If you're just starting out with a new business venture or if you already have an existing business that has been operating for a number of years, we can help. Our accountants are experienced veterans in helping new businesses grow and using their accounting expertise to help established organisations.
We also have a history of working with contractors and freelancers, helping them through the year with business accounting and advice. Check out our testimonial page. No matter the size of your business; an individual sole trader or a limited company with employees, we have an accounting service just for you.
We also have a history of working with contractors and freelancers, helping them through the year with business accounting and advice. Check out our testimonial page. No matter the size of your business; an individual sole trader or a limited company with employees, we have an accounting service just for you.
Services
We have been working with Certax Accounting and have developed an excellent relationship. Certax helps with our monthly accounting; they produce our payroll and manage our monthly accounts. Meaning, when it comes to the year end Certax can produce a final draft of the accounts very promptly and our Board is quickly comfortable with the accuracy of the financial position.
Most businesses are required to produce a set of accounts at least once per year. These accounts will form the basis for the tax return which tells HMRC how much tax is owed. Aside from accounts being a requirement, as a business you can benefit greatly from carefully considering the information within your set of accounts.
Whatever type of business you have, be it a sole trader, partnership or limited company, a tax return must be completed to declare your income to HMRC and to let them know how much tax is due. Unfortunately, not submitting your tax return on time can result in considerable penalties and interest being accrued by HMRC.
If your turnover is more than the current VAT threshold then you may have to register for VAT. If this is the case then you will have to complete and submit a VAT return to HMRC, usually each quarter. However, even if you are not required to register it can sometimes be beneficial to register voluntarily.
Every business has a legal obligation to keep records of their transactions. There is no set format that must be adhered to but at the very least records of all sales, expenses and purchases should be kept. Unfortunately if a business fails to keep adequate records then they can be fined up to 3,000 by HMRC along with an additional tax bill if the inadequate records resulted in an incorrect tax return being filed.
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