Business Services
Compliance Services
Every business has certain legal requirements and depending on your circumstances you will have tasks that have to be done and are not something you choose to do.
Limited Company Year end accounts
At the end of your company’s financial year you must prepare Statutory Annual Accounts. You must file annual accounts with Companies House 9 months after your company’s financial year ends.
Sole trader / partnership accounts
There is no legal requirement for Sole traders or partnerships to prepare a set of annual accounts but for some businesses this information can prove to be vital management information. It’s these figures that are used to form the Self-employed pages of your self-assessment tax return.
Corporate Tax Returns
At the end of your company’s financial year you must prepare a Company Tax Return. You must pay Corporation Tax or tell HMRC that your limited company doesn’t owe any tax 9 months and 1 day after your chargeable accounting period ends. You must file a Company Tax Return (CT600 and supplementary pages) 12 months after your chargeable accounting period ends.
Partnership Tax Returns
Partnership income must be reported via paper Partnership Tax Returns by 31st October or online by 31st January following the end of the tax year. Each partners share of the partnership income forms part of their Self-Assessment Tax Return.
Sole Trader Tax Returns
All sources of reportable income must be filed via paper Personal Tax Returns by 31st October or online by 31st January following the end of the tax year. Payment of tax and national insurance liabilities are due by 31st January following the end of the tax year.
PAYE set up and Payroll processing
You must register as an employer with H M Revenue and Customs before the first payday for your employee’s. Employee’s pay must be reported ‘On or before your employees’ payday’. Pay As You Earn liabilities are due to be paid by 22nd of the end of the tax period (or by 19th if sending payment by post).
Workplace Pensions
Every business operating a PAYE scheme has the obligation to automatically enrol all eligible workers into a qualifying pension once they have reached their staging date. Failure to comply will result in significant fines and penalties.
VAT registration and VAT Returns
Your business must register for VAT at the earlier of, actually having VAT taxable turnover over that years VAT threshold or when you know that you are going to go over the threshold. The normal accounting period for VAT returns is every 3 months, the return must be filed and paid 1 month and 7 days after the end of each of your accounting periods.
CIS verification and returns
As a contractor each new subcontractor must be verified with HMRC to determine what percentage you should deduct from their invoice. Your monthly return reporting payments to subcontractors and the payment of deductions to HMRC must be complete by 19th of the end of the tax period.
Confirmation Statement
This replaced the Annual Return in June 2016, if your business is a private limited company or a limited liability partnership (LLP) registered in the UK, you must deliver a confirmation statement to Companies House at least once every 12 months. It is a criminal offence not to file this and failure to file this could see your business struck off the Companies House register.
Bookkeeping
You must keep any financial records that back up the day to day transactions within your business, from time to time HMRC may request to see your records to ensure you are paying the right tax. Failure to provide adequate records could result in a £3,000 fine or being disqualified as a company director.
Company Registered Office
Every company registered with Companies House has a legal requirement to have a registered office address. This address will be used by the likes of Companies House and HMRC to send out statutory letters and notices.
P11D's
You must submit P11D and P11D (b) forms if, as an employer you provide an employee with a reportable benefits or expenses. The reporting period is in line with the tax year, with the filing deadline being the 6th July following the end of the that tax year and payment of Class 1A NIC to be with HMRC by 22nd July (19th if by post).
Independent Examination
Charity Law dictates that most charities are required to have an external view on their accounts, an independent review provides stakeholders an assurance that the accounts have been reviewed by an independent party. Schools will also choose to have an independent examination to comply with the County Council's Financial Regulations for Schools.
New Company Formations
Setting up a business as a Limited Company means that the business takes on it's own separate legal entity from the owners who run it. The company set up is done via Companies House and certain information is required before the company can be officially 'Incorporated'. This includes; company name, Director's personal details, share allocation, and SIC code.
Added value services
Every business can freely choose additional help and support to improve their business performance. Our added value services can be selected to suit your specific additional requirements and are available to dip in and out as and when you need that extra value.
Business Success Programme
Our personalised business success programme is designed to give your business carefully tailored advice. Our expertise will assist you to achieve your vision and grow your business to what you want it to be. We are here to help you plan, set goals and ultimately achieve your vision.
Management information and KPI’s
You may wish to receive shortened accounts for your business in order to check them against any performance targets you have previously stipulated. Regular information can be collated in order to understand the factors that are driving the business forward, and those that are of concern. Understanding your company’s key performance indicators can be an invaluable resource for setting future targets.
Interim Accounts
Businesses may require regular focus updates throughout the year on their accounts and finances, this is where our interim accounts service can assist. Providing you interim accounts on whichever time frame suits your business. Giving you peace of mind regarding your business’ accounts and finances at any time throughout the financial year.
Year End Review Meetings
Around the time of your company’s year-end date a close down meeting can be arranged in order to review, and sign off on the year’s final accounts. Within this meeting, the overall performance of the business will be discussed in relation to previously determined targets, and any performance concerns can be addressed.
Strategy Meetings
Price Davis can offer your business strategy meeting with one of our knowledgeable and professional team. Whether it be planning for growth, a change in direction or simply getting your business through that first crucial and exciting year we have the assistance for your business.
R&D Tax Benefits
R&D relief supports companies that are working on innovative developments within the fields of science and technology. In order to qualify for R&D Tax Relief you will need to prove how the research looked for an advance within your field, had to overcome uncertainty, attempts to overcome this uncertainty, and that it couldn’t be easily worked out by a professional within the field.
Review and improvement of Company processes
If you are feeling unsure that your company has specific areas which is not fulfilling potential or you’re losing account of a particular department, we help businesses regain understanding through a review of procedures currently in place. This enables us to help your business implement processes to maximise opportunity in that area.
Accounting Software Solutions
There are many forms of accounting software that can assist with keeping accurate and up-to-date records in order to stay compliant with the relevant tax authorities. Some such as Xero, grant you insight into the live financial position of the business, as well as assisting in making the day to day activities of the business easier, such as their online system for quick invoicing.
Xero training and support
Many businesses cannot afford to spend many frustrating hours manually balancing there books with time consuming paperwork. By using Xero, an online software package designed to make your day to day accounts stress free by freeing up your time do to more important things. Our professionals at Price Davis can help your business with the training and implementing of this accounting software.
Company secretarial duties
While it is no longer a legal requirement for Limited companies to have an appointed Company Secretary, however, the responsibilities that would normally be that of the Company Secretary are still required in order to stay compliant. Some of these duties include filing confirmation statements, maintaining statutory records, and liaising with Companies House regarding changes to the company’s structure or director information.
Audit Packs
If you are planning to have an audit of your company, we can help you prepare accounts and supporting schedules so that you are ready to present accurate and up-to-date information to external auditors. Preparing an audit pack is important to ensure you are able to conduct a thorough financial inspection.
Mortgage / Income Ref's
If you are applying for a mortgage, or are looking to re-mortgage your property, it is a legal requirement to provide a reference to your desired mortgage lender of your financial status, and ensuring that your income information is correct. If you are self-employed, it will most likely be requested that the reference comes from your accountant.