The services we offer, from our Glasgow based office, vary from straightforward record maintenance to accounts preparation and tax mitigation:

• Bookkeeping, including maintenance of Sage transactions
• Accounts Software set up
• Accounts Preparation for sole traders, Partnerships, & Limited Companies
• VAT registration & Vat Returns
• Company Formation
• Payroll administration
• Statutory accounts preparation
• Personal tax
• Company tax
• Dividend payments

 

Book-keeping

The regular recording of your company's financial transactions is the foundation upon which the Accounting, VAT and Taxation elements of our services are based. Furthermore the Companies Act places a duty on the directors of a UK company to maintain proper books of account in order that these records can disclose with reasonable accuracy the financial position of the business.

 

We can provide you with a set of electronic spreadsheet templates allowing you to maintain all your business income and expenditure and thus forming as the basis of accounts preparation at year end.  These templates will also allow the extraction of relevant information for preparation of the quarterly vat returns.  In addition book-keeping records can be set up to allow credit control and all appropriate bank and other balance sheet reconciliations to be completed each month quickly and effectively.

Accounts Software Set Up

We realise that high volume transactions within a business will naturally require a computerised software package to be set up to allow much easier maintenance of your accounting transactions.

 

We can advise on the best software to implement within your business, providing you with initial training and ongoing support and ensuring that transactions are recorded accurately and effectively. 

 

 

Vat & Registration

Once the turnover of a business exceeds prescribed HMRC limits, businesses are required to register for Vat and thereafter submit vat returns monthly or quarterly.

 

Vat forms can be prepared and submitted on your behalf and thus ensuring that vat registration is correctly timed and accurately applied.  You can, of course, register voluntarily, where your business turnover does not exceed the prescribed HMRC threshold, and in this regard, advice can be given on its benefits and how best to make the decision.

 

Compliance with the large number of VAT regulations is an onerous responsibility and the penalties for erroneous returns can be quite severe. We would not recommend that the untrained take this task on.  The obvious answer is to utilise our VAT skills and appoint us not only to register your company for VAT but also to make the necessary monthly or quarterly returns for you.

 

 

Company Formation

You may wish to form your own company or even transfer your existing business status from a sole trader/partnership to a limited company. 

 

We can firstly advise through what if spreadsheet scenarios as to whether it is suitable for you to set up as a sole trader or as a limited company and indeed advise what the best form of remuneration (dividends or salary) to draw out from the limited company so as to mitigate your tax burden.

 

In the event of setting up a limited company, we will firstly check whether your preferred limited company name is available and thereafter arrange to have the name registered at Companies House.  All forms will be appropriately completed to ensure that the company can trade immediately.  We will also look after ongoing administration, dealing with Companies House forms and lodging the Annual Return at the Registrar.

 

 

Payroll Administration

Once your company starts to employ its own staff, you will be faced with the obligation to pay these staff and to deal with the varied items of legislation that control the workplace.

 

Not only will you be required to pay your employees, but you will also be required to account for the Pay As You Earn (PAYE) tax and National Insurance (NI) contributions and ensure that these are passed onto HMRC each month.

 

The burden of this onerous payroll administration can be removed by operating a weekly or monthly payroll service for you.  We will automatically calculate the PAYE and NI, and arrange to pass these amounts over to HMRC.  Additionally we will provide you with the necessary monthly reports and payslips to pass over to your employees. 

 

We will also deal with the onerous task of completing the employer Annual Returns and ensure that you do not have to deal with an annual submission which will become an on-line submission from the year 2010.

 

 

Statutory Accounts Preparation

Whether it be sole trade/partnership accounts or statutory accounts for a limited company, preparation, completion and submission is required for all self employed individuals or companies by certain deadlines.

 

We will ensure that your book-keeping records, invoices and receipts are converted to data which can be translated to a final set of annual accounts comprising a Profit and Loss account and Balance Sheet.  We will also complete the appropriate tax calculation and prescribed forms, based on the profit or loss generated by the business and let you know well in advance of whether there is any tax to pay.

 

Taxation can be a significant cost of doing business in the U.K. and it is essential that timely and accurate returns are made to the Inland Revenue. Failure to make such returns can result in severe penalties.  We recognise that tax is a complicated issue and we never take this lightly.  We will work with our clients to determine where tax can be saved and to ensure that your business is being operated in the most tax efficient manner.  Where the business has made a loss, we will work out any potential reclaim from HMRC and have this repaid to you.

 

 

Dividend Payments

Quite often a director may require to augment their salary with dividend payments from the company.  We will draw up the appropriate dividend vouchers to ensure that the tax on the dividend is paid to HMRC, and also advise on the most tax efficient method of drawing remuneration from the company.

 

 

 

 

Tel No: 0141 589 4137  

E-mail: admin@daaccountants.co.uk

Web: www.daaccountants.co.uk