Accounts and Tax

Not many people look forward to preparing their accounts or filing their tax returns. However, while we can’t eliminate all of the hassle, we can help to make sure that your accounts are prepared and your tax returns filed with a minimum of drama. We’ll also make sure you’ve taken advantage of any tax reliefs that could reduce your final bill.

Our Limited Companies Accounting Service

Every limited company has a statutory duty to produce annual company accounts that reflect its financial status. As part of our accounting service we help SMEs to create a full set of company accounts in accordance with the relevant accounting standards. Once signed off, we’ll file your accounts with Companies House and then prepare the relevant tax returns. Tax services provided include:

  • Corporation Tax
  • VAT
  • Payroll
  • Director’s personal tax returns

Our Sole Trader / Partnership Accounting Service

As a sole trader or partnership, we will produce a set of accounts to the relevant UK accounting standards. This both provides an important financial summary of the company and allows accurate tax returns to be compiled. The tax returns are then submitted to HRMC. Tax services include:

  • Income Tax and National Insurance
  • VAT
  • Payroll

Cloud Accounting And Technology

‘Cloud Accounting’ has become a buzz term in the last few years. At SYKAM we use technology to improve, rather than replace, personal communications and we avoid imposing new software on our customer.

We are happy to work with clients that use Quickbooks, Xero and others; you choose the system that works best for you.

We also use a secure system for e-signatures and secure document transfer. E-signatures helps to streamline the process, and in an age of constantly evolving cyber-threats a system for secure document transfers means there’s one less thing for all of us to worry about.

When Did You Last Discussed The Following With Your Accountant?

  • Timing – The timing of your purchases (and sales) of equipment can have a significant impact on your final tax bill.
  • Hiring and Lease Purchase vs Outright Purchase – Different methods of purchasing vehicles and equipment can have a different tax advantages.
  • Pension Contributions – particularly relevant for directors of Limited Companies, pensions can be a powerful tax reduction strategy.
  • Dividends – typically your most tax-efficient route is to pay yourself a salary up to the level of your personal allowance, and then pay any further monies as Dividends.

As a SYKAM client we encourage you to call us before making key purchasing and remuneration decisions, so that we can calculate the tax benefits of each option for you.

Stuart at SYKAM has been instrumental to our business developing from start up to maturity. Stuart himself is a great guy, very personable and always available to help. He has always taken the time to explain everything fully to me so I could make informed decisions with our accounting and financial planning. We would certainly recommend Stuart as an accountant and business advisor.

Matt Fountain MD
Freedom Bakery
Glasgow