A wise choice to start here.

There are a number of requirements from HMRC regarding compliance accounts and company laws, and our work will start well before we begin work on your accounts.

Our belief is that it is really important to keep you informed of upcoming deadlines and compliance at all times. These will include:

  • Helping you to keep good records and making you aware of the things you should be keeping by providing you with advice and checklists. Keeping fully compliant and good records will help you avoid enquiries and penalties from HM Revenue and Customs.
  • Prompting you to provide exactly what we need to complete your accounts. Making you aware of what to submit (and why) will ensure that work (accounts, tax returns etc.) is done as quickly as possible, with as little effort on your part as possible. We want to make it as hassle-free for you as possible.
  • We will write to you 2-3 weeks ahead of your year-end to remind you of some key things. This will include planning around expenditure and ensuring tax relief is given at the earliest date to ensure the least amount of tax is paid.
  • If you have not submitted your information by a pre-agreed date, we will contact you once again to remind you to provide your records.
  • After the submission of your details, we will log your books in and review your records to ensure that we have everything we need which means we can complete everything quickly for you.
  • At all times, we will make you aware of your legal obligations, deadlines and potential penalties.

Critical checks and balances

Whilst we are preparing your statutory financial statements we will also:

  • Reconcile your bank statements and cash records to make sure you have claimed every penny of expenses you are entitled to against your tax bill and declared all your sources of income.
  • Reconcile your sales ledger to confirm that you are not owed any money that you are not aware of. We review the ‘aged debtors’ to see if they are in accordance with your payment terms. If not, we will make recommendations about ways to help with collecting debts or suggest ways to obtain payments through other means (e.g. direct debit or factoring).
  • Check that you have not missed any sales invoices. This ensures that your sales are complete.  This is important because HM Revenue & Customs look for incomplete sales and the penalties can be very severe.  These checks also ensure that your customers have paid everything you are due to.
  • Reconcile your purchase ledger to make sure that you are not overpaying suppliers or paying them too soon, and to ensure the completeness of your purchase invoices.
  • Reconcile your VAT accounts to make sure you have claimed every penny of input VAT you are entitled to and not overpaid output VAT. As part of this reconciliation we will check to see if there is a VAT scheme, which may be beneficial to you.  We will also make sure that you have properly declared your VAT and paid across the correct payments reducing your risk of penalties.
  • Make sure that with all your payments of PAYE and NIC the time limits are adhered to.
  • Check every balance sheet entry again to monitor whether all of your assets are real and correctly valued.
  • Reconcile loan accounts so that the business owners know exactly what money they owe or are owed.
  • Carry out an analytical review and a ratio analysis, which help to ensure that the figures make sense (including making sure that the expenses are correct in proportion to the income). This helps to minimise the risk of an enquiry from HM Revenue & Customs.
  • Complete a review of any stock or work in progress to clarify that none of your money is locked up unnecessarily.
  • Review your fixed asset register (including a check that the assets still exist, i.e. assets are still owned or if it has been disposed of or scrapped). This helps us to ensure your claim for capital allowances is maximised, which again will ensure that you pay the minimum legal amount of tax.
  • Review in-year payments and those for the following year (to get the numbers right and minimise the taxable profit). In other words, it is really important to ensure that expenditure claimed falls into the correct year (the tax rules for this are very complex).  Again, we are looking to ensure that you claim everything you are legally entitled to.
  • Identify any business expenses that you did not know that you have paid.
  • Before finalising a set of accounts, go through detailed checklists to review the business accounts, which covers everything required by law, with a special emphasis on ensuring you have adhered to the strict guidelines and regulations for the completion of accounts.

Preparation of your fully compliant statutory accounts

Prepare your statutory financial statements so that you meet all of your statutory obligations with HM Revenue and Customs and Companies House regarding your financial information.  This means you do not need to worry about penalties.

Your tax obligations: Preparation of your business tax computations and returns

  • UK tax legislation is extremely complex and not every item of expenditure is allowable for tax purposes. It is a requirement to carry out detailed tax computations to enable us to correctly disclose your taxable income – which is not the same as the profits shown by your accounts – and claim those items of expenditure to which you are entitled to.
  • Once we have completed the detailed tax computations we will – where applicable – prepare and submit the business Self-Assessment return so that you meet all of your filing obligations with HM Revenue and Customs regarding your business tax returns. This means you do not need to worry about late filing penalties.
  • Note:     If you are a sole trader you will need to submit a personal Self-Assessment return.

Professional Fee Protection - This is included for all clients of whatever size or category

Insurance against the cost of investigation giving you peace of mind:
  • Self-Assessment is upon us, for Companies now as well as individuals.
  • HM Revenue and Customs can select individuals or businesses on a RANDOM basis, without explanation, and can pursue a detailed and thorough investigation of their business (and this usually extends to their personal lives).
  • The vast majority of investigations will continue to have nothing whatsoever to do with fraud or negligence; minor year-to-year fluctuations in results may be enough to trigger a full enquiry.
  • Currently an average HM Revenue and Customs investigation will last around 10 months and cost some £2,000 in professional fees to complete. Costs often bear no relation to the final tax settlement.

