Book Keeping Services
Let’s face it, book-keeping is not everyone’s favourite past-time and for a large number of business owners, it is in their leisure time when this task is normally undertaken. Why do you need to do any? The back of an envelope was good enough in ‘the old days’ so it should be good enough now! Unfortunately, HM Revenue & Customs doesn’t see things quite like that!
Your ‘books’ are your records by which many things can be established - how much you are owed; how much you owe; how much you should have in the bank; how much profit (or loss!) you have made; support for a loan application; how much tax will be due and so on. Without good ‘books’ there is very little hope of achieving the accuracy demanded by ‘the powers that be’!
Even if we do not act as your tax agent or accountant, you will need books and records upon which your accounts (and Tax Return) can be based. With the Government’s ever increasing desire to collect as much tax as they can via HM Revenue and Customs, the need for those records to be very accurate is more than obvious - but there is also an added need for accuracy with the likelihood of ‘Records Inspections’ being undertaken by HM Revenue & Customs (and punitive fines for failure or inaccuracy!).
We can provide off-site book-keeping to fit in with your business and your requirements on a regular basis, or even as a one-off assignment. Some of our clients need regular book keeping to be undertaken each week, others once a month and there are those that only need the books to be updated once a year! We can accommodate all flavours!
If you are in business as a self-employed person (commonly referred to as a ‘sole trader’), you will need formal annual accounts for a variety of reasons, not the least being to support your entries and computations in your annual Tax Return. You may also need them to support an application for a loan or mortgage, perhaps for a credit check by a supplier, or for a benefit’s claim.
You would be surprised at what HM Revenue & Customs include in the heading of ‘Self Employment’ - even an agent for a catalogue or home sales company paid commission on their sales is technically ‘self employed’; retired persons paid for undertaking odd jobs or gardening; even regular babysitting can be deemed to be ‘self employment’! If you do something for which you receive reward (and that doesn’t have to be money) you can be deemed to be ‘self employed’.
Of course, if you are in business in an unincorporated partnership with other persons you will need accounts for the partnership - and from these will be extracted the information for your individual Tax Return.
Sub-contractors in the Construction Industry, whilst obviously ‘self employed’ have some ‘complications ‘ when it comes to accounts, as they have to conform to the CIS rules.
Our services will produce the necessary ‘formal’ accounts either from your own records, or from our book keeping, together with any necessary tax computation
Every ‘incorporated’ company has to file annual accounts (full or abbreviated) with Companies House, and has to provide copies of the full accounts to the shareholders of the company for the Annual General Meeting. They may also be needed for a variety of other reasons, such as bank references.
The accounts have to meet specific criteria and will be needed to support the annual Company Tax Return. We compile the accounts, together with tax computations, either from your own records or from our book-keeping, in accordance with the various accounting standards currently in force.
For companies requiring an audit, although we are not Registered Auditors ourselves, we can assist in finding a suitable Auditor and assist in the audit process itself.
If you are considering starting in business or changing from sole trader or partnership to a limited company, we can assist with the incorporation.
Strictly speaking, keeping an accurate VAT account is part of one’s book-keeping tasks, but it can be a little complicated to the uninitiated. We can advise what, when and even where VAT should be charged, what can or cannot be claimed, and how to account for and report VAT liabilities.
You are in business - should you be charging VAT? If your turnover has not yet reached the Registration Limit, would it be economically viable for your business to voluntarily register for VAT? Does your business make imports from within the EU?
Not only can we advise about VAT, we can help you to register for VAT and keep the records for you. We can also submit VAT Returns on your behalf.
One has to be aware these days of the penalties for failing to comply with the various tax rules and regulations. Not only can you be fined for not keeping accurate or adequate business records, and particularly VAT accounts, you can also suffer for not filing your VAT or ECSL Return’s on time; and, of course, for not paying your liabilities on time!
We can provide a VAT Service as a separate service for your own book-keeping, as a one-off advisory service or incorporate it into our book-keeping service.
