YOUR ACCOUNTS

up to date and accurate accounts are essential to maintain a healthy business

Financial Accounts are required by Her Majesty’s Revenue and Customs as well as Companies House on an annual basis. Some businesses also use Management Accounts for internal purposes. 

Accounts normally have the following components.

  • Profit and loss account
  • Balance sheet
  • Cash flow statement
  • Statement of recognised gains and losses

How can we help you?

  • We are authorised to produce your year end financial statements
  • We can file them with external agencies such as Her Majesty’s Revenue and Customs and Companies House.
  • We can help you to establish internal systems which make this process easier.
  • We can produce Management Accounts to help you monitor your business throughout the year

We have also prepared and assisted with account filing in other countries, including:-

  • Australia
  • Canada
  • Ireland
  • USA
  • South Africa

Take advantage of 60 minutes FREE bookkeeping training to make sure your records are in the best possible condition.

Bookkeeping forms the basis for all the financial management and accounts production a business may need. Without good bookkeeping, informed, strategic decision making is virtually impossible, the financial information to investigate and support that decision making will not be available.

We can provide a cost-effective bookkeeping service.

How we can help

We can provide a professional bookkeeping service:-

  • This ensures that records are properly and comprehensively kept (to comply with HMRC Business Record Checks)
  • We can provide a service at a cost that compares favourably with directly employing a bookkeeper,
  • The bookkeeping service then allows us to produce year end accounts and submit the associated tax returns at significantly reduced costs.
  • We can provide remote networking via secure virtual private network.
  • We can provide up to the minute management information.
  • We can provide training on using spreadsheets.
  • We will assign you a dedicated member of staff which ensures a good understanding of your business

Being VAT registered has its benefits, but ensuring your VAT returns are completed and submitted correctly is essential.

You must register for VAT if your turnover for the previous 12 months is over a specific limit – currently £85,000 – or if you think your turnover may soon go over this limit. You may register voluntarily at any time. There are a few exemptions from registration.

VAT is charged by someone who is registered for VAT – a ‘taxable person’ – on:

  • goods and services sold or otherwise supplied (e.g. barter) in the UK
  • goods, and some services, imported from places outside the EU
  • goods and services coming into the UK from other EU countries

How can we help you?

We can provide:-

  • Prepare and submit your VAT returns.
  • Advise on registration and de-registration.
  • Advise on matters surrounding exempt goods and services.
  • Prepare for compliance visits by HMRC.
  • Work with the HMRC on your behalf.
  • Advise on the various VAT schemes including the most appropriate for your business.

What are budgets & forecasts?

  • A Budgeted Profit and Loss Account is a prediction of your business’ performance over a future period (usually 12 months), broken down into smaller periods, either monthly or quarterly. It is used for decision making and performance review, and can be amended as the period expires.
  • Cash flow forecasts are similar to budgets, but with one major difference – they are designed to predict and monitor actual cash flowing in and out of the business. Similarly, purchases of supplies may well be on credit, and will not be paid for until some time after delivery. The cash flow therefore tracks actual cash movements, to enable the user to predict periods when cash may be temporarily in short supply.

Budgeted profit and loss accounts and cash flow forecasts were originally developed as a financial management tool, but it is now expected that if you are applying for any type of finance or banking facility, you will have prepared a business plan, and part of that plan will include at least a 12 month budget and/or cash flow forecast.

How can we help you?

  • We have vast experience in management accounting and costing in industry, which is essential in the production and use of meaningful budgets.
  • We can assist you in the production of budgets
  • We can assist you in the production of cash flow forecasts
  • We can help you to learn how to use them effectively over their lifetime, so that they serve as full and useful purpose as possible.

Payroll can often be time consuming and complicated, especially as your business expands and you have more staff to pay. We can provide you with a professional service tailor made to suit your business.

How can we help you?

  • We can set up your payroll system
  • We can operate your payroll for you to comply with RTI reporting regulations
  • We can complete and provide you with the year end returns
  • We will use up to date software to provide the most cost effective package to meet your requirements
  • We can complete directors’ remuneration packages
  • We can help you to provide your employees with the most tax efficient benefits
  • We can deal with, monitor and pay out expenses payments
  • We can provide reporting under P11D
  • We can work with your staff and provide them with training in required areas
  • We will assist in ensuring you meet the National Insurance contribution requirements

National Insurance Contributions

National Insurance Contributions are as much a tax as corporation tax.

  • We will ensure that you pay the correct minimum amount, taking into account your position as a Director / Shareholder of your company.
  • We can assist with P11D reporting on employment related expenses and benefits

Yes we know that tax doesn’t have to be taxing, but we know equally well that many people find the completion and submission of self assessment and associated tax returns difficult to do. Any errors can cost you a lot of money, both in terms of overpaid tax, and in defending an Inspector’s enquiry or investigation that might arise.

Who needs to submit a Tax Return?

  • Company Directors
  • Sole Traders
  • Higher Rate Earners
  • People who make Personal Pension contributions
  • Companies (Corporation Tax Returns)

How can we help you?

  • Preparing accounts from your records.
  • Advising you what to pay and when to pay it.
  • Provision of tailor made excel spreadsheets to allow you to keep your records in good order without the need for expensive software or extensive training.
  • Calculating your tax liability.
  • Completion and submission of all returns, forms and correspondence with HMRC.
  • Defending your position in the case of a tax inspector’s enquiry.

How can Cloud Accounting help you?

  • Sharing & Collaborating – key people of your choosing can have access to your data
  • Safe & Secure – all data lives on the “Cloud” not on one computer, data can’t be accessed without the log in details.
  • Cost-effective for growing businesses – up-front costs are reduced and upgrade costs are borne by the provider.
  • Easy to use – for accountants and clients

CI Accountancy are now in Hexham Town Centre with broadband speeds of up to 70MBPS – ideal for accessing the Cloud.

ABOUT

Learn about the leading accountants Hexham has and what makes us tick.

SERVICES

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TESTIMONIALS

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CONTACT

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First Floor
5 Cattle Market
Hexham
Northumberland
NE46 1NJ

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