Annual Accounts And Tax Returns
Allowing you more time to focus on building your business
As a business owner, every day you’ll be making commercial decisions. However, to make well-informed decisions you’ll need accurate information to base them on – which is why precisely annual accounts and company tax returns are so important.
You can rely on us to produce these for you, efficiently and on time. As part of the process, we’ll manage your submission deadlines, helping you fulfil your obligations whilst allowing you focus on your core business activities.
But, this is the least you should expect. The help and advice we give you doesn’t end with the year-end.
Supporting you throughout the year
Yes, your end-of-year requirements are vital. But, it’s our role to keep in touch with you regularly, ensuring you’re fully up-to-date with important changes affecting your business.
This could be new legislation you need to be aware of, or you might need to know about tax thresholds you’re likely to exceed.
You might want advice on structuring some planned expenditure. Or, from time to time, there may be other specific areas we can help with, like, pensions, employment law, VAT, corporate finance, or business strategy.
Company tax returns
Our team will ensure that the company tax return process is efficient and stress-free for you and your business. Plus, you can be assured that you will never miss a deadline and will always pay the correct amount of tax.
Whether you are a sole trader, private ltd company, partnership, a dormant company, or a larger organisation part of a group, then we can advise on relevant legislation, exemptions, and reliefs that may be applicable to you.
Our support doesn’t end here, for companies that have their own in-house finance function we can also advise and support you in choosing the most suitable commercial software for your business with regard to filing corporate tax returns.
Bookkeeping Services
The day-to-day tasks of running a business can be time-consuming and resource intensive.
In order to effectively manage your business, it is essential that you have accurate bookkeeping and financial records on which you can base decisions.
Quality bookkeeping helps you to:
- Budget accurately
- Concentrate on your business strategy
- Produce useful management information and clear year-end results
- Make the most of available tax relief
In smaller businesses, this often leads to the business owners and managers dealing with these tasks, taking them away from more important areas where they should be focusing their time, meaning they don’t have as much time to grow their business.
Outsourcing the processing and record keeping has also become a popular choice for larger businesses where they wouldn’t fully utilise a full time book-keeper or finance team. It is not uncommon for businesses to employ a full time qualified finance person, but then utilise most of time with processing and book-keeping work, meaning they are not able to help with the strategic planning and forecasting for the business.
Our specialist bookkeeping team can make a big difference to your business. We’re flexible, approachable, and on your side – here to make your life easier, give you peace of mind, and stop any chance of inaccurate information affecting your business.
By making best use of the technology available, outsourced book-keeping can be a very cost-effective alternative to an in-house book-keeper or finance team.
- We are able to offer book-keeping services to suit all types and sizes of businesses, including;
- Compliance based record keeping for the preparation of accounts, tax filings or VAT returns,
- Real time processing to power insightful management information to help run your business, or
- Catch up work or absence cover if you have gotten behind with your record keeping.
- Highly flexible support
- Using cloud-based computer technology, we can help you in a variety of ways – no matter how much or little you need us.
Cloud Accounting
The switch towards digital services and cloud technology-driven to an extent by the Making Tax Digital (MTD) initiative – has seen many more businesses move their accounting activity online.
Although the transition may have potentially compliance driven in the first instance with the MTD requirements, businesses from all sectors are now also enjoying the increased efficiency and flexibility provided by cloud accounting.
They are finding that the systems provide many more benefits; from checking balances, sales, and upcoming bills on the dashboard, to connecting to your bank accounts, creating purchase orders, paying bills, and much more, the cloud based packages give you a much greater insight into how your company is performing and can be accessed from anywhere on any device with an internet connection.
With many of the cloud based systems, users receive 24/7 email support as well as online libraries chocked full of content such as video tutorials and guides.
Cloud-based accounting software
We have experience in using a wide array of systems and applications which can be used to make your financial processes more efficient.
If you would like to explore a cloud based accounting or would like to look at a particular software package in more detail please get in touch with our team to request a demo. Alternatively, if you have a particular area in your financial process which is time consuming or inefficient we are always happy to discuss options or ways that this can be made more efficient.