With the implementation of Real Time Information (RTI) in the world of PAYE, employers are now under a great deal more pressure to get their employees earnings reported accurately and on ‘schedule’ - reported to HMRC every time the employee’s are paid; when someone is taken on or an employee leaves; when company cars are allocated or withdrawn - even to tell HMRC that no one is getting paid this week or month! Regardless of when your employees are paid (monthly, weekly, or even daily!) Also there is no longer any such thing as a ‘casual wages’!
These items have to be reported in ‘real time’ - no allowance for the book keeper being on holiday! Or ‘off sick’. Pressure? You may need our payroll service !
If you are a contractor in the construction industry and employ sub-contracted labour you have a duty to deduct tax and report those deductions to HMRC, even if you do not have any direct employees. This is commonly known as the Construction Industry Scheme or CIS. You will also need to provide sub-contractors with payment and deduction statements. Once again, HMRC expect you to keep accurate and adequate records of all payments and deductions made, and to file this information once each tax month. We can provide this service as a ‘stand alone’ service or as part of our payroll service.
If you rent out a property, whether it is residential, furnished or unfurnished, for holiday let or under tenancy agreement, or commercial property, you are required to keep records of all income (rents received) and expenses incurred. You are also required to report these figures to HM Revenue & Custom in your annual Tax Return, whether you undertake the letting by yourself, in partnership with your spouse or through an agency.
Our service is very similar to the general book-keeping service but is undertaken from the more specialised viewpoint required for Property Rental.
Taxation and Compliance
Everyone knows the challenge in finding a reliable accountant, and that’s why I started I W A Services. Whether you need help with taxes or with a business, I’m ready to take o
Two ‘dreaded’ words but necessary this day and age! Taxation services are generally aimed at the self employed (and partnerships) including those renting out property, freelance workers, sub-contractors and so forth. However, if you are a pensioner and have income exceeding your Personal (tax free) Allowance, you will have to provide HM Revenue & Customs with details of your income by way of an annual Tax Return - and for partnership’s the annual Partnership Tax Return.
Income for tax purposes includes wages/salaries, taxable benefits, interest and dividends on savings and investments, pension income (including State Pension), business profits, rental income and income form a variety of other sources - including from overseas. Correctly reporting all this can be a nightmare, and if you get it wrong you could be in line for one of HMR&C’s infamous penalties!
Companies are required to file similar information for Corporation Tax purposes and along with the filing of the accounts with Companies House, this is termed ‘Compliance’.
n all of your tax preparation and accounting demands. Working with me, you can rest assured your financial matters will be handled with care. Explore my site to learn more about my areas of expertise.
Business start Up
We have seen many people rush into starting up a business with very little forethought and without some careful planning, the results can prove to be costly.
Having spoken to a ‘friend down the pub’ who set up their own business a few years ago, you may feel that you have made enough plans to get your business off the ground but have you considered all the options or the advantages (and disadvantages) of different types of business ‘organisation’.
- Should you be self employed / are you going to work with others in partnership ?
- Should you form an incorporated company ?
- Would it be to your advantage to voluntarily register for VAT ?
- Are you contemplating having employees ?
- Do you know how to run your payroll ?
- Are you going to work in the Construction Industry ?
- Do you need to be registered under CIS ?
- Will you be a contractor and what are the implications of IR35 ?
Come and talk to us FIRST (for free) before making your move !
Services we provide
162 Dock Street
All About Us
Your Trusted Accountant
This is normally where we would be expected to ‘blow our own trumpet’! OK, so we are going to say that we are brilliant, exceptional and amongst ‘the best’! Of course, we would say that wouldn’t we? So instead of praising ourselves, we say if you want to find out how good we are - why not give us a try? We will be quite happy to give you references from our client base and let you contact them first hand.
Established in Blackpool but now located in Fleetwood.
Staff numbers are low! The original director, Julie Barrett, has retired and the practice is now directed by Jane West, with other office support as necessary. Specialist support is by Ian Watt Accounting Services Ltd.
So, contact is more direct - no switchboard or receptionist.