Bookkeeping can be a time-consuming and involved procedure. Our bookkeeping team can take over this routine, yet crucial, accounting function, so that you can stay focused on your core business. You can provide us with the necessary paperwork in a way that is most convenient to you. We will review the information when it arrives, to ensure that all items have been received. Detailed work is then carried out using accounting software. Once the task has been completed and reviewed, you will be advised that it is available for your records. Alternatively, reports can be emailed to you.
We provide accountancy services for a wide range of companies. We prepare annual accounts for sole traders and limited companies as well as management accounts to control budgets, manage cash-flow effectively, produce trading forecasts and facilitate all business decisions.
When we prepare year-end accounts for our clients, we view it as an opportunity to discuss the recent performance and prospects for your business. This enables us to give constructive advice in all aspects of taxation and business development.
Let us handle your annual accounts and we will:
- manage your invoices and bank statements
- integrate your electronic data
- make all technical disclosures
- lodge them with the authorities
- avoid late payment penalties
We will do much more than simply complete your paperwork to a professional standard. We can also advise you on your most beneficial tax position and how your accounts will look from the perspective of investors.
With our help, your statutory accounts will not be a time-sapping administrative burden – they will help you identify and explore new business growth.
Starting a new business takes vision, commitment and a great deal of determination and the financial side of things can often seem daunting and confusing. Our team can take the financial strain for you so that you are free to concentrate on growing your business and realising your dream. You do not need to be an expert in finance to succeed in running a business – but you do need the support of a friendly, experienced team who are.
Bring us your business idea and we can help you to:
- decide on the most suitable structure for your business – sole trader, partnership, limited liability partnership or limited company
- complete any registration procedures with Companies House and HMRC
- prepare a business plan, cashflow projections, budgets, and trading forecasts
- assess the finance requirements, advise on the best sources of finance and draw up the necessary proposals
- help to establish a good working relationship with your bank
- set up a recording system for your internal use and for complying with statutory requirements
- handle your bookkeeping, VAT, payroll and other accounting requirements
Every limited company has statutory obligations with which it must comply. These are often overlooked, resulting in substantial fines for those in charge. In some circumstances, the company can even be struck off the company register.
M&Co Accounting Services can administering your company procedures, you can be assured that all statutory requirements are met. This leaves you free to run your business without fear of any penalties.
Keeping up with Companies House requirements can be complicated and time-consuming for Company Secretaries and Directors. That is why we offer the following services to ease the burden:
- Filing Annual Returns and Audited Accounts
- Maintenance of statutory books
- Registered office facility
- Company searches
- Comprehensive form filling and filing service
We will ensure that your Corporation Tax returns are calculated, prepared and delivered in a timely and efficient manner. We will ensure your tax liability is kept to a minimum whilst ensuring it is also fully compliant to HMRC regulations.We offer a complete service to deal with ongoing and annual corporate tax matters.
- preparation of annual corporation tax returns
- related correspondence with the Inland Revenue
- as a standard part of our audit we review your company’s taxation affairs. Our review encompasses all relevant taxes to ensure that any tax planning opportunities are not missed
- advice in respect of related company matters such as directors’ remuneration, dividend payments and group structure arrangements
The task of payroll and cis processing can often divert you from your core business activity. It is our job, at M&Co Accounting services, to help take the worry and time out of this process for you. By allowing us to look after your payroll and cis activity, we will free up more time for your staff to attend to other business areas, therefore creating more opportunities and raising efficiency in the business. Our payroll and cis services are thorough and, of course, compliant with HMRC‘s statutory requirements.
We can deal with every aspect of UK wages and salary requirements including:
- Setting up a new payroll system
- Using Real Time Information (RTI)
- Day to day payroll processing
- Dealing with PAYE and National Insurance deductions
- Completing your end of year returns
- Holiday pay
- Statutory pay
- Stakeholder pensions
Running a Limited Company under CIS
You can offset your CIS deductions taken from payments received against the following:
- any PAYE payments due to HMRC
- your Class 1 National insurance contributions
- CIS deductions the company has made from its own subcontractors
HMRC will repay any deductions that the company is not able to offset against its PAYE liabilities
Under RTI this is now done monthly using the EPS through payroll.
Offsetting your Monthly or Quarterly CIS liabilities
Each month or quarter you should offset your CIS liabilities against your PAYE/NICs payments. This will either reduce your CIS payments or eliminate it fully!
If your liability is reduced to nil and there are still some unused CIS deductions that have not been offset, you should carry these forward to the next month or quarter within the same tax year and don’t forget to tell HMRC that you have no liability to pay over for that period.
