Every business whether a Limited Company, Partnership or Sole Trader must prepare annual accounts to fulfil its legal obligations.
At Meacher-Jones, our highly qualified and dedicated team know they have the potential to offer you much more in respect of accounts and taxation compliance.
Because we believe in getting to know our clients’ businesses, we are ideally placed to prepare and interpret the accounts and advise you on mitigating your tax liabilities.
We can prepare accounts from a box of paper invoices right through to fully reconciled computerised data – just leave it to us.
Fixed fees are available upon request.
All UK based limited companies are subject to corporation tax on their profits.
You must calculate for each accounting period how much profit your company has made and how much corporation tax is payable on those profits.
This information must then be reported to HMRC on a corporation tax return form, with accounts and tax computations submitted to HMRC in support of the return. Businesses typically need to file a corporation tax return 12 months after the end of their accounting period.
There are strict penalties for filing late returns and interest charged if tax is paid late, so it is important that deadlines are adhered to.
With corporation tax reliefs and rates changing on an annual basis, it’s essential to make the most of all of the exemptions, allowances and deductions available for tax returns calculations. Meacher-Jones can advise on the reliefs that you are entitled to that can help reduce your bill and ensure you report the correct information to HMRC.
Management accounts are a set of financial statements prepared either monthly or quarterly, which provide clear insight into the financial trading position of your business.
Management accounts for small businesses typically include a profit and loss account, balance sheet, cash flow statement and a short report.
They aren’t required by law, and they don’t have to be filed with HMRC – but they’ll put you more in control of your finances than ever before, making it simple for you to check your progress as well as supporting day to day decision making and strategic planning.
You are required to pay personal tax on money earned from your income, pensions, savings and various other benefits. Completing a Personal Tax Return, otherwise known as a self-assessment tax return, involves reporting your personal earnings for the relevant tax year.
Your personal tax deadline is midnight on 31st January the year after your tax year ends. For example, for the tax year ending 5th April 2020, it will need to be submitted before 31st January 2021. There is an instant £100 late penalty if the deadline is missed.
Meacher-Jones can take care of everything for you from completing the forms and calculating your tax liability or tax refund, to verifying all the information with you before submitting your Personal Tax Return to HMRC on time.
The team at Meacher-Jones are brilliant at helping me understand tax issues in understandable language. It’s always great to deal with real people, especially when they’re so friendly, down to earth, and understanding of the pressures that businesses are under. I’d highly recommend them.