Year End Accounts for Self-Employed

Whether you keep your business records manually (paper or computer spreadsheet) or on a recognised computer software program we are able to prepare your annual business accounts which will form the basis of your self-assessment tax return. Many persons new to self-employment often think that their annual accounts are the same as their tax return. They are not, and are two separate and equally necessary documents.

As your business grows you may need to upgrade your record keeping methods and we can help install and implement industry-stands systems such as QuickBooks and Sage to help keep you in control of your growing business.

Allowing us to prepare your year-end accounts will not only relieve you of a time-consuming and stressful chore but will also mean that you expenditures will be reviewed to ensure that you maximise your allowable claims for tax relief, and we can advise you in good time of anticipated tax liabilities and opportunities to reduce them, so that you can effectively plan your business cash needs.

Partnership Accounts

As a business grows sometimes additional persons are invited to participate on a joint-ownership basis, often supplying additional working capital and personal resources. These are known as partners and the business as a Partnership. A Partnership is required to complete a separate Partnership Tax Return and submit this to HMRC. The income reported on the Partnership Tax Return

Limited Companies

It may be better for you to trade through a limited company. There are advantages and disadvantages and whether it is right for you depends on many factors. Making the wrong decision could be an expensive mistake and it is essential to take professional advice right at the start of your business venture. We are happy to advise you on the best business structure for your needs, and if a limited company is appropriate then we can complete the necessary legal formation arrangements and form the company for you, usually with 24 hours.

Once you have formed your company you may need to register it for VAT, set up a PAYE scheme for the directors and any employees, open a bank account, set up accounting systems, comply with Companies House filing requirements, notify HM Revenue and Customs of your companies existence and commencement of trade, and comply with may other regulations. We can help you navigate this maze, meet your obligations, and help you to make your business successful.

Company Secretarial Services

We can maintain all of the necessary legal records for your company on our digital systems, facilitating ready completion of company forms and notices, and filing them electronically at Companies House where required.

Company Accounts

We run IRIS financial accounting and tax compliance software systems so that your company accounts are prepared to the highest standards and comply with the requirements of the Companies Acts. As part of our dedicated service for smaller companies we will additionally prepare abbreviated copies of your annual accounts and file them electronically at Companies House, ensuring that you meet the time deadlines for filing accounts. These abbreviated accounts are designed to only show the minimum information required by law for public disclosure.

Company Tax

We will calculate your company tax liability and advise you where it is possible to reduce this so that you pay no more tax than is required by law. We will prepare your company's annual tax return and submit it electronically to HM Revenue and Customs. We can also assist you in preparing any necessary employee benefits returns (P11D), meeting your PAYE obligations, and in electronic filing of your VAT returns.

Value Added Tax

Not every business is required to be registered for VAT. Some types of business cannot be registered, and for others it may be voluntary. Often it is compulsory. We can advise you on whether you need to register, and if it is voluntary whether it would be beneficial for you. There are also many VAT "schemes" designed to make accounting for VAT easier for you and we can advise you on which one is right for you (if any).

Regular bookkeeping

Whilst we encourage all clients to maintain good accounting records and can assist you in setting up the right computer recording systems for your business, we recognise that may smaller businesses do not have the resources to completely manage there own systems. With our Finance Manager package we will maintain your regular bookkeeping on our systems, prepare your VAT Returns and submit them electronically, and if required also prepare your regular weekly or monthly payrolls.

Self-Assessment Tax Returns

All self-employed persons and many employed individuals are required to submit an annual self-assessment tax return by 31st January next following the end of the tax assessment year (ending on 5th April). If your accounts are prepared by us the process of transferring your accounts details to your tax return is carried out automatically by our software systems, reducing the chances of error. Of course we rely on you to tell us of any additional sources of income such as interest, dividends, rental income, etc, and any payments qualifying for tax relief such as payments to charities under Gift Aid. Once all of these details are recorded in our systems we will prepare a copy of your tax return in PDF format together with an easy-to-understand text summary of the details included in your Return and a summary of your taxable income for the year and the tax paid or payable on it. We will send this to you via your personal LightBox folder for your to approve, following which approval it will be transmitted electronically to to HM Revenue and Customs. We receive an instant acknowledgment of receipt from HMRC so we can be sure that it has been received and that you have met your filing obligations.

Tax Enquiries

It is possible that the Inspector of Taxes may decide to look more closely at your tax affairs. There are many reasons why this may happen and it is part of the normal process of Self-Assessment. The Inspector may need to satisfy himself that your business records provide sufficiently reliable information to be the basis of an accurate calculation of your tax liability. You may have had an unusual transaction in the year (such as a significant payment on termination of employment) and the Inspector may want to make sure that it has been correctly dealt with.

Whatever the cause or reason for the enquiry, whether it is in respect of company tax, personal tax, or VAT, we can help you to answer the enquiries and ensure that you are not charged an incorrect amount of tax.