Financial accounts are a key part of a businesses annual reporting requirements. Whether your business operates as a sole trader, a partnership or a limited company; financial accounts aren’t only used for the basis of calculating your tax for your accounting period, but they provide an important overview of the business activity and performance. 

If your business operates through a limited company, the financial accounts also form a part of your annual statutory reporting with Companies House and HM Revenue & Customs. 

Don’t leave it until the last minute to have your accounts prepared. The longer you leave it the less relevant the data becomes! Contact us today to see how we can help. 

Management Accounts

Management accounts have an important role for any developing business. The accounts can be used to provide a detailed report of the businesses performance and activity, supported by key performance indicators, on a monthly or quarterly basis. 

Management accounts are the backbone to providing vital information. 

They are often used for financial decision making, to highlight areas where cost savings could be achieved, comparing against budgeted activity or used to monitor the impact of recent changes made to business operations. Management accounts will allow business owners to take their business to the next level. 

The additional benefit of preparing management accounts is the it enables us to adjust tax plans during the year and react to changes in business accordingly. 

Value Added Tax (VAT)

VAT Return reporting can be quite a daunting task, especially if you are unsure on what you can and can’t claim.

At Digi Accounts and Tax, we can take all that worry away. We can either assist with the bookkeeping to ensure the VAT position is correct, or we can undertake a VAT review of your own accounting records and advise on areas that may need adjusting. 

Additionally, we are able to advise on the VAT schemes available and which one would be the best fit for your business. 

For further information on our bookkeeping services, please visit our Bookkeeping page.

 

Making Tax Digital (MTD)

If you are already a VAT registered business, you will have more than likely heard of Making Tax Digital and the reporting standards that are required of a VAT registered business. 

If not, Making Tax Digital is the reporting format of your VAT returns. Whilst the general principle of VAT reporting remains, the requirement to have digitally prepared accounting records came in to full effect from 1st April 2020. The key factor being that your accounting transactions have to digitally link to the figures in the VAT return. 

We recommend that cloud accounting software is used to remain compliant for MTD VAT. QuickBooks Online is included in our Digital Accounting Packages.

Our packages come with QuickBooks Online as standard to help with maintaining your accounting records. That being said, our packages aren’t fixed and will be tailored to suit your business needs. Here are some examples of the packages we offer.

Digital Accounting Packages

Growth

The growth package helps to provide clear insight to your business. 

As part of our review of your accounting records, we will suggest efficient processes that will save you time, leaving you to focus on your business development. 

Essential

The essentials package is an extension to the basics package, covering all areas of compliance for your company and its directors. 

Our Essentials Package includes:

  • All of Basics Package; plus
  • Quarterly VAT review and submit VAT returns to HMRC
  • Payroll for up to 2 directors
  • P11D's for up to 2 directors
  • Personal tax returns for up to 2 directors
  • Quarterly dividend vouchers

Basics

The basic package does exactly what it says on the tin; covers all of your basic reporting  requirements as a company. 

Our Basics Package includes:

  • Provide QuickBooks Online software
  • Assist with QuickBooks set up and conversion of data
  • Preparation of annual accounts
  • Filing annual accounts with Companies House
  • Preparation of corporation tax return
  • Filing corporation tax return with HMRC and advising of liability due

Submission of annual confirmation statement 

Annual meeting to discuss the accounts, tax and  business activity

Sole Trader / Partnership

Growth

Essentials

  • Our Essentials Package includes:
  • All of the Basics Packages; plus
  • Quarterly review of VAT return and submission to HMRC

Basic

Our Basics Package includes:

  • Provide QuickBooks Online Software
  • Assist with QuickBooks set up
  • Preparation of Annual Accounts
  • Annual Meeting
  • Preparation of Self Assessment Tax Return/Partnership Tax Return
  • Filing of self assessment tax return with HMRC and advising of liability/refund due

Freelance / Subcontractor

If your a freelancer who generally has a low quantity of business transactions, or a subcontractor who is provided with CIS statements, this package is for you. With the handy app provided by QuickBooks Online, you can capture all of your expenses on the go so you don’t miss out on tax relief! This package includes:

  • Provide QuickBooks Online Software
  • Assist with QuickBooks set up
  • Preparation of Income and Expenditure Statement
  • Preparation of Self Assessment Tax Return
  • Filing self assessment tax return with HMRC and advising of liability/refund due

 

Bookkeeping

Is Bookkeeping weighing you and your business down?

That tedious and time consuming task of going through your bank transactions and matching them up to customer and supplier invoices, balancing the bank and making sure everything has been accounted for. Many people put it off as they physical don’t have the time to complete it (or just don’t want to do it!).

We can provide you with software solutions and our services to solve your bookkeeping nightmare. We will assess your needs and advise on the most cost efficient way to maintain your records. Whether that is suggesting efficient methods to help you complete your own bookkeeping, sharing the duties with us or having nothing to do with it at all! We can tailor our services to meet your budget and requirements. 

Contact us or see our digital packages page for more information on solutions we can provide. 

Office

Digi Accounts and Tax Ltd
Design House, Preston Road
Charnock Richard
Chorley
PR7 5JZ


01257 441629
info@digiaccountsandtax.co.uk

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