Business Administration

Overview

Every business needs to prepare annual accounts each year, either because of the Companies Act or because they are required to support the entries on their tax return.

We prepare the following sorts of accounts:-

With the ever increasing complexity of the business world and penalties for non-compliance, you need to get your administration correct. By being up to date and filing your business returns in a timely fashion, means you are in a good position to react to the changing business environment.

  • Limited company formation
    If you have the correct information a new Limited Company can be formed very quickly. However it is important that the Company is set up correctly and your requirements are considered before forming the company as it could save you time and money at a later date.
  • Completion & Submission of returns to Companies House
    Due to the Companies Act penalty regime, it is important that submissions to Companies House are filed on time and are accurate. Failure to file on time can lead to both financial penalties and proceedings starting to strike the Company off.
  • VAT returns
    It is important that each VAT return is filed on time, payment is made and are accurate as VAT penalties (defaults) grow with each default.
    Furthermore you have to default free for 12 months before the slate is wiped clean.
  • Payroll and PAYE
    Under RTI (real time information) the new PAYE system introduced by HMRC you have the potential to be fined every week. Thus you need to keep up to date with both your normal payroll and any changes.
FAQs
How long Do we have to file our annual return?

You have 28 days from the “made up date” ie. the date of the return.

How long do I have to pay the PAYE/NIC liability to HMRC?

PAYE/NIC is payable 14 days after the end of the tax month the wages were paid.

How long do I have to file my VAT return?

You need to file your VAT return electronically within one month and 7 days of the end of the return period.

Tips

An employer can reclaim the VAT incurred by the employees on fuel costs that are reimbursed by the Employer on the basis of cost or via a mileage allowance.

In today’s world of penalties and fines you need to keep up to date and  submit your business returns in good time.

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