Company accounts and tax returns
We can advise you on the pitfalls and planning points and the tax advantages of indeed incorporating an existing sole trader or partnership business to a new Limited Company. It depends on the combination of many variables factors. We can deal with New Company Formations providing Financial Advice, Monthly Management Accounts, advice on accountancy software best suited to your business, Statutory Accounts, Year End Financial Accounts, and deal with Tax Returns on your behalf. For example a client had used an accountant who put off putting the year end figures together till the very last minute, the sting in the tail was the client had a very large tax bill and a fat fee from the accountant. The accounts had to be filed because if not the client would have incurred a fine from HMRC and Companies House for late filing, so had no choice but to pay the tax and pay the accountant. The client switched to using our services the next trading year, the year showed a higher turner but less tax to pay. The accounts were not left to the very last minute, giving the client time to make the payment to HMRC. Why was the client’s tax bill less? Because we do all the work personally and look at ways of being more tax efficient and our bill was lower than the client had paid previously!
The official name for the company tax return. Nowadays electronic and submitted with electronically tagged version of the accounts.
You know your business better than anyone, but you probably only see the one business. We see hundreds, every year. As a result we have lots of ideas that might help you business. We can do anything from a quick review to helping you plan a major project and we will guarantee to come up with some money saving ideas for you.
At the end of the accounting year the business must do its accounts. Too many people leave this for several months as they are “too busy” all this does is make questions harder to answer and give you less time to save up the tax for any tax bill. We aim to make this process as painless as possible for clients.
This means any set of accounts that record the final position of the company. The ones that tell you after all expenses, year end costs and tax how much you made. Usually only of interest to the company owner, but vital to him or her. We work hard to ensure they are useful, perhaps including graphs or other ways of presenting the information so you can easily see what has happened.
The version of the financial accounts that are submitted to the authorities. There are intricate rules about the wording of these and what must, and must not be show. This is what many businesses this is the result they want from their accountants, but for us are only a means to an end – you business being more successful.
This means any information the business looks at through the year. It may not be complete, it may only be for specific time periods, but it is what the business uses to run itself. You may well do these yourself, but if time is against you or you need an independent view we can do these for you.