Are you looking for accounting bookkeeping services? The bookkeeping service from the CrossCountry Accountants will ensure your company is kept up to date with their accounts!
Our accounting bookkeeping services have been helping companies for years. We know that every one of our clients is different, so has different needs when it comes to bookkeeping, don’t make it a stressful experience! Bookkeeping can be difficult to complete in-house, take away the worry away and outsource your bookkeeping responsibilities to CrossCountry Accountants.
The existing clients who benefit from our bookkeeping service hand over their paperwork to our team and we use this to prepare tax and VAT documentation from for HMRC. A service like bookkeeping is very important to get right. An experienced team like the one at CrossCountry Accountants will produce a high standard of thorough and accurate accounting documentation as ready to be submitted. We cover a range of aspects within our bookkeeping service, from handling invoices to accounts. And, after dealing with a variety of different companies, we know how to align with the needs of HMRC, you can trust our accounting bookkeeping services!
There are multiple benefits in outsourcing the responsibility of bookkeeping to an accountancy firm like CrossCountry Accountants. As we have had a range of experience with the service, we would know what is the most appropriate programme to use, how to use it to get the most beneficial results and so, will be completed in extremely efficiently.
As mentioned previously, bookkeeping is quite a stressful task to undertake. Not only will we take away your worry that the accounting you have completed is wrong, we will be able to make sure that each part of the bookkeeping process is conducted in an accurate and detailed way. We do know what HMRC are looking for when it comes to tax returns etc., so we will prioritise meeting their requirements alongside quality.
Also, in asking us to complete your bookkeeping tasks, you can expect to make savings! The time you save dealing with other business aspects, while we maintain the standards of the books in the meanwhile, will end up as financial savings. If you fill out a tax return incorrectly, there would be financial penalties, that you would’ve saved if you had utilised our accounting and bookkeeping services.
With years of accounting experience, the accountants at CrossCountry Accountants can carry out at comprehensive bookkeeping review. Failure to correctly keep records of receipts and invoices can result in a hefty fine, which is why we highly recommend a bookkeeping review.
A bookkeeping review will ensure that your records have been correctly kept and recorded. Bookkeeping can be an incredibly time consuming task, however, it is essential that it is done properly. Our team of experienced accountants will ensure that you have recorded the correct information about your receipts and invoices to protect you against any fines.
Do you need help in preparing your interim and year end management accounts ? Our team of accountants at CrossCountry Accountants have vast experience in aiding and supporting personal and professional accounts preparation.
Because of its importance, we understand that the accounts preparation process can be daunting and stressful. We have endless experience in preparing accounts for review at HMRC, you can relax knowing that your year end accounts are in the safest hands!
A company’s annual accounts are called the “statutory accounts,” and are based off of the company’s financial records at the end of their financial year. The purpose of preparing annual accounts is to present HMRC with a report of the financial activity the company has undertaken in the last 12 months. A company is also requires to file annual accounts with companies house annually.
It is essential that you prepare your annual accounts correctly, containing the right documentation and therefore, information. This report of annual accounts can be given to shareholders and other important figures involved in the company, as well as HMRC. Annual accounts must include:
An annual account report indicates to HMRC as to what the financial condition of your business is and businesses have to submit their annual accounts to Companies House. Publishing the details of a businesses’ finances online allows for public view. Potential investors, clients etc., have the opportunity to view the financial information of the business at any time, as they please. Therefore it is vital that your accounts are accurately and appropriately declared, this will present the company is the best light possible. Because of this a fresh perspective on the matter can be appreciated. An accountant from CrossCountry Accountants will be able to identify any errors within the report, offer new advice and have a great amount of experience in helping businesses when submitting accounts to HMRC.
The initial process of combining the information together should be attempted within the company. Some businesses don’t look for an external organisation to help with the preparation, however in most cases it is very beneficial to have accountant look over the information presented. It is up to the client to decide at what stage they need input from someone outwith the company. It could be at the very beginning of the process, guidance surrounding what they need to include, how it should be presented etc. However, it might also be at the very end as a review of the information. It is so important to ensure that valid and accurate information is presented to HMRC and Companies House
A Company Tax Return is the return that must be submitted to HMRC by Ltd Companies after the end of their financial year.
A form called a CT600 is the main part of the Company Tax Return.
A Ltd Company’s financial year can run to the last day of any month of the year, usually initially dictated by the month that the company was incorporated.
The deadline for your Company Tax Return is 12 months after the end of the accounting period it covers.
You’ll have to pay a penalty if you miss the deadline.
Interestingly there is a separate deadline to pay your Corporation Tax bill which is usually 9 months and one day after the end of the accounting period.
We recommend that all our clients file everything well before either deadline so that they know exactly what they have to pay and when.
You can check when your company year end is on the Companies House website.
