Accounts

Whether you are a Sole Trader, Partnership, or Limited Company there will be a requirement to prepare end of year accounts. Unless you know what you are doing accounts preparation can be a very time-consuming activity as year-end accounts have to be prepared under accounting standards and in many cases where Limited Companies or Limited Liabilities Partnerships are concerned they also have to be prepared in accordance with the Companies Act.

Year end accounts form the basis of your tax return and so getting them correct is very important not least of which is to make sure that you are not paying more tax than you need to.

Your year end accounts are prepared from your books and records and we can also advise you on the adequacy of your bookkeeping procedures and systems and help you strengthen them which in turn will save you time and money and also help you manage your business better.

Preparing annual accounts isn’t enough to manage a growing business.

Preparing quarterly or monthly management accounts and having accurate and relevant business information at your fingertips can significantly aid your decision making and is absolutely vital if you are focused on growing your business.

Bookkeeping

Whether we do the bookkeeping or you do we will ensure it is done in the most cost effective way possible. We love technology and for you we offer the licence to use a cloud accounting package such as Xero, Quickbooks or Freegent as part of one of our compliance pricing plans.

If you are still using spreadsheets or software such as Sage 50 loaded onto your computer you should really consider looking at an online or cloud solution as it has many benefits.

You have two options. The first is we will set you up on the new system and train at no cost to you and you can do the basic bookkeeping. You will also receive unlimited telephone support. Or secondly just give us all your paperwork and we’ll do it. Even if we do it you will have online access to all your financial data

It’s not compulsory to use an online system though and we are happy to work with any system or help you implement one.

For any business including start ups online or cloud accounting can provide you with very powerful tools and solutions that can save you not only a great deal of time and money but give you information in real time at your fingertips that are essential if you want a successful business.

We recommend online systems for their flexibility, cost-effectiveness, ease of use, and up to date information in real-time. We believe and it is a widely held view that Xero is the best cloud accounting product on the market at present. However, we assess each client’s needs on an individual basis and will always advise what’s best for you.

Income Tax Returns

The UK tax code is not logical and there are literally 1000’s of allowance and deductions that can be claimed but unless you are an expert you cannot possibly know them all. In addition how do you know that you have covered everything. We are experts in all things to do with tax and tax planning and so it is wise to leave this to someone like us..

Even if you do not have to file a self assessment return because you are employed and it is your only source of income it may be wise to have your tax reviewed as HMRC have in the past made many mistakes and these are not always picked up.

These are some of the reasons you have to file a self assessment tax return in the UK

You are self employed or a partner in a partnership

You have more than one source of income

You are a director of a company

You have taxable capital gains

You have rental property

You receive tax credits and your income is over £50.000

You are not domiciled in the UK