Monthly accounting service
Our monthly accounting service provides assistance with all of the accounting and taxation issues affecting your business for a fixed fee of £70 plus VAT.
There are no initial charges for joining, or exit fees for leaving, our monthly service. You provide us with basic accounting information in an agreed format and we do the work for you. All day-to-day business decisions are taken by you, allowing you to remain in complete control of your business.
Our accounting solution
We provide you with a simple accounting system based upon an Excel spreadsheet, tailored for your business. We will provide you with detailed guidance notes to assist you with accurately recording the day to day transactions of your business. Each month you enter your transactions and submit those details (together with any supporting information such as bank statements, receipts for expenditure, and sales invoices issued by you) as scanned images by email or hard copies in the post. If you prefer to use your own accounting system, we will happily accept an alternative format provided that it is sufficient for our purposes.We also provide a full bookkeeping service, that can relieve you of the need to input your income and expenditure transactions each month.
Once you have advised us of the salaries you wish to pay employees of your business, we will provide monthly Wage Summaries for up to two employees showing the gross wage, income tax and national insurance deductions and net pay. Total PAYE and NI deductions payable to HMRC are clearly shown, as are due dates for payment.
There may be occasions where you’ll need to change the amounts to be paid, or where HMRC advise of tax code changes. That’s not a problem. Simply advise us of the proposed change, and we will provide you with revised Wage Summaries.
The monthly service includes preparation of your VAT Return and answering any questions concerning VAT that you may have. Our work in this respect is dependent upon the complete, accurate and timely submission of your accounting information.
There are various VAT Accounting Schemes (Flat Rate Scheme, Cash Accounting Scheme, Annual Accounting Scheme). We can assess and recommend which of the schemes is most appropriate for your business.
VAT registered clients can choose whether to send their original VAT Return to us for completion and return for your approval prior to submission to HMRC; or to complete their VAT Return based upon the figures which we can email direct to them.
We are not responsible for penalties on late or incorrect submission of Returns or interest on late payment of tax due.
In appropriate circumstances, a limited company may distribute part of its profits by means of a dividend payable to shareholders. Our monthly accounting service includes assistance with the calculation of distributable profits and guidance on the administration necessary to make dividend payments properly.
End of Year Accounts
Based upon the accounting information supplied to us, we prepare annual accounts for the business in a form that is acceptable to HMRC. Once you have approved your accounts and returned them to us with any supporting declarations they are submitted to HMRC on your behalf.
The form and content of financial statements for limited companies and limited liability partnerships must comply with statutory and regulatory disclosure requirements. Such businesses must also submit annual accounts to Companies House. This is included as part of our monthly accounting service.
Our monthly service includes the completion of business tax computations, completion of business tax returns, and their submission to HMRC. We also advise you of the amount of tax due and the payment dates.
We correspond on normal compliance issues with HMRC to reach agreement of tax liabilities payable. We deal with all general correspondence with HMRC on business tax, VAT and PAYE matters as your appointed agent. You simply send all correspondence to us and we respond as appropriate and advise you of what action is required and when such action should be taken. We are not responsible for penalties on late or incorrect submission of Returns or interest on late payment of tax due.
Our monthly service includes assistance with matters relevant to Companies House, including:
- Notification of appointment, resignation and / or change of particulars of directors, secretary, and members
- Notification of change of accounting year
- Notification of change in Registered Office
- Submission of statutory accounts
- Completion of Annual Returns*
* We can submit Annual returns online and you can benefit from a reduced online filing fee of £15 (£30 if the Return is filed in hard copy). The filing fee is not included in your monthly fee and will be requested when the form is due to be submitted to Companies House.
In appropriate circumstances we can provide a Registered Office for either a limited company or a limited liability partnership.
PAYE Annual Returns, P11D and Form 42
Each year a business with its own employees must complete end-of-year procedures in respect of the payments it makes to those employees including Form P35 and Form P11Db for the employer and Forms P14, P60 and P11D for each employee. Our monthly fee includes assistance with the preparation of these forms and their submission to HMRC.
Clients will be required to complete a questionnaire on behalf of each employee in respect of Form P11D and submission of the form will be dependent upon the return of that questionnaire. We file PAYE Returns online, and do not make any additional charge for this service. We are not responsible for any penalties arising from an omission from the forms, their late submission or interest arising on the late payment of any tax due.
Telephone and Email
Our monthly service includes all your telephone calls and emails, regardless of their frequency or subject matter. It is always important that you leave a contact number so that we can call back where the matter requires immediate attention.