IT’S TIME TO TO LET US MANAGE YOUR ACCOUNTING WHILE YOU CONCENTRATE ON GROWING YOUR BUSINESS
These are some of the services we provide to assist you in running your business effectively and efficiently click to find out more details
During the preparation of your financial accounts we will prepare your accounts from cash books, bank statements, invoices and other information that you may provide.
We will look at the accounting treatment, together with the disclosures that will be required in the accounts and interpretation of current legislation.
We are able to submit your signed reduced accounts to Companies House and submit your full statutory accounts to HMRC together with your company tax return (CT600), electronically.
Why not also have a look at our ‘Corporation Tax’ Section, for further information on deadlines etc.
Some of our clients, prefer to enter their sales invoices and monitor their debtors directly, with this in mind, we have partnered with Xero – accounting software for small businesses.
In Xero, you can have full visibility of how many sales you have had during a set period, and know where you are up to, with who hasn’t paid their invoices.
Our clients can log in via the internet and work on their sales entries, whilst we can log in remotely and complete the book keeping work for your quarterly VAT returns, or annual accounts. You can log in anywhere without installing anything onto your PC. Using Xero for your sales entries, will save you time and money, as you can process the work all in one place, and know who owes you money at the press of a button.
We also use Sage 50 Cloud Accounting software, and for clients who prefer us to enter all their sales invoices and purchases for them. We can provide reports on a monthly/quarterly basis which will show you how your business is performing. If you prefer to use Sage yourself, for your book keeping work, we can advise on the right package for you
If you wish to have an understanding of how your business is performing it is essential to have book-keeping done on a regular basis, by a professional who can provide figures that are both meaningful and accurate.
In general, most of our work is provided on a fixed fee basis. An average size company normally takes us about 5-6 hours to process the work up to bank reconciliation stage.
For our fee, your monthly/quarterly tailor-made, Profit & Loss figures and quarterly VAT returns, are kept completely up to date, at a much lower cost than employing someone in-house. Our fixed fee includes:
- Weekly/Monthly book keeping
- Bank reconciliation
- Management accounts, including your profit & loss accounts, produced monthly/quarterly
- VAT returns, produced quarterly
Most of our work is carried out at our office but we are happy to visit you at your premises, and do some of the work there, if you prefer.
When you become a client of CP Accountancy we will meet with you and together, we can design a book-keeping system, unless you already have one. We will then agree with you the best way for us to continue to work together to enure you get the best possible service from us. This initial advisory service is completely free of charge.
Our clients normally post us a weekly envelope with all the necessary paperwork, therein. We process the work, and send the information back to you on a monthly basis.
We are available by telephone between 9:30 and 5:00 pm weekdays, and no extra charge is made for time spent on the phone together.
Our fees will be calculated after we have had a consultation with you on how much work is required, and is paid by standing order.
We have a special scheme for a small sole-trader requiring only a basic set of accounts – see the Self Assesment page.
Making Tax Digital for Business (MTDfB)
HMRC introduced MTD for businesses in April 2019, which applies to any VAT registered business whose turnover is in excess of the Vat threshold (currently £85,000)
The requirement is compulsory for any such business to take on mandatory digital record keeping and quarterly reporting. Using software that is MTD complaint, which prepares and sends your VAT returns to HMRC digitally.
Here at CPAccountancy, we use modern accounting packages such as Sage Business Cloud and Xero. This type of software is MTD compliant for VAT and provides many more benefits for your business.
If however, you currently use spreadsheets for your book keeping & VAT work, we have bridging software solutions available to ensure you are MTD compliant.
We can assist with any VAT inspections you may have, and have experience in negotiating with HMRC if any disputes arise.
Whether you employ 1 person or 250 people, we operate a payroll system with easy to understand user-friendly reports, produced on a weekly, fortnightly or monthly basis and at a fixed fee.
We process your weekly or fortnightly payroll on a Monday, (monthly ones, roughly 5 days before pay-day). You simply email the hours and pay rates, by an agreed time, and we process the payroll and email the reports back to you, that same day.
If you prefer not to have hard copies of the payslips, we will email you the password protected reports and payslips to you, then when you have checked and confirmed they are correct, we will email the password protected payslip directly to your employee.
If your employees are paid by cash, we provide both a cash breakdown for the individual’s payslip and a cash request breakdown for you to fax to your bank, in advance. If you pay by BACS, we can provide a BACS report for you, or process the BACS on your behalf.
Our fees include:
- Payroll prepared on a weekly/fortnightly/monthly basis
- Processing all deductions
- Production of pay slips
- Provision of cash breakdowns report and also bank cash request report (if required)
- Your BACS report (if you pay by BACS)
- Provision of an employers summary report
- Regular reports on how much PAYE is due and when to pay HMRC
- All new starter and leaver information
- Real Time Information (RTI) On-Line Reporting to HMRC
Converting your Payroll to our system
If you currently have someone processing your payroll, and you wish to use our services, it is a simple procedure to change over to us. We just require a few details from the previous operator showing the year to date figures and tax codes being used and some information from you about each employee on a form that we will provide to you. As soon as we have this information we enter it onto our system and we are ready to process your payroll for you.
Under Real Time Information Reporting, you are now required to submit a weekly or monthly report electronically to HMRC. This declares the amount of pay, tax/NI deducted and also how many ‘average’ weekly hours each employee works for you. We can also submit these reports electronically on your behalf.
We will happily quote you for a service to exactly fit your requirements.
Auto Enrolment (Work Placed Pensions)
The Government brought out workplace pensions in 2012. This affects every employer that has at least one member of staff.
