Management Accounts

Management accounting is a service we offer to provide directors and managers within organisations with the information they need to make informed business decisions that will allow them to be better equipped in their management and control functions. With a good set of management accounts, you can quickly get back in control of your finances. We will discuss the accounts with you, explaining the significance of the figures and trends.

Preparation of management accounts throughout the financial year also benefits you in a number of other ways. Working in this way gives a much greater opportunity for tax planning, helping you minimise or defer your tax liability. Additionally the preparation of management accounts helps ensure you only take dividends from your company when legally available, and therefore avoid unnecessary tax liabilities on your drawings. They will also speed up the process of finalising your accounts at the year end, so you know your financial position and tax liability almost straight away, rather than up to nine months after your year end!


Year end Accounts

Accurate and timely accounts production ensures you pay the right amount of tax and avoid any fines for incorrect or late tax returns. At Tax Concept we will ensure your accounts are produced with great accuracy and in full compliance with current tax legislation and Company Law.

The preparation of accounts is viewed not only for compliance purposes but also as an aid for management to enable ongoing strategic advice to be offered and to maximise profitability. We take the time to explain your accounts to you so that you understand what is going on financially within your business, helping you to plan for the future.

We will also prepare your Corporate tax return and advise on Capital allowances including annual investment allowances, first year allowances and other industry specific reliefs


VAT

No area of financial legislation is as complex as VAT. VAT places a significant administrative burden on small businesses, however there are different VAT schemes which can improve your cashflow and reduce your overall VAT liability. Did you know for example that by simply changing VAT schemes you could potentially save thousands of pounds a year?

The flat rate VAT scheme is a little known but often very beneficial scheme that simplifies the VAT process and can lead to significant income advantages for certain types of businesses. Under the scheme you charge VAT at 20% on your invoices but pay over VAT to HMRC at a lower rate, between 4% and 14.5% of gross sales. The catch being you cannot reclaim VAT on purchases.

Flat rate VAT is very popular with freelancers, contractors, consultants and people in service industries. Anyone in a business with relatively low costs compared to sales may benefit significantly from the scheme.

At Tax Concept we will fully review your position to ensure you are fully compliant with prevailing VAT legislation and registered on the most beneficial VAT scheme for your business. We will then take care of all the administrative requirements including online VAT registration, VAT return completion and VAT investigations.

Our fully inclusive VAT service includes:


Personal Tax

Self-assessment is the way that you notify HMRC of any income you receive that is not covered by PAYE. There are strict deadlines for submitting this information, with automatic fines and interest payable if you miss them. HMRC have a wide range of powers with regards to opening enquires, discovery assessments, raising determinations of tax and requesting records and information.

Using us to prepare your self assessment tax return can save you time, money, and hassle. We complete all of the necessary accounts, computations and returns, as well as offering advice on how you can minimise your liability.

We will deal with HMRC on your behalf and can handle any tax investigation work for you, even acting for you at meetings with HMRC.

Our aim is always to minimise the tax charge without taking risks that are unacceptable to the client. We aim to see that the right amount is paid at the right time on the basis of full, accurate and timely disclosure. Our work, therefore, is divided between tax compliance and planning, which means we need to know our clients, their families and their circumstances particularly well. We assume a role somewhere between trusted advisor and knowledgeable friend – a role vital in ensuring clients are able to keep and enjoy more of what they earn and bequeath it to the next generation.


Payroll

Whether you employ only a handful of people or a large workforce, dealing with the payroll and ensuring compliance with employment legislation, and avoiding possible fines, can be yet another burden and concern.

The saving in time and effort alone is worth it. Once we have taken on your commitments, you should have no more than a couple of e-mails to deal with: we will prepare the payslips, make the payments and look after all the associated paperwork.

Our payroll service includes all of the following:


Bookkeeping

Our bookkeeping services are beneficial to those business owners who are concerned about the accuracy of their accounting records or want to grow their business rather than become an Accounts clerk. We are extremely flexible with bookkeeping services and we offer these at the rates that will not disturb your budget.

If you opt for Tax Concept’s bookkeeping services you simply give us your bank statements, receipts and invoices every month or quarter. We’ll then take care of all the bookkeeping and if you’re VAT registered we’ll even submit your VAT returns for no additional charge!

If you decide to perform the bookkeeping personally then we can provide you with a bookkeeping spreadsheet or bookkeeping software to aid you. We can also provide training to improve your skills as a bookkeeper.


Start-up

Setting up a new business presents many challenges. Friends and relatives might tell you that your idea is great and it’s going to be a success, but from an accountant’s point of view there is a list of necessary steps to make sure that your project is well grounded and can be turned into reality.

Whilst generating new customers for your business is undoubtedly crucial, securing your business on the right tracks, with the correct financial structures in place from the very start, will ensure that you operate in a lean and tax efficient way.

We offer free informal meeting at which we will judge your ideas constructively, providing solutions to all your queries, help you think in a way that would prove to be beneficial for your future venture and give your business a head start with the best advice that your new venture requires.

We will review your business plan and provide advice on how best to manage your accounts and bookkeeping. You will come away from this meeting with plenty of tips and information to help you decide upon your preferred trading options, understand the financial records that you should maintain and appreciate how to run your business most efficiently for tax purposes.

After the meeting there is absolutely no obligation on you to instruct Tax Concept as your accountant. To arrange an appointment please contact us at info@taxconcept.co.uk


Contractors

We completely understand that being a consultant, contractor or freelancer means you need a range of high quality, comprehensive, user friendly and value for money services, which are specifically designed with you in mind. You have probably heard the terms IR35 , umbrella company and Personal Service Company. They might sound confusing, but we can help you choose the best option for you. In certain circumstances you can operate through your own limited company – which is far simpler than it sounds and can have huge financial advantages.

The key benefits of a limited company over an umbrella company or being on the payroll are:

It’s important to know that operating under a limited company does not apply to all clients. In some circumstances it is more suitable to use an umbrella company or to contract via the PAYE system. The crucial point is that if you are a contractor, freelancer, consultant or you have flexibility how you receive income then you should speak to a specialist accountant to review your options.

With the experience and knowledge of Tax Concept backing you up, we are confident that you will find that the process is more straightforward than it may first appear.

Tax Concept