New Business Startup
New businesses start up with a good business proposition, and the enterprise and commitment to see make it work. However, most business owners require some assistance with the legal and financial aspects of running a business.
Bean Counters & Co can help your business to:
- Decide on the most suitable structure for your new business - sole trader, partnership, limited liability partnership or limited company
- Prepare a business plan, cashflow projections, budgets, and trading forecasts
- Assess the finance requirements, advise on the best sources of finance and draw up the necessary proposals
- Establish a good working relationship with your bank
- Complete any registration procedures with Companies House and HMRC
- Deal with company secretarial issues
- Set up a recording system for your internal use and for complying with statutory requirements
- Decide on what computer hardware to buy and help with the installation of accountancy software
- Keep on top of bookkeeping, VAT, payroll and other accounting requirements
- Help with all aspects of business compliance and administration
Accounts Preparation
We understand that it can be difficult running a successful business whilst trying to keep on top of your accounting compliance requirements.
Our aim is to provide timely and accurate accounts that not only comply with the statutory legal requirements, but also act as an essential management tool. We work closely with you to help you achieve both the short-term and long-term objectives of the business. By understanding your business goals, we can provide support and tailored solutions to help your business move forward and grow.
We can help you with:
- Preparing your monthly/quarterly bookkeeping, including data entry and reconciliations.
- Preparation and filing of your quarterly VAT returns.
- Preparation of management accounts to assist with budgeting requirements and to identify any potential issues.
- Year-end accounts for filing at Companies House.
- General advice and guidance which is tailored to your business needs.
Bookkeeping Services
Bean Counters & Co can help you with all your general bookkeeping requirements, either at your business premises or at our office. Do you need help with your bookkeeping, or do you want us to put the finishing touches your information?
If you do not employ a bookkeeper, then we can take up the role and help your business run smoothly.
We can assist with:
- Recommending the most suitable bookkeeping software package
- Implementing the bookkeeping software
- Providing specific training to you and your staff
- Processing and keeping your records up to date on a basis that is suitable to you
- Providing ad-hoc, holiday and staff sickness cover, for when you need it most
- Preparing regular management account reports based on the bookkeeping information
- Preparing and submitting VAT returns direct to HMRC
- Ensuring compliance is adhered to in every aspect
Payroll Services
Managing a payroll can be a struggle for any business because of the high volume of data that has to be processed accurately and completed on time. It can be equally challenging to comply with HMRC’s ever-changing rules and regulations.
Bean Counters & Co can assist your business with:
- Compliance with legislation relating to auto enrolment including processing pension assessments, contributions, and payments to pension providers
- Calculating your PAYE, RTI, NI, statutory sick pay, statutory maternity pay, etc
- Analyses and summaries of staff costs and deductions
- Administration of pension scheme deductions
- Processing of bonuses, termination payments and ex-gratia payments
- Advising on and dealing with any benefits in kind
- Preparation of customised payslips
- Preparation of all statutory forms, including end of year returns to be filed with HMRC and forms for your employees
Income Tax & Tax Returns
Tax laws are constantly changing, and it can be difficult to keep up to date with all the changes. Let us take the worry out of filling in forms and meeting various tax deadlines.
Bean Counters & Co can assist with:
- Preparation of various types of self-assessment tax return
- Advising you on your tax liabilities and deadlines in a timely manner in order that you can manage your cash flow
- Dealing with HMRC on your behalf
- Identifying suitable planning opportunities to help save you money
- Reviewing your trading structure to ensure that it is the most suitable trading vehicle for your needs
Corporation Tax
Corporation tax is imposed on the net income of a company. It is mandatory for all companies to file a corporation tax return to HMRC each year to work out how much is owed.
Bean Counters & Co can assist with:
- The preparation of your corporation tax computations and tax returns and ensuring that they are submitted to HMRC on time.
- A review of your business to ensure that all reliefs are maximised to minimise your corporate tax liabilities.
- Advising on the most tax efficient methods of profit and cash extraction from your company.
- Corporation tax advice regarding reorganisations and changes to your business.
- Advice on how to keep your tax costs to a minimum.
VAT
VAT returns can be done on a monthly, quarterly or annual basis. However, for any business, preparing VAT returns can be a daunting task. Furthermore, the Making Tax Digital (MTD) requirements for registered businesses have made things a bit more difficult.
Bean Counters & Co support your business and help meet your obligations with HMRC's Making Tax Digital requirements. Get in touch with us if you require VAT registration or VAT records keeping.
We can assist with calculating:
- Your total sales and purchases
- The amount of VAT you owe
- The amount of VAT you can reclaim
- What your VAT refund from HMRC is, if any.
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