Accountancy Services Explained

Bookkeeping is the process of recording and tracking financial transactions in a systematic and organised manner. It involves recording transactions, such as sales, purchases, payments and receipts into your accounting system.

Often overlooked, bookkeeping is the foundation of your finances.

Bookkeeping is dismissed as being easy so many business owners do it in-house, not using a qualified person. This results in inaccurate information being reported. 

In turn, this means when looking at your financial reports you are unable to accurately  analyse the data, as it is incorrect. 

If you are paying for management accounting, forecasting and budgeting you could be wasting your money, again as the foundation of your finances is incorrect.

By instructing us to manage your bookkeeping, you ensure that the transactions are reconciled accurately.

You can therefore have faith that your financial records are accurate.  

As your records are accurate, any decisions you make on the financial data are now more impactful. 

Bookkeeping is so important, we give a discount on the preparation of your accounts if we do your bookkeeping.

Accounts are financial statements that a business produces at the end of each accounting year. 

The accounts include the balance sheet, profit and loss and (for larger businesses) the cash flow statement.

The accounts are important for many reasons.

Corporation tax is calculated on your profit for the year. That means the earlier your accounts are prepared, the sooner you know your corporation tax bill.

We believe you should know your corporation tax bill as early as possible so our goal is to prepare your accounts within a month of your year end. 

This gives you 8 months to plan and prepare for your corporation tax payment.

No longer should you have a few weeks to pay your tax bill.

A company tax return is a form that corporations are required to file with HMRC to report their income.

This helps calculate their corporation tax bill.

The main issue we have found with other accountants is that tax returns are prepared late leaving business owners less time to find the money to pay their corporation tax bill.

To avoid this, we prepare your company tax return with your accounts and ideally want this completed within a month of your year end.

This gives you 8 months to gather the funds to pay your corporation tax bill.

With technology, gone are the days of getting your tax bill a few weeks before it is due.

Value Added Tax (VAT) is a tax on the purchase of goods and services.

If your business is VAT registered, the business must submit VAT returns to HMRC.

The VAT return shows the amount of VAT the business pays to HMRC or the VAT refund payable by HMRC.

VAT payments to HMRC cause many cash flow problems for business owners.

This is due to the mismanagement of funds and not preparing VAT returns in a timely manner.

We focus on preparing VAT returns as soon as we can after the period end date. Ideally, this should be within a few days of the VAT period ending.

This enables you to know how much VAT you will pay by the deadline so you are not looking for money at the last minute.

As a bonus tip, you should save for your VAT payments throughout the year. We can show you how to do this effectively.

A personal tax return is a form that individuals are required to file with HMRC to report their income and capital gains. 

This helps calculate their income tax and capital gains tax liabilities.

Preparing a tax return without the expertise can lead to missing expenses to reduce your tax bills.

By preparing your tax return, we get a full scope of your financial position.

This helps us identify tax saving opportunities for you so you can keep more of your hard earned money.

Payroll refers to the process of managing employee salaries, wages, bonuses, deductions and benefits in accordance with UK laws. 

As part of the payroll responsibility, the business must collect pay as you earn (PAYE) and national insurance contributions (NICs) and pay these to HMRC.

The mismanagement of this process can lead to paying incorrect amounts to HMRC, resulting in interest and penalties. 

We manage your payroll calculation to ensure the correct amount is paid to HMRC.

This will stop HMRC from approaching you and your employees for underpayments of tax.

Management accounts are monthly or quarterly accounts including your profit and loss, balance sheet, aged debtors and creditors with an executive summary giving you top-level information.

As you open in multiple locations, offer various products and services or have project based work, it gets more difficult to monitor your finances.

Your invoices might be getting paid late, some stock may not sell as much as you expected or one of your locations could be underperforming.

How do you systematically uncover these issues? The answer is management accounts.

We prepare management accounts with our analysis and commentary on your performance.

This provides you with up to date financial information to help identify past, current and future problems so you can build your business to avoid these problems, helping you improve your cash levels and grow your business.

An outsourced finance director provides your business with access to a highly experienced finance professional who can act as your finance director on an outsourced basis. 

Our service helps solve the challenges that businesses face when they need the expertise of a finance director, but do not want to commit to hiring a full-time employee.

You may have high ambitions for your business such as scaling to £1mn in annual revenue or exiting the business by selling it. 

You need peace of mind that your finance function is complete and is prepared to handle scale or sale. 

Our outsourced finance director service provides your business with an expert at a fraction of the cost of a full-time finance director.

You get your hand held through all your finances by an expert giving you peace of mind that you are maximising tax savings, identifying cash leakages and saving time using automation.

Tax consultancy is reviewing your overall affairs and motives and then applying tax legislation to identify where you could benefit from past, present and future tax savings.

Business owners miss tax saving opportunities as many accountants are not tax specialists.

As tax specialists, our focus is tax consultancy. We deliver these throughout the year, saving your business money and you personally too.

You will have peace of mind that all your tax-saving opportunities are identified. 

By saving more tax, you keep more to live the life you want.

Monthly strategy and accountability sessions will help you identify tax-saving opportunities and cash boosting strategies. 

The meetings will also act as an accountability session to help you achieve your goals. 

By having a monthly strategy session, you will reach your goals quicker.

Home Budgeting enables business owners to identify how much money they need to extract from the business.

Business owners get confused about how much money they need to live and how much to leave in the business. 

Our home budgeting isolates your annual spending including monthly costs such as bills and identifies the amount of money you need for holidays, saving for a larger home or buying your dream car. 

You then know how much money you need to extract during the year and how much you can leave in the business.

Our tax diagnostic helps businesses identify quick tax savings. 

You are busy operating your business and are wearing many hats. You expect your accountant to tell you about all the tax savings you can benefit from, but this is overlooked as your accountant is overworked, not a tax expert and is overworked.

You therefore miss simple tax-saving opportunities.

Once we onboard you as a client, we will go through the tax diagnostic in a 1 to 1 session.

You get tax savings a month into working with us. As all the basic tax saving opportunities are covered quickly, we can now look at the higher level strategies to save tax.