Compliance Services
Introducing our must-have compliance services, otherwise known as your essentials in the realms of tax and financial reporting.
The world of regulations and legislation is ever-evolving, but fear not, we’re here to keep you informed and compliant. Consider us your financial navigators. We tackle the tedious tasks, freeing you up to focus on what you do best.
From hitting every deadline to managing your tax returns and paperwork, we’ve got it covered. Plus, we’re always on the lookout for strategies to ensure you keep more of your hard-earned cash where it belongs – with you.
Our Compliance Services
Bookkeeping Services
Bookkeeping covers all aspects of financial record keeping. From managing daily cash flow to preparing financial statements, like income and balance sheets, and records for tax filing.
We use Xero to source live data and arrange integrations within the software which facilitate the smooth transition of all transactional data. We will deal with admin tasks, like ensuring account codes are kept up to date and that all bills and invoices are reconciled correctly.
P11D’s
Every year, you and your employees will have accumulated benefits from the business, and you have every right to enjoy those company perks. However, you’ll need to file an annual P11D with HMRC, which is where we come in.
We draft and file the relevant forms to HMRC, ensuring they’re updated with the benefits each individual in the company has received during the tax year, to be filed a few months after the tax year ends.
We’re here to offer you peace of mind that benefits are being calculated correctly and filed in a timely manner. As part of this service, we also advise you on what benefits are allowable through the business and the impact on each individual.
Self Assessment Tax Returns
HMRC uses your tax return as their way of figuring out what taxes are due or handing back any tax you have overpaid. As with all tax, you don't want to let late penalties catch you off guard - they can range from £100 for just being a day late, escalating to £10 daily up to a whopping £900 for extended delays.
Completing your own self assessment can be difficult, as you'll need to be familiar with tax regulations, and what counts as allowable income and expenditure. We can assist with all of this, and we'll even go the extra mile by analysing your assessment to see if any further savings can be made.
Pension Submissions
We provide a comprehensive overview of your current pension contributions and provider, advise on the tax incentives available to you and your business, and calculate your contributions alongside your payroll being run.
We even handle the submission of your data files to your chosen provider. If you are looking to redeclare your workplace pension position each year, we can also file your redeclaration and re-enrolment forms with the Pension Regulator.
Maintaining Records
Record-keeping is one of those admin tasks that might not seem important at the time, but when it comes to sourcing information, it makes a world of difference. It also happens to be a mandate of HMRC guidelines. Unorganised records can result in missed deadlines, errors, and non-compliance issues that could incur penalties.
We conduct a thorough assessment of your existing record-keeping process, identify areas for improvement and implement best practices. Additionally, we offer expert advice on document retention strategies, data protection protocols, and adherence to pertinent regulations like GDPR, safeguarding your records from any unwelcome breaches or mishaps.
We present the information to allow you to access the figures you need, exactly when you need them, not only enabling you to make informed business decisions, but to demonstrate compliance in the event of an audit.
VAT Registration
VAT applies to most goods and services dealt by UK businesses, which in turn can reclaim the VAT incurred on their purchases. Regardless of whether your turnover hits the £90,000 threshold, any trading entity has the green light to register for VAT.
We dive deep into your business's operations and the scale of your transactions to figure out if you need to be VAT-registered and pinpoint the scheme that aligns with your business model. From there, we prepare and lodge all the relevant paperwork with HMRC to ensure your VAT registration is polished and precise.
Our journey doesn't end post-registration, we're committed to helping you learn, guide you through VAT return filings, and smooth out VAT invoicing, ensuring you are confident and in control every step of the way.
VAT Returns
As part of our VAT returns service, we carry out a thorough assessment of your business and its operations, ensuring we have a clear understanding of your registration requirements - one size doesn't fit all. We look out for applicable VAT rates and invoicing rules, whilst preparing and submitting your regular VAT returns.
The process involves us gathering and analysing financial data, reconciliation of VAT transactions, and completing all necessary VAT return forms in line with tax laws and regulations. We'll always look to offer proactive advice and guidance helping you to optimise your position, identify any opportunities for VAT recovery, and minimise the risk of any penalties.
Corporation Tax Returns
If you're operating as a limited company in the UK, brace yourself for annual corporation tax, which may apply to you if you have a taxable profit/gain. This tax is based on your profits and any gains from assets/shares that have appreciated.
Remember, HMRC needs to receive your corporation tax return within 12 months after the year-end, however require payment 9 months and 1 day of the year-end. Late returns are no joke—they attract fines. That's where we come in: we prepare your return well in advance, calculating your taxable income while identifying any allowable deductions and credits. Let's keep your finances in line and those penalties at bay.
Payroll Services
We cover all aspects of payroll management, catering to businesses big and small, so that you can focus on the bigger picture. We’ll set you up on BrightPay so that you can access all requests, payslips and reports. Everything is carried out digitally and employees will have access to their own version of the portal, eradicating the need for printed payslips.
We provide weekly and monthly payroll, and can process payments to employees and HMRC on your behalf. We stay up to date with the latest tax laws and regulations to ensure your payroll is smooth, compliant, and hassle-free.
Confirmation Statement
All companies are required to file an annual confirmation statement with Companies House. The statement serves as a snapshot of the company's structure, directorship and ownership, offering transparency to regulators, shareholders and other stakeholders.
Your company may be struck from the register if a statement is not filed on time, however you won't encounter any fines. We conduct a thorough review of your company's records and ensure all necessary documents are accurately prepared and ready for submission to Companies House.
Registered Office
Maintaining a registered office address isn't just a tick-box exercise, it's a legal requirement. This address is your company's official point of contact for statutory correspondence and legal notifications from Companies House, HMRC, and other regulatory bodies.
We ensure your registered address is accurately recorded with Companies House and handle all your official mail. Given that your registered address is in the public domain, if privacy is a concern, you have the option to use our address instead. True to our core ethos, we're here to provide continuous support and advice, assisting you with any updates to your registered address.
Company Formation
Forming a company can be a daunting task. That's why we offer comprehensive support. From initial planning and registration to ongoing compliance and governance. After getting a clear picture of your business aspirations and needs, we'll guide you through the legal framework for your venture, whether it be a Limited Company or Limited Liability Partnership.
We'll weigh up crucial factors like liability, tax implications, and adherence to regulations to pinpoint the ideal structure for your business. Once we've established the ideal structure, we take the reins on the entire formation process, preparing and submitting all the required paperwork to Companies House and HMRC.
Rest assured that we’ll tick all the compliance boxes and get your business officially up and running. However, our role doesn't end with incorporation, we're here to offer ongoing guidance and support to streamline your operations.
Why Choose Us?
Every business is unique, and that’s exactly why our service is bespoke, designed to target your specific needs. We won’t try to sell you a service you don’t need or confuse you with accountancy lingo that sounds like gibberish.
We cut straight to the point, and try to make the legal stuff more digestible. Whether you’re a small business figuring out the twists and turns of VAT, or a large corporation seeking our tax return expertise, we’re here to help navigate you through every financial challenge. Let’s have a chat.