Compliance & Support ServicesAddressing regulatory compliance & increasing time available to you for core business activities

We provide a range of compliance & support services which can both provide you with assurance that your accounting, tax and regulatory affairs are in order and provide you with additional valuable time to concentrate on running your business and achieving your ambitions.

Increasingly initiatives, such as HMRC’s Making Tax Digital, necessitate the transition of accounting processes from manual to computerised systems and require reporting of accurate, up-to-date information in real time. With ever changing regulations and growing regulatory demands, compliance can be a difficult administrative process distracting you from your core business operations

Our range of compliance & support services include:

Bookkeeping

We can provide you with a bookkeeping service – or assist you in understanding how to undertake your own bookkeeping effectively. We can also advise on the right book-keeping system for your business.

You may need support ensuring your sales, purchases and banking entries are necessarily up to date and correctly coded for VAT and corporation tax purposes - or you may want us to fully reflect the assets, liabilities, income & expenses of the business each month or quarter, for management reporting purposes, by applying depreciation to fixed assets and making manual adjustments for prepaid expenses or for liabilities such as corporation taxes.

Accurate & up to date bookkeeping is the fundamental bedrock upon which compliance and the effectiveness of all other accountancy services are built.

Without correctly coded transactions, your VAT & Corporation Tax returns may be incorrectly reported, or time wasted in necessary corrections. If management reports are relied upon without bookkeeping entries reflecting business assets, liabilities, income & expenses in full management may make incorrect decisions regarding the business & reserves available for shareholder distribution.

Payroll

Running a payroll can be time consuming and complicated – this is where red tape can really hit home! Minimum wage regulations, changes to tax coding, payroll deductions, benefits in kind, pensions auto-enrolment – all with the need to provide payroll real time information to HMRC - can place a huge administrative obligation on an employer. We can relieve the pressure and offer a tailored service to your business, including:

  • Registration with HMRC
  • Employee payslips
  • Monthly summaries
  • Dealing with leavers and starters
  • Holidays & absence management
  • Provision of analysis of staff costs
  • Real Time Information (RTI) PAYE returns
  • Assistance with automated payment set-up
  • Statutory payments
  • Student loan deductions & attachment of earnings orders
  • Summary P60s for employees at year end
  • Benefit and expenses returns – P11D, P46 (car), etc
  • Pensions auto-enrolment support

VAT & Other Tax Compliance

Ever changing regulations, increased use of online sales portals, cross-border sales and the growing demands of HMRC mean VAT compliance can be a difficult administrative process. Changes in the United Kingdom’s trading relationships with Europe can only be expected to further increase this complexity. We can help to ensure that you comply with the regulations and that overpayments are not made. To help you manage this complex area, we can provide a range of services, including:

  • advice on VAT liabilities, planning and administration
  • assistance with VAT registration
  • use of the most appropriate scheme
  • VAT control and reconciliation
  • help with completing VAT returns
  • VAT MOSS & EC Sales
  • assistance with tax on company interest payments (CT61 returns)
  • planning to minimise future problems with HMRC
  • negotiating with HMRC in disputes and representing you at tribunals if necessary.

Company Secretarial Duties

There is more to statutory compliance than ‘simply’ filing accounts and tax returns. If you are a business owner, you also need to ensure you are complying with the Companies Act. The directors of a company have an ongoing duty to ensure the information held on both the public register at Companies House and your own Statutory Registers are correct and that any changes are promptly reflected – typically within 14 days to a month of the event occurring. Several common situations – such as significant loans to directors or dividend payments – require either specific resolutions or minuting within board minutes. Non-compliance with the correct processes can have legal & tax implications for directors authorising payments and for recipients.

We can help by carrying out the company secretarial duties for you, including:

  • Maintenance of Statutory Registers
  • Filing of Confirmation Statements
  • Events-driven filings
  • Giving notice of General Meetings
  • Drafting agendas for company meetings
  • Preparing minutes of Board & General Meetings
  • Recording resolutions made by limited company directors or shareholders
  • Completion of share transfer forms
  • Preparation of share certificates
  • Preparation of Dividends Vouchers and supporting board minutes

Liaising with banks and institutions

We offer support when liaising with banks and other financial institutions. Drawing on our wealth of experience we can support our clients through this often-daunting experience.

CIMA