When you become a limited company, you need a registered address for your business. In this blog post we look at what a registered address needs to be. We also look at where you need to display your company address, as a legal requirement.
The Elements Of A Registered Address
There are three elements that make up your registered address as a limited company. Firstly, your company number. This is the number you are given when you register at Companies House. Secondly, your address. This is your registered business address for your limited company. And finally, the place. By this we mean England and Wales, Scotland or Northern Ireland, if you are a UK limited company.
Your registered office address is the address that is used for all correspondence from Companies House and HMRC. It is also the address used for serving any legal notices and similar. That statutory registers and records are also kept there for inspection.
How To Stay Compliant With Your Limited Company Registered Address
While this all may sound relatively straightforward, there are things you need to do to stay compliant with your limited company registered address. We have listed some of these below for you. However, if you do have concerns about the registered address for your limited company, give us a call.
As your local Peterborough accountant, we can provide you with the registered address your limited company needs. This will ensure that all your statutory documents are dealt with promptly and professionally. By using our address, it also protects the confidentiality of your home address.
Businesses gain lots of benefits when they employ the services of an accountant to take care of their day to day accounting duties. However, as a limited company you will have far more accounting responsibilities than a sole trader. In turn, this means more benefits from the services of an accountant.
Owners of limited companies can become overwhelmed by their accounts very easily. This is even more so the case if the business owner has no accounting or bookkeeping skills. If you are looking to save time and money when it comes to handling the accounting aspects of business, you need an accountant for your limited company.
It’s worth noting that an accountant for a limited company is not a legal requirement. However, it will make life as a business owner easier. It frees up your time to do what you are best at, running a successful business.
What Do Accountants Do For Limited Companies?
The responsibilities of an accountant cover a wide range of different roles. What they do for one business will be different to what they do for another business. This is because what they do will vary dependent on the size of the company and the accounting needs of the business.
An accountant can help you and your business with the preparing and submitting of the annual accounts. They can also complete VAT returns, manage payroll runs and monitor the cash flow of your limited company. The support and services of an accountant can be invaluable to a limited company, in a whole host of ways.
Here at AK Bookkeeping we are more than happy to offer advice on any tax issues. We can also conduct annual reviews of your accounts too. Many clients like us to handle any HMRC correspondence too, which we can do for your limited company too. We will produce your end of year accounts too, so they can be submitted to Companies House annually.
While you may not feel you need an accountant for your limited company; it can certainly save you a lot of time and stress. As you can see, it certainly pays to hire a local accountant in Peterborough for your limited company to help support your financial business operations.
If you’d like to know more about what we can do your limited company; give us a call!
We all set ourselves goals, aims and resolutions for the new year. Some of these are losing weight, stopping smoking ands joining a gym. While other people, faced with the stress of tax returns, swear that this year will be the year they get better at looking after their accounts.
In this blog post we have put together some accounting tips for the new year and guidance to help you ensure that your accounts are in order and ready for the tax year. It’s important that your accounts are in order for your business and for HMRC. It will also help reduce your stress levels and help you sleep easier at night when you know your accounts are in order.
The first thing you need to do, if you haven’t done it already, is to separate your accounts. Your business accounts and personal accounts need to be separate. All outgoings and expenses that are business related need to go through the business account. Using the same accounts for business and personal muddies the waters and makes the end of year accounts really tricky for you, your bookkeeper or your accountant.
The Right Advice
Lots of people will be willing to give you their ideas and advice. However, when it comes to business and your accounts – you need to be sure you’re getting the right advice. Here at AK Bookkeeping we work hard to build a relationship with our clients. They know that if they have any queries, they just need to ask. We will always offer professional, informative and relevant advice that will help their business.
Invoices Are Important
It’s essential that you understand the importance of invoices. These need to be laid out in a set way and include multiple important details. The incorrect invoice, or an invoice sent late could result in hazardous accounts or non-payment from clients and customers. As your friendly local accountants in Peterborough we can recommend invoicing tools that will help invoicing become a smooth and easy to manage process.
These are just three tips that will really help get your accounts in order for the new year. If you’d like anymore advice or guidance, contact our team directly. We will happily discuss your business, listen to your concerns and offer personal advice to help.
