Year End Accounts & Tax Returns Annual Accountants Preparation Every business, whether a sole trader, partnership or a limited company, has a statutory obligation to produce reports annually whether for HM Revenue & Customs, Companies House or other government bodies. This job is best trusted to professionally qualified accountants especially since the advent of self-assessment and the increasingly imposed penalties.
One of the key objectives in accounts preparation is to identify areas where we can assist in minimizing your tax liability. Another key objective is to ensure that the accounts are compliant with all the statutory regulations. Also with potential investors and lenders in mind, informed presentation of the company's position is extremely important.
Further, we seek to establish a full understanding of your business which enables us to give appropriate advice and make recommendations.
Accounts preparation including periodic management accounts can give a real insight into your business. We take the time to explain your accounts to you so that you understand what is going on financially within your business, helping you to plan for the future.
We are very conscious of both your time and ours, hence we try to ensure that your accounts procedures and systems run efficiently and in turn avoid any unnecessary duplication of work at year-end.
All businesses benefit from quality management information on which to base their decisions, but only a minority of businesses can afford a dedicated finance function. This is where we can step in and implement systems so that you can produce management accounts on an ongoing basis. If you are unfamiliar with accounting, we can also help you to understand and get the best out of your available information.
Alternatively, we can prepare your Management Accounts on a monthly or quarterly basis in an efficient and cost effective way. This will help you track how your business is performing and together we can identify strengths to be built upon and any weaknesses to review.
Tax Returns Tax Self Assessment can be a complex administrative burden for many people and companies. To avoid penalties, it is important that:-
Returns are correctly completed. They are filed on time. All back-up records are comprehensive and retained for the appropriate period of time. We will complete, from the information that you give us, all the necessary tax forms, computations and the tax returns. We will calculate your tax liability and advise you on when and how much tax you need to pay.
We will correspond on your behalf with the revenue taking the worry away from you
The enquiry powers and penalty regimes of HMRC are increasing all the time and expert advice and assistance is now crucial.
As well as completing your income or corporation tax return, we can provide you with advice on your tax position and the planning opportunities available to you including advice on tax efficient profit extraction strategies for owner managers.
Inland Revenue
It is an unfortunate fact of business life that you may well come under enquiry by the H M Revenue and Customs through no fault of your own or of your accountant.
HMRC now investigates businesses at random as well as for specific reasons. A full investigation is not a pleasant experience for anyone. Expert defense is needed to help suffering payment of taxes and penalties that should not be due.
However you are selected, you need an accountant who knows how HMRC works and thinks and is prepared to fight your case. We make sure that the Revenue keep to the rules and guidelines and don't step over the mark. We will talk you through the enquiry process and what to expect and support you throughout.
We will correspond on your behalf with the revenue taking most of the worry away from you.
That said, there are various penalties HMRC can seek to impose following an enquiry for undeclared income. As well as having to pay the tax, you can find HMRC seeking penalties up to an amount equal to the tax, so doubling your tax bill. Interest on the late payment of the tax is also part of the arrangement. We can help you minimize these penalties.
Tax Investigation Fee Insurance
The number of investigations is increasing dramatically.
With the increased risk of full tax enquiries and investigations it is well worth considering protecting yourself from the accountancy costs of dealing with it as the amount of work involved can often be substantial.
Even if HMRC finds nothing as a result of the investigation, you will still have unexpected professional fees to pay as a result.
We cannot prevent you from being investigated by HMRC, but we can help to ensure that you get the best possible support and advice without having to worry about the cost.
TAX INVESTIGATION FEE INSURANCE - MORE DETAILS