As in all matters, our approach is to provide as much or as little support as you feel you need. You will find us working with you, in order to gain a full understanding of your business and how you run/want to run it. You will then get the most appropriate service, which will be tailored to your needs .
We will recommend the optimal and most cost-effective bookkeeping system and set it up for you. You will receive from us, as much training and support as you feel you need. You can then call on us, when you need to.
Alternatively, if you would rather not carry out the bookkeeping yourself, we can recommend a number of reliable and cost-effective bookkeepers who we can both work closely with to relieve you and your staff from the burdens of in-house bookkeeping.
As well as year-end accounts, we are strong believers in the benefits of periodic management accounts, to enable you to monitor the performance and progress of your business. Management accounts are usually vital for limited companies who need to quantify their post-tax profits during the year, in order to enable them to declare a lawful dividend to the directors/shareholders. HM Revenue and Customs (HMRC) are very hot on excessive dividends being paid by companies. HMRC will often take action against companies where, it is later shown, there are insufficient post-tax profits to support these dividends.
For sole traders and partnerships you will receive, at a minimum, annual accounts. We will submit the figures to HMRC as part of the individual’s and partners’ self assessment tax returns.
For limited companies, we produce and file with HMRC the full statutory accounts (we are fully iXBRL-compliant). We also file with Companies House shorter, abbreviated accounts.
When you receive the business management accounts, you are likely to want a follow up meeting with us in order to review the business performance (in the case of companies), vote the appropriate dividend, and take advantage of any pre-year-end tax planning to reduce your tax liabilities.
If you would like us simply to produce year end accounts, you will also get a post-year end sign off meeting when any tax saving actions are highlighted, which will save tax in future years.
After the accounts have been signed off, we will ensure that the year-end accounting adjustments are made to your accounting system so that it properly reflects the figures in the annual accounts. When we take on existing businesses from other accountants, we often find that their accounting system does not agree with their accounts! In that case, they have little chance of understanding what is going on in their business…
