Payroll, Bookkeeping, Account Preparation & VAT

Administering your payroll can be a time consuming and frustrating job distracting you from your core business activities. The task is made all the more difficult by the growing complexity of taxation and the burden of employment legislation. Penalties can be severe for noncompliance.

The introduction of PAYE RTI represents a fundamental reform of Pay As You Earn, requiring all UK employers to notify HMRC of their liability to PAYE at the time or before they make payment to their employees. It represents the largest change to PAYE since its introduction, where previously employers paid PAYE due to HMRC on account but only declared and reported their PAYE at the year end, with a P35 return.

From April 2013 all employers were mandated by law into PAYE RTI requiring them to submit their RTI return every time employees are paid as part of payroll arrangements. Pension providers are affected as well as employers.

There will be no parallel operation of old and new PAYE regimes – once in PAYE RTI an employer will continue in PAYE RTI.

The dates on which payment of tax and National Insurance deductions are made to HMRC remain the same, either the 19th or 22nd of the month or quarter following the reporting period. We have dedicated staff who can relieve you of this burden by providing a comprehensive and confidential payroll service, including:

• Administration of PAYE,
• national insurance, employer statutory obligations, etc.
• RTI preparation and filing
• Summaries and analysis of staff costs
• Administration of incentive schemes, bonuses and ex-gratia and termination payments
• Customised payslips
• Completion of statutory forms

To take advantage of our managed payroll package contact us today for a no obligation appraisal and quotation.

Bookkeeping is an essential part of any business operation it helps keep track of all the financial transactions of the business.

There are two main reasons why the books should be kept:

Management and growth of the business

Bookkeeping helps in managing and growing a business by ensuring that:

• Financial performance and financial position of the business is readily available at anytime
• Comparison can be made between the forecasted and actual figures to learn the financial health of the business
• Analyse the expenses to determine how to operate the business more cost-effectively

Tax and Accounting requirements

• Books of accounts are readily available for external purposes (i.e. for bankers, investors and HMRC)
• To complete the tax returns, accounts or to make tax claims

Our expert accounts staff can suggest and implement suitable systems and if applicable relieve you and your staff from your essential bookkeeping duties.

UK Limited Companies are required to prepare and file statutory accounts with Companies House and HMRC, prepared in line with general accepted accounting standards.

While Sole traders and Partnerships do not have the same statutory obligation to prepare and submit financial accounts, they do have an obligation to submit financial information to HMRC via Self Assessment forms in accordance with general accounting standards.

We can assist you in meeting your statutory financial reporting requirements and, as part of our core service, we will:

• Prepare annual financial statements in the required statutory format;
• Assist in meeting Companies House and HMRC filing deadlines for Limited Companies;
• All accounts will be filed in line with the electronic filing obligations placed on businesses.

Management Accounts

It is often good practice to monitor the financial performance of your business on a more regular basis, we can assist SMEs with the preparation of regular management accounts. These help to provide vital up to date information to help you make the right decisions for your business. The management accounts can help our tax specialist team in identifying planning opportunities early. We can also provide:

• Preparation annual budgets; and
• Financial projections;
• Reports for financial institutions;

If you are seeking a bookkeeper or a management accountant, but don’t want the responsibility of appointing a full time employee to perform these services, we can provide a tailored service to suit your business requirements. We would be happy to be part of your financial support team.

One of the most unforgiving and complex of the tax regimes is VAT, so complex that many businesses frequently underpay or overpay their VAT obligation. The constantly changing legislation and ever widening scope of VAT means that it is essential for your business to consult with professionals on a regular basis.

Why not try our efficient cost effective VAT service, which includes:

• Assistance with VAT registration
• VAT planning advice
• Assistance with completing VAT returns
• VAT control and reconciliation
• Negotiating with HMRC in disputes and representing you at VAT tribunals

Contact us today for a no obligation VAT health check.