When assessed, eligible staff are given the right to enrol into a work place pension scheme. When enrolled the pension contributions come from the employee, the employer and the Government.
If you are a new employer, a declaration of compliance must be completed for The Pension Regulator within 5 months, from the start of your legal duties. Employers with existing work place pension schemes, must complete a re-declaration of compliance every 3 years.
CPAccountancy can ensure your compliance in several ways.
How we can assist you in the preparations for Auto Enrolment
- Providing you with an assessment of your employees
- Providing information of the qualifying pension schemes that will work in conjunction with our payroll software
- Setting your pension scheme up, with your chosen provider
- Register with The Pension Regulator and keep your records up to date with them
- Produce all the necessary letters required, for your employees, on an ongoing basis
- During the processing of your payroll, calculate the employee and employer pension contribution amounts due
- Submit electronic reports to your chosen pension provider, together with notifying you, the amounts due to be paid across to the pension provider, and when
Continue to assess your employees, and enrol any new starters who are eligible. Or indeed any current employees who were not eligible at first, but become eligible later on.
If your business operates as a sub-contractor in the Construction Industry on a self-employed basis it needs to register for the Construction Industry Scheme (CIS)
If you are in business as a sole trader you can apply to be paid under deduction and there is a form you will need to complete to process this. Or you may wish to apply to be paid gross.
If you do not register for the Construction Industry Scheme contractors are required by law to deduct a bigger amount from any payments made to you.
If you are a contractor you will have to make monthly returns, and keep records of those deductions you have taken, when making a payment to a sub-contractor under a contract that covers construction operations.
If you are a sole trader who is CIS registered, CP Accountancy can provide financial accounts and are able to process your annual Self Assessment. (See Self Assessment Section for further information)
We can provide payroll services for contractors who run a CIS scheme by preparing for you:
- reports for contractor monthly returns
- monthly pay advice slips for sub-contractors who you have paid.
- monthly figures to pay over to HMRC, as and when they fall due
- submit your monthly report electronically to HMRC
Self Assessment involves completing an online or paper tax return in order to tell HM Revenue & Customs about your income and capital gains, or to claim allowances or reliefs against your tax bill.
There are different types of tax returns and different supplementary pages that may need completing, depending upon your circumstances.
Deadlines are in place for sending in your tax return and penalties are charged, with interest, if it arrives late.
There are statutory requirements for a Limited Company, in terms of its deadlines for submission of its accounts and company tax return known as a CT600. Penalties are charged with interest, if they arrive late.
The deadline for your Reduced Accounts to be lodged at Companies House, is 9 months after your year end. For example, if you year end is March 31st, the abbreviated accounts would be delivered to Companies House on or before 31st December.
You would also pay any Corporation Tax that your Company is liable for, at this time.
The deadline for your Full Statutory Accounts and your Company Tax Return (CT600), to be delivered to HMRC, is on or before 12 months after your year end. These must be fully XBRL and iBRL compliant for submission by electronic filing to HMRC.
CP Accountancy uses fully XBRL and iBRL compliant software for these electronic filings to HMRC.
There are specific deadlines in place for reporting and paying Capital Gains Tax.
Assets that fall under C.G.T.
- Most personal possessions worth £6,000 or more (excluding your car)
- Property that is not your main home
- Your main home if you have been renting it out
- Any Shares (except ISAs and PEPs)
- Business Assets
These are all known as chargeable assets.
New rules came into effect a couple of years ago, that set specific deadlines for reporting the sale of a property subject to C.G.T. Currently you are afforded a 60-day window from the completion date, whereby a return needs to be made to HMRC and any tax due, paid over at that time. Failure to report gains or make payment by this 60-day deadline, may result in a late filing penalty and late payment interest may also apply, potentially followed by a late payment penalty.
C.G.T. is only paid on gains made above the current annual tax-free allowance,
Assets that don’t fall under C.G.T.
- Gifts/transfers between husband and wife/civil partners, do not fall under this taxation. (However, should the person receiving the gift sell the asset later, they will still need to pay C.G.T. on any gain above the tax-free allowance).
- UK Government Gilts
- Premium Bonds
- Betting, lottery or pools winnings
We can provide Company Formation services via Companies House when the time comes for you to become a Limited Company.
You will receive a Company Formation pack, comprising,
- Certificate of Incorporation
- Statutory Registers
- Memorandum of Articles
- Share Certificates
- Minutes and Notices
We will then provide ongoing Company Secretarial Services, with
- Continued Minutes and Notices (including A.G.M.’s)
- Dividend Vouchers (including Dividend Declarations)
- Confirmation Statements to Companies House
- Changes to shareholders names, addresses, appointments and resignations of Directors, and any other changes.
For our new customers, we will come to you and show you how to input your book keeping information onto the computer (or give a training session via zoom if preferred).
In doing this, not only will you have financial information readily available in your own office, it will also allow us to receive the information, in the correct format, for the work we will be processing for you.
If you are thinking of starting up a new business, is is important to start on a firm footing, based on sound professional advice from the outset. As you thrive and grow CPAccountancy can guide you through all the processes involved in setting up your business with HMRC, and together we can create a system for your paperwork, that will organise you and enable you to keep your finger on the pulse, giving you peace of mind, of where you business is financially, on a monthly basis.
We can help you create your Business Plan and cashflow forecast- which can help you to raise capital, and also give you projections and achievable goals.
Which Type of company?
All three options are available and we can help to guide you on which route to take, based on commercial factors such as, public awareness, level of risk, personal protection, and tax efficiency.
Our job, is to save you as much tax as possible by looking at the accounting treatment of your financial data, together with the disclosures that will be required in your accounts and interpretation of current legislation.