What We Do
We offer a wide range of accounting and tax services to small businesses and those who are just starting out.
We appreciate that tax and HMRC compliance, and ‘all things numbers’ can be daunting and overwhelming.
Our aim is to take the stress out of tax and accounting so that you can get on with what you’re good at, the day-to-day running of your company.
However, we don’t just aim to comply, we want to add value to your business where possible. As well as providing the traditional services of an accountancy firm, we want to get to know you and your business so we can offer additional advice and solutions to help your business flourish.
Self Assessment
As a sole trader, or as a director of a limited company, you may need to file a self assessment tax return every year by 31st January.
HMRC regulation changes constantly, and self assessment rules can be daunting. At Smith Accountancy we are aware of what you need to do to remain compliant and we can complete and file your return for you.
We simply require details of income and expenditure for the tax year and expense receipts.
Once we have all this information, we will complete your self assessment tax return and send it to you for your approval, after which we will file the return and ensure you are aware of any tax liabilities and associated deadlines.
Bookkeeping
(including VAT returns and Cloud Accounting)
Bookkeeping is fundamental to any successful business.
At Smith Accountancy, we will take the stress out of your bookkeeping always making sure it’s up to date. Failure to keep a proper set of accounts can result in fines or even an unwelcome extra tax bill as well as a lack of visibility as to how your business is performing.
We provide a full bookkeeping service including the preparation and filing of your VAT returns using cloud accounting which is Making Tax Digital compliant. We understand that as a small business owner, your time is valuable, and your focus should be on running your business and looking to the future.
That’s why we will help to utilise your time with our bookkeeping support. We can also provide training on cloud accounting for those clients who want to do some or all of the bookkeeping themselves.
Cash book payments and receipts
Fixed assets registers
Stock and Work In Progress
Sales Invoices
Purchase Orders and Purchase Invoices
Prepayments and accruals
VAT returns
Month end and year end financial statements
We have expertise in cloud-based accountancy software and can help to future-proof your business, all whilst giving you real-time access to your books and account information on any device, at any time.
UK businesses are required to register and charge for VAT as soon as they exceed £85,000 in annual revenue, and once you’re VAT registered, you’ll need to retain and submit a detailed set of accounts showing how much VAT you receive and how much is owed to HMRC each quarter. We can take care of the registration process and ensure all records and payments are made in a timely manner.
Payroll & Pension
We understand the complexities of the PAYE system and can help you save time and money in ensuring your employees are paid correctly and on time, and therefore your business running smoothly. We complete all payroll work required and provide unlimited support when dealing with issues such as maternity and paternity leave, employee sickness and holiday leave and any other issues which, if not dealt with correctly, can be time-consuming and costly.
At Smith Accountancy we will also ensure all statutory returns are filed by the appropriate deadlines, keeping you fully compliant.
Payroll system set up
Processing of pay and all relevant adjustments to pay
Pension auto-enrolment deductions and submissions
Production of payslips
RTI submissions
Payment management
At Smith Accountancy we can help you set up and administer your preferred pension scheme and can answer all your business and employee pension queries.
Pensions
Automatic pension enrolment ensures that your employees can save for later life through a workplace pension scheme. As an employer, it’s compulsory for you to automatically enrol your workers as soon as they start working for you, or after an agreed postponement period. You must also contribute. You may be fined if your contributions are late, or you do not pay the minimum contribution for each member of staff.
Statutory Accounts and Corporation Tax Returns
The tax system changes and evolves from one year to the next. We can help you keep up to date with HMRC accounting and corporation tax rules and ensure your statutory accounts are up-to-date and compliant.
By taking away the burden from you, you’ll be able to concentrate on remaining competitive and growing your business. What’s more, you’ll remove any risks that could put your hard-earned work at risk.
Smith Accountancy use the latest software for the production of statutory accounts and corporation tax computations, ensuring full compliance with the current rules and regulations. By getting to know your business, we can also ensure that all relevant allowances and deductions have been claimed for.
Other Services
Management Accounts
These may be monthly or quarterly and are a useful tool for keeping on top of business performance during the financial year and allowing for any corrective action to be taken at an earlier stage.
Forecasting
Whether that be a simple rolling three-month cash flow projection to aid day-to-day operations, or three years of detailed profit and loss and balance sheet projections to support a business plan or funding application, we can help.
Systems & Processes Development
We have a wide breadth of skills and experience in using different accounting packages, as well as the implementation and integration of new software packages. We can review current processes to identify any changes required to improve the performance of the finance function and therefore the business as a whole.
Business Plans
As well as providing support for business plan projections, Smith Accountancy can assist with the structure and content of the report.