The deadline for your tax returns is the 31st January. You need to have filed your tax returns by this date or you could get a hefty find. Now, you have some choices. Start it now and be ahead of the game. Pass it on to a Peterborough accountant who can manage all the stress and worry for you. Or, bury your head in the sand until the last minute, try to find an accountant in Peterborough that can help at short notice and risk getting a huge fine.
If you don’t already have an accountant to help you with your tax returns, now is the time to find one. Leaving it until the last minute could result in you not getting the best accountant for your business, or not getting any accountants at all. There are busy times of the year when accountants have to say no to taking on new clients – make sure you have made contact with an accountant before it’s too late.
Accountants, like the team here at AK Bookkeeping, are used to working with a variety of businesses. We know how different businesses in different industries work. This means that we can be the perfect fit for your business and your company finances. We have handled hundreds and thousands of tax returns. Each one is different and comes with its own challenges. However, our experience and knowledge means that we can overcome these challenges.
The tax laws are changing all the time. When you’re running your own business, you don’t have time to keep on top of these changes. You’re too busy staying on top of industry changes, staff concerns, customer orders and running your business smoothly. Meanwhile, this is what an accountant does. They keep an eye on the changing tax laws to ensure you will always pay the right taxes for your business.
Did you know that if your tax returns are submitted late, even if it’s just by an hour or two, you will get a £100 late fee added to your tax return? It’s also worth noting that this can go up to £1,600 if your tax return is completed later or completely incorrectly.
If you’re still unsure about hiring a Peterborough accountant for your tax returns, think about your hourly rate. What do you charge your clients and customers by the hour? Now think about how long it will take you to do your tax returns yourself. This is how much it will cost you to do your tax returns. Now, give us a call for a quote. Not only will you save money and time, because our experience enables us to complete tax returns quickly and efficiently, we will also know of ways you can save money on your taxes that you may not have been aware of.
Love them or hate them, tax returns need to be done for your business – you just need top decide how they are done!
When you’re looking for a new accountant there is a lot to consider. With so many accountants out there, who is the best accountant for you. Here at AK Book-Keeping we would always recommend that you opt for a local accountant. There are so many benefits to having a local accountant in Peterborough to look after your finances.
We have listed some of these many benefits below for you;
Every local business community is like a village. It really can be a case of everyone knowing everyone. Ask around about a local accountant in Peterborough and you’ll quickly find out who the good ones are, as well as who to avoid. When you ask business contacts about an accountant that is based somewhere else it’s unlikely they will have heard of them. Therefore, you can’t get real feedback from people you trust.
When you choose a local accountant in Peterborough to look after your business finances, you will build a better relationship. Instead of sending things via the post, you can drop in. If you have a question you can arrange to meet your accountant instead of doing it over the phone or via email. A face to face meeting is always more personal and when other matters or concerns arise these can be discussed too.
When you get to know your accountant, they can then recommend you to their clients. Your local accountant will work with other local businesses, in your area. Perhaps a client will go to your accountant and ask for a recommendation of the service or product you provide. They will quickly think of you and recommend your business. The other company chose a local accountant because they want to support the local business community, so they’ll be happy to meet and potentially work with you going forward.
By using local suppliers, you are helping to keep the money circulating in your local economy. This is a boost in terms of jobs and 0prosperity for all the local businesses in Peterborough. Peterborough is an incredible city with some amazing businesses. By supporting the local economy, you are helping to put Peterborough on the map for all the right reasons.
If you are looking for a local accountant in Peterborough, call our team. We would be happy to discuss your business and your accountancy needs.
VAT Registered Business from April 2019
The clock is ticking as VAT Registered Business i.e. Turnover in excess of £85,000 will need to submit their returns via MTD Compliant Software. The HMRC online portal currently used will no longer operate.
Therefore, if you currently process your Accounts on a spreadsheet or similar software then log onto HMRC to submit a VAT Return you will be affected.
AK Bookkeeping use SAGE and XERO Software for our clients and this is compliant with the MTD requirements from April 2019. Give us a call to arrange a meeting to discuss how we can help at a price significantly less than most Accountants.
Companies, Sole Traders, Partnerships currently not registered for VAT
Business under £85,000 turnover or Sole traders such as Plumbers, Builders, Retailers who currently submit their accounts at the end of the year have until April 2020 to get ready. Again compliant MTD Software is required but submissions will be quarterly.
If you currently drop a bag of receipts to your Accountant at the end of each year then you will be breaking the law and liable to penalties if you fail to change to quarterly accounts.