We also offer full System Reviews which can be useful if you have been doing things the same way for some time or are using old or out of date software and may not be making full use of the technological advances and efficiencies available.
Management Accounts
Tailored to your business needs
You may want the day-to-day headache of compliance, such as reporting VAT returns to HMRC to be taken care of. Or, you might be looking for profit and loss graphs, or staff reports containing productivity, sickness and cost per department details.
Maybe you want comprehensive sales information, with the number of new clients, sales by customer, conversion rates, price trends and product elasticity.
Whatever type of support you need, we can help, by giving you all the information you want, any way you like.
Providing business owners with access to greater tools and information to run their business
We can also work with you and provide advice on your reporting processes and business systems, helping you to implement streamlined and cost-saving processes.
Outsourced Company Secretarial Services
Business admin support
If you don’t have an employee with the time and knowledge to do all your business administration – and you’re too busy to do it yourself – we can help.
Our Outsourcing team wants to make sure you maximise on opportunities available to you and increase your capacity to work on the income-generating fundamentals of running your business.
It’s important that company secretarial tasks are carried out properly: if mistakes are made, you’re in danger of non-compliance.
We offer a fully inclusive company secretarial service, which includes:
- Registering businesses and providing guidance on corporate structures
- Improving corporate governance
- Drafting and releasing routine regulatory announcements
- Creating a code of conduct
- Preparing and filing annual returns
- Holding statutory records
- Providing support for board and committee meetings
- Dealing with shareholders’ enquiries and liaising with registrars
- Offering AGM support.
Outsourced Credit Control Services
An effective way to reduce your debtors
As you know, good cash flow is essential to running a successful business. Giving your customers credit might be good for sales, but if you don’t have the right procedures in place to collect the debts, your company will suffer.
The key to maintaining your cash flow is having strong credit control policies, including raising invoices and timely payment collection.
Our outsource credit control service can help you maximise cash flow, reduce the need for bank borrowing, improve internal credit management procedures, and reduce bad debts.
We can work completely independently from the main relationship you and your team have with your customers, removing the need for you to have the difficult discussions about money or unpaid bills, which can be damaging for ongoing relationships.
Services designed around you
The team can tailor our services to your business. These include partial outsourcing which supports your existing credit control function, to help you get back on track and sort out stubborn debts – and full outsourcing, which involves managing the whole collection cycle (phone calls, letters and statements).
If you need emergency cover for holidays, maternity or sick leave, we can be on hand for this too.
Consultancy and systems reviews
We can set up a credit control department for you from scratch, including staff training, advising on a collection cycle, drafting collection letters and pre-action protocols.
We can also provide advice on your existing processes, this would involves a full review of your existing credit control function – policies, procedures and processes, team structure and responsibilities. We would then provide advice on potential efficiencies, introducing automation or potentially software systems which could be used.
The credit control systems we offer are designed to make it even easier to improve your cash flow. This can include gathering information about your customers and UK companies to help you establish suitable credit terms or assess your exposure. They can also help to generate reports, keep track of the chasing history as well as automating standard tasks, such as issuing statements, reminders and overdue notices.
Outsourced Finance Team
If you feel that the day-to-day job of managing your business’s finances and secretarial tasks is taking up valuable time and resources better spent elsewhere, then making use of a fully outsourced finance team could be of benefit to you.
Outsourcing enables you and your team to spend more time focusing on your core competencies, meaning the people in the business are happier and more effective because they have a more focused remit.
Any business owner who has grown their business by hiring full-time staff will know that there is much more than just the salary cost to consider. There are many additional costs associated with hiring even one new staff member – recruitment, training, taxation, pensions, holiday and sick pay etc.
This cost may be easier to swallow if the new person coming in will grow the business, perhaps boost capacity or increase sales. But if they are going to be tasked with compliance and record-keeping then you may not even see any return on such a big investment.
Our fully outsourced finance service is completely tailorable to suit your needs and budget. Time and cost savings are normally the main reasons businesses outsource their finance function.
Whilst it is often thought that outsourcing can be expensive, it can in fact be very cost-efficient, and we can often compete with the cost of employing staff full-time in a finance position.
