Limited Companies

Limited Companies

Financial accounts and tax returns

As a statutory obligation, all incorporated businesses need to file their accounts 9 months after their accounting year end. Obviously, waiting until this deadline approaches to complete the accounts doesn’t give much time for corporation tax planning. Regular management accounts or draft accounts prepared just before the year end will enable efficient profit extraction strategies to be put together, including paying lump-sums into a pension scheme and dividend planning. Equally, timely completion of the financial accounts ensures that corporation tax liabilities don’t come as a surprise and allow for cashflow planning.

We can prepare statutory accounts and corporation tax returns for you, as well as taking care of submissions to Companies House and HMRC. Contact us to talk through your requirements.

Management accounts and budgeting

The benefits of proactively managing your business financially with the use of realistic budgets and management accounts are countless. Examples include:

  • Controlling costs
  • Raising finance and demonstrating control to financiers
  • Cash flow planning
  • Monitor working capital
  • Motivation for managers and staff
  • Avoids surprises when liabilities fall due
  • Can help to identify seasonal fluctuations in trading
  • Planning for dividends and profit extraction

Some businesses have management accounts in line with preparation of VAT returns, others need these preparing monthly for a variety of reasons. To explore what solution might work for you, get in touch with us.

Contractors – IR35 & disguised employment

With changing legislation regarding public sector sub-contractors, there is much confusion around who is responsible for making decisions about reporting for contractors and sub-contractors.

If you incorporate, do you simplify matters, or still fall under the IR35 regime, which attracts different treatment of income and expenses within the business accounts.

For help and advice on how to pay contractors, including monthly filing obligations, and how to structure your business to take advantage of tax efficiencies, contact us.

Directors – self-assessment returns

As directors are likely to pay themselves via a more complicated remuneration structure than employees, it is usual for directors to be expected to file personal income tax returns annually. We can take care of this obligation, as well as advising on salary package structures and tax efficient profit extraction.

For help with putting a package together, contact us.

Bookkeeping

You might have someone in-house to look after this obligation for you, you may take on this obligation yourself or you might outsource the task to a professional to focus on running your business.

Whether you need someone to take on this role, or you just need someone to sense check your work, we can help you with this. Regular bookkeeping is essential for VAT obligations and makes the preparation of accounts much easier rather than waiting until any filing deadline approaches.

A good bookkeeping system will enable you to:

  • Interrogate the data for historical income patterns
  • Put together regular management accounts
  • Efficiently manage your cashflow
  • Undertake effective credit control procedures
  • Put together budgets for planning and decision making

VAT Returns

Whether you have a compulsory VAT registration, or voluntarily register for VAT, there are many obligations that you must comply with, including:

  • The records you need to keep
  • Filing and payment deadlines
  • Application and management of VAT schemes
  • Direct debit payments
  • Making Tax Digital obligations, coming into effect from April 2019.
  • EC Sales lists and Intrastat returns, if applicable.

Your choice of bookkeeping system can make this obligation a simple matter of pushing a button, but correct recording of sales and purchases at source is vital to ensure reporting compliance.

For more information about how we can help you meet your legal requirements, contact us.

Payroll

Employee obligations are a huge responsibility for all businesses. Now that Real Time Information is compulsory for all businesses, alongside pension Auto-enrolment, monthly compliance is a burden that can be easily outsourced.

We can help with the following:

  • Monthly payroll and reporting
  • Annual reporting and provisions of P60s
  • Ongoing Auto-enrolment administration
  • CIS submissions and sub-contractor verification
  • Advice on benefits in kind and annual submissions to HMRC

Contact us to talk about ongoing accountancy

support to free up your time and enable you to just run your business.