advise landlords whether to keep property in personal name or to create a BTL (Buy-to-Let company), depending upon tax situation.
Rental property expense is categorised as:
- Capital expenditure
- Revenue expenditure
Capital expenditure is the big expenditure which will enhance the value of the property that cannot be added to rental income schedule.
Revenue expenditure is small, petty expenditure incurred to maintain day to day living of tenant. This expenditure will be added to rental schedule.
The benefit of forming a Buy-to-Let company is that the mortgage interest on property can be claimed 100%. On personal property mortgage, interest is not allowed. Only 20% is provided as tax credit.
Payroll
We offer payroll services to businesses for whom it is not practical to perform these functions in-house.
We will run monthly payroll and we will submit:
- Monthly RTI.
- Monthly pension.
- Email pay slips to employees.
- Email PAYE reports and net pay reports to employer.
- Keep track of holidays, SMP and SSP.
Personal tax
You must complete and submit a personal tax return for the tax year 6 April to 5 April.
We will prepare tax return and tax computation in the most efficient manner, and in the way that best suits your business or situation.
We prepare self-assessment tax return for the following clients:
- Self-employed or a sole trader.
- Higher rate taxpayer.
- Director of a limited company and get paid via dividends.
- Individuals that receive rent or income from property in the UK (Landlord Tax Return).
- Individuals that receive foreign income, even if they don’t normally live in the UK.
- Individuals that receive any form of untaxed income, capital gains or losses.
- Individuals that have their own pension fund or certain savings/investments.
- Those that receive other untaxed income specified by HMRC.
Our experienced professional will take care of each client specifically to optimise tax reliefs and exemptions in a way that is tailored to their personal circumstances and eases the potential impact of the tax burden.