You may not be too excited about the prospect of bookkeeping or accounting, you should certainly see the benefit of having accurate, timely and insightful information for your business when assessing performance and making decisions.
We can provide you with excellent value by:
- Having a multi-tiered team and service, meaning we use the right level of staff for each task at hand
- We can integrate and work with an existing finance team.
You pay for the right level of staff, and do not pay for qualified staff to do day-to-day processing.
Using technology and our system expertise, meaning we can efficiently automate processes, link systems, and integrate different parts of the accounting process.
By fully outsourcing your finance team you will receive the specialist expertise of our whole team – and the wider business -, in addition to benefitting from the reliability of a team rather than an individual. This means you won’t have to worry about covering periods of holiday, sickness, or maternity and paternity leave.
As we work closely with other teams across our firm, we can make use of our internal expertise and successfully manage any problems that occur, from VAT or tax issues to employment and compliance issues.
Our full outsourced finance support includes:
- Accounts payable processing
- Purchase invoice collation
- GRN/PO reconciliation
- Data entry and processing
- Working within and setting up purchase approval systems
- Supplier payment runs, including automation of BACS payments and payment process
- Sales invoicing including, raising sales invoices on clients’ behalf, or providing support and systems to raise sales invoices and sales ledger maintenance
- Credit control, including automated invoice chasing, statement issuing, direct chasing, and escalation of bad debts
- A ‘virtual finance controller’ who will take on the role of a normal FC including, management reporting, forecasting, cash flow management, and support to management.
Payroll Services
Your outsourced payroll service
Payroll accounting is a vital part of your business. But it can be time-consuming, and getting it right takes skill and experience.
If you don’t have the resources for a dedicated payroll department, we can manage the whole function for you.
In an ever-changing and increasingly complex world of payroll our team of employment and payroll professionals can ensure you meet your payroll obligations, leaving you to focus on the other aspects of running your business.
We have been providing payroll services for many years, delivering bespoke and fully managed functions for organisations of all sizes. Indeed as a team, we have over 120 years of payroll experience! We have in-depth knowledge of payroll-related tax and national insurance laws, employment regulations, and government legislation affecting both UK and overseas staff.
Support tailored to your needs
Depending on your situation, we can process payments at any frequency – weekly, fortnightly, four-weekly, monthly, quarterly, or annually.
Our service includes providing e-payslips and various payroll reports, uploading pension contributions to various providers, overseeing electronic salary payments directly to employees, and HMRC PAYE payments by BACS.
It is important to us that we build a relationship with you, and you feel that you can pick up the phone to talk to us without being charged each time. You will have an experienced and dedicated point of contact who will be responsible for the operation of the scheme and will be available to contact should you have any questions.
We also offer you:
- End-of-year processing
- Real-time information (RTI submissions to HMRC
- Encrypted secure data transmission
- Calculating directors’ national insurance
- Calculating statutory payments, such as parental leave and sick pay
- Bespoke reports such as nominal links, journals
- Assistance with modified PAYE Schemes
- Payrolling BIK
- Preparing P11D expenses and benefits for end-of-year returns
- Assisting with PAYE settlement agreements (PSAs)
- Carrying out PAYE health checks
- Assisting with HMRC enquiries into your payroll, including furlough claims made via the CJRS (Coronavirus Job Retention Scheme)
Auto Enrolment support:
Whilst employers may already have pension schemes in place, we offer a simplified solution for auto-enrolment where we can set-up the pension scheme on behalf of employers. Our involvement also can include the communication letters, assessments and uploads to pension providers to ensure the legislation set out by The Pensions Regulator is adhered to.
As part of our service, we can produce a variety of reports tailored to your needs. These can help you control staff costs and budget for the future. We can also advise on other payroll-related issues, such as third-party enquiries, holiday entitlement, assisting with setting up pension schemes, and PAYE in real time (RTI).
Interim Finance Director
Our services include:
- Routine bookkeeping
- Performing period-end reconciliations and posting closedown adjustments in order to prepare management reports
- Providing accurate and timely financial statements and management reports
- Preparation of VAT returns
- MTD for VAT support
- Forecasting and cash flow management
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