Every business needs to keep a record of their income and expenditure. The bookkeeping service provided includes keeping records of your purchase (bills) and sales invoices up to date, maintaining your VAT records and payroll records. This allows you to monitor the performance of your business, so that you know on a monthly basis the cash flow of the business.
The changing regulations VAT compliance can be a difficult administrative process. To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes: helping to register for the correct VAT scheme, preparing and filing your VAT return.
You must register for VAT (Value Added Tax) if your turnover for the previous 12 months exceeds
the VAT threshold currently £83,000 (2016-17). This is called compulsory registration and you’ll
be fined heavily if you don’t comply. If you think you’ll go over the threshold in the next 30 days
then you will need to register for VAT. Note that the 12 month period is just the previous 12
months and is not in anyway connected to your accounting period
If you think you’re getting near this threshold then keep a running total of your turnover for the previous 12 months or speak to your accountant/bookkeeper.
Whether you are on the flat rate scheme or standard rate. We can process your invoices/receipts and produce a VAT return monthly or quarterly, which you can file easily or we can file on your behalf.
We can assist with all payroll matters including Employer PAYE registration. The running and filing of your payroll that are RTI Compliant. Tax and National Insurance calculations and production of payslips together with all year end filing requirements. We can also help you to comply with the Auto Enrolment regulations.
Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC). We can provide a service to report the deductions to HMRC and verify subcontractors on a monthly basis.
We can complete and submit your self assessment tax return to HMRC on your behalf. Calculate any tax liability or repayment and advise you on when various payments need to be made and how much to pay. We can also help with documents relating to mortgage and loan applications.