Bookkeeping / Management Accounts
While you are busy running your business, you may not have time to spend on paperwork, keeping accurate and complete records which may make you vulnerable if tax returns become subject to investigation from tax authorities and it may make you liable to fines and legal fees as well as bringing lots of unnecessary stress.
Having the right accountant who can help you be prepared for your tax return throughout the year means that you always know where you are and you are running your business with the most efficient tax basis possible. We strive to take the stress of accounting and tax out of your business.
Fab Bookkeeping process starts from collecting your paperwork, reconcile your bank, managing purchase, sales ledger controls and prepare cash flow on a weekly or monthly basis.
Our monthly management accounting system will be designed according to your needs, to assist overall monitoring of your business cash inflows, outflows and key longer term trends.
We can support you in discussions with your banks, key suppliers and customers and tax authorities over the course of the year. You will be informed accurately and timely to see an up to date view of your business, the areas where you have over or under spent and plan your tax liabilities ahead.
Your monthly management accounts will include:
- Profit and Loss account
- Balance Sheet
- Variance Analysis
- Cash Flow Forecast
- Bank Reconciliation
- Debtors List
- Creditors List
Not only will we prepare the above for you, we will help you understand how to interpret each statement and highlight issues to you as you continue to trade.
VAT / Payroll
Value Added Tax is one of the most complex taxes in business. Small businesses when dealing with their VAT obligations have challenging issues which are often overlooked by them. It is essential that business comply with VAT legislation and reporting obligations on time in order to avoid fines and penalties.
When we are taking care of your bookkeeping monthly, there is no need for panic when that VAT return is due. Fab will ensure that your VAT reporting obligations are being met accurately and on time.
Payroll legislation is constantly changing and keeping up to date with the latest legislation is a job within itself. If your business has employees then by law you must operate a PAYE system (Pay as you Earn). The introduction of Real Time Information (RTI) means that you need to report HMRC every time you pay an employee. It is important small businesses make sure to report accurately and on time to avoid the risk of fines and any penalties.
Fab is up to date with all legislation and has the right team to organise and process your payroll requirements in an efficient and affordable manner.
Self Assessment for Individuals.
The majority of people in the UK pay income tax from salary, pension and savings. People and businesses that are not taxed at source have to complete a self assessment tax return.
The following people usually have to send a tax return,
- If you are self employed
- A company director
- Landlords who rent out their property or Land
- If your Savings or investment income was over £10,000 before tax
- If you have taxable foreign income
- A trustee of a trust or registered pension scheme
- If you received a P800 form from HMRC saying you didn’t pay enough tax last year
Whether you are a company director or self employee, Fab Accountancy will work hard to make sure that all legitimate allowances and deductions are factored into the calculation of your tax liability and provide comprehensive tax advise.
Annual Statutory Accounts (Final Accounts) for companies
It is a legal requirement set by the Companies Act for limited companies to prepare a set of statutory accounts for shareholders and file these documents with companies house at the end of a company’s financial year. If you don’t you will be liable to taxes and fines, there are also a list of directors duties which you will need to comply with.
The key responsibility is to accurately report the taxable profit or loss the company has made and the need to summit annual tax return to HMRC, to pay corporation tax if any is owed. The accounts you submit have to be in an acceptable format and field within certain date parameters for each accounting period.
Fab’s experienced team will relieve you of the regulatory burden and leave you with more time to concentrate on core areas of your business. We will prepare your accounts as per an agreed timetable to meet deadlines and organise for their filling with Companies House in an acceptable format.
If you would like to know more please do not hesitate to give us a call to discuss your requirements.