services offered by GREENLANE ACCOUNTING
Who we can Help
- With a wide range of skills, we hope to provide a reliable service and help you to improve your own performance and profitability. Accounting and record keeping can be daunting for a small business or sole trader. Deciding which items and expenses are allowable for tax deduction can be time consuming. Minimise the risk of late filing fines and let us reduce your admin so that you can concentrate on your own business. We can record your accounting transactions to produce a Profit & Loss and Balance sheet plus any other management reports you may require.
- We can complete your self-assessment tax returns for you and correspond with HMRC on your behalf.
Bookkeeping & Accounting
Bookkeeping is a key essential part of any business, from individuals and small sole traders to large corporate organisations.
Recording your business and accounting transactions on a regular basis will help you to understand your business, gain a better understanding of your customers & suppliers and help you to keep on top of your cash flow. Hate all the paperwork? Prefer not to have to purchase expensive software? Then let us look after your bookkeeping entries using our own software. We can also prepare regular reports if required.
Just some of the activities we undertake are:
- Sales Invoices
- Purchase Invoices
- Bank Reconciliations
- Accruals & pre-payments
- General Ledger Journals
- Fixed Assets and Depreciation
- Petty Cash
Management accounts are different from the formal statutory financial accounts that Limited Companies are required to file each year at Companies House. The objective of management accounts is to provide timely and key financial and statistical information required by managers to make day-to-day and short term decisions.
Monthly management accounts will include a profit & loss account showing income and expenses for the period plus a balance sheet which will show the assets and liabilities of the Company. Cash flow reports and ledger listings for sales & purchases can also be produced if required.
Keeping on top of the latest HMRC regulations and rates can be a time consuming and complex experirnce. At Greenlane Accounting we can run your payroll reports, we will also administer the following:
- Salary and wages,
- Overtime, Bonuses and Commission,
- expenses allowances,
- Statutory Sick pay (SSP),
- Statutory Maternity or Paternity pay (SMP/SPP)
We will inform you how much to pay your staff and Inland Revenue for PAYE/NI and submit your monthly payroll to HMRC using our RTI Software.
Make sure you really know your correct bank account balance including un-cleared receipts and payments.
Keeping a close eye on your bank statements has never been more important than in today's age of on-line banking. Make sure all the transactions going into and out of your account are agreed and reconciled for peace of mind.
VAT registration and/or returns
The standard rate of VAT is currently 20%, this is the rate that is charged on most goods and services in the UK unless they are specifically identified as being reduced or zero-rated.
You are likely to have to register for VAT if any of the following apply:
- The taxable turnover of your business reaches the VAT registration limit (presently £81,000) in a 12 month period, although you can also register on a voluntary basis if your turnover is below this;
- You believe your turnover in the next thirty days will exceed the registration limit;
- You take over a business as a going concern whose turnover meets the conditions of the previous two points;
- You buy goods from elsewhere in the EU to a value above the registration limit in one calendar year.
*** Please note: There are penalties for failing to register on time. ***
Our VAT service includes:
- Assistance with VAT registration
- Use of the most appropriate scheme
- Recording VAT transactions and reconciliation
- Help with or completing VAT returns on your behalf
Self-Assessment/Year End accounts
If you have relatively straightforward tax affairs and already pay tax through PAYE (Pay As You Earn) you probably won't need to complete a tax return but, if you have income from self-employment or above a certain level, you may need to complete one.
It is your responsibility to notify chargeability to tax to HMRC.
You might need to complete a tax return if:
- You are self-employed or a partner in a partnership;
- A Company Director (unless non-profit organisation);
- You or your partner receive Child Benefit and your income is over £50,000;
- You get income from overseas;
- You're 65 and receive a reduced age-related allowance
Or you have:
- £10,000 or more from taxed savings and investments;
- £2,500 or more from untaxed savings and investments;
- £10,000 or more from property (before deducting allowable expenses);
- £2,500 or more from property (after deducting allowable expenses).
These are just some of the reasons to comlete a tax return.
Please contact Greenlane Accounting for further advice or to let us complete and submit your returns for you.