If the company’s CIS deductions available for offset in any month or quarter do not cover the whole of the company’s liability for that period you must pay over the balance to HMRC by the usual payment date.
Value Added Tax is often seen as one of the more complex areas of the tax rules in the UK. Our aim is to make your VAT compliance requirements as simple as possible for you to handle and understand. The VAT “goalposts” are constantly being moved as well as the ever changing stream of regulatory details. HMRC is constantly demanding more and more from a business which adds more stress on top of what you already have to manage. It is our expertise and expertly trained eyes that help you make sure you do not miss anything and do not fall foul of the rules.
We will make sure your do not pay the Exchequer any more than you need to. Our efficient and cost-effective VAT service includes:
- Assistance with VAT registration
- Advice on VAT planning and administration
- VAT control and reconciliation
- Help with completing VAT returns
- Putting processes in place to avoid future issues with HMRC
- Representing you at VAT related First-Tier tribunals.
What exactly is a ‘self assessment tax return’?
If you are self-employed, or a director of a company, or receive any other non-taxed income then you’ll need to file a self assessment tax return. It’s HMRC’s way of collecting Income Tax for the Tax Years 6th April – 5th April.
For someone self-employed, you’re expected to provide records including the details of all your sales and takings, and a record of your purchases and business expenses. This is just the start of everything you’ll need to do.
It’s a task which often fills people with dread, and needs careful attention.
All you need to do is send us the appropriate documents proving your income and expenditure, and then we’ll do the hard part for you.
- We carefully process your bookkeeping to check everything is in order
- We calculate your personal tax
- We’ll then complete your SA100 self assessment tax return
- Finally, we’ll file it and submit it to HMRC for you
Our self assessment tax service will save you precious time and money, so you can focus on running your business.
It couldn’t be any easier.
Construction Industry Scheme (CIS)
We can help your CIS management with no worries whether you are a contractor or subcontractor, feel free to rely on us.
As a contractor you must:
- register for CIS
- check your subcontractors are registered with HMRC
- pay subcontractors accordingly
- submit monthly CIS returns
- Pay CIS to HMRC
As a Subcontractor you must register with HMRC, if you are not registered, contractors have to deduct the higher 30% rate, instead of the registered 20% rate off your invoice.
Verifying and paying your sub-contractors
When you take on a new sub-contractor, you must verify them with HMRC
So what will you need?
- their name, or the name of their business or company
- their UTR – Unique tax reference
- their National Insurance number (if you know it) if they’re a sole trader
- their company registration number if they’re a company
Where to register them:
Use HMRC’s Online Services: https://online.hmrc.gov.uk/login
What about CIS under RTI?
- Limited company employers that have CIS deductions taken from their own income will also need to complete an EPS showing these deductions taken for the tax year to date in order to subtract these from the amount of PAYE due to be paid to HMRC.
- The CIS300 monthly contractor returns will continue unchanged and still need to be completed and submitted monthly as now. Late filing penalties for missing the CIS300 due date will also remain unchanged.
- The PAYE charge (taken from the FPS returns) and the CIS charge (taken from the CIS300 return) together will form the total charge for the month (after deducting any amounts on EPS returns) and will be compared with what the employer/contractor has paid for that month.
- CIS deductions taken from limited company subcontractors and shown on the EPS will be offset against the company’s PAYE/CIS liabilities for the year to date, with any excess CIS deductions being carried forward each month until the end of the tax year.
- Limited companies that have an excessof CIS deductions over and above the amount of tax/NICs/CIS that they are due to pay to HMRC in their capacity as an employer will not be able to claim a repayment of these CIS deductions until:
- The final FPS for the year has been submitted (due by 19 April each year where payments to employees are made in the period 6 March to 5 April)
- The company has paid all amounts due to HMRC for the tax year in their capacity as an employer/contractor
- The tax year in which the CIS deductions were made from the company has ended.
- If you submit an EPS to report if a nil payment is due for the month, a nil CIS Monthly Return will also still be required.
Some of our Our Fees
Fees will vary as every client is unique and will have different needs and requirements.
However, to give you an idea of the fees that we charge, please see below a guideline for our most required services:
- Year end accounts and tax filing – From £50 per month
- All Services; Bookkeeping, Payroll, VAT, Year End accounts, Self-Assessment – From £18-£20 ph or fixed monthly prices are available depending on your needs and requirements.
- Managed Payroll / CIS service – From £30 per month
- Monthly bookkeeping support and software licence – From £35 per month
- Self Assessments/ Personal Tax – From £60