Monthly Service

Quay's monthly accounting service provides assistance with all of the accounting and taxation issues affecting you and your business for a fixed fee guaranteed during the duration of the specific engagement. We make no charges for joining our monthly service and there are no mandatory charges should you decide to terminate the arrangement.

You provide us with your basic accounting information in an agreed format and we undertake to compile the work on your behalf.

Ultimate decisions relating to your business are taken by you and you remain wholly in control of your business day to day. This service is an accounting service, assisting you with meeting your business and personal obligations.

• Accounting System
• Payroll
• VAT Returns
• Dividend Administration
• End of Year Accounts
• Business Taxation
• Companies House
• PAYE Annual Returns, P11D and Form 42
• Self Assessment Tax Returns (SATR)
• Tax Monitoring and Advice
• References
• Telephone and Email
• Fixed Fees

Accounting System

We provide you with an accounting system based upon an Excel spreadsheet or Sage Line 50 and detailed guidance notes to assist you with accurately recording day to day transactions of your business.

Each month you enter your transactions and submit those details, together with any supporting information such as bank statements 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.

Payroll

Once you have advised us of the salaries you wish to pay employees of your business, we provide monthly summaries for up to two employees showing gross wage, income tax and national insurance deductions and net pay.

Total PAYE and NI deductions payable to HM Revenue & Customs are clearly shown, as are due dates for payment.

Changes in salary or tax code can be made at any time. Once you have advised us we will simply provide you with updated summaries.

Also see PAYE Annual Returns, P11D and Form 42.

VAT Returns

Quay's monthly service includes preparation of your VAT Return and answering any questions concerning VAT that you may have.

We will assess whether the Flat Rate Scheme or cash accounting method is appropriate and make any necessary recommendations.

You can choose whether to send your original VAT Return to us for completion and return for your approval and submission or to complete your VAT Return yourself based upon the figures we will provide by email. Our work in this respect is dependent upon the complete, accurate and timely submission of your accounting information.

VAT compliance visits that take place in our office are included in our monthly fee.

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

Dividend Administration

Where your services are provided though a limited company, and in appropriate circumstances, a company may distribute part of its profits by means of a dividend payable to shareholders.

Our monthly service includes assistance with the calculation of distributable profits and guidance on the administration necessary to make dividend payments properly.

End of Year Accounts

Based upon the accounting information supplied to us, we prepare annual accounts for the 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 personal supplementary pages) and their submission to HM Revenue & Customs.

We will advise you of 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 general correspondence with HMRC on business tax, VAT and PAYE matters as your appointed agent. You simply send all 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 you conduct your business through 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, P11D and Form 42

Each year a business with its own 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 monthly fee includes assistance with the preparation of these forms and their submission to HM Revenue & Customs.

For companies our fee includes assistance with Form 42.

You will be required to complete a questionnaire on behalf of each employee in respect of Form P11D and submission of the form will be dependent upon the return of that questionnaire.

We file PAYE Returns online. This means that your business is entitled to receive a financial incentive offered by HM Revenue & Customs. We do not make any additional charge for filing online.

We are not responsible for any penalties arising from an omission from the forms, their late submission or interest arising on the late payment of any tax due.

Self Assessment Tax Returns (SATR)

As part of our monthly service, we include the completion of the Self Assessment Tax Return for you and one other person connected with your business.

Each person will have to complete a detailed questionnaire once a year to provide us with the detailed information required by us to complete your Return.

Draft returns and tax calculations are prepared and sent to you for approval and submission to HM Revenue & Customs. You are responsible for making any payments of tax by the dates we advise at the time. We are not responsible for penalties arising from late submission of Returns or interest on late payments of tax due.

Routine enquiries by HM Revenue & Customs following submission of the Returns may arise. We include dealing with these enquiries within the monthly service. Investigations arising from undisclosed income or other omissions from any Return and the resultant back duty enquiry are specifically excluded from the monthly service.

If additional individuals require a tax return we offer that service via the Personal Tax Service, see appropriate pages.

Please note that if your tax affairs are out of date then we may need to deal with the arrears. We will advise you of the work required and the expected cost should you chose to appoint us to handle that work.

Tax Monitoring and Advice

No one wants to pay more than the correct amount of tax and national insurance liabilities.

Our monthly service includes providing guidance and assistance with understanding the complexities of tax legislation and avoiding the pitfalls that often present themselves and result in unnecessary tax liabilities or penalties.

Effective monitoring and advice depends upon having a detailed understanding of your affairs. We achieve this by ensuring only one person is responsible for a client.

We always ensure that our tax monitoring and advice is both practical and cost effective.

General financial planning, pensions and insurances are referred to Quay Financial Services who are properly authorised with the Financial Services Authority as independent financial advisors.

References

Our monthly service includes providing financial and personal references to third parties for finance applications or residency and tenancy arrangements.

Where projections of future income are required or where a finance company demands special work to be completed, there may be an additional charge which would be discussed and agreed with you in advance.

Telephone and Email

Quay's monthly service includes all your telephone calls and emails, regardless of their frequency or subject matter.

Although our offices are open from 9am until 5.30pm, Monday to Friday, support is available from 8am to 8pm every day including Saturday but not bank holidays.

Calls made outside normal hours are redirected and your detailed message is sent by text message to us. It is always important that you leave a contact number so that we can call back where the matter requires immediate attention.

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.

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 until the engagement is terminated.

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