Accountant In Portsmouth - Harmonix Accounting

Annual Accounts

At the each end of your business’ financial year you are required to compile your accounts to determine the taxable profit. The format of these accounts will depend on the structure of your business e.g. sole trader or Limited company. There is no prescribed format for sole trader accounts, but records must be kept and HMRC legislation followed to calculate taxable profit.

The Companies Act prescribes detailed formats for company accounts. These will depend on the company’s size; determined by its assets, turnover and employee numbers. These must be submitted annually to Companies House. Annual accounts are usually just compiled for HMRC compliance purposes. Businesses who want to track their financial performance should consider management accounts. I can provide efficient solutions for your business depending on its industry sector and complexity... Read More About Our Annual Accounts Service

Tax Returns

Sole traders and partnerships are required to submit their tax returns in the form of annual self-assessments. However, from April 2018, HMRC are introducing ‘Making Tax Digital’ requiring quarterly returns for these for these types of businesses.

With this in mind, sole traders should seriously consider using software based accounting systems.

A limited company is a single legal entities which means, like a person, they have to submit their own annual tax returns known as a CT600. These must be submitted, together with their company accounts, to HMRC annually.

Other individuals may be required to submit self-assessments for reasons such as; renting out a second property, the sale of property/investments, or those whose income exceeds £100,000... Read More About Our Tax Returns Service

Payroll

If you employ people, HMRC requires you to calculate PAYE and national insurance deductions each time they are paid. At the same time you must submit a return to HMRC detailing the deductions, known as RTI reporting. The amounts deducted must then be paid to HMRC on a monthly basis.

If you are in the construction industry and employ subcontractors, you are required to submit CIS returns to HMRC each time they are paid. Based on their status with HMRC, you may be required make deductions from your subcontractors. Again, this must be paid to HMRC on a monthly basis.

There are other employer obligations with payroll such as maternity/paternity pay.

I provide a full payroll service so you can concentrate on your business. Employers also need to consider the introduction of the Auto-Enrolment Pension Scheme, where all employers must have a pension scheme in place for their employees... Read More About Our Payroll Service

Contractors

An increasing amount of people have taken up the option to work for themselves by working as contractors within their profession. This can provide a more flexible and rewarding form of working. However, most businesses that employ contractors insist on them trading through limited companies. This insures the employing company are not responsible for the contractor’s tax.

Creating (incorporating) a company to contract your services under can be an efficient way to minimise your tax liability. However, caution is advised because your company could be classed as a Personal Service Company (PSC). Legislation exists, known as IR35, which is designed to test whether a contractor’s work is actually disguised employment. If you are classed as a PSC then the tax advantages of working through a company are reduced significantly. This can be a complex area for many. I am fully conversant with the legislation and can advise you accordingly. I offer a full contractor package to cover all of your needs... Read More About Our Contractors Service