Whether you are a sole trader, partnership or limited company, you will be required by law to prepare annual accounts. Your final accounts will be the foundation for preparing your tax return.
We provide a full service such as preparation of final accounts and tax returns for small and medium businesses and individuals. Letting us to prepare your year-end accounts will relieve you of what can be time consuming and an extremely stressful exercise.
We also provide a full service in the preparation of final accounts and tax returns for small limited companies as they are audit exempt. To qualify for total audit exemption, a company must:
Qualify as small
Have a turnover of not more than £6.5 million
Have a balance sheet total of not more than £3.26 million |
The preparation of your annual accounts and other business reports depends on accurate and timely bookkeeping. All businesses are required to keep accurate records for both, taxation and VAT (Value Added Tax) purposes.
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business.
At Sarom Associates we can take the strain out of routine accounting and allowing you to concentrate on your business. We can provide a weekly, monthly, or quarterly book-keeping service depending on your requirements.
Book-keeping services include:
Processing of all sales and purchase ledgers
Invoicing
Reconciliation of bank accounts
Completion of VAT Returns
Book-keeping on-site or off-site |
Management accounts are invaluable in helping you to make timely and meaningful management decisions about your business. Different businesses will have different management accounting needs, depending on the business areas that are important to them. These can include:
The sales process - including pricing, distribution and debtors
The purchasing process - including stock records and creditors
A fixed asset register - details of all fixed assets, including identification numbers, cost and date of purchase, etc.
Employee records
There is no legal requirement to prepare management accounts, but it is hard to run a business effectively without them. Most companies produce them regularly, e.g. monthly or quarterly.
Management accounts analyse recent historical performance and usually include forward-looking elements such as sales, cash-flow and profit forecasts. The analysis is usually performed against forecasts and budgets that have been produced at the start of the year.
We can prepare management reports on a monthly or quarterly basis. These reports are prepared in accordance with your requirements.
Our management reports include:
Profit and loss statements
Balance sheets
Variance reports
Accruals and Prepayment schedules
Aged Creditor & Debtors Account
Annual budget and forecasts
Cash flow
Any other reports and analysis required |
If you are registered for VAT in the UK, we can prepare VAT returns on your behalf or provide you with the accounting reports necessary for you to prepare the returns. Value Added Tax is one of the most complex taxes imposed on business, so complex that many businesses inadvertently overpay or underpay VAT. The ever widening scope of VAT, the constant stream of detailed changes to the regulations, and the ever growing demands of Customs and Excise call for a trained professional eye to ensure that you do not fall foul of the regulations and do not pay the Exchequer more than you need to!
Assistance with VAT registration
Monthly and Quarterly VAT Returns
Advice on VAT planning and administration
Use of the most appropriate scheme
VAT control and reconciliation
Help with completing VAT returns
Planning to minimise future problems with Customs and Excise
Negotiating with Customs and Excise in disputes
If you are in business, you must register for VAT if your VAT taxable turnover for the previous 12 months or less is more than £70,000 or if you think your VAT taxable turnover may go over the threshold in the next 30 days. This figure is known as the VAT registration threshold.
It is important to remember that turnover is the amount of money going through the business, not just the profit.
Even if your business turnover lies below the current threshold, you can still register for VAT, since there may be business benefits in doing so (worth checking with your accountant or direct with HMRC).
Since April 2010, most businesses have to submit their VAT returns online, and pay their VAT liabilities electronically. From April 2012, all businesses regardless of size and incorporation date will need to submit their returns online and pay their VAT bills online.
|
Completing a Tax Return can be a stressful experience, even if there are only a few entries to make. There are various filing deadlines to meet, depending on personal circumstances and as those deadlines approach, the task can seem more and more daunting.
Tax returns are issued to people with complex tax affairs, but also to individuals who receive:
Income from self-employment or from a partnership business
Rent or other income from land or property
Income from overseas
Other income which is received gross, i.e. without tax deducted.
Our service covers a number of Tax Returns and Self-Assessment key areas:
Preparation and submission of Tax Returns
Self-Assessment
Partnership & Partners Tax Returns
Corporation Tax Returns
Capital gains tax
Property tax
|
Completing a Tax Return can be a stressful experience, even if there are only a few entries to make. There are various filing deadlines to meet, depending on personal circumstances and as those deadlines approach, the task can seem more and more daunting.
Tax returns are issued to people with complex tax affairs, but also to individuals who receive:
Income from self-employment or from a partnership business
Rent or other income from land or property
Income from overseas
Other income which is received gross, i.e. without tax deducted.
