Completion of accounts for Sole Traders, Partnerships, LLP’s and Limited Companies
As the accounts provide the key figures for the owners business, where possible Darren likes to meet with the client in person and go through the years trading. This provides the client with better feedback and any questions can be answered, also the goals for next year’s trading can be discussed. When meeting with clients face to face at a time and location convenient to the client, this gives him an insight into the business so recommendations can be made to their record keeping, business developments or tax planning for the future. For the practices larger clients, management accounts are prepared on a quarterly basis. This provides the directors with key information to their company in a timely manner so important business decision can be made, rather than waiting for the next yearly accounts to be prepared.
Completion of tax returns for individuals and Limited Companies
Knowing how the tax liability is calculated is also important to business owners. With the knowledge of what tax band they are in, business owners can make decisions on whether to invest in extra company assets to help reduce the tax liability or other tax saving strategies can be implemented. All personal tax returns and corporation tax returns are filed online to ensure a smooth and quick process by HMRC.
Completion of CIS monthly returns
The practice informs all clients on the 6th of each month that the CIS return is due to be filed by the 19th of that month. If the information is not received within a week then the client receives a reminder that the information is urgently required. As a result, this prevents clients potentially having a penalty for late filing fees and also takes the worry out of meeting the deadlines.
Tax investigation insurance
With clients that wish to take out insurance to cover all their Accountancy costs should they have an investigation, then this is a great opportunity at very reasonable rates. Taking out the insurance also gives clients extra benefits and helplines that can help their business.
Completion of VAT returns
The clients’ records are collected or emailed and processed. All the purchase invoices are agreed to payments and the bank account reconciled for the quarter. In doing this, any questions on payments can be answered while the payment is still fresh in the clients mind. This also makes the accounts processing time less as all the information is in the correct format so this can help reduce the overall cost of completing the accounts.
Within this service, the client will receive all the payroll reports and payslips electronically each month. In addition to, there is also a report showing the actual cost of employing the staff which provides valuable feedback to the owner. All reports are filed electronically with HMRC and any payments due to HMRC are advised of.
Having accurate records are now compulsory for protection from HMRC. When out sourcing the timely matter of preparing bookkeeping, this leaves the client more time to work on and expand their business, or enjoy some free time! This will also mean all their records are correctly processed, helping to cut down the time to prepare accounts. In meeting with clients at their premises and seeing how they prepare the records, extra advice on record keeping can be given which can help cut down the work for the client.