Your Company Tax Return (CT600) tells HMRC how much taxable profit your company has made and subsequently the amount of tax you should pay.
Taxable profit and Operating profit can be quite different depending on the allowances and accounting treatments used – so it’s important that you either know exactly what you’re doing, or that you get an expert like crossCountry accountants to do it for you.
Ltd Companies, regardless of their size or how much money they have made, will need to file a Corporation Tax Return (CT600) with HMRC.
You’ll be sent a ‘Notice to Deliver a Company Tax Return’ by HMRC which will tell you the date by which you have to file. It’s important that you check that this date is correct and inform HMRC if you think you should be filing to a different date.
There are some Ltd Companies that may not need to file a Company Tax Return if HMRC regards them as ‘dormant for Corporation Tax
Ltd Companies can file their Corproation Tax Return (CT600) using the HMRC website or by using a piece of third party software.
But be warned! You’ll need to submit your Company Accounts to HMRC at the same time. And not just as a pdf, but in a special format called iXbrl. Specialist software can produce your accounts in this format, but we don’t advise that business owners attempt this themselves unless they have experience of producing accounts.
It is always better to get a professional to produce and file your Accounts and Company Tax Return on your behalf so that you can rest assured that everything is correct and you won;t incur any fines or penalties from HMRC for late or incorrect filing.
You need to submit your company tax return within 12 months of the end of the accounting period it covers.
The accounting period is normally the same as your company’s financial year. This could be slightly different in your first year of trading. In fact, it’s not uncommon that your first period of accounting may cover more than 12 months.
Companies House dictates the day for the end of your company’s financial year – this is usually the last day of the month your company was set up. You can change your year end if you need or want to, but bear in mind that you can only do this once in a 5 year period – so make sure that it’s definitely worth it!
Your first accounts will run from the day your company was set up to the following year’s financial year end.
As this accounting period usually covers more than 12 months, you may well discover that you need to file two CT600 returns with HMRC to fulfill your obligations. It’s only for the first year though (unless you switch your accounting year end date) – in future years, your accounts will run from the start of the financial year through to its end, so only one CT600 corporation tax return will be required.
If that all wasn’t complicated enough, the deadline to pay your corporation tax bill is usually nine months and one day after the end of the same accounting period, even though the filing deadline is 12 months. So you’ll need to calculate your corporation tax three months before your tax return is due.
In reality, most of our clients have their accounts and CT600 completed and filed well before the deadlines so there’s no worrying about those pesky timing differences.
Fines for late filing can stack up quickly. If you miss the deadline to file your company tax return, HMRC may charge you a fine as follows:
The more you file things late the worse it gets with HMRC. They do not look kindly on late filing! If your tax return is filed late three times in a row, the £100 penalties will be increased to £500 each.
On top of that there are separate fines charged if you’re late paying your corporation tax bill.
There are a limited number of “reasonable excuses” that HMRC may accept if you want to appeal a penalty. But in our experience filing on time is the best way to escape the scrutiny of HMRC.
Struggling to complete your self assessment tax return? A self assessment accountant from CrossCountry Accountants will ensure it be filled out properly and by the deadline.
After workingmany years with companies and individuals, we know how stressful it can be to fill out self assessments. Our team provide the self assessment service to make your life easier. This way you can concentrate on other responsibilities with peace of mind that your tax return will be ready on time.
A self assessment is a standard form of tax return that business owners are required to fill out and submit to HMRC this should include details of all your earnings. It is the responsibility of whoever’s self assessment it is to work out how much tax needs to be paid.
A self assessment is required to be completed by:
A VAT (value added tax) return is an important piece of documentation that is used to calculate how much VAT should be reimbursed or paid to HMRC. A VAT return should include;
If your business makes more than £85,000 a year, you must register for VAT (value added tax). However, many businesses who make under this annual amount register as it can ensure that you are ready to grow your business!
Businesses are required to register online for VAT. On the Government Website, all that is required is click on “register for VAT,” fill in your details and then you will have an VAT online account. This is where you submit your VAT returns to HMRC. Though the process may seem simple, many businesses opt to have an accountant take care of their VAT responsibilities. Asking a professional for advice around the whole VAT process is very beneficial in the long run!
Returns are to be completed 4 times a year, online to HMRC. In completing a VAT return most businesses look to their bookkeeping systems for the information.
The requirements of VAT are updated so often and so, the process of filing your VAT return has become particularly complicated. Therefore many businesses find it necessary to ask for the support of our VAT planning service. We will meet with you and discuss what it is you need, then we will draw up a VAT plan which we consider appropriate. When the financial year draws to a close, our team will be there to ensure your VAT filing carried out on time. Our VAT services can be adapted to suit any industry. For example; builders, businesses with international trade, companies dealing with property and charities, all have particularly difficult VAT circumstances. We have helped businesses from these most complex sectors (VAT wise) in achieving successful VAT returns, avoiding disputes and more!
