For a wide variety of services, local accountants are able to assist small businesses and sole traders throughout the year, and not just complete their tax return each year.
Self-Assessment Tax Returns
For those who are self-employed or receive income outside of PAYE, accountants can help with Self-Assessment Tax Returns each year. They can calculate the amount of tax you need to pay and claim all of the expenses you are allowed to write off against your tax bill, submitting your return on time to avoid any late payment penalties.
Bookkeeping
Providing a bookkeeping service for businesses with accounts to prepare, keeps the business accounts up-to-date throughout the year. When inspected by HMRC or other bodies, a business’s records are found to be in order.
VAT Registration and Returns
As your business’s turnover approaches the registration threshold, it will become compulsory for you to start accounting for VAT. Your accountant will deal with your registration and can then choose the most suitable VAT scheme for your needs. He will then complete and submit your quarterly returns, ensuring any errors are rectified quickly as any mistakes can be very costly to put right.
Year-End Accounts
Limited companies have to complete formal accounts for each year of trading. Accounts for small businesses have to be completed in accordance with financial reporting standards as laid down by recognised professional bodies. The Profit & Loss account and Balance Sheet together with supporting notes can be completed on behalf of limited companies.
Companies House Filings
A confirmation statement and the company’s annual accounts must be delivered to Companies House by the relevant date. Failure to do so will incur automatic penalties which can be costly to unwind. Therefore someone can track down and submit them on your behalf.
Payroll Management
Managing your company’s payroll requires calculation of income tax and National Insurance Contributions as well as reporting of these payments to HMRC via the Real Time Information system. In addition, pension contributions are required to be enrolled with selected pension schemes, managed on your behalf.
For Stroud Accountants, see www.randall-payne.co.uk/services/accountancy/stroud-accountants/.
Knowing what services are on offer to you and your business is key to receiving the support with exactly what you need.
