Most businesses have to prepare annual accounts for submission to HMRC. We can help you prepare and plan for the year-end process and work with you to ensure your business accounts are accurate and all formal accounts are completed to agreed deadlines in conjunction with our tax team to ensure your tax bill is minimised.
As part of our service to you we will help you plan a tax-efficient approach to every aspect of your business and always offer comprehensive advice and tax planning when it comes to processing tax returns and year end accounts.
Producing regular management information is vital to the continued success of any business. One of our team will work closely with you to get to know your business so we can make suggestions to help improve profits or to help you develop and grow your business.
We can prepare your monthly or quarterly management accounts to ensure you always have reliable and accurate information on which to base your business decisions.
To run along side of our full bookkeeping, accounting and tax services, here at Your Tax Shop we also prepare and submit VAT Returns on behalf of many of our clients.
We can advise as to whether you need to become VAT registered – and when. The timing of registration is vital and it really is something you should take advice on as it can save you a great deal of money!
The introduction of HMRC’s Real Time Information (RTI) system now means it is compulsory for businesses to electronically file their payroll each frequency on time to avoid strict penalties for late filing.
You can let us know whether weekly, bi-weekly, four weekly or monthly, payslips suit you and your business best.
Choose a contractor type
If you are a subcontractor (sole trader or Limited) we can help you register to be self employed and as a registered subcontractor with HMRC. We can help you to claim any CIS tax you’ve suffered during the year back from HMRC so you get any refund back quickly. We can also advise and assist in applying for ‘gross status’ when your turnover reaches the appropriate level.
If you are a contractor (sole trader or Limited) we can help you register as a contractor with HMRC’s CIS unit. If you already have a PAYE scheme, we can easily convert this to a PAYE/CIS scheme. We would submit your monthly CIS Returns to HMRC and advise you each month of the CIS liability due to HMRC as well as produce Payment & Deduction statements for your sub-contractors.
We would also verify any new subcontractors (you must do this before you pay them anything) and confirm with HMRC what rate of CIS tax needs to be deducted from their invoice.