Services
Sole Traders and Landlords
As a sole trader you are probably not too interested in bookkeeping and accounts, you are more interested in building your business and going out and doing what you do best, whatever that may be. As your accountants we take away the hassle of preparing your accounts and dealing with HMRC. As we have mentioned many times, we will tailor our service specifically for your business size and needs, but as a guide - if we already complete your bookkeeping too, the cost of preparing your accounts and self assessment return each year would begin at around £180 + VAT. If you complete your own bookkeeping the cost would begin at around £300 + VAT, although it really depends on your bookkeeping prowess. So, what do you get for your money?
We will prepare accounts from the bookkeeping records, in doing so we will advise of any areas where we think you could be more efficient and any tax saving strategies you could implement. We will complete your personal self assessment return detailing any Income Tax due and after your approval, submit to HMRC on your behalf. If you only want to see us once per year, some people do - not sure why, then that is fine, but we will be available throughout the year should you require any help or advice.
Partnerships
Partnerships are in essence, more than one sole trader working together in a formal business arrangement. That is perhaps a simplification, as often partners will be responsible for different tasks and so could not actually work individually. The reference is essentially because each individual partner is taxed in the same way as a sole trader. The partnership must prepare financial accounts, which are similar to sole trader accounts and a partnership tax return. Individual partners must each also submit a self assessment return, along with the partnership's accounts and tax return to HMRC. As a guide our fees for preparation of a partnership's accounts, partnership and individual tax returns begin at around £225 + VAT if we have completed your bookkeeping and £325 + VAT if you have completed your own records. At the risk of sounding monotonous, we tailor our service specifically to your business size and requirements, so the above is a guide to give you an idea. For your money, we will prepare your annual partnership accounts and complete all necessary tax returns as a minimum. We will offer pointers on accounting efficiencies and where possible the implementation of tax saving strategies. We don't just pop up once each year (unless that's what you want) and are always available throughout the year should you need any help or advice.
Limited Companies and Limited Liability Partnerships
As a director of a limited company or partner in a limited liability partnership you have a number of additional reporting responsibilities. In a nutshell it is your responsibility to prepare financial accounts each year in a prescribed format which includes certain additional disclosures. These accounts along with a Corporation Tax return have to be submitted annually to HMRC and an abbreviated set of accounts also have to be filed with Companies House. There are strict deadlines for filing these accounts with fines for late submission. As your accountants we will ensure you comply with your statutory duties in a timely fashion, providing advice on implementing accounting efficiencies and strategic tax planning along the way. You may already have your bookkeeping in hand in which case we can provide a quarterly or annual service to ensure you are on the right track and to help you meet your statutory obligations. Each service we provide is tailored specifically to your requirements, however as a guide the cost of our accounts preparation service, which includes completion and submission of your Corporation Tax return, begins at £450 + VAT. If we have completed your bookkeeping as part of our engagement the cost begins at around £300 + VAT.
Management Accounts
There is no statutory or legal necessity for you to produce, or engage us to produce, management accounts. So if money is tight you would be wise to not consider this as an option, but add it to your to-do list for the future. There are many benefits to management accounts whether on a monthly or quarterly basis. Management accounts or reports can consist of, within reason, whatever you need to help you manage and monitor how your business is performing and crucially, forecast how it may perform in the future. On an operational level they can include sales analysis, expenses analysis and debtor and creditor summaries. Due to the variable nature of what can be included within the management pack, it is difficult to estimate how much this service may cost. In the interests of transparency we would hazard a guess that if we complete your bookkeeping, basic manageent accounts which include a profit & loss account and balance sheet would cost around £50 + VAT per month or £80 + VAT per quarter. To prepare basic management accounts from your own bookkeeping would cost around £100 + VAT per month or £150 + VAT per quarter. We should just add that if we are preparing management accounts on a periodic basis this will reduce the cost of your annual accounts quoted above.
The above is a rough guide to the package, we will tailor your package to exactly meet your requirements.