The issue of settling a VAT dispute can be completely avoided by seeking advice from one of our professionals! There could be a number of reasons for a dispute, however, all that matters is that it is resolved, effectively. Continuing our guidance from the stage of VAT planning; we will do everything in our power to make sure that your business does not have to tackle a dispute. We will guide you through the appropriate steps at rate that you feel comfortable with.
What is Making Tax Digital?
Making Tax Digital is HMRC’s mission to bring the UK tax system into the digital world.
Making Tax Digital is a change to the British tax system. It is affecting how businesses, individuals and other organisations keep their accounting records. It also changes the way that taxpayers communicate and carry out transactions with HMRC.
Why is it being introduced?
There are a number of reasons that HMRC have introduced this scheme. It is a better way of keeping record of how much tax you owe or how much tax is owed to you as a rebate. HMRC also want it to:
Who must use the Making Tax Digital system?
As a business owner, we know you’re super busy. You’re juggling a million and one things, and the last thing you want is to worry about incorrectly submitting your VAT return…
If the worst happened and you did make a mistake when submitting your VAT return, or if you miss the deadline, HMRC can ‘default’ your company on its VAT liabilities. While you’re in the ‘default’ stage, you could face various surcharges or penalties:
Surcharges
You may be required to pay a surchage if HMRC don’t receive your VAT return by the deadline; or if full payment for the VAT hasn’t reached their account by the deadline.
Penalties
HMRC can also issue you with a penalty for failing to submit your tax return by the deadline or by failing to disclose the required information. These can be:
It is necessary to complete payroll if you have a business and employ staff. Payroll is the term that refers to the records and calculations of the pay or deductions of employees from the PAYE system. Using the payroll service from CrossCountry Accountants, you can expect:
Careful and Accurate
By outsourcing the task of payroll to CrossCountry Accountants you can guarantee that the service will be completed carefully and accurately. With the background experience of our team and the time they will dedicate to your company, you can expect that your business payslips be issued after thorough checks.
Efficient
Handing over the payroll responsibility to an accountant will relieve you of the time pressures involved in completing payroll. We will take care of everything, you can continue to progress with other business tasks! Whether you utilise the full payroll service offered, or just need some advice, your time will be used in the most efficient way possible. Don’t become stressed out by payroll, trust CrossCountry Accountants with it!
Compliance
Another benefit from using the payroll service is that, because we understand how to comply with the legal obligations of HMRC, there is a reduced chance that penalties will have to be paid.
Setting up a workplace pension scheme can be complex, time-consuming and costly, even for smaller businesses with fewer employees.
Our payroll team can administer your scheme on your behalf and will maintain the ongoing compliance, liaising directly with your chosen pension provider by uploading the pension data.
Deciding on contribution levels is something that we can advise upon by looking at the financial impact upon your business whilst ensuring you are meeting the criteria set out by auto enrolment regulations.
There may also be other complex issues to be addressed that we can advise upon, such as high staff turnover, staff on zero hours contracts or workers whose employment status is unclear.
Whatever the scenario our auto enrolment experts are experienced and can help talk you through the impact on your business and advise on the best route forward.
What is PAYE?
Every business which employs one or more people will need have a PAYE system reference. A PAYE system reference allows an employee to pay income tax and their national insurance contribution. Before an employee is paid their monthly wage, the PAYE payroll system from their employer will deduct the income tax and national insurance amounts. These deductions from your income will appear on the employees’ payslip each month. On occasion, the tax paid to HMRC is refunded to an employee if the wrong tax code has been used by the employer, or the employee could potentially be refunded expenses.
The PAYE Year
The tax year runs from the 6th of April to the 5th of April, during which time CrossCountry Accountants will work to provide a consistent PAYE payroll service.
The Construction Industry Scheme (CIS) sets out the special tax rules for subcontractors who work in the construction industry and how payments must be handled by contractors.
Services we provide for contractors:
Make sure you do not incur penalties by failing to submit your monthly returns to HMRC.
As a contractor, you are required to meet specific obligations under the scheme, including registering with HMRC, checking whether your subcontractors are registered with HMRC, paying subcontractors, deducting tax and submitting monthly statements confirming these payments.
If you are a sub-contractor, your main obligation is to register with HMRC. You must also keep HMRC informed of any changes to your business such as changes to your business address, business name, business partners and other relevant information.
Most people starting up in business do so because they have a good business proposition and commitment to see it through.
Most however, are not experts in the legal and financial aspects of running a business – the good news is you don’t have to be, our team of trained experts are here to help you navigate through the complexities of these matters. All you need to do is give us a call and discuss your business ideas and we’ll formulate a plan with you to make them a reality.
Our team will help you to:
Of course, our secretarial support will be individual for every company, we do cover a lot of tasks;
Why use CrossCountry Accountants?
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