Accounting
Our accounting service combines regular management reporting with specialist tax advice.
Accounting
All companies are required to prepare annual accounts, but these can be a far more useful tool than simply reporting results to Companies House and HMRC.
Our view is that accounts should help you understand how your business is functioning. If you only receive a detailed picture of your company’s finances after the year end, you may be finding out about problems that started many months earlier.
At Tax Innovations, we offer a full accounting and management accounts service, working alongside our specialist tax advisers to give business owners a clearer picture of their company’s finances. Rather than waiting until the year-end accounts are prepared to find out what has happened, we can provide quarterly reports that help you stay on top of your business throughout the year.
Management accounts and quarterly reporting
Management accounts provide a much greater insight into the financial working of your business than annual statutory accounts alone.
We can prepare quarterly management accounts, tailored to the needs of your business, so that you can see how things are progressing while there is still time to make changes.
These reports can help you identify which areas of your business are most profitable, whether particular activities are performing as expected, and where unnecessary or excessive costs may have developed. For example, the company as a whole might be making a healthy profit, but a closer look at individual activities could reveal that some are making very little money, or even operating at a loss.
As well as recording actual results, management accounts can include profit and loss reports, comparisons against budgets and previous periods, and information to help you anticipate cash flow and funding requirements.
Business accounting and tax advice
Our accountancy team is headed by a Chartered Accountant and works closely with our Chartered Tax Advisers, allowing us to consider both the financial and tax implications of what is happening in your business.
For example, if the management accounts suggest that profits will be higher than expected, we can look at planned expenditure, the availability of tax reliefs and how much corporation tax is likely to be payable. We can also advise on the tax implications of retaining profits in the company or distributing them to shareholders.
There is often more scope for tax planning before the end of the accounting period than afterwards. Having regular financial information means we can discuss these matters during the year, rather than simply calculating the tax due once the accounts have been finalised.
Bookkeeping, VAT and payroll
Good management accounts depend on accurate and up-to-date bookkeeping.
We can provide a full bookkeeping service from your office or ours, or help you establish the systems to manage your records yourself. For online accounting, we are not tied to a particular provider and can adapt to your existing arrangements.
Our services also include VAT returns and VAT advice, together with payroll processing and reporting to HMRC.
Keeping the underlying records up to date means that the information used for management accounts is more reliable and that less work is needed when the annual accounts become due.
Year-End Accounts and Corporation Tax
Preparing and submitting statutory accounts is a legal requirement for limited companies. The accounts must comply with the relevant reporting requirements, and the information filed at Companies House can also influence how third parties assess your business.
We prepare year-end accounts and corporation tax returns, ensuring that the appropriate disclosures are made and that the company’s tax position is properly considered.
For clients using our management accounts service, year-end reporting becomes part of an ongoing process rather than a once-a-year exercise. We already have an understanding of the business and can use the final accounts to review performance and consider what may need attention in the coming year.
Contact us today to discuss how our accounting services can help your business.
Get in touch to speak to an expert today
Get in touch today and speak to a member of the Tax Innovations team.
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