Excellent Finances

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ACCOUNTANCY

YEAR END ACCOUNTS

At the end of your financial year we need to collate all your information in the production of your profit and loss trading account and balance sheet. This information will show you how much profit you have made for the year and how much your business is worth (in terms of assets owned). If you are a limited company then we will produce the accounts in the correct format and submit these to Companies House. The Year End Accounts will provide us with the information we require to prepare your tax returns.

Many business owners who we speak to when we take on new clients do not understand what the year end accounts mean. It is important to us that all of our clients understand the Year End Accounts and that is why once we have produced these we will sit down with you and go through them with you. These are documents that can assist you in planning for your businesses future by monitoring what you did in the previous year.

TAX RETURNS

Whether you are a Sole Trader or an Ltd Company we will compile your TAX Returns for you and ensure that they are submitted on time. We can advise you on what we can claim for and where savings can be made.

VAT

If your business is due to reach the VAT threshold within the next 12 months you will need to register for VAT. We can advise you on when you need to register, help you with completing the registration process and also look at different schemes that may be applicable to you which could save you money.

We can assist you with your VAT as part of our book keeping services package.

MANAGEMENT ACCOUNTS

It is important to monitor your progress; we can assist you with this by producing monthly management accounts to show you the areas of your business that may require development. If you were wondering where all your money goes in your business this is a good way of showing you where it has been spent. The management accounts are designed to monitor your budgets that we have set to make sure that we are on target for reaching your annual profit. The accounts will also enable you to make management decisions about, for example, when to purchase new items for the business.

BUSINESS PLANNING

We will sit down with you periodically and help you set out budgets and ideas of where you see the business going in the next financial year or future years.

This will help you to set targets for you and your sales team as well as general actions to help move your business forward. We will draw up your financial budgets and help you stick to them or advise you as part of our management accounts if you have gone over budget and the reasons for this.

You will be able to monitor your business performance and keep planning for that bright future!

BUSINESS START-UPS

We’ll advise on the best format for your business, whether it’s a limited company, partnership or sole trade. We’ll put in place the correct legal documents to safeguard you if you choose to form a limited company or partnership, so that in the event of any future dispute, your interests are safeguarded.

We’ll explain the difference in the different ways you can set up your business, and help you choose the ones that’s right for you, as well as the pros and cons of each one. We’ll help you decide when your financial year should end.

We’ll get you registered with H M Revenue and Customs and help you with setting up a payroll for the business, if required, and deal with the monthly, quarterly and annual requirements attached to running a payroll. We can advise whether your business should be registered for VAT and if so, the most appropriate type of VAT scheme. And of course, we can also deal with the preparation of your VAT returns, meaning one less headache for you.

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