BOOKKEEPING
It’s our job to get your books straight and keep them that way. We will collect all the receipts, bank statements and other papers and make sure that they are filed correctly to meet the requirements of HMRC and other interested parties and all at a competitive price and convenience to you.
USMAN & CO. ACCOUNTANTS take pride in keeping the accounting records up to date, making sure the analysis is right and that the accounts balance, so, if you want to concentrate on running your business, allow us to concentrate on what we do best, which is managing your accounts.
PAYROLL
Any business that has employees will need to run a payroll and submit RTI (Real Time Information) Returns to HMRC on each pay day. Unfortunately penalties starting at £100 per missed RTI return are payable to HMRC and any underpaid tax and NI due will also accrue interest.
This means it’s essential you have a good payroll provider in place straight away to avoid costly penalties and to ensure a smooth process when paying your employees.
If you run a business and employ staff then you will have to complete payroll. Payroll is the term used to describe records and calculations for the pay and deductions of employees under the PAYE (Pay As You Earn) system.
PERSONAL TAX
Tax can be a very complex subject, so unless your tax affairs are very straight forward it is almost always better to seek advice from a professional than attempt to complete your own tax return.
Some of the benefits of using Usman and Co. Accountants to handle your tax affairs are:
Peace of mind. By using professionals you know that your tax calculations will be correct and accurate.
Investigations. You are less likely to be investigated by HMRC if you use an advisor, as HMRC have ways of knowing if figures submitted on a return are likely to be incorrect. This is a common trigger for a tax investigation.
Save time. In most cases it will take you a lot longer to complete your own tax return than it would for an advisor. This time could be better spent running your business!
Claiming everything you’re entitled to claim. It is a very rare occasion that we take on a new client and are not able to find areas to reduce the tax owed. This is usually in the form of under declared expenses. Most business owners are not aware of all the different types of expenditure that can be claimed and how best to claim them, which is where we come in!
COMPANY TAX
Why does a business need to submit a tax return?
Whatever type of business you have, be it a sole trader, partnership or limited company, a tax return must be completed to declare your income to HMRC and to let them know how much tax is due.
Unfortunately, not submitting your tax return on time can result in considerable penalties and interest being accrued by HMRC. This is why it’s so important to put arrangements in place early on to ensure everything is completed on time.
Another huge benefit to being organised with your tax affairs is that you will know how much tax is due in advance with a good amount of time to pay your balance to HMRC.
Why not download a copy of our free business guide which will outline all of the necessary dates, deadlines and penalties regarding tax for businesses?
CIS RETURNS
What is CIS tax and does it apply to?
CIS applies to most workers in the construction industry. If you are a contractor you will need to deduct CIS tax from your subcontractors and submit CIS Returns to HMRC. If you are a subcontractor you will need to complete a tax return and claim your CIS refund (if applicable).
We offer our accounting service to both contractors and sub-contractors.
Construction Sub-contractors
If you are a sub-contractor in the construction industry you are required to complete a personal tax return each year. The tax return tells HMRC how much you have earned, how much expenditure you have incurred and how much CIS tax you have already paid.
As a sub-contractor it is likely you are entitled to a tax refund each year as you will have paid more in CIS tax than you owe to HMRC.
If you ask us to act on your behalf you can expect the following benefits:
-Completion of a full set of accounts for your business
-Submission of your tax return
-Overseeing the process for your repayment
-Your own dedicated accountant
-Representation in the event of a tax enquiry from HMRC
-Unlimited help and advice throughout the year from your accountant
What is the process?
If you ask us to take care of your tax return we follow a thorough process that ensures that your tax return is accurate and that as a sub-contractor you receive the biggest tax refund possible.
The process is as follows:
We will ask you to complete a short client registration form which authorises us to act on your behalf
We send out automated reminders that let you know when to send your records to us. If your records are electronic they can be emailed to us or if you keep paperwork it can be sent to us through our free, pre-paid mail service
We will then complete your accounts and tax return within 14 days of receiving your records
Before completion, the work will be double checked by another Senior Accountant who will ensure that every possible expense is claimed to ensure you get the maximum tax refund available to you
We send a copy of your accounts and the resulting tax return for you to review and approve
Your refund will then be paid to you on the same day that we receive it from HMRC
We realise that you probably want your tax affairs to be as hassle free as possible which is why we have developed our industry-leading streamlined way of working. It couldn’t be easier.
VAT RETURN
Why does a business need VAT Returns?
If your turnover is more than the current VAT threshold then you may have to register for VAT. If this is the case then you will have to complete and submit a VAT return to HMRC, usually each quarter.
However, even if you are not required to register it can sometimes be beneficial to register voluntarily. Deciding whether you have to or should register can be confusing but don’t worry, help is at hand. We can talk this through with you and ensure that you receive the best advice possible based on your circumstances.
Completing your VAT Returns
If your VAT Returns are relatively simplistic then in certain circumstances it may make sense for you to complete them yourself. We can advise you on whether you should feel comfortable filing your returns on your own.
If you use a bookkeeping software package then more than likely it will have the ability to submit your VAT returns electronically based upon the bookkeeping you have completed.
However, VAT can be a very complex area and sometimes it can be worth outsourcing the completion of your VAT returns to professionals. This is where we come in!
What is the process?
When we complete your VAT Returns we do not just take the figures from your bookkeeping and submit them to HRMC. We start by reviewing your bookkeeping, because if there are any inaccuracies then this will mean that the VAT Return may also be incorrect.
We pay particular attention to ensuring that we are claiming for all VAT your business has incurred, ensuring you pay as little VAT as possible to HMRC. Once we are happy that the bookkeeping is accurate we will review your businesses circumstances to see if any recommendations can be made to you.
These recommendations range from advising you to de-register for VAT if you fall below the threshold, to ensuring you are on the most beneficial VAT scheme for your business. So for example, if your customers tend to take a while to pay you after you raise your invoices but you pay your suppliers straight away then we may recommend cash accounting for your VAT as this would vastly improve your cash flow.
Once the recommendations have been considered, another Senior Accountant will be given your work to double check that everything is accurate. Once confirmed, you will be sent the figures to review and once everyone is happy we will submit the VAT Return to HMRC.
This thorough process ensures that there is a vastly reduced risk of errors, keeping you and HMRC happy! It also ensures that you do not pay a penny more in VAT over to HMRC than you have to!
COMPANY SECRETARIAL AND ADVISING
USMAN & CO. ACCOUNTANTS offers a comprehensive Company Secretarial service to ensure that you meet your statutory obligations. We can advise you of all of the duties required of you under company law and assist you in performing these duties.
We can advise and assist with all the legal requirements under Company Law including:
-Company formation
-Registered Office informationActing as the company’s Registered Office
-Annual Returns
-Company Register entries
-Changes and amendments for Directors and Company Secretary
-Preparation of dividend paperwork for shareholdersAdvising you on the appropriate legal procedures to change the officers of the company, changes in shareholdings, amendments to the accounting reference date, dividend declarations, etc
-Advising you of Director’s responsibilitiesMaintaining your statutory Minutes
-Maintaining your statutory Registers
-Attendance of Board and General Meetings to advise you on procedure
-Filing all necessary accounts, forms, returns and resolutions on the public record at Company’s House
-Advising and assisting you with your tax affairsWhen all your company secretarial duties are performed correctly, you can rest assured that you will be kept out of trouble with the authorities and reduce the business and personal tax burdens.
USMAN & CO. ACCOUNTANTS 