All businesses have to prepare annual accounts and/or tax returns for submission to HMRC. Your Tax Shop can help you prepare and plan for the year-end process and work with you to ensure your business accounts are accurate and are completed in a timely manner. 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 the processing of tax returns and year-end accounts.
Producing regular management information is crucial to the continued success of any business. One of our dedicated Client Care Managers will work closely with you to get to know your business, so that we can make any suggestions to help improve profits or to help you develop and grow your business. We can also prepare your monthly or quarterly management accounts to ensure you always have reliable and accurate information to hand, and can be useful when it comes to making important business decisions.
To run alongside our 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 also advise as to whether you need to become VAT registered – and when's best to register. The timing of registration is vital and it really is something you should take note of 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 on time to avoid strict penalties for late filing. You can let us know whether weekly, two-weekly, four weekly or monthly, payslips suit you and your business best.
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If you are operating as a sub-contractor, we can help you register to be self-employed and a sub-contractor with HMRC. We can help you to claim any CIS tax that you’ve had suffered during the tax year back from HMRC so you get any refund due paid back quickly. We can also advise and assist in applying for ‘gross status’ when your turnover reaches the required level.
If you are operating under CIS (Construction Industry Scheme) as a contractor, we can help you register as a contractor with HMRC. If you already have a PAYE scheme, we can easily convert this into both a PAYE and CIS scheme for you. We would submit your monthly CIS Returns to HMRC on your behalf, and advise you each month of the CIS liability due to HMRC, as well as producing Payment & Deduction statements for your sub-contractors.
We would also verify any new subcontractors (you are legally required to do this before you pay them anything) and confirm with HMRC what rate of CIS tax needs to be deducted from their invoice.