Our service covers a number of Tax Returns and Self-Assessment key areas:
Preparation and submission of Tax Returns
Self-Assessment
Partnership & Partners Tax Returns
Corporation Tax Returns
Capital gains tax
Property tax
|
The growing complexity of taxation, employment legislation and the accompanying regime of penalties for non-compliance make it increasingly difficult to administer your payroll. If you ignore these obligations penalties are now issued automatically and arise when employer return forms are submitted late or when the Tax and National Insurance deducted from employees wages are paid late to HMRC.
We can relieve you of this burden by providing a comprehensive and confidential payroll service, dealing with:
Payrolls processed from one employee upwards
Production of payslips and all necessary payroll records
Calculation of payments due to HMRC (PAYE & NIC)
Statutory Sick Pay
Statutory Maternity Pay
Student Loans
Preparation of P35s, P45s and P60s
Completion of year-end reports with on-line filing available
|
Your company has an obligation to file an annual return and other documents with Companies House. We can deal with all the official paperwork normally required by the Companies House.
Our full Company Secretarial services will take care of:
Register of company members
Register of company directors and company secretary
Register of application and allotments and return of allotments
Registers of transfer of shares, debenture holders, and charges related to the company
Acting as Registered Office
Completion of Annual Returns
Provision of standard Minutes for annual meetings, dividends, resignations/appointments etc.
We can provide this service for your company thereby ensuring compliance with these requirements.
|
If you want to form a Company, we can do it for you. We research whether your chosen name is available and provide you with an answer immediately. We provide following services.
Company Formation
VAT registration (You normally have to register for VAT if your sales are over £70,000 for the last 12 months or are
expected to be more than £70,000 for the next 12 months)
PAYE registration (You cannot employ anyone or draw salary as a Director unless your company is registered
for PAYE)
|
We provide a full service preparing annual accounts prior to finalization by your company. Letting us prepare your clients year-end accounts can be a very cost effective solution to you and your clients in the present economic climate.
Sarom Associates can provide a part or full outsourced accounting service for your client, tailored to each specific need. Our flexible approach to outsourced accounting allows us to work on or off site.
Preparation of management accounts and interpretation
Book-keeping
Payroll
Sales ledger management including credit control
Purchase ledger management including payments to suppliers
VAT
Preparation of annual budget
Monitor cash flow and take pre-emptive action
Review key performance indicators and trends emerging
|
Problems with data entry and accounting information
There has been a great deal of hype over the past few years regarding the computerisation of financial information. Business owners have rushed out to buy accounting software.
After hundreds of hours of data input, management information and reports may not make sense or accounting information is incorrect.
If your company books are a mess, we are the people to call. We have years of experience in straightening your records. We can come in, analyse and correct your records so that they reflect an accurate portrayal of your financial standing.
Once your records are fixed, we can give you guidelines to help keep your accounting records accurate, and to structure duties to reduce the risk of future errors.
We are also available to review your accounting on an on-going basis to make sure you have accurate records on which to base your decisions on.
Advice on accounting software selection and set up
Data entry procedures and data reconciliation
Data correction and problem solving
Onsite training
Conversion
|
A Finance Director/Financial Controller is an essential requirement in order for any business to successfully develop. However, not all companies need or can afford to employ a full-time Finance Director. In order to sustain and to grow your business, it is vital to have solid financial expertise and experience. While you will be best placed to know your market and your customers, we can add value to your business by giving you that expert financial input and helping you to formulate your financial strategy.
Prior to setting-up his accountancy practice Mr Rauf (Partner) held the position of Finance Director (CFO) for a group of companies, with an annual turnover of over £20 million, for 18 years. During this time, he has acquired the expert knowledge and is well placed to give you the advice you need and to offer solutions to the day to day problems your business may face. Sarom Associates offer the perfect solution for firms that need a Finance Director whether it is to address short-term needs or in a permanent, part-time CFO role.
Increasing profitability
Preparation of business plans for start-ups and new investment projects
Improving your cash flow
Budgeting, forecasting and strategic planning
Consultancy and guidance on financial policy and future direction
Advice and assistance on seeking external finance
Investment appraisal
Strengthening internal controls in order to enhance efficiency and reduce risk to the business
Run financial relationships with external bodies (statutory authorities, auditors etc.)
Flexible involvement/attendance on a regular or ad hoc basis
|
|
|
|
Sarom Associates Services