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 take advantage of any tax reliefs that could reduce your final bill.
OUR LIMITED COMPANY 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 businesses 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
- 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 business and allows accurate tax returns to be compiled. The tax returns are then submitted to HRMC. Tax services include:
- Self assessment returns
CLOUD ACCOUNTING, TECHNOLOGY AND TRAINING
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 Xero, Quickbooks and others; you choose the system that works best for you although we are here to guide you with this decision.
We are Certified Xero Trainers and can provide specific Xero training and support for clients. Whether
you are a beginner or more experienced user we can help you get the most out of Xero.
HMRC will require all businesses to keep accounting records digitally as part of their programme to roll out Making Tax Digital (MTD). We will help you choose the appropriate means to keep records digitally for your business.
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 discuss 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.