Services
How can I help?
Accounting Services
Annual financial statements are a legal requirement for limited companies and LLP’s and must be submitted to Companies House. Depending on the size of your company or LLP, there are varying accounting and disclosure requirements.
Annual accounts for sole trade and partnership businesses are usually prepared to enable the calculation of profits for tax but can also be a requirement for bank financing and grant applications.
At Macaulay Accountancy, I want to ensure you understand your accounts and what this means for your business so you can effectively work towards your business objectives. I aim to meet in person or have a call with all clients to go over the accounts in detail and answer any queries. This provides an opportunity to have a general discussion on how the business is going and, if relevant, make suggestions on any areas which could potentially be improved or lead to tax savings.
Tax Services
Tax Returns
Everyone’s personal tax situation is different and I want to understand your circumstances so that you are confident that all information is returned to HMRC accurately ahead of the annual 31 January deadline. By fully understanding your personal circumstances, I can ensure that all relevant claims and allowances are made in your annual tax return to minimise your tax liability. There are some big changes coming to the personal tax regime including the basis period reform from 6 April 2024 and Making Tax Digital from 6 April 2026 which I can help you plan for.
Companies are also required to file annual tax returns to HMRC. It’s most efficient to do this alongside the financial statement preparation so we can ensure that allowances and reliefs are maximised and that the accounts and tax returns are consistent.
From 27 October 2021, individuals who dispose of a residential property in the UK are required to report any capital gains and pay any tax owed within 60 days of the completion date (30 days between 6 April 2020 and 26 October 2021). I can help you meet this deadline by completing the necessary returns and liaising with you and your solicitor.
Tax Planning
Tax planning can be complex. I can help with year end tax planning, remuneration structure, capital disposals and Inheritance Tax planning. However, this list is not exhaustive and there will be many different scenarios that appear during your and your business’ lifetime. Each individual circumstance is different and I will work with you to find the right solution for your specific situation. The key is to start discussions and planning as early as possible.
Bookkeeping & VAT Returns
Bookkeeping & VAT Returns
The increasing burden of financial reporting can be a nuisance for busy directors and business owners as it restricts the amount of time available to them to focus on their core business. Outsourcing this to me will free up your time to do what you do best. I understand that each business is different and will tailor my service accordingly. I can offer a full bookkeeping service which can include sales and purchase invoice processing, bank reconciliations and VAT returns. Alternatively, you can do your own books and I can review VAT returns prior to submission including adjustments for fuel scale charge and partial exemption. The tailoring process means I can do as much or as little as suits you.
Management Accounts
In order to make informed decisions about your business, it’s useful to have up to date financial information. I can produce regular management accounts as part of my bookkeeping service or as and when required. Management accounts assist directors and business owners monitor performance, plan ahead and support the growth of their business.
Cloud Accounting
What Is Cloud Accounting?
Historically accounting information was stored in hand written ledgers or on desktop accounting software. Cloud accounting moves the accounting software and financial information on to the internet.
Benefits
The move to Making Tax Digital (MTD) has been a key driver for the growth in cloud accounting solutions but there are many benefits to moving to a cloud accounting solution.
Cloud accounting can provide a time saving through automatic bank feeds and data capture software.
Many of the software options such as Xero and QuickBooks Online are focused on supporting business owners rather than accountants and are therefore easier to use and understand than traditional packages.
It is easy to give your accountant access to your online records at no extra cost enabling timely advice.
Most online software has built in functionality that allows you to easily create bespoke sales invoices and the option to connect to third party applications to manage several areas of your business including stock.
Cloud accounting packages are generally lower cost than their desktop competitors.
With your financial information being stored on the internet, it is continually being backed up and the software is updated immediately as and when the provider makes improvements.
How Can I Help?
As a Xero Partner and Advanced Certified QuickBooks ProAdvisor, I am able to review your business and guide you through deciding what software is most suitable for you. Moving your information to a cloud based system is a good time to evaluate what you actually need from your software and there are several options out there, each with their own strengths and capabilities. I can assist in setting up your chosen software and migrating your information over so that you get the most out of it.
Business Advisory
From choosing the structure of your business through to considering the sale or succession plans for it, there will be many choices to make and factors to consider. Your business and own requirements can be complex and so there will be many different scenarios that appear through the business’ life cycle. I can help by listening to what your aims are and suggesting the most tax efficient and practical solutions. Some of the areas I can assist with include business structure, company formation, business purchase and disposals, budgeting and forecasting and succession planning.
FREE Consultation
Contact Me
Please get in touch if you would like more information on any of the above services. I offer a free consultation to discuss how Macaulay Accountancy could help you and/or your business.