Complying with the Companies Act can be very time consuming and costly if forgotten.  This can take up valuable time and resources that could be better spent running your business.  With company legislation changing frequently, you need to be sure you are fully aware of how the changes affect you and your fellow directors.

We can give you complete peace of mind in this area by carrying out your company secretarial duties for you.

Our services include:

•     Company formations
•     Preparation and filing of statutory returns
•     Preparation of all documentation related to minutes and resolutions
•     Maintenance of statutory books
•     General advice on company law
•     Registered Office facility and post forwarding

Year End Accounts

The preparation of year end accounts for sole traders, partnerships and statutory accounts for limited companies and LLPs. This includes the production of financial statements to file at Companies House and abbreviated accounts to ensure the minimum amount of your financial information is made public, as well as the corporation tax calculations and tax return filed with H. M. Revenue & Customs.

Filing Dates of Returns

The corporation tax self-assessment return (CTSA) should be submitted to H. M. Revenue & Customs along with the accounts and tax computations. The filing deadline for the CTSA return (plus accounts and tax computations) is normally 12 months from the end of the accounting period. If the return is late there are penalties as follows…

•     Up to 3 months late – £100 (increasing to £500 for a third consecutive late return)
•     Over 3 months late – £200 (increased to £1000 for a third consecutive late return)
•     6 to 12 months late – Extra tax geared penalty of 10% of the unpaid tax.
•     More than 12 months late – 20% of the unpaid tax.

Payment Dates For Corporation Tax

This is usually 9 months and 1 day after the end of the accounting period for small companies. However large companies (£1.5 million of profits) pay under 4 quarterly instalments, that commence 6 months into the accounting period, so they must use an estimate of their eventual tax liability for the year. Companies that form a group may fall into the definition of “large” and be required to pay corporation tax by instalments. Interest runs on late payment.

Very few businesses can afford in-house accounting departments. Our expertise fills that gap while providing a range of added value services in this area so that you are guaranteed a clear and accurate picture of your company’s financial health.

Management Accounts

Preparation of management accounts on a monthly or quarterly basis or on any other time period
required. A review of the figures with the client to advise on any business matters that need to be
addressed.  Management accounts are formulated and produced through various methods to best fit your business requirements.

Business Plans

A successful business must plan ahead, but all too often the pressures of keeping the business going on a daily basis mean that strategic planning is not given the attention it needs. The result is often rushed judgements, over or under-capacity, or missed opportunities.

Every business owner needs a planning adviser who has the time and space to take the long view and advice on appropriate courses of action before it is too late. With experience advising the local business community we have a wealth expertise for you to draw on.  We can offer advice and assistance in setting up and understanding:

•     Bank loans
•     Factoring
•     Overdraft facilities
•     Invoice discounting
•     Leasing
•     Equity finance
•     Venture finance
•     Grants
•     Enterprise Finance Guarantee

Enterprise Finance Guarantee

Under the Enterprise Finance Guarantee, the Government guarantee lending to viable businesses to help them get the working capital and investment that they need.  It supports bank lending of 3 months to 10 year maturity and is available to UK businesses with a turnover of up to £41 million where they are not easily able to access the finance they need. It is available for finance of between £1,000 and £1 million.  The guarantee can be used for new loans, to refinance existing loans where the loan is at risk due to deteriorating quality of security, or to convert an existing overdraft into a loan to release capacity to meet working capital requirements. It has also been expanded to cover invoice financing and overdrafts.

Delivery of the Enterprise Finance Guarantee and the decision on whether or not it is appropriate to use it in connection with any specific lending transaction, is fully delegated to the participating lenders. There is no automatic entitlement to receive a guaranteed loan and nor is there any pre-qualification process for it.

For more information on whether your business may be eligible you can go to the GOV.UK Enterprise Finance Guarantee page.

Self Assessment Tax Return

The term ‘self-assessment’ does not mean that you have to work alone.  Many taxpayers struggle to understand the complex tax returns and complete them correctly. Self-assessment started in 1997 and in the first year of the regime alone, 775,000 taxpayers received £100 penalties for failing to submit their returns on time.  Some 400,000 people incurred further penalties because their returns were still outstanding six months later!

The constant changes to tax legislation means not only that the returns are becoming even more difficult to understand but also that taxpayers risk incurring more penalties through failing to complete their returns on time or correctly.

We can save you a lot of time, worry, and money by handling your self-assessment for you. We will do all the necessary computations, complete your return, and even offer advice on how you can minimise your tax liability.

We can act as your agent, dealing directly with the HM Revenue & Customs on your behalf and, should you be selected for a self-assessment enquiry, act for you at any meetings.

The following people usually have to complete a self-assessment tax return but this is not an exhaustive list.

1.     Anyone who is self-employed;
2.     A company director;
3.     A trustee;
4.     Pensioners with an annual income of £100,000 or more;
5.     Employees or pensioners with an annual income from savings or investments of £10,000 or more;
6.     An employee or pensioner with untaxed annual income of £2,500 or more;
7.     A landlord who rents out property or land.

Payroll changed in April 2013 to RTI (Real Time Information).  This has made processing of payroll much stricter with tighter time constraints on the preparation and processing of payroll, whether on a weekly, monthly or yearly basis.  As an employer, you are now legally required to send PAYE information in real time, rather than annually.  You will be obliged to complete a ‘Payroll Alignment’ process for HMRC and ensure that the details you hold for your employees are compliant.

Administering your payroll can be time consuming and burdensome, diverting energy and resources from the core activities of your business. And the task is made all the more difficult by the growing complexity of taxation and employment legislation and the accompanying regime of penalties for non-compliance.

We have dedicated staff who can relieve you of this burden by providing a comprehensive and confidential payroll service, including:

•     Customised payslips
•     Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
•     Completion of statutory forms, including year-end returns, to issue to your employees and submit to the Inland Revenue
•     Summaries and analyses of staff costs
•     Administration of incentive schemes, commission, bonuses, and ex-gratia and termination payments
•     Administration of pension schemes

Even if you have only a few employees, you will make savings by engaging us to administer your payroll.