Year End Accounts

Every business needs to prepare their complete accounts for HMRC and Companies House one year at a time. The ‘year end’ refers to the day that your company’s financial period ends.

When to Submit the Accounts?

There are strict deadlines for companies to file their accounts with Companies House and HMRC. For Companies house, this is usually 9 months after the year end date. The accounts and corporation tax returns are due within 12 months of the year end date, although the corporation tax needs to be paid by 9 months and 1 day of the year end date. Our accountants have all gained experience preparing year-end accounts for clients in a variety of sectors. Each and every one of our accountants build long-standing, personal relationships with every client – many of whom have provided us with a positive testimonial about the service they have received.

Features & Benefits

• Our year end accounts services for limited companies include:
• Preparation and submission of full statutory financial statements accounts following accounting conventions (FRS105 or FRS102) to HMRC
• Preparation and submission of Abridged accounts to Companies House
• Preparation and Submission of Corporation Tax return (CT600)
• Preparation Corporation Tax Computation

Penalties for missing deadlines

There are penalties for missing the deadline. Missing the deadline by one day will incur a penalty of £150 and increases to £1,500 if the accounts are overdue by more than 6 months. We do our best to help you meet the deadlines, so there’s no need to stress.

Self Assessment Tax Returns

Self Assessment Tax returns need to be submitted for each tax year (ending 5th April) for many individuals including the self employed, directors and those with relatively complex finances whose income may not be taxed at source at the appropriate rate. Tax Returns need to be submitted by 31st January following the tax year end. Payments on account may be due for the current tax year payable on 31st January and 31st July.

Who needs to Submit Self Assessment

• The most common reasons that a tax return may be required are as follows:
• You are self employed or a partner in a partnership
• You are a company director
• You have large amounts of savings or investment income
• You have untaxed savings or investment income
• You own land or property that is being let
• Your household receives Child Benefit and you have income in excess of £50,000
• You have income from overseas
• You have sold or given an asset away (such as a holiday home or some shares)
• You’ve lived or worked abroad or aren’t domiciled in the UK

How can we help?

• We can help you with
• Complete your tax return
• Calculate your tax liability
• File the return online
• Liaise with you on the amounts to be paid and when they are due

As part of the above service, we can analyse your self assessment tax return to see if any tax savings can be made and we can also review the form to see if there are any anomalies that need to be addressed before the return is submitted. This process helps to minimise your risk of a HM Revenue & Customs enquiry into your tax affairs. If you are experiencing cashflow problems, we can explore the possibilities of deferring your tax payments or negotiating a payment plan with HM Revenue & Customs on your behalf. By giving you a fixed, competitive price, we can take the worry away when it comes to self assessment tax returns; allowing you to concentrate on running your business.

VAT Returns

Whether you need detailed advice on complex matters, or simply assistance to complete your VAT returns, we offer a comprehensive VAT service which includes VAT planning, compliance and health checks. Above all, we provide practical and straightforward advice to help you minimise liabilities and maximise cash flow.

We have an in-depth knowledge of all aspects relating to VAT and have helped a wide range of businesses solve their VAT questions and submit their VAT returns properly.

While some businesses may be in the fortunate position of having straightforward affairs, many are not. Businesses operating in a significant number of sectors are subject to complex VAT rules and procedures, which require the skills and experience of an expert to navigate effectively.

We can provide you with the assurance that your business complies with its statutory and legal obligations and that your business is operating with the most appropriate structure, systems and procedures to minimise your tax liabilities. We can act as your Agent for VAT purposes and therefore correspond with HM Revenue & Customs (HMRC) on your behalf and be their primary point of contact for your VAT affairs.

Late VAT registration, errors, late VAT returns and late VAT payments can all lead to penalties and possibly interest being charged. So allowing us to take care of your VAT affairs, not only gives you peace of mind, but it should also avoid you wasting your hard-earned cash on penalties and interest.

Payroll Services

We provide a fully outsourced payroll service for businesses of any size and sector. Meeting your obligations as an employer can be incredibly daunting especially with the introduction of Real Time Information (RTI).

RTI means employers share information with HM Revenue & Customs (HMRC) on-or-before payments are made to employees and your local TaxAssist Accountant uses HMRC-approved, RTI-compliant payroll software.

We can also set up an Employers' Scheme with HMRC for you and we can advise you of whether employees should be added to the payroll or not and deal with the relevant forms/ submissions for you.

Throughout the year, we will calculate your employees' net pay, report the figures and information to HMRC and provide you with payslips to pass on to your staff. We can calculate the tax and National Insurance deductions applicable; even if your employees are on sick, paternity or maternity leave.
If you have only a few employees, you could make savings by engaging us to administer your payroll.

