Annual Service

Our annual accounting service is aimed at those freelance workers

• who want to administer their own business; particularly those who have a strong understanding of the business and tax environment in which they operate and are happy to undertake day to day administration of compliance procedures;
• whose business is not active throughout the year and believe that the annual service represents better value for money;
• whose business is dormant or consists mainly of holding investments and is no longer exposed to significant compliance issues day to day.

Annual accounting service:

• Accounting System
• End of Year Accounts
• Business Taxation
• Companies House
• PAYE Annual Returns and IR35
• Personal Tax and Self Assessment
• Fixed Fees

Accounting System

We provide you with an accounting system based upon an Excel spreadsheet and detailed guidance notes to assist you with accurately recording the transactions of your business throughout the year.

Once you have recorded your transactions you submit those details, together with any supporting information such as bank statements, wages details and invoices as scanned images by email or hard copies in the post.

Where you prefer to use your own accounting system we are happy to accept an alternative format provided it is sufficient for our purposes.

End of Year Accounts

Based upon the accounting information supplied to us, we prepare the annual accounts for your business and present them to you 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.

Where your business is operated as a limited company or a limited liability partnership the form and content of financial statements must comply with detailed disclosure requirements and the business has the added requirement of submission to Companies House.

Business Taxation

Our monthly service includes the completion of business tax computations, the completion of business tax returns (Corporate or Partnership, and the personal supplementary pages) and their submission to HM Revenue & Customs.

We will advise you of the tax due and payment due dates.

We correspond on normal compliance issues with HM Revenue & Customs to reach agreement of the tax liabilities payable.

We are not responsible for penalties on late or incorrect submission of Returns or interest on late payment of tax due.

We deal with all correspondence with HMRC on business tax and PAYE matters as your appointed agent. You simply send all appropriate correspondence to us and we respond as appropriate and advise you of the action that should be taken.

Companies House

If you provide your services either through a limited company or a limited liability partnership then our service will include assisting with matters relevant to Companies House, including:

• Submission of statutory accounts
• Completion of Form 363 (Form 363LLP)*
• Notice of appointment, resignation and / or change of particulars of Directors or Secretary (Members)
• Notice of change of accounting year
• Notice of change in Registered Office

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 and IR35

Each year, a business with employees must complete end of year procedures in respect of payments it makes to those employees including Form P35 and Form P11Db for the employer and Forms P14, P60 and P11D for each employee.

Where an exposure to IR35 has been determined, our annual service includes calculations of liabilities that may exist which must be reported through the end of year PAYE procedures.

Quay's annual service includes full assistance with the preparation of these forms and their submission to HM Revenue & Customs.

Personal Tax and Self Assessment

Our annual service does not generally include preparation of your personal self assessment tax return, although by discretion this may be included if your return is basic in nature.

Please review our Personal Tax Service

Monthly clients enjoy completion of tax returns as part of our standard monthly scheme.

Fixed Fees

Our annual fee depends upon the activity of your business. Our policy is to mutually agree the annual fee in advance and to agree the basis upon which our service is provided and the information expected from you.

The following table indicates the typical fixed fees that may be expected:

Activity of the company	Typical annual fee***
Dormant	£100
Non trading	£225
Trading	£525*
Investment or asset holding	from £375 to £525**

* A company that has been trading for less than 6 months may be subject to a discretionary discount of £100 if agreed in advance
** Range depends on the nature of the investments held and would normally be agreed in advance of undertaking the work
*** Plus VAT at 17.5%

All fees are due on completion of the annual accounts and payable by direct debit.

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