Are you a Trades person such as a builder, plumber, joiner, decorator, Plasterer, central heating installer or electrician? If the answer is yes and you own your own business the chances are you are going to be extremely busy dealing with customer quotations and actually doing the work for customers. In this situation it is highly likely you just don’t have the time to do your paperwork and accounts. As a result this could mean you missing important HMRC and Companies House deadlines and being fined. Having had many years experience preparing the accounts and tax returns for trades people Millhouses Accountancy are offering a complete accountancy package which covers everything from recording your day to day transactions to preparing and submitting your tax returns. The packages include the following:
BOOKKEEPING & VAT RETURNS
Bookkeeping as you will be aware is the recording of the day transactions into what’s known as ledgers. This is a vital task within any business as without up to date bookkeeping how can you hope to have any idea as to the financial health of your business and its profitability, how much you owe and are owed. Each month Millhouses Accountancy can keep on top of this for you by writing up all of your invoices and receipts and reconciling your bank account. If you are Vat registered we will also prepare and submit your Vat return to HMRC every quarter (advising you of the amount you owe).
All of this can be done at your office or you can post us your paperwork every month. Once everything is recorded we will send it straight back to you.
We believe it is fair to say that most Self employed Trades people will use the services of subcontractors. Most of these will be registered as subcontractors under the Construction Industry Scheme. As a contractor engaging the services of subcontractors, under this scheme you are obliged to deduct 20% tax from every payment you make to a subcontractor. This has to be paid over to HMRC on a monthly basis accompanied by a monthly CIS Tax Return which details the amounts you have paid to your subcontractors along with the tax deducted. The tax deducted counts as advance payment towards the subcontractors Tax & NI. Subcontractors have to be issued with a certificate each time they are paid which details the amount they have invoiced the contractor for, the amount of tax deducted along with any vat or materials they are charging you for.
Millhouses Accountancy will take care of this for you by doing the following:-
- We will register you as a contractor with HMRC (if you are not already registered). You have to do this before you may take on your first subcontractor).
- We will verify your subcontractors with HMRC, ensuring that they are registered under the Construction Industry Scheme. This is important because if they are not registered you have to deduct tax at the rate of 30% from every payment made to them (as opposed to 20%). If they are not registered we can register them for you. Also some subcontractors may have Gross Payment Status which means you as a contractor do not have to deduct any tax at all.
- We will produce and send statements to your subcontractors for every payment made to them.
- We will produce and submit to HMRC the monthly CIS return, advising you how much tax is payable on behalf of your subcontractors.
YEAR END ACCOUNTS & TAX RETURNS
Once a business has done all of its record keeping for the year and the year end is here it’s time to produce the year end accounts. If you are a Limited Company we will produce these accounts for you and submit them to Companies House. We will also produce the company’s Corporation Tax Return and submit this to HMRC. We are also happy to produce and submit to HMRC your own personal self assessment tax return.
If you are a sole trader you are under no statutory obligation to produce accounts. However you will still need to do accounts for the purposes of your own personal self assessment. This we can also do for you along with your self assessment.
MONTHLY/QUARTERLY MANAGEMENT ACCOUNTS
For most businesses it is usually not enough to produce accounts on an annual basis. If you really want to assess how your business is performing you really need access to monthly or quarterly management reports. These comprise of a profit and loss account, a balance sheet and a cash flow statement. With access to these on a regular basis you will be able to see straight away the areas where your business is deviating from your plans and take corrective action straight away. Millhouses Accountancy can offer this service for you on a monthly or quarterly basis.
All of the above services are not mutually inclusive. Therefore you can choose to have us only provide certain one’s for you. Alternatively if you wished we could arrange a package which incorporates everything detailed above.
Whichever package you choose to have we will agree a fixed monthly fee with you in advance, so you know how much you are paying.