Book KeepingAccounts PreparationManagement AccountingPayrollVATPersonal Income TaxCorporation TaxCIS

Bookkeeping

Your book-keeping records are your arithmetic ‘trail’ of your business activity on a regular basis. It is essential that these records are as accurate as possible and not left to fall behind or become inaccurate as you then have no true indication of how things are going.

Here at Grace Bellairs we understand that book-keeping is not always in the best interests of the individual as of course the main priority is to boost customer relations, quality of service and eventually higher profits. But, how will you know if your business is profitable? You need your book-keeping records and if they have been forgotten and sitting at the bottom of a pile then no one knows how well the business is doing.

Grace Bellairs can relieve you of this burden giving you a lot more free time to relax and focus on building a profitable business.

Outsourcing is a viable option you should consider. Our services include:

• Day-to-day book-keeping
• Reconciliation of bank accounts
• Credit control
• Invoicing

Accounts Preparation

Accounts preparation can be a time consuming exercise for a business. Year-end accounts are a statutory necessity whilst management accounts, usually monthly or quarterly, are critical for effective financial management.

You choose the level of involvement you want us to have. We can supply you with a full accounts preparation package of regular management accounts and year-end accounts. Alternatively, we can simply provide you with a timely, cost-effective year–end accounts service.

We work with you to devise a system of effective accounts preparation individually tailored to your circumstances and needs. Throughout the year, our aim is to support you in producing, on a regular basis, the information you need to monitor your business and take the key decisions that will determine your success. At the year-end we will turn around your results as quickly as possible, enabling a useful review to take place and helping your cashflow management by an early appraisal of your tax position.

Management Accounting

Regular management accounts could make all the difference between profit and loss for your business at the end of the year. They can help you make the right decisions about investment, staffing and funding that could be business critical.

You need to maintain control over the finances of your business and to ensure that it is trading profitably. We can help you see exactly where your business is, how it is performing against budgets as well as variations and trends, giving you the incisive analysis you need.

At Grace Bellairs, you have the quality of expertise and all the services you need under one roof including bookkeeping, management accounts, invoice processing, year end accounts, corporation tax, VAT requirements and more.

Payroll

How long do you spend preparing the business’ payroll? Do you find keeping on top of the latest leglisation and taxation changes a waste of your valuable time?

Would you like to have the peace of mind that your payroll requirements are being met, accurately and efficiently?

At Grace Bellairs, we can relieve you of the burden of everything related to payroll so you can use your time more profitably and concentrate on your business. Whether you have a few employees or a few hundred, our comprehensive, confidential payroll service can save you time and money. You can simply choose the level of payroll support that suits you. You can rest assured that we use the latest software, ensuring speed, accuracy and efficiency and know that we are RTI and Auto-Enrolment ready and compliant.

• You can easily add new employees, change pay rates or include bonuses.

• You can trust us to ensure you are kept up to date with any changes in legislation.

• We can simply let you know the amounts you need to pay to HM Revenue & Customs and when they are due. We will also deal with any HMRC payroll queries for you.

• You can also rest assured that if necessary we can undertake your year end payroll reporting and Form P11d compliance requirements.

VAT

VAT is one of the most complicated of all UK taxes. It is ‘policed’ most vigorously by their various departments. VAT computation is not simply about adding up the output liability and taking off the input liability. We have therefore established VAT & bookkeeping services as one of our core areas of expertise.

So, whether you need to register/de-register, file a return or simply enquire about the registration/de-registration thresholds you have come to the right place.

We can register you for VAT (if needed) and also file your quarterly returns, as today you are required to file online. We will of course let you know how much needs to be paid and when and will give you a little reminder as to when it is due to be paid. Just one of the perks of using our services!

Personal Income Tax

We have the expertise and software to take the headache out of the form filling and compliance aspect of Self Assessment. We can provide you with practical advice on personal tax positions and the planning opportunities available to you. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.

Whether you are a self employed sole trader or Director we are able to set you up for self assessment as your agent. This means that when the time comes we can file your return for you on your behalf. This means you do not have to worry. You can also ask us about National Insurance contributions for self employed persons as we can set you up for this also.

As standard, we will let you know when you need to pay your tax liability and how much. We will also send you a little reminder when it is due to be paid!

 

Corporation Tax

Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner. We will also calculate your company’s tax liability and assist with the calculation of any quarterly instalment payments.

The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective corporate tax planning can also result in significant improvements in your bottom line.

And, should you be using Grace Bellairs for your complete accounts package, the corporation tax return filing comes as standard!

 

CIS

CIS or Construction Industry Scheme is an HMRC scheme aimed at those in the construction industry making sure that the right amount of tax is being paid. However, when deductions are made they are made without any consideration for the personal allowance nor any legitimate business expenses. Therefore, a lot of sub-contractors end up having paid too much tax.

This is where we come in. We can complete your return and make sure that all the expenses you can claim for are claimed and then work out whether or not you are due a rebate. If you are due a rebate we will get this processed ASAP for you and keep you updated every step of the way.

Remember, if you are not registered with HMRC as a sub-contractor your employer will have to deduct tax at 30%. It pays to be registered!

 

Frequently Asked Questions

Can I switch to Grace Bellairs?
Of course!  We will liaise with your previous accountants to obtain professional clearance and all the information we need.  You just need to sit back, relax and let Grace Bellairs do the rest.

Does Grace Bellairs offer fixed fees?
Yes!  All of our fees are agreed with you upfront and are split over 12 equal monthly payments.  These are paid by you via a standing order.  Fees will only change if you change the level of service

Why should I have an accountant?
Whilst it is not a legal requirement to have an accountant file your statutory documents you may wish to consider a few things such as whether you have the time to dedicate to your accounts as any limitation in knowledge will cost you money, accountant’s fees are tax deductible and it is probably best for you to focus on the things that make you money.

Do I need to be VAT registered?
The current compulsory threshold for VAT registration is £85,000 which means if your turnover in the last 12 months is over this figure or it is likely to go over in the next twelve months you will need to think about registering your business for VAT

 

Should I have a separate bank account?
Yes.  For LTD companies it is a legal requirement.  For sole traders, although not a legal requirement we strongly advise you have a separate bank account.

What are the self-employed deadlines?
The deadline for tax return submission for sole traders is 31st January. Payments on account are paid 31st Jan and 31st July, if applicable.

What are the deadlines for companies?Companies have their own financial year end given by companies house, this is usually twelve months after they initially set up. They then have 9 months from their financial year end to file their abbreviated accounts with companies house and 12 months to file their corporation tax return and accounts with HMRC.

Do I need to operate a payroll scheme?
If you are paying any individuals to assist you with your business and they meet HMRC’s guidance for what is deemed “employment” rather than “self-employment” then you will need to administer a payroll scheme to ensure they are being taxed appropriately. If you fail to do this you can be held responsible for the tax and national insurance that you should have deducted from them and passed over to HMRC. We can advise you on whether you require a payroll scheme and also run it for you in full right through to providing payslips for your staff and even physically making the BACS payments into their accounts on pay day. If you are a one man band limited company you may still benefit from setting up a payroll scheme to take advantage of the tax free personal allowance you can pay yourself. We can look at your individual circumstances and advise you on the best course of action.


Call 020 3620 5598

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Your business is personal to you, we understand that. At Grace Bellairs we treat our clients the same way, with a personal touch.#accountant

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Grace Bellairs Accountants Ltd
27 Leith Hill
Orpington
Kent
BR5 2RS
Company Registration No: 077216167


License Number 8238
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