You will automatically be covered by our scheme at no extra cost to you! In the event of a full enquiry we will be able to deal with this for you promptly and the insurance company will meet our fees.

As part of the service you will be able to access free advice on:

  • Employment and personnel issues
  • Health and safety issues
  • Commercial legal issues

Unlimited free ad hoc advice

Your fixed price compliance accounts are fully inclusive of access to our entire team for advice on ad-hoc matters.

This means that you can call on us at any time knowing that you will never be charged for our time or advice.

Of course, if the issues raised at any of these unlimited free consultations (or anywhere else) require research or analysis beyond the consultation, we will give you a fixed price quotation for that extra work before any additional work is started.

Only if you agree to and sign an “Extra Work Order” (or EWO) to confirm that you are happy to pay for the extra work – on the mutually acceptable terms set out in the EWO – will we do anything over and above the work specifically listed above.  This means that you will NEVER get an unexpected bill.

As with all of our packages, payment is through our Direct Debit partner, making it all very easy to keep on top of your finances.

Compliance Only Accounts

Much of the focus of your accounts will be on the compliance, or necessary legal minimums defined by Law. Depending on your current business status, you will need to complete specific details and file these with the relevant Tax authorities.
BAS Associates can of course help you with completing everything and give you valuable advice, support and access to our expertise regarding your finances.
The work needed depends on whether you are a Sole TraderPartnership, or Limited Company, and we have tailored support for each of these areas.
Our support continues with Business Development, and should you wish to explore the extra added value of these packages, they can be found here.
The options below is for those who are happy to miss out on some of the more valuable input from us, and instead only receive the essential elements.

Starter packages are available for each of the following personal and business entities:

Individual Compliance Accounts Pack from £17.50 pcm plus VAT

Includes:

  • Regular reminders to provide tax documents
  • Reviewing P60s, P11ds and P45s and any allowable expenses incurred and including these within the employment pages
  • Reviewing tax code notifications
  • Detailing bank interest received and any tax suffered
  • Detailing dividends received and any tax suffered
  • Completion of pension income section
  • Calculation and notification of tax due
  • Submission of personal tax return
  • Reminder of taxes in advance of due date

Popular Additions:

  • Completion of self-employment pages
  • Completion of partnership pages
  • Completion of property pages

Self-Employment (Sole Trader) Compliance Accounts from £46 pcm plus VAT

Includes:

  • Regular reminders to provide details of trading income and expenses
  • Completion of annual sole trader accounts
  • Completion of self-employment pages
  • Reviewing P60s, P11ds and P45s and any allowable expenses incurred and including these within the employment pages
  • Reviewing tax code notifications
  • Detailing bank interest received and any tax suffered
  • Detailing dividends received and any tax suffered
  • Calculation and notification of tax and National Insurance due
  • Submission of personal tax return
  • Reminder of taxes in advance of due date
  • Insurance against the cost of an HMRC investigation

Popular Additions:

  • Completion of property pages
  • Quarterly VAT returns and associated quarterly management reports
  • Monthly/weekly payroll

Partnership Compliance Accounts from £69 pcm plus VAT

Includes:

  • Regular reminders to provide details of trading income and expenses
  • Completion of annual partnership accounts and tax return
  • Completion of partnership pages for 2 partners
  • Reviewing P60s, P11ds and P45s and any allowable expenses incurred and including these within the employment pages
  • Reviewing tax code notifications
  • Detailing bank interest received and any tax suffered
  • Detailing dividends received and any tax suffered
  • Calculation and notification of tax and National Insurance due
  • Submission of personal tax return
  • Reminder of taxes in advance of due date
  • Insurance against the cost of an HMRC investigation

Popular Additions:

  • Completion of property pages
  • Quarterly VAT returns and associated quarterly management reports
  • Monthly/weekly payroll

Limited Company Compliance Accounts from £114.50pcm plus VAT

Includes:

  • Regular reminders to provide details of company income and expenses
  • Preparation of annual accounts and submission to Companies House
  • Completion of annual Corporation Tax return and submission to HMRC
  • Completion and submission of 1 x director’s tax return including:
    • Employment pages relating to employment income from the limited company
    • Reviewing tax code notifications
    • Detailing bank interest received and any tax suffered
    • Detailing dividends received and any tax suffered
  • Calculation and implementation of tax-efficient remuneration package
  • Monthly payroll for 1 director
  • Calculation and notification of tax and National Insurance due
  • Reminder of taxes in advance of due date
  • Preparation and submission of Annual Confirmation Statement (including payment of Companies House fee)
  • Maintaining the company register and filing all other statutory forms with Companies House
  • Insurance against the cost of an HMRC investigation

Popular Additions:

  • Completion of property pages
  • Quarterly VAT returns and associated quarterly management reports
  • Registered office & director’s service address
  • Additional directors’ tax returns
  • Additional monthly/weekly payroll

For a complimentary Discovery Call to discuss the most appropriate level of support, a personalised quote and a guarantee of our best possible service, please complete the form below and one of our senior advisors will contact you.
Or if you prefer, please call 01442 560050 for our Northchurch Accountants Office, or 023 8202 7681 for our New Forest Accountants office.

reCAPTCHA is required.