Accounting Services
M&W Accountancy Services provides a wide range of friendly and very reliable accounting services to small and very samll businesses in Bracknell and the surround area. These include bookkeeping, accounts, tax returns and more. We can also customise our accounting services to suit your business needs. Contact us today for our candid advice.
Bookkeeping services Bracknell
Every business is required to keep their financial and accounting records (bookkeeping) showing entries of all money received and spent by the business. Businesses such as limited companies must also keep details of directors, shareholders and mortgages or loans secured against company’s assets, in addition to their financial records. Accounting records must be kept for a certain period of time.There may be a penalty for not keeping or keeping insufficient records.
We, M&W Accountancy Services, provide reliable bookkeeping services to all types of small and very small businesses in and around Bracknell area. Our experienced team can help you with the bookkeeping and all other bookkeeping-related needs. Further, because no two businesses are the same, our services will, therefore, be flexible so that they can suit your needs and budgets. Talk to MW Accountancy Services today to see how we can help.
Bracknell Accounts services
Unincorporated businesses (those who are a sole trader, self-employed or a partner in a partnership) are not required to prepare and submit annual accounts. Although these unincorporated businesses do not have to prepare and file the accounts, it will be helpful with their tax return preparation if they have their accounts prepared.
Unlike the self-employed, a company is required to file its accounts (financial statements consisting of Profit & Loss account and Balance Sheet) to Companies House annually. It faces penalties if the accounts are filed late or being struck off if the accounts are not filed at all.
With our experience and reliability, you can rest assured that your annual accounts will be well prepared and looked after and submitted by the deadline.
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Tax returns
After starting a business, a sole trader and each partner in a partnership must register for their self assessment tax return and and file it annually by the deadline with HMRC. A dominated partner must register for his/her own self assessment tax return as well as a partnership one and file both their and a partnership tax return with HMRC by the same deadline as a sole trader.
If the tax return is filed late, HMRC will issue an automatic fine of £100. The penalty will increase depending on the time the return takes to reach HMRC. The longer it is filed after the deadline, the higher the penalty.
A limited company must also file its tax return, called corporation tax return, with HMRC. The deadline for filing corporation tax return is 12 months after the end of the accounting period it covers. If the deadline is missed, then HMRC will issue a penalty for late filing.
Contact M&W Accountancy Services today if you need to register and file your tax returns.
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VAT
Value Added Tax (VAT) is a tax charged by VAT-registered businesses on goods & services they provide, for example food and drinks or clothing. Not all goods and services have VAT added. Businesses providing goods and services that are outside the scope of the UK VAT system or exempt from VAT do not have to charge VAT. The current rates of VAT in the UK can be divided into 3 types: standard rate (20%), reduced rate (5%) or zero rate (0%).
VAT registration can either be compulsory or voluntary. Although registration is mandatory for businesses with taxable supplies of over £85,000 (current threshold), businesses can, however, register for VAT voluntarily even though their taxable turnover is less than the registration threshold.
In addition to VAT registration, VAT returns must also be submitted online to HMRC using commercial software. They are usually filed quarterly but a monthly or yearly submission is possible. The payment for VAT must also be paid over to HMRC by the same deadline if the return is filed quarterly. With the Making Tax Degital (MTD) for VAT (launched in 2019) now compulsory for all VAT-registered businesses, all VAT returns must be MTD.
Similar to VAT registration, VAT de-registration can also either be compulsory or voluntary. So you may cancel your VAT registration when your business no longer needs it.
M&W Accountancy Services can help you with all VAT-related issues including registration, deregistration, submission and VAT scheme advice.
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Capital Gains Tax (CGT)
Capital Gains Tax is a tax on the profit from disposing of something such as a residential property or personal possessions worth £6,000 or more, except cars. It is the overall profit from selling the assets that is taxed, not the money received from the sale. Only the overall profits above the Capital Gains tax-free allowance of £12,300 (£6,150 for trusts) that are taxed. So there will be no CGT to pay if the profit made is £10,000. Disposing of includes transferring, swapping, gifting and receiving compensation, not just selling.
Assets such as cars or shares in ISA are always exempt from CGT. This means there is no Capital Gains Tax to pay even if profit is made and it is above £12,300. Profits made from selling a residential property are taxed at a higher rate than other chargeable assets.
Losses incurred from disposing of the asset can be deducted from the gains made in the same tax year. Unused losses from previous tax years can also be deducted if the taxable gain is still above the tax-free allowance.
If you need accountants to help you with your CGT calculation and submission, we will be pleased to provide assisstance.
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Payroll and Pensions
When a business starts employing employee(s), they, as an employer, must register their business for payroll with HMRC. Further, in many owner-managed companies, the owner is normally both a director and employee of their company and is on a salary. In this case, they also need to register their compnay for payroll although they are the only employee of their company. A sole trader, however, cannot pay a salary to themselves.
In addition, the employer must report their payroll information to HMRC using a software with Real Time Information (RTI). This information can be reported weekly, monthly or yearly. The report need to be sent on or before the payday as there may be a penalty if it is late. The penalty depends on the number of employees they have.
All UK employers, who employ at least one person, must also put certain employees into a workplace pension scheme.
Our payroll and pensions services include PAYE & pensions registration and submission, monthly and yearly payroll.
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