Silver
SILVER
We’ll prepare your accounts, using the data you have provided
- Company Formation & Secretary
- Statutory Accounts
- Corporation Tax
- VAT
- PAYE
- Self-Assessment
- Bookkeeping
- Accounting Journals
- Management Accounts
- Reconciliations
- Tax Planning
- Business Insights
SILVER PACKAGE
If you would prefer to leave your bookkeeping to the experts, the Silver service might be right for you. Our team will record all of your business transactions from your bank statement and other information that you make available to us, and you can expect a monthly reporting pack to give you up-to-date information about how your business is performing.
In addition to the listed services, our Silver package includes everything covered by our Bronze subscription.
Company Formation & Secretary
The first step in your journey as a limited company owner is arguably one of the most important – choosing the right name for your business and navigating the requirements se out by HMRC and Companies House in registering for various services and taxes.
With so much else to think about, Home Accountants will take the legal and financial stress away from you and keep your address off the public record by giving you an independent registered office. There are a number of advantages to partnering with an expert from the very start or your journey, and is likely to keep your costs down, so it is never to early to reach out for support. Our Bronze service also includes your annual Confirmation Statement filing, and all associated fees.
If you need help deciding whether setting up as a limited company is the right option for you and your business, please get in touch for a no-obligation discussion.
Statutory Accounts
As a business owner you have a responsibility to file accounts with Companies House within 9 months of your financial year end. Our team will prepare these ensuring that they are in line with all relevant Financial Reporting Standards and best practice. Our team will work with your trial balance to prepare accounts for your review, and work with you to ensure that key deadlines are hit.
Your statutory accounts will be publicly available information, and we will determine the right level of disclosure for your business so that you’re not publishing more information than you are required to.
As a Bronze client, we will work with your records to draft your accounts. If, instead, you opt for our Silver service, all of your bookkeeping will have been taken care of, and with our monthly reporting pack, you can be confident of no surprises when the time comes to file statutory returns.
Corporation Tax
Your corporation tax return is due within twelve months of your financial year end, but payment of the tax must be made within nine months. We will take care of your corporation tax return alongside your annual accounts, so all subscribers to our Bronze service can rest easy knowing that this crucial reporting deadline is not missed.
We will work with you to ensure that you are claiming all of the business expenses you are entitled to, claim any reliefs and claims that your business is able to make use of, and will prepare and file draft returns on your behalf.
VAT
If your business has a turnover of £85,000 or more, you will need to register for VAT, but you can voluntarily register if your turnover is below this level.
Home Accountants can help you to decide whether being VAT registered is right for your business, and whether you should consider making use of the flat rate or cash accounting schemes.
Being VAT registered can allow you to recover the VAT element of your expenses, and can help to give your business a professional look, so if you would like to discuss your options, give us a call!
PAYE
If you are taking a salary from your business, whether regular or irregular amounts, you will need to ensure that you are registered for PAYE, deduct the correct amount of tax and national insurance, file monthly returns with HMRC, and produce payslips and P60s for yourself and any employees.
Payroll is a complex area, and we can take all the stress out of understanding your tax code, your entitlement to the Employment allowance, minimum wage obligations, and a number of other compliance areas you need to be wary of.
Whether employing just yourself or a team, we can manage your payroll and provide a secure employee portal for access to all your records.
Self-Assessment
If you are receiving dividends from your business, have income from a variety of sources, or are earning over £100,000, you will need to complete an annual self-assessment to work out how much income tax you owe.
Your self-assessment will also need to include any income received from your own buy-to-let investments, capital disposals, and other sources, and we can help you to understand your obligations, register you for self-assessment, and work with you to complete these each year.
Bookkeeping
Bookkeeping is a skilled job and without proper treatment of all your business transactions, you might find yourself running into some costly mistakes. Our Bronze services will support you with accounts & tax based on your own records, but if you would prefer to rest safe in the knowledge that everything has been treated correctly, then you can rely on the services of our professional bookkeepers.
We will collect all the information that we need to prepare your accounts from your bank statement, other documents and conversations with you, and where provided we will attach pdf documents to the records to make it easier to resolve any future enquiries from HMRC and others.
Accounting Journals
Some of the information you need to build a complete picture of the financial performance of your business is not available from you bank statement. In addition to our basic bookkeeping service, we will accrue for any expected costs, depreciate your fixed and intangible assets over their useful economic life, and create prepayment schedules to ensure that your expenses.
Accounting journals can also be used to create bad debt provisions, update your directors loan account, reclassify expenses, and a range of other purposes, and we will ensure that any appropriate records are made to ensure the accuracy of your accounts.
Management Accounts
Running a business effectively depends on having key performance metrics and reports available at regular intervals. If you want to know how your business is performing and react to challenges in real time, it is crucial that you are receiving accurate and informative feedback throughout the year, rather than waiting for your year-end accounts.
As part of our silver service, we will provide you with a monthly management reporting pack, which will comprise of a P&L, balance sheet, and other key reports to give you the latest information to help steer your business to success.
Reconciliations
As part of our monthly management accounts preparation, we will check any available third-party records to ensure that your balance sheet shows a comprehensive and verified picture of your business assets and liabilities.
In addition to routine bank reconciliations, we will check that your records agree to those held by HMRC and other external creditors, giving you comfort that your business records agree to those held by other parties and minimising the risk of any future disputes.
Tax Planning
Knowing how much to take from your business as payment for your time and reward for your success involves some strategic planning around the tax implications of doing so.
Our team will use our understanding of your overall financial position to advise on the role of salaries, dividends and directors’ loans, will help you to decide which is the most appropriate for your circumstances, and will guide you through the regulatory and tax implications of each option.
We can also help to plan the timing of your payments to allow for any changes in your life or in known future changes to tax rates and rules.
Business Insights
It is not always easy to understand what the key focuses should be for you as a business owner from the financial statements alone. In preparing your management accounts, our team are always looking for opportunities to pull out key information, trends, ratios and advice that will help you to make the most of your financial reports and steer your business to success.
“I have worked with Home Accountants for a few years now and cannot recommend them enough – super responsive, knowledgeable and helpful. Certainly takes the strain away!”
Tanya Blake
– Blake Agents Ltd
Home Accountants
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