Management Accounts

The main thing to run your business smoothly is to get information about your present financial condition. This is no wonder that most businesses in the UK hire a third party to manage their accounts department, as the in-house department will cost higher than outsourcing.

Through efficient management of business activities, the owner can take the right decisions at right time and check the current state of the business easily, and can compare the performance over a period of time.

Management accounts don’t need a standard format but can be prepared to suit the comfort of business management and users of these statements. Outsourcing this service will benefit you in two ways, one is cost-saving and the other is having a highly skilled team to handle your business.

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Annual Accounts

Businesses must prepare a list of statements and accounts annually, including Statement of Financial Position, Statement of Profit and Loss, Statement of Cash Flows, etc. Listed companies also need to publish these statements publicly.

To the minimum, these reports convey the current financial position of the business and assist in: managing the debt and assets of the business, effective decision making, internal and external reporting, budgets and forecasts.

Strictly, Care Accountancy always prepares annual accounts and reports per the Companies Act, IFRS and IAS regulations.

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Bookkeeping

Bookkeeping is the process of recording all the transactions of the business in an organized form. Bookkeeping starts with a source document like sales, purchases, invoices and receipts. Proper recording of day-to-day transactions is crucial for both the short and long-term survival of the business. Bookkeeping is actually the base from where all other, journals, ledgers reports and statements originate. Transactions’ records are also important for reconciliation of accounts, trial balance and audit.
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Disclaimer

Self Assessment

Completion and submission of the tax is not that difficult, provided you know basic principles and treatment of different items in the tax return. But nothing like a professional’s assistance and Care accountancy is always present for your help. We have a diversified team with extensive knowledge and professional experience. Our self assessment return filling service starts from assessing and computing all your income to claiming available reliefs and deductions to working out your tax liability. And not just that, we will also take care of HMRC’s investigation and enquiries, if any.
“Well begun is half done,” we also help our customers in maintaining an efficient bookkeeping system and easily track all the income and expenses thus reducing the possibility of errors in the first place.

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Payroll Services

As the business grows, so does the need to effectively run a payroll system. That’s why most growing businesses opt to outsource this service to a professional organisation. Managing payroll is rather difficult because of its evolving rules and regulations and a number of inclusions like salaries, wages deductions, PAYE, pension contributions, bonuses, allowances, sick pays and loans, etc. Despite such a diverse range of payroll items Care accountancy provides a comprehensive payroll service with a number of satisfied customers.
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Value Added Tax

VAT (value added tax is) ultimately borne by the end user of a product. VAT registered businesses just collect VAT from their customers on behalf of the HMRC and pays the net balance on their VAT account to them. VAT is a consumption based tax not earnings based, and is a form of regressive taxation; lower-income consumers are impacted more than high-income earners.
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Making Tax Digital

Making Tax digital posed a revolutionary change in the traditional taxation system; the new system is more productive, efficient and simple. The bookkeeping for transactions is much the same as before but now these should be recorded digitally using HMRC’s approved software. It is recommended to sign-up for MTD after you have submitted the old tax return, we can help you incorporate MTD into your business.
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HMRC Investigations

The HMRC can investigate a business’ affairs to check if it is paying the right amount of tax or is indulged into some tax evasion activity. HMRC can ask for tax return, accounts statements, PAYE records VAT record, etc. HMRC can initiate an investigation in case of a report against you, choose you randomly, they might not think your tax return accurate or if the information provided to them doesn’t correlated to the prior data they have. There is no way avoiding a tax enquiry but we ensure you a smooth and efficient resolution against HMRC investigations.

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