A big issue is the cost that an Accountant may charge for doing your accounts 4 times a year instead of 1. You should therefore find out what it is likely to cost. Call us for a competitive quotation.
As a business owner, corporate tax issues will be part and parcel of your routine and one of the main tasks that your accountant will have. If you are a director of a limited company, the tax issues responsibility falls on you. You have to make sure that the business’s tax issues are in order and that the tax liability is accurate. This also includes ensuring that HMRC is paid on time.
Corporation tax is based on limited companies and their taxable income or the profits they make. As the owner of one you need to calculate this yourself and you need to pay the amount to the Inland Revenue without an assessment beforehand. The payment date is 9 months and 1 day after the due date of the business and this is usually the very last day of the accounting period itself.
The good news is that this tax rate will be cut from 20% to 17% come 2020 according to the government. The accounting period cannot be more than 12 months for this tax and it is usually the same financial year that your business’s annual accounts fall under. The duration also has an effect on your deadlines and filing your tax returns.
You can check your accounting period by logging onto the online service for HMRC and by checking the dates there. Once your business is registered for Corporation Tax, the HMRC will send you a letter for your exact accounting period.
What is Value Added Tax?
Value Added Tax or VAT is tax that is based on the consumption of certain services and goods that are accumulated through each stage of distribution and production. In other words, most services and products that come from a business will be accountable for this tax. The standard VAT rate is 20% but this can change according to the business you have. You should register for VAT if:
The amount includes not only the profits you gain but also the amount that is being spent on the business and going through it. The returns have to be submitted online and the good news is that any and all liabilities can be settled electronically.
AK Book-keeping can help you with all of that and more. We are based in Peterborough and have been in the book-keeping business for decades.
If your paperwork is taking you away from things that should have your undivided attention, then you know who to turn to. Allow us to manage your books so that you can manage your business with little or no distractions. Satisfaction guaranteed!
Call Les’ Hotline: 07732090847
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The greatest asset for any organisation is its personnel or staff. This makes payroll management the most important task for Human Resources. However, it is also quite complex since it has to be completely accurate and efficient at the same time.
Besides ensuring each employee gets the exact amount they earned, payroll generation should also comply with employment regulations and help maintain morale at the same time. In order to ensure it is rolled out with minimum disruption, the following best practices should be considered:
Examine timekeeping protocols regularly
Paying employees overtime accurately is a legal obligation making classification crucial. In order to ensure no well-deserving worker is left out, you need to assign positions to all active employees as well as contractors and consultants, if applicable. These will help you manage payrolls efficiently, and that includes tax requirements.
This is necessary if your company gets audited in the future. If your employees are not classified properly or they were not paid the amount they were due, your business can incur costly financial penalties that may also land you in court. You can prevent this by ensuring that all of your employees account for the time they work and ensure changing job duties are also accounted for. Plus, if audits are not held regularly, you might end up overpaying some and underpaying other employees.
If you do not have the time or resources to take care of payroll matters yourself, engage someone who will. Rather than assigning it to someone in-house, you can offload all of that work by outsourcing it. That includes processing the pay period data and signing and printing paychecks, among other payroll tasks, all without disregarding taxes.
A payroll service that is outsourced keeps regular tabs on government rules and regulations that go into the payroll process. This includes keeping abreast of changes which a growing business might overlook for other, more important matters.
Prevent employee time theft and hold regular audits
Even if you think that your employees are loyal, chances are some will try to fool the system by misusing work hours. An integrated attendance system that keeps track of their breaks and when they sign in or out at the end of the day can help prevent this. It will also calculate all of the hours worked for each employee and provide an accurate payroll.
All manual and automated processes such as the payroll management should also be audited on a regular basis, or at least once a year, to check for errors. Even a minor one can make your payroll askew and compromise final payments. Promotions and salary increments may also not be provided on time which can have a serious effect on employee morale.
The best way to ensure all of the best practices are observed during payroll preparation is to hire professionals who have years of experience in the matter. AK Book-keeping can guide you better and assign an accountant for you who will ensure your payroll is accurate and is deployed on time.
Call Les’ Hotline: 07732090847
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What is the final straw for business owners to seek bookkeeping services?
Businesses require book keeping services for a variety of reasons. They start managing their accounts at home until they realise they need outside help.
Here are some reasons why businesses finally decide to give the responsibility of managing their books and payroll to a bookkeeping service:
Do your books close on time?
