Bookkeeping
Using spreadsheets or proprietary software, depending on what is best for you,
I will record all your financial information in an organised, understandable way.
This will allow you to to make informed judgements about the financial standing
of your business throughout the year.
Your financial data will be summarized for tax purposes, or if you want to apply for finance.
The following gives an example of the services I can provide to help you in the running of your business:
Recording of payments and receipts
Cash books
Bank Reconciliations
Sales, Purchase and Nominal ledgers to Trial Balance
Trading Accounts, Profit and Loss Accounts and Balance Sheets
Creditors and Debtors lists
Payments to suppliers
Liaising with your accountant
Self Assessment
If you are self-employed, you must register with HMRC immediately.
If you don't, you may have to pay a penalty.
When you register, HMRC will set up the right tax and National Insurance records for you
and will ask you to complete a Self Assessment tax return every year.
You must keep financial records so that you can fill in your tax return fully and accurately.
This is used to work out how much tax and National Insurance contributions you have to pay.
You must provide the correct information and get it to HMRC on time.
I can act as your agent, help you register as self-employed, prepare and submit your tax returns for you.
VAT Returns
You may need to register for VAT, or you may choose to register voluntarily,
if you are doing any of the following:
Business in the UK and you expect your VAT taxable turnover to be more than £85,000
in the next 30-day period
Business in the UK and your VAT taxable turnover is more than £85,000 for the previous 12 months
Taking over a VAT-registered business from someone else.
I can act as your agent, calculate your VAT liability and submit your VAT returns for you.
Payroll
If you’ve just started a Limited Company or are thinking of setting up as Limited, you will be a Director and an employee of that Limited Company and will need to deduct PAYE and National Insurance contributions (NICs) from your wages, and pay it to the government.
If your company has other employees, PAYE and NICs will also need to be deducted from their wages.
You will need to issue written pay statements and keep adequate records of how you have done this.
I can look after all the necessary calculations and record-keeping for you, using proprietary software.
CIS Returns
If you are a Contractor in the construction industry you have certain obligations under the Construction Industry Scheme, including registering with the scheme, checking that your subcontractors are registered with HMRC, paying your subcontractors and submitting monthly returns.
If you engage subcontractors you will need to deduct 20% from their invoices and pay this monthly to HMRC. (In certain circumstances the deduction is 30%).
You will need to issue statements and keep adequate records of how you have done this.
I can look after all the necessary calculations and record-keeping for you,
and submit your return on time to HMRC.