Choosing the right structure for your business is very important. This decision will have a huge impact on your legal responsibilities and tax implications. We understand that this decision can be very daunting. Here at Moss Accounting, we can talk you through the differences between a Limited Company, Sole Trader, Partnership and other relevant options available to you, so that you can make an informed decision. We can also assist you with the formalities of legally registering your business.
Sole Trader and Personal Tax Returns
If you are self-employed, or just need to file a Self-Assessment, Moss Accounting will make the preparation and filing of your Self-Assessment fast, accurate and efficient. We will also become your agent for HMRC so we can file the tax return on your behalf. We offer two options for sole traders, a one off tax return at the end of the year or an ongoing support service.
Sole Trader Ongoing Support Services Include:
Helping you get set up on your desired bookkeeping system and guiding you in how to keep accurate accounting records,
Monthly checks of your accounts,
Ongoing advice and support throughout the year,
Production of year end accounts (Profit & Loss and Balance Sheet)
Yearly Self-Assessment tax return preparation and submission to HMRC
A Partnership is similar to a Sole Trader. The main difference is that a Sole Trader is run by one person, whereas a Partnership is run by two or more people.
A tax return must be submitted for the Partnership and also all of the partners must register for Self-Assessment and file a tax return for their share of the profits. The profit share will be pre-agreed and written into a Partnership Agreement Contract.
Our Partnership Services include:
Discussing with you whether a partnership is the most financially advantageous set up for your business,
Registering the Partnership with HMRC,
Registering each partner for Self-Assessment,
Helping you get set up on your chosen bookkeeping system and guiding you in how to keep accurate accounting records for your business,
Preparation of Annual Accounts of the Partnership,
Preparation and filing of the Partnership Tax Return with HMRC,
Preparation and filing of the Self-Assessment Tax Returns of each partner,
Ongoing advice and support.
A Limited Company is a separate legal entity to its owners. All Limited Companies must submit a company tax return (CT600) to HMRC, along with their Statutory Accounts. The Statutory Accounts are also filed with Companies House, as well as your Confirmation Statement. This can make setting up a Limited Company seem daunting, but at Moss Accounting we can prepare and submit all of your accounts, tax returns and all required documents to HMRC and Companies House for you. We will also talk you through the most tax efficient way of managing your business and drawing money from it.
Our Limited Company Services include:
Tax planning – We can tell you whether running a Limited Company is the most financially advantageous set-up for your business,
Company Formation – We will help you register your business with HMRC and Companies House,
Directors Payroll – We will run the payroll each month for the directors and submit the RTI (Real Time Information) to HMRC.
Bookkeeping Support - We will help you set up your chosen bookkeeping system and guide you in how to keep accurate business books,
Statutory Accounts - We will prepare and submit your Statutory Accounts and Confirmation Statement to Companies House,
Company Tax Return - We will prepare and submit your company tax return (CT600) to HMRC, along with your accounts.
Personal Tax Returns – We will prepare and submit the Self-Assessment Tax returns of the Directors to HMRC.
If your company’s revenue exceeds £85,000 over 12 consecutive months, then you must register for VAT. This means that you will be expected to charge VAT on your sales, but it also means that you can claim back any VAT that you pay on your purchases. You are also required to file VAT returns. VAT returns are usually filed quarterly, but there is an option to file annually if certain criteria are met.
HMRC have introduced schemes such as Cash Accounting and Flat Rate Scheme, which can simplify your returns.
Our VAT services include:
Discussing whether or not you need to register for VAT and how to adapt your bookkeeping system for the introduction of VAT,
Registering your business for VAT with HMRC,
Talking you through the different schemes available and giving you the information you need to make an informed decision as to which (if any) scheme you would like to use.
Preparation and filing of your VAT returns.
All businesses wishing to run a payroll must register with HMRC for PAYE. PAYE is the system used by HMRC to collect income tax and national insurance contributions from your employees.
PAYE registration is not necessary if your staff member is paid under £118 per week, doesn’t receive any expenses or benefits from your company and doesn’t have any other employment.
At Moss Accounting we will help you to assess the need for PAYE and register it for you.
Our payroll services include:
Processing the payroll with all provided updates and submitting all RTI data to HMRC.
Processing statutory sick pay, statutory maternity pay, student loan deductions, all other statutory payments and any advised attachments of earnings.
Processing tax code notifications from HMRC
Payroll reports showing you how much to pay your staff, HMRC and the pension provider,
Payslips to all staff via email
Processing new starts and leavers
Completion and submission of statutory forms including year-end returns, P35, P60, P45 and P46
Workplace Pension Scheme
Since 2018, all employers in the UK have been required to provide a workplace pension scheme. At Moss Accounting we can advise you on your auto-enrolment duties and also do a lot of them for you.
Our pension services include:
Assessing all employees in each processing period, identifying who is to be opted in.
Providing all statutory letters and notices for employees.
Processing all opt out requests
Calculating and applying employer and employee pension deductions
Updating pension provider with details of pension deductions made
Cloud based systems are the latest in accounting software. I am a Certified Quickbooks pro adviser and can offer Quickbooks training and assistance in setting up a new business, or migrating your business from a different bookkeeping system. Using Quickbooks also allows me to check into your accounts at any time, meaning we won’t have to send spreadsheet files backwards and forwards for me to check your accounts. Quickbooks is also compatible with most devices, meaning you can access your accounts wherever you are.
As your business grows, you may find that you need some financial expertise, but are not quite large enough to warrant hiring a Finance manager or CFO. This is where we can help. We can offer a bespoke business support package to meet the needs of your business and help you to continue to grow in the right direction.
Our business support services include:
Budgeting & Forecasting
Business Performance Analysis
Debtors & Creditors Reviews