We undertake the preparation of accounts for all types of organisations, from small sole traders, partnerships, voluntary groups and charitable bodies through to limited companies.
We are experienced in working from incomplete records or fully reconciled computerised bookkeeping systems. Whether the requirement is merely the production of annual figures for taxation or other statutory compliance, the provision of timely information in support of funding needs, or to prepare monthly/quarterly management accounting information to help with the management of the business, we will tailor the work required to suit your circumstances.
Whenever possible we aim to provide advice on improving our clients systems to increase efficiency, both in enhancing the management information available to the business from the records, and in keeping the cost of compliance work to a minimum. We are also able to offer training to help our clients to get the most out of their systems.
Self Assessment Returns
Although the majority of Self Assessment Tax Returns are submitted for those in self-employment, there are several other circumstances which might result in you being sent a Tax Return for completion.
- You may be in receipt of income not taxed at source, such as income from Land and Property or casual earnings
- You may be a Director of a limited company
- The level of your total income may result in you becoming a Higher Rate Taxpayer
- You might have sold an asset giving rise to a Capital Gain
- You may have an income of over £50,000 and be in receipt of child benefit
The basic standard Tax Return is ten pages long and there are ten separate sets of supplementary pages which you may need to complete, each of these varying from two to eight pages in length! The accompanying explanatory notes extend to thirty five pages – and these are just based on filling in the form itself and excludes the notes on how to calculate your tax liability!
It is no wonder that so many people ask us to deal with the forms for them.
Alternatively, you might have suffered too much tax at source, in which case you will need to submit a Tax Repayment claim form to obtain a refund of tax.
We can not only ensure that your annual Tax Return is filed within the statutory time limit and advise as to when tax payments need to be made to avoid penalties, surcharges and interest, but are also able to deal with any questions you have and offer advice to help keep your liabilities to a minimum.
Our Tax Return software produces the Return form itself, along with detailed schedules of the information contained therein, and deals with the online submission of the form. It also produces a clear calculation of your Income Tax liability and details of when tax payments will need to be made.
Once we have been registered as your tax agent, we will also have access to your Self Assessment account information with HM Revenue & Customs, via a secure internet connection, and this enables us to deal with any questions you may have regarding outstanding amounts and payments already made.
As ever, we aim to provide the level of service you need at a cost you are comfortable with. Whether you wish to collate all of the information yourself and just want us to prepare the Return based on your figures, file it and calculate the liability; or whether you want to provide us with the basic information and deal with everything from there, we are happy to oblige.
Whichever level of service you require, we will seek every opportunity to advise you on effective tax planning to minimize your liability within the ever changing taxation legislation.
As a natural progression from the preparation of a Limited Company’s accounts, we usually also prepare the company’s Corporation Tax Computations and Returns, deal with their submission to HM Revenue & Customs within the statutory time limits and advise as to the correct tax payable and the due dates of payment to keep penalties and interest charges to a minimum.
Advising Directors and Shareholders regarding the mitigation of their Corporation Tax liabilities and the most tax efficient method of extracting profits from their company is another of the important services we offer.
Cloud Accounting Software
We can recommend a Cloud Accounting Software package which suits your needs. We are proficient in and can offer QuickBooks Online, Sage One and Xero. We also have experience of other packages on the market. Please contact us for further details and current prices on packages available.
The main benefits of using a cloud software for accounting services are:
- Easy Access – Access to your datawherever you are and whenever you want to view it.
- Cost Effective – Enrolment to use a cloud based software solutions will involve a monthly membership fee of up to £32 per month depending on the provider and / or package you choose. This helps you control costs as you essentially ‘pay as you go’, rather than having large upfront software costs and then annual support or upgrade costs. You will always be using the latest most up to date version of the software, without having to buy regular upgrades.
- Bookkeeping and VAT – Once you have the system, you may wish to manage it yourself, or you will have the choice of tasking our firm to operate the book-keeping and allocate the transaction on your behalf. We will also be able (once authorised by yourself) to log-in to your system, review your postings, correct any errors and prepare your VAT returns if you are VAT registered. When it comes to preparing your year end accounts, we will also be able to extract the data from the system, which so long as it has been managed correctly, may result in a lower annual charge for preparation of the accounts and tax work.
- Up to date – Not only will you always be using the latest software, but having quick and easy online access means that you are more likely to keep your bookkeeping records and invoicing up to date. Cloud software helps you manage income and expenses, providing quick and easy to understand charts to monitor your expenditure enabling you to keep a tight control. It will also highlight any sales invoices that remain unpaid so you can keep an eye on cash flow and remind your customers to settle your sales invoices on a timely basis.
- Automatic bank feeds – The software packages offer a link to your online bank account and will upload the transactions direct from the bank avoiding the need to manually input the entries. This will not only reduce the data input time and minimise errors, but it will also mean that your bank balance in your accounting records will always reconcile with your actual bank account. The intuitive software is also capable of learning from your previous postings and should automatically allocate subsequent transactions to the same heading.
