Once you have decided the route to take, we will work closely with you to make sure that all the legal formalities are completed on time and there is a smooth set-up, so that you can concentrate on core aspects of your business. Our services for start-up businesses are reasonably priced. Our main services involved at this stage are
- Register your business with companies house & HMRC
- Setup VAT scheme
- Setup PAYE & Pension
Accounts & Tax
Every company registered in England is required to send annual accounts to companies house every year. The accounts should be submitted by 9 months after the end of accounting year. These accounts will need to be prepared by following certain rules and procedures laid in UK - GAAP. If you run a small company, it is your responsibility to take care of following
- Prepare and submit the accounts to companies house.
- Prepare and submit the accounts to HMRC.
- Prepare and submit the Corporation Tax Return to HMRC.
Self Assessment Tax
If you are a sole trader, you will need to send your tax return to HMRC every year. You will have to keep adequate accounting records. As a sole trader, you can claim some expenses from your income if they are related to your work / business. There are special rules for that. If your tax return is submitted late, you may incur a financial penalty.
- The last date to submit the tax return is 31 January.
- You might have one payment on account due in July.
- Don't lose out on eligible expense claim.
Bookkeeping & VAT
By law, every business must maintain proper accounting records to capture revenue and expenses on a regular basis. Even if, there was no legal requirement to prepare books, the importance of proper accounting records should be neglected by any business owners since proper accounting records will provide a clear snapshot of finance of business. You must
- Maintain cashbook, bankbook & ledgers.
- Maintain records of assets and liabilities.
- Maintain the records of source documents.
Payroll / CIS
There are very strict rules with regard to payroll and CIS. Any errors and you will open gates of various problems with HMRC. It is very important that you know your duties and responsibilities with regard to the payroll of your business. If you are in a construction industry, you will have to prepare CIS returns. If you pay expenses to your staff, you will need to report P11Ds.
- Send RTI Returns on time.
- Maintain records for expenses reimbursed.
- Send CIS returns, if applicable.
As you might be aware, due to the recent changes in Pension regulations all employers employing one or more staff are required by law to enrol eligible employees into a workplace pension scheme and make pension contributions towards it. This is a mandatory requirement and is the responsibility of the employer.
All services as one package
We understand that each business is different and that they would require bespoke services. From starting your company to prepare your accounts and tax returns, we can provide you all the services that you need. In order for simplicity, we can arrange just on a set fee for all the services that you will require during the year. This will give you peace of mind about not receiving unanticipated big bills.