Do your books close on the same date each month?
Would you know what to do if your in-house bookkeeper handed in his/her resignation?
Do your accounting personnel manually manage data using more than one system without synchronisation and integration?
If you answered “yes” to any of the questions above, you have real problems on your hands. You need to have all of your accounting processes automated, with your books done in a timely manner. If your accounting personnel lacks experience in managing accounting software and processes, your business is in deep trouble.
Is your accounts receivable aging (AR) report not updated?
Do you know what your annual business forecast looks like?
Can you predict what your business’s expected future sales will look like by looking at the revenue data?
If you answered “yes” to the first question and “no” to the subsequent questions, you are standing on thin ice. It is important for businesses to be able to forecast their budget and cash flow without hesitation. If you cannot answer the question with confidence, hiring a bookkeeper is one of the best decisions you could make for your business.
Is your accounting system capable of executing a certain feature, but your team doesn’t know how to execute it?
Do you use Microsoft Excel to perform the majority of your bookkeeping?
Do you use paper to monitor time and expenses?
Do you encounter problems when performing time tracking, expense management, payroll, job costing, etc.?
If you answered “yes” to one or more aforementioned questions, your accounting processes are not synchronized with each other. It takes too much time to draw up reports and perform bookkeeping duties in general. Unsynchronized accounting systems may make you overlook an error.
A way around this is to outsource your business’s bookkeeping services.
Do you know the exact profit margin?
Have you been able to incorporate job costing?
Do you often find several errors on your profit and loss (P&L) statement?
If you answered “yes” to these questions, you need to re-evaluate the direction your business is going in. This is especially true for business owners that do not know why their balance sheet is showing errors.
Did your business fit into any of these categories described above? If it did, you need to seek us out. We provide professional bookkeeping services to businesses in Stamford, Peterborough, Cambridge and Huntington and we can accommodate clients throughout the UK.
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Call Les’ Hotline: 07732090847 for help with sorting out the best system for your accounting and payroll operation.
Are you tired of trying to effectively manage and streamline your payroll process?
Payroll is a complex task for any company, and for many small businesses owners it is probably something that takes up an inordinate amount of their time, yet still isn’t as good as they would like it to be. Here are 5 useful tips to help you deal with your payroll system better,:
Probably one of the smartest things you can do is to invest in good payroll software. This will automate the entire process, and make managing payroll much less complicated for you. From generating pay slips to calculating taxes, these software and apps are smart enough to make your life easier.
Whether you’re doing it manually or using payroll software, when managing payroll, you need to pay special attention to employee details. The process of collecting and recording employee details can be time-consuming and cumbersome – so you obviously want to get everything right in the first place.
From joining dates, to date of birth, and change of address – your record needs to be accurate. Sloppy errors in this process will create further trouble and waste a lot of time too.
Payroll is regulated by law. Any changes in the payroll-related regulations may impact the way you calculate, process, and manage your payroll system. Hence, it is extremely important to stay updated about the major laws governing payroll.
You will also be required to keep abreast of taxation laws. These laws deal with the benefits and employee tax rates that change frequently. You may not have to get into the nitty-gritty of these laws, but it helps to be informed about them when managing payroll.
You can purchase sophisticated payroll software, but it won’t be of much use if your payroll staff don’t know how to use it. Then what do you do? You invest in training your staff. Enroll them for short, flexible training courses that help them become familiar with and learn how to operate the software efficiently. This will save you a lot of time.
For small businesses, it is often difficult to keep the working capital flowing. Hence, it is important for you to stay on top of your credit control system. It becomes inconvenient when you have to chase customers for your payments that are already overdue, because you pay your employees when your customers pay you.
There are times when these things don’t go as planned. Your customers default or the payment gets delayed due to unforeseen circumstances. Save yourself the embarrassment and maintain a surplus fund to pay out salaries on time.
A great solution for small businesses to immediately take control of their disorganised payroll process is to consider outsourcing it to the professionals. They will make sure your payroll is processed timely and the necessary documentation is in place, without hampering the routine operations of the business. It really can be false economy not to call in an experienced outsourcer.
For professional help, get in touch. If you found this information useful, let us know! Feel free to share it so others can benefit too.
We can offer you more guidance on handling your payroll efficiently when you call Les’ Hotline: 07732090847, firstname.lastname@example.org.