Accountancy
Accountancy
Our accountancy service can be tailor-made to suit to the requirements of you and your business. If you are a self-employed construction worker, you will probably only require a once a year service where we prepare and submit your Personal Income Tax Return. For larger businesses you may require us to be more involved, taking care of your quarterly VAT preparation, operating your payroll, preparing statutory accounts and preparing and submitting your Corporation Tax Return.
However simple or complex your requirements may be we pride ourselves on
being able to offer an attentive, professional, timely and affordable service.
- Bookkeeping.
- Accounts preparation.
- Management
- Accounting.
- Payroll.
Bookkeeping
We understand that running a successful business is not easy at the best of times and worrying about maintaining sufficient bookkeeping records may not be your priority, particularly if you are a new business start-up. It is important however to be aware of your bookkeeping responsibilities in relation to taxation and Value Added Tax (VAT). Not only is good bookkeeping necessary to satisfy H M Revenue & Customs (HMRC), but it will also benefit your business in the following ways:
Managing and keeping control of your business finances. By keeping track of
who owes you money and how much you owe to creditors you will have an
invaluable resource when managing cash flow.
By maintaining accurate accounting records, you will be in a better position
to plan the growth of your business i.e. affordability and risk assessment.
Helps with the preparation of your annual accounts by ensuring more
accurate and timely accounts production.
Managing a well maintained bookkeeping system is relatively straight forward and we will be very happy to advise and help set you up on the right path. If you really would rather concentrate on the fundamentals of your business we do offer a very affordable bookkeeping service.
Accounts Preparation
Every trading entity in the UK, whether you are a sole trader, partnership or limited company, is required to report to H M Revenue & Customs (HMRC) detailing its trading activities within the last accounting period. The reporting requirements are different depending on whether you are incorporated or unincorporated and by the level of trading activity.
Not only are annual accounts preparation a necessity in satisfying your reporting responsibilities, they are also an invaluable resource in providing an assessment on how your business is progressing and financial stability.
Letting Decimal Accountancy take care of your year-end accounts preparation which means that you can concentrate on running your business while we take care of the time consuming and stressful task of preparing accurate and reliable accounts.
Sole Trader & Partnerships
As a sole trader or partnership you are required to prepare a year-end set of accounts, the complexity of these accounts will be governed by the level of trading and other factors such as level of staff, VAT registration, bank loans and finance agreements, amongst many others.
Private Limited Company
Limited companies do not fall within the self-assessment system for individuals and are instead governed by the Companies Act 2006. As a director of a limited company you are required to maintain accurate accounting information and file statutory accounts in accordance with the Act.
The preparation of company accounts can be a daunting task if you are not familiar with statutory reporting requirements. We can help and advise of your responsibilities and take the worry out altogether by taking care of the accounts preparation for you.
Not only will we prepare a set of accounts but we will also ensure that all filing deadlines are met and that minimal information is made public via Companies House so that your business stays your business!
Management Accounts
Once you have started a business and commenced trading it is easy to focus on the development of your business and overlook the importance of operating an effective accounting system. Many businesses concentrate on expanding their business and wait for their accountant to tell them how they have performed at the end of the accounting period, these accounts may be prepared several months after the period in question leaving you ill-informed on how successfulyou have been for well over a year.
Management accounts are an interim set of accounts prepared on a regular basis i.e. monthly, quarterly or less often six monthly. The purpose of management accounts is to provide you with accurate accounting information throughout the year so that you can:
- Monitor the profitability of your business.
- Keep track of your debtors and creditors.
- Improve your cash flow by using budgets.
- Monitor your overheads and reduce expenses where possible.
- Prepare for VAT, PAYE/NIC and tax liabilities.
The above are all vital components for consideration when operating a successful and in particular, expanding business. We can offer a basic management accounting function that will provide you with accurate profitability reporting or a more bespoke service where we can manage your cash flow by managing your supplier accounts and also liaise with debtors to arrange payment.
Payroll
If you are an employer, or are thinking about employing staff, then you will be required to register as an employer with HM Revenue & Customs (HMRC). Once you have registered you are then able to operate a Pay As You Earn (PAYE) scheme i.e. deducting Income Tax and National Insurance at source from your staff.
You will be required to file monthly employer forms and pay the deductions to HMRC by a specific deadline, if either of these requirements are late, you will receive an automatic penalty and interest will be charged on the late payment. Administering your payroll can be a time consuming task and it can be difficult to keep records up to date and be fully aware of all legislation. We offer a very competitive fixed rate fee for our payroll service and will take care of the following:
- Register you as an employer with HMRC.
- Process your staff wages on a weekly or monthly payment basis.
- Provide you with pay slips to distribute to your staff.
- Advise of net pay due to each employee.
- Advise of PAYE / NI deductions made from your staff and when to pay to
HMRC. - Amend all staff PAYE codes in accordance with HMRC.
- Calculate staff benefits in kind and associated employers NI charge.
- Maintenance of staff holiday calendar.
- Completion and submission of end of year Employer Annual Return.
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Reviews From Our Clients
"Decimal Accountancy provided excellent accounting services that gave me control and clarity over my finances. They were extremely helpful to my business because of their proactive approach, technical know-how, and amiable demeanor.
"My accounts were expertly managed by Decimal Accountancy, who found savings and improved my financial performance." Their commitment, expertise, and individualized care have been crucial to the development and success of my company."
"My finances were streamlined and compliance was ensured by Decimal Accountancy, who delivered outstanding accounting services. I felt at ease knowing that I could concentrate on expanding my business thanks to their knowledge, meticulous attention to detail, and individualized support.
"Decimal Accountancy optimized my tax strategy and ensured compliance with their professional tax advice. I've saved time, money, and peace of mind thanks to their expertise, attentive service, and proactive approach.