- Automatic back up – You can be happy in the knowledge that the company providing the software have taken regular back-ups of your data. One less thing to worry about. Should you have PC problems, your data will be safe and unaffected.
VAT is becoming more and more of a taxation minefield.
We can help guide you through the complex compliance issues and advise you on reducing your VAT liability and also in keeping the bookkeeping burden to a minimum.
We are able to assist you in completing your regular VAT Returns on time to ensure escalating late submission penalties are avoided and we are also available to deal with whatever problems or questions arise on a day to day basis.
And if you have to undergo a VAT compliance visit, we can assist with any problems that arise with this increasingly complex form of tax.
Not only do we research the H. M. Revenue & Customs website guidance notes and legislation to find the answers to complex queries, but we also have access to a telephone advice service from taxation experts if a second opinion is needed. We provide a professional and helpful VAT Advice and Support across North Wales and afar.
This is another area in which the service we offer to you can be tailored to suit your requirements. Based upon weekly or monthly gross pay details supplied by you, we can promptly produce regular payslips showing Income Tax and National Insurance deductions (including Statutory Sick Pay, Statutory Maternity Pay etc) along with full details of the monthly or quarterly PAYE payments due to HM Revenue & Customs.
We can accept your instructions by telephone, post or e-mail and return the processed data to you in the same manner. We regularly deal with varying size of payrolls with variable rates of pay, overtime, etc. If you wish to run your own payroll system we are happy to advise on the processes involved, and should any problems arise, we are always available to help.
Employment Law is a complex area and is increasingly becoming an area of concern for employers. Whilst we are not legal advisors, membership of our accountancy body automatically provides a free employment law telephone advice service.
2020-21 National Minimum Wage and National Living Wage Rates
There are currently four aged based national minimum wage rates and an apprentice rate, which are usually updated in October each year.
- for workers aged 25 years or more: £8.72 per hour
- for workers aged under 18 (but above compulsory school age): £4.55 per hour
- for workers aged 18 to 20 inclusive: £6.45 per hour
- for workers aged 21 to 24 inclusive: £8.20 per hour
- *for apprentices aged under 19: £4.15 per hour
- *for apprentices aged 19 and over, but in the first year of their apprenticeship: £4.15 per hour
- Apprentices aged 19 or over who have completed one year of their apprenticeship are entitled to receive the national minimum wage rate applicable to their age.
*Please not that there are certain rules and criteria for Apprentice Rates to be applicable.
Auto Enrolment Pensions
All employers have a statutory requirement to provide an auto enrolment pension for their employees. It is essential that you know when your staging date is and that you register a contact point to receive future communications from the Pensions Regulator. Please note that compliance is mandatory as result of government legislation.
CIS Tax Returns
The Construction Industry Scheme now requires monthly returns to be made and again we are able to assist, either in processing and filing the monthly Returns online, or assisting clients to complete the forms themselves.
Company Secretarial Services
Bisby Accountancy can advise you regarding the advantages and disadvantages of incorporating your business and on the initial setting up of a limited company, including the purchase of a ready formed company “off the shelf”.
We can subsequently deal with the day to day statutory compliance issues, which include:
- The provision of your company’s Registered Office address.
- Dealing with filing requirements for the allotment and issue of shares, appointments and changes in Directors and the Company Secretary, changes in accounting period end dates, the registered office address, etc.
- Reviewing, updating and filing online the company’s Annual Return.
- The preparation of minutes for all General and Directors’ meetings and the maintenance of your company’s statutory records.
- The submission of the company’s annual Corporation Tax Return and accounts to HM Revenue & Customs within the statutory time limit.
- Filing a copy of the company’s annual accounts with the Registrar of Companies within the statutory time limit.
Finally, we can advise on and deal with the winding up and striking off of a company in the most tax efficient and cost effective manner.
Whilst we are pleased to provide bookkeeping services to clients, we find it is far more cost effective to advise our clients regarding the adequacy of their accounting records and help to set up a bookkeeping system best suited to each individual client’s circumstances.
We can advise on and supply fully reconciling “off the shelf” accounting systems such as QuickBooks Online, Sage One or Xero, which can provide the following facilities:
- Maintain full Sales and Purchase Ledgers with detailed aged debtors and creditors reports to assist with debt and credit control
- Reconcile Bank Accounts
- Full stock movement records and control
- Quarterly or monthly VAT reporting on either an invoice or a cash basis
Or we can help set up a bespoke functional spreadsheet system using Microsoft Excel, which is often easier to use, more versatile for the smaller business and less expensive because it does not incur annual software licence fees.
We are able to assist in setting your system up and showing you how to get the most out of it and in providing annual feedback from the accounts preparation to update your records. This can be done either in our offices, by our staff visiting your premises or by us working on back-ups of your system which we can update and then return to you on disc or by e-mail so that you load the amended files onto your computer.
Why Choose Bisby Accountancy?