Smarter accounting

Management Accounts

Traditional accounting services used to provide annual accounts six months or so after your year end. This is very helpful for HMRC to calculate the tax you should pay, but is of little use for you in running your business. A Chartered Management Accountant will produce financial reports during your year to give you the information you need to run your business effectively.

Management accounts are tailored to your needs and can help you identify which areas of your business are the most profitable and also give you the information to set your prices to increase turnover and profit.

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Tax Returns

Sole traders are required to keep business accounts and register as self-employed with HMRC. Once you have done this you will have to submit a personal tax return every year. Alterledger can prepare your accounts and submit your tax return to HMRC online. The process is streamlined and takes the stress out of filling in your tax forms.

Companies are subject to Corporation Tax. The tax computation must be submitted with your company accounts online. Alterledger will ensure that you are up to date with all your company’s accounts and filings for a fixed price.

Company directors need to register with HMRC and have to submit a personal tax return. Your personal tax return takes into account all your sources of income including wages and dividends from your company. Personal tax returns for directors are available as a standalone service or as an add-on to your company accounts for a fixed fee.

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Anyone classed as a worker must be paid through payroll. Many businesses are finding that people previously recognised as freelancers must be brought into a payroll system. Auto-enrolment for pensions will increase the administration for all employers. To make sure you are prepared for the changes ahead, consider outsourcing or changing your payroll system.

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If your taxable turnover is below the annual threshold (£85,000 from April 2017) you don’t have to register for VAT. There are situations where it is in your favour to register voluntarily.

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Bookkeeping is the starting point for recording your accounts. If you can get this right, everything else is made much easier. For many businesses the decision is whether to do all the bookkeeping in house or for your accountant to do it. Online accounting software allows you to deal with the level of bookkeeping that you are comfortable with and share the task. As your accountant can see the same live information as you, full support can be given at any time. The more bookkeeping work you take on yourself, the lower your accountancy fees will be. As you find your business is growing and taking up more of your time you can hand over more of the work to Alterledger to leave you free to devote the time you need for your day-to-day tasks.

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Xero is an online accounting package that allows you to stay in control of your accounts wherever you have an internet connection. An app on your phone allows you to send invoices even if you are away from your computer. Bank feeds are available for most bank accounts, which means that you don’t have waste time typing transactions into your computer. Alterledger is a Xero Partner and will include the cost of your subscription in your fixed fee.

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