Annual Service

Our annual service for businesses is aimed at those:

• 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 the day to day administration of compliance procedures;
• whose business is not active throughout the year and believe that an annual service represents better value for money;

Annual 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 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 (such as Sage Line 50, Quicken or Quick Books, or even hand written) 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 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 the business tax returns (Corporate or Partnership, and personal supplementary pages) and their submission to HM Revenue & Customs.

We will advise you of the tax due and the payment 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 what action is required and when such action should be taken.

Companies House

If your business is either 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). This filing fee is not included in your monthly fee and will be requested when your 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 the payments it makes to those employees including Form P35 and Form P11Db for an employer and Forms P14, P60 and P11D for each employee.

Our annual service includes the assistance with the preparation of these forms and their submission to HM Revenue & Customs.

Personal Tax and Self Assessment

The 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 generally enjoy completion of tax returns as part of our standard monthly scheme.

Fixed Fees

In the absence of a detailed understanding of your business a fixed fee can be no more than an indication at this stage. We do not make uninformed claims concerning our fees but we do undertake a review to establish the level of a fixed fee before any obligation arises to use our services.

Our process to determine a fixed fee is simple:

• We meet to discuss your specific needs and your business
• We consider the nature of the accounting information that is to be supplied and agree the standards to be expected by us
• We consider the size of your business, including the number of locations
• We consider any special or regulatory requirements
• We consider the expectations concerning personal tax of the owners and managers
• We complete a budget and agree with you the fixed fee for either the monthly service of the annual service
• We prepare and present to you an engagement letter setting out the terms of the engagement, the fixed fee and the payment terms.

Once a fee is fixed, it remains in force until agreed otherwise with you or the engagement is terminated.

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