The annual accounts summarise a companies overall performance throughout the accounting year. The statutory accounts are legally required to be submitted to both Companies House and HMRC along with the Corporation Tax return.
The annual accounts are to be filed with Companies House within 9 months of the accounting year end.
We are here to simplify accounting. We work with you to gather the correct documents and provide an accurate set of accounts in a timely manner to reduce the chances of receiving a penalty for late filing or filing with mistakes.
The Corporation Tax return is filed to show your companies profit or loss throughout an accounting year and confirms the corporation tax bill. Yes, regardless of making a loss you are still required to file the corporation tax return.
Corporation tax returns are due to be filed with HMRC 12 months after the end of the accounting year. However, the Corporation Tax Bill must be paid 9 months and one day after the end of the accounting period.
For anyone who is a sole trader/ self-employed or has untaxed income from property rentals, foreign income or incomes from savings, investments and dividends.
HMRC uses the Self Assessment to collect Income Tax.
In order to prepare for the Self Assessment Tax Return, you must keep records of all Sales Invoices and Purchase Invoices. We will use this to calculate your profits and complete the tax return.
The Self Assessment year runs from the 6th April to the 5th April and is due to be filed and income tax paid by the 31st January after the tax year end.
A business which exceeds a turnover of £85,000 in any 12 month rolling period must register for VAT regardless of whether it is Ltd Company or Sole Trader.
VAT returns are usually submitted to HMRC quarterly and include your total sales and purchased, amount owed, amount to be reclaimed and net VAT to be paid to HMRC or refunded from HMRC.
We will advise you on the most suitable scheme for your business in terms of tax efficiency. We use the Xero accounting software which supports MTD for VAT, keeping your business compliant and up to date.
Bookkeeping is the record keeping and organising of financial transactions and it is one of the more important aspects of accounting. These records need to be accurate and up to date as they are required to prepare and submit tax returns and annual accounts.
This is one of the boring and time-consuming sides of accounting. Bookkeeping can take a lot of time out of your ever so important business time schedule. We are here to carry out bookkeeping activities to allow yourself more time to develop your business.
We use the Xero software to carry out bookkeeping for our clients. It saves time by automating bookkeeping, gives you access from any device with a simple log in and allows us to carry out any necessary work without having to bother our clients.
Payroll can be time consuming, but it must be done in order to keep your employees happy.
We provide the following payroll services Data Entry, Tax Calculations, National Insurance, PAYE, Submission of RTI to HMRC, Payslips, Production of P45, P60 and P11d.
Contractors must deduct money from a Subcontractor’s payment and give it to HMRC. This must then be declared to HMRC by submitting a monthly CIS return.
We are able to file these for you on a monthly basis, freeing you up to do what you do best whilst reducing the risk of forgetting and having to pay penalties for late filing.
We provide bespoke advise on business structures and registering companies with Companies House and for the various HMRC business taxes. We can also assist with setting up a bank account.
We are able to provide detailed analysis of your business, keeping you upto date with your figures and how your business is performing. Giving you the chance to make any amendments in your business processes where necessary.
You have read through the services we offer here at The Tax Bros. But how do we offer our services?
Upon arranging a consultation call with one of our accountants, we look at your business and what you need. From our years of experience, we are able to propose the best package based on your situation. We do not offer services that you do not need. Our team work on a fully transparent basis, so we tell you exactly how much you would be paying and if there is a situation where you require new services, you will be notified about this before it is added to your package with us.
We have helped many businesses and individuals with their accounting, taking the stress away, allowing you to focus and spend time on growing and scaling your business.
