Compliance Services are the core services that almost all Accountants will provide. These are the basics that are required by law, such as Book Keeping and Tax Returns.
Click on the below sections to view our main Compliance Services.
If you have a requirement not covered here please call us to discuss your requirements.Book Keeping
The law states that you must keep all records and documents required to complete your tax return for a specified period. Failing to retain adequate records could result in sizable fines and penalties.
When not having effective Book Keeping methods, how will you remember what customers owe you money or what suppliers you still need to pay? How do you calculate your tax liability for VAT, PAYE & Corporation Tax? How do you know if your products/services are profitable or not? And how will you know what funds you will have available at the end of the month?
Let’s face it without proper Book Keeping methods you will be running your business in the dark.
The need for good Book Keeping methods increase as your business grows. When you are dealing with more information, you are unable to personally be responsible for each and every transaction.
We can assist with your Book Keeping requirements in two different ways
- We can set up systems and processes to manage your Book Keeping records yourself
- If you drop off your records on a regular basis or upload them electronically we can maintain your Book Keeping system for you
VAT is becoming more complex – there are many different schemes out there that you can join. Also there is the question – should you be registered for VAT at all?
Do you know which products/services you should be charging VAT on and what records you’re required to produce and keep to complete your VAT return?
Once your sales reach a specific level, if you are selling taxable items you must register for VAT. If you are below this level you have a choice whether or not to register. In some cases voluntary registration may be beneficial as you can reclaim VAT paid on purchases.
We can assist you by advising on your best options for VAT and we can complete and file your VAT return accurately and on time. We can also review your sales to ensure you are correctly charging VAT where required and reclaiming VAT where you can.
Payroll Compliance (PAYE/NIC's & CIS)
Once you take on staff and pay them you have a legal requirement to maintain Payroll Records.
There are a lot of allowances and deductions set by the Government that you must be aware of – such as Personal Allowances, Pay As You Earn Rates, National Insurance Rates, Sick Pay Rates, Maternity Pay Rates etc. You also need to be aware of when they will apply and for how long.
Real Time Submissions mean you need to report Payroll details to HMRC on or before each and every pay day. Failure to report on time can result in sizable fines and penalties.
Any changes to employee circumstances such as reaching retirement age, leaving or just starting working with you, must also be reported to HMRC on a timely basis. Then there are annual reporting requirements, such as P60’s and P11d’s etc.
You must prepare payslips for your employees for each payroll and documents for end of year and change of employer (P60’s and P45’s).
If you work within the Construction Industry there’s the additional legal requirement of dealing with payments to subcontractors and how those subcontractors can reclaim tax.
Adding to that as employers we are now bound to contribute to employees pensions – are you aware of the requirements surrounding this?
In short, there’s a lot involved in running a payroll and we at TW Accounting Services can help you in 2 ways:
- We can advise you on the benefits of different Payroll packages helping you to choose the best for your circumstances. We can then work with you to set up the package for your business and train your staff on its operation.
- Alternatively we can run a payroll system for you ensuring that all reporting deadlines are met and an accurate Payroll is processed on a weekly, fortnightly or monthly basis as you require. We will produce all the paperwork for your employees and HMRC.
Annual Statutory Reports
All businesses have a Statutory Obligation to provide Annual Accounts primarily to Companies House and HMRC. There are subtle differences regards the contents of the submissions such as the treatment of Capital Expenditure/depreciation. An Accountant will assist with the preparation of these since there are numerous rules and regulations to what can and can’t be included.
We can prepare and submit your return ensuring it’s compliant with the current legislation, on time and your tax liability is minimised.
There’s a great deal that a good Accountant can learn from a set of Annual Accounts and we will spend time with you reviewing and analysing your results and highlighting any areas of concern that we find.
Personal Tax / Self Assessment
There are various situations whereby a private individual may be required to complete and submit a Self Assessment Tax Return, some common examples are:
- income from renting out property
- a Partner in a Partnership
- a Sole Trader
- a Contractor in any industry
- dividend or interest earnings above the current tax free thresholds
- other Complicated tax affairs
The more complicated your tax affairs the more scope for error and that’s where we at TW Accounting Services can assist. We can work with individuals to complete their Self Assessment returns Accurately, On Time and Using all available Deductions and Allowances thereby reducing their Tax Liability.