Payroll charges

• 1-2 employees - £6.50 plus VAT per payslip
• 3-5 employees - £5.00 plus VAT per payslip
• 6-25 employees - £3.95 plus VAT per payslip
• 26-50 employees - £3.65 plus VAT per payslip
• 51-100 employees - £3.30 plus VAT per payslip
• Above 100 employees - Negotiable

• These fees include the following:
• Calculation of deductions - PAYE, NIC etc
• Production of monthly summaries by employee
• Adjustments for starters/leavers (includes preparation of P45)
• Production of payslips
• Payment of staff and HMRC by BACS (subject to BACS authorisation)
• Preparation and submission of Annual Return (P35) and P60/P14

Pension auto enrolment

All employers have duties under the Auto Enrolment for Pensions legislation. If any of your employees earn over £833 per month and are aged between 22 and pensionable age, you MUST enrol them in a company Auto Enrolment pension scheme. Each month, you and the employee must both contribute into the scheme. Companies999 can set up a NEST pension scheme, write the ‘statutory letters’ to your employees and complete your Declaration of Compliance. Our fees for this are £50 + VAT. Companies999 can also carry out the on-going monthly processing including calculating contributions, uploading a monthly file to your pension provider, administering opt-ins and opt-outs and writing ad hoc statutory letters.

Corporation Tax

Every limited company that is based in the UK is subject to corporation tax on their taxable profits. If the company is liable to corporation tax, then this must be paid within 9 months and 1 day of the year end to HMRC.

Corporation tax returns must be submitted to HMRC within 12 months of the company year end. If your company is liable for corporation tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits. This information must be reported to HMRC on a corporation tax return form and accounts and tax computations must be submitted to HMRC in support of the return.

There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines, which are determined by your company's annual accounting date, are adhered to.

We can assist with the preparation of company accounts, company tax returns and tax computations and will also be able to provide advice on any tax planning areas that may benefit you and your company.

Business Plans

A business plan is essential if you are looking to raise finance for your business and is strongly recommended for start-up businesses. The level of detail in a plan will vary considerably for different businesses and the format of the plan will also vary depending on who it is aimed at - for an external audience such as a bank or investor the plan may be presented differently than one prepared for your own use. Typically, a plan for an external audience will contain some background information about you and your business, your business goals, the management and their track record, your product or service and how these will be marketed and a three- or five-year financial plan. If you are looking to raise finance the amount you require and how this will be repaid should be included.

Sample Business Plans

We can help you prepare a plan tailored to your needs. This could involve reviewing your draft plan and providing feedback on this or arranging a consultation with you to develop the plan. If you are looking to create and present a credible and professional business plan, then talk to us and see how we can help you.

SEIS

As an initiative setup by the Government, Start-up companies can receive help from the government in attracting new investment. Investors in start-up companies could claim 50% of their investment back through tax relief. The Seed Enterprise Investment Scheme (SEIS) will allow investors who invest up to £100,000 to claim the 50% tax relief. Maximum investment allowed under this scheme is £150,000 for the company.

EIS

The Enterprise Investment Scheme is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies. EIS allows tax breaks for private investors who qualify and designed to stimulate investment into British based SME’s. To summarise the reliefs available to private investors are an income relief on the cost of the investment (currently 30%) and a capital gains tax exemption if investment is sold at a profit in the future, making investing in early-stage companies particularly attractive for UK-resident taxpayers. With both schemes, there are rules that must be followed so that your investors can claim and keep the tax reliefs relating to their shares. The shares issued must meet the same requirements under both schemes.

• They must be paid up in full, in cash, on issue and must be full risk ordinary shares which
• are not redeemable
• carry no special rights to your assets Furthermore, HM Revenue and Customs (HMRC) need an explanation of how the investment in your company meets the condition, which means:
• your company must use the funds raised for growth and development
• the investment should carry the risk that the investor will lose more capital than they are likely to gain as a net return

Tax Investigations

The number of enquiries HMRC conducts has increased multiple folds in recent times.HMRC no longer need a reason for opening an enquiry into your business or personal affairs. We will be happy to assist you or your business with any HMRC enquiries you may involving inspections and compliance checks We can expertly advise business owners with HMRC enquiries.

• Some of the common HMRC enquiries where we can assist you are:
• Any Taxes you pay
• Accounts and Tax calculations
• Your Self Assessment Tax Return
• Your Company Tax Return
• National Minimum Wage
• VAT Records and Returns
• PAYE Records and Returns
• Employee Records inspection
• Benefits to Directors and Employees
• PSA

Financial Director

Many small businesses 'get by' with their financial administration and financial management. The business owner might be 'hands on' with bookkeeping, VAT and payroll administration diverting their attention and energy from looking after customers, overseeing delivery of the work and taking the business forward. Maybe they have an in-house bookkeeper who deals with the basic admin and an accountant for year end but there is perhaps a lack of monthly reporting and proactive financial management.

Our Financial Director service is intended to address these gaps by providing a dedicated, qualified accountant who will be coordinate and deliver the financial administration, year end accounts, tax compliance work as well as monthly reporting and financial management. In effect, our accountant will act like your own Finance Department, External Accountant and Finance Director in one. We believe that this a unique, practical and cost effective solution for many small businesses.

“Naveen has taken care of all aspects of our accounting and financial management for the last 2 years. It’s great to have a single point of contact and someone who can deal with the basic administration as well as more strategic matters like raising finance, financial reporting and forecasting. It is like having our own Financial Director for a fraction of the cost”

Manamohan Pandurangan, Managing Director, Pankas Foods Limited

Typically this service is aimed at businesses with a turnover of between £250k and £5m per annum. We can tailor the support we provide to address the specific needs of your business.