Taxation
Oakes Accounting can offer a full taxation service.
If you are required to complete a self-assessment tax return we can advise you on the information required, and then complete the return on your behalf and submit it to HMRC.
If you are just starting out we can simply help you to decide whether you need to be VAT registered or not from the outset, saving a lot of time. We will continue to monitor your situation for you, so that should your position change we can register you for VAT and deal with all of the paperwork on your behalf. In contrast, we will also monitor your position for when we think it would benefit you to de-register.
Whether you are a new or existing business we will also look at the VAT schemes which you are eligible for, and establish whether you would be better of adopting one or a mixture of them. Some VAT schemes can lead to tax savings and a reduction in bookkeeping responsibilities.
In addition, we can prepare your VAT return; either from your own bookkeeping records or alternatively we can take care of your record keeping and VAT return. Oakes Accounting will try to ensure that you claim as much VAT as possible; particularly on contentious items such as mixed-use expenditure and motor running costs.
If your company is liable for corporation tax you must calculate how much profit your company makes for each accounting period, and how much corporation tax is payable on those profits. This information must be reported to HM Revenue and Customs on a corporation return form and must be supported by the tax and accounts computations. There are strict penalties for filing late returns and interest is charged on tax being paid late so it is imperative that the deadlines (which are determined by your company’s annual accounting date) are adhered to.
Accountancy
The year end accounts provide invaluable information about your business, and are particularly useful if for example you wish to make a mortgage application or raise finance. We can advise you on how to strengthen your record keeping procedures which in turn will help you to run your business more effectively. Having accurate and timely management information can assist you in managing your stock levels, your customer balances owed, your supplier balances due and your cash flow.
Your accounts will be prepared in accordance with accounting standards and we will check that you are claiming everything that you are entitled to.
Whether you are a sole trader, partnership or limited company we can relieve you of what can be an extremely stressful and time consuming process.
Payroll
Meeting your obligations as an employer can be incredibly daunting especially with the introduction of Real Time Information (RTI). RTI means that employers now share information with HMRC on or before payments are made to the employees.
We can set up an Employer’s Scheme with HMRC for you and we can advise you as to whether your employees should be added to the payroll or not, and can deal with relevant forms/submissions on your behalf. Throughout the year we will calculate your employee’s net pay, report the figures and information to HMRC and provide you with payslips for your staff. Oakes Accounting will calculate the tax and national insurance deductions applicable; even if you have an employee who is not working due to illness, paternity or maternity leave. In addition we can help you to keep track of their holiday entitlement and can file all of the starters/leavers forms on your behalf. Late or under payments of employer deductions can now lead to hefty penalties. Oakes Accounting can help you to avoid incurring these by the timely submission of the necessary figures and payment.
In addition, Oakes Accounting can prepare your benefits and expenses forms, and advise you of any filing requirements or National Insurance payments which fall due. Benefits and expenses can be a very complicated area and knowing where to report can be tricky, however we can relieve you of this burden.
Furthermore, Oakes Accounting can file all of your in-year and year end returns for you with HMRC, and provide you with P60s to distribute to your employees at the year end.
The responsibilities faced by employers can be intimidating, but we can guide you through the processes, costs, calculations and deadlines and provide you with a very personal service.
Bookkeeping
Oakes accounting can tailor make a bookkeeping package for any business. This may be taking over the whole process from setting up systems to entering invoices, right through to Management Accounts.
Bookkeeping is our speciality, and is a service which many Accountants are unable to provide in a cost effective way. We can conduct this work from our own office, with you sending the information to us on a regular basis.
It is also possible for us to attend your premises on a regular basis. We have long standing clients who benefit from this service.
Oakes Accounting specialises in ‘online systems’, and have long term relationships with a number of providers e.g. Xero, Clearbooks, Sage and Kashflow. It is sometimes possible to pass on discounts and special offers from these providers. As online specialists we can help you to choose the right system for your business, and guide you through the sometimes confusing set up process. We can even provide training if required.
In some cases you may already have an established Accountant, so if this is the case we can carry out your general bookkeeping, and then liaise with your Accountant at your year end. This could minimise your annual accountancy fees.
Start-Ups
Oakes Accounting can guide you through the process of setting up a limited company, and through our close professional contacts we can arrange for this to be sorted out for you with the minimum of disquietude.
We can help you with a budget and business plan that is realistic for you to adhere to, and guide you through the maze.
Taxation
Oakes Accounting can offer a full taxation service.
If you are required to complete a self-assessment tax return we can advise you on the information required, and then complete the return on your behalf and submit it to HMRC.
If you are just starting out we can simply help you to decide whether you need to be VAT registered or not from the outset, saving a lot of time. We will continue to monitor your situation for you, so that should your position change we can register you for VAT and deal with all of the paperwork on your behalf. In contrast, we will also monitor your position for when we think it would benefit you to de-register.
Whether you are a new or existing business we will also look at the VAT schemes which you are eligible for, and establish whether you would be better of adopting one or a mixture of them. Some VAT schemes can lead to tax savings and a reduction in bookkeeping responsibilities.
In addition, we can prepare your VAT return; either from your own bookkeeping records or alternatively we can take care of your record keeping and VAT return. Oakes Accounting will try to ensure that you claim as much VAT as possible; particularly on contentious items such as mixed-use expenditure and motor running costs.
If your company is liable for corporation tax you must calculate how much profit your company makes for each accounting period, and how much corporation tax is payable on those profits. This information must be reported to HM Revenue and Customs on a corporation return form and must be supported by the tax and accounts computations. There are strict penalties for filing late returns and interest is charged on tax being paid late so it is imperative that the deadlines (which are determined by your company’s annual accounting date) are adhered to.
Accountancy
The year end accounts provide invaluable information about your business, and are particularly useful if for example you wish to make a mortgage application or raise finance. We can advise you on how to strengthen your record keeping procedures which in turn will help you to run your business more effectively. Having accurate and timely management information can assist you in managing your stock levels, your customer balances owed, your supplier balances due and your cash flow.
Your accounts will be prepared in accordance with accounting standards and we will check that you are claiming everything that you are entitled to.
Whether you are a sole trader, partnership or limited company we can relieve you of what can be an extremely stressful and time consuming process.
