Accounts and compliance
Here at Thain Wildbur, we understand that the day-to-day running of a business requires your full attention: we can help you create and complete your accounts and deal with all the required filing obligations.
Our accounting and compliance services include:
- Preparation of annual accounts
- Preparation of periodic management accounts
- Book-keeping services
- Maintaining PAYE and VAT records and associated returns
- PAYE and National Insurance compliance
- Self assessment advice
Bookkeeping, VAT and payroll outsourcing
Our bookkeeping and VAT return service ensures that your accounts and records are kept up to date. Our team will collect your bank statements, receipts and papers and make sure that they are processed and filed in accordance with the regulatory requirements.
Additionally, we offer a comprehensive payroll service which supplies businesses with customised payslips and details of PAYE and NIC payments. We will also complete weekly or monthly statutory returns and file them under HMRC’s real time information (RTI) regime and, if applicable deal with the administration of your pension auto-enrolment scheme.
Business support and advice
Our support for you stretches well beyond essential compliance services. We aim to work with you to ensure the best possible chance of success for your business.
We adopt a cradle-to-grave approach to business advice. We can help you start a new venture, provide planning and support through the growth period and help you create exit plans when you want to hang up your boots or move on to other challenges.
The areas where we can assist you include:
- Business start-up planning and advice
- Raising business finance
- Financial management and information systems
- Computer systems and accounting software advice and training
- Cash flow forecasting and management
- Long term plans for your business and your exit
- Share valuation and business sales advice
Tax compliance and planning
Whether you operate as a sole trader, partnership or company, in business we are all required to submit tax returns, and we can ensure that your returns are filed in a timely manner and with an eye to minimising your tax bills while helping you to stay on the right side of the taxman.
What we can also do is help you plan your business and personal finances so that you pay tax on what the law says you are required to pay, and not a penny more.
Some of the areas where we can help your business include:
- Dealing with the tax authorities on your behalf
- Deciding on a tax efficient structure for your business
- Making the most of allowances and reliefs
- Advising on tax efficient remuneration and profit extraction
- Reducing tax on disposals and maximising tax relief on acquisitions
- Assistance with tax investigations
- PAYE and VAT compliance
- Tax investigation fee protection insurance
Company formation and filing obligations
We can form a limited company for your business and deal with all the resulting filing obligations with Companies House. We can also deal with any ongoing annual filing chores. Unfortunately, failure to file on-time will likely result in penalties so we would recommend that you let us take care of this for you.
Our Company Secretarial Services include:
- Preparation and filing of statutory returns
- Maintaining statutory registers
- Preparation of minutes and resolutions
- Company formation
- Company searches
Sourcing “cloud” accounting software
Cloud software is accessible via the internet. It is not resident on your PC or server. Most of the accounting or bookkeeping software packages are provided in this format. An outstanding advantage of using cloud software is that it can be accessed from any internet enabled device; apps have also been created so you can access key facilities from your phone or tablet.
Cloud accounting software also enables you to automate some of your routine book-keeping procedures and can help improve financial control, allowing you to manage your cash flow more efficiently.
We keep abreast of the latest technology and can advise you on and support you with the main online and offline accounting packages.
We are certified advisers for Quickbooks, Xero and Sage, and we can help you decide on the most appropriate software and set-up for your business.
Managing HMRC’s Making Tax Digital (MTD) obligations
At present, HMRC’s MTD obligations are limited to the filing of businesses’ VAT returns (if their turnover is over the current VAT registration threshold of £85,000). Traders affected need to register for MTD filing, and penalties can be charged for failure to comply. Needless to say, we are on top of these requirements and can deal with all the registration and filing chores for you.
There are planned extensions of the MTD filing regulations to include uploads of quarterly accounts data directly from your account’s software to HMRC’s digital accounts. No firm date has been set for the commencement of this wider application. But watch this space…
Anglian Accountancy Services Limited trading as Thain Wildbur is a member of The Institute of Chartered Accountants in England and Wales Practice Assurance Scheme and is governed by The ICAEW Code of Ethics which can be found here.
We are also regulated by ICAEW for a range of investment business activities.
In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our professional indemnity insurer is Zurich Insurance plc, The Zurich Centre, 3000 Parkway, Whiteley, Fareham, Hampshire, PO15 7JZ. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.
If a conflict of interest should arise, either between two or more of our clients, or in the provision of multiple services to a single client, we will take such steps as are necessary to deal with the conflict. In resolving the conflict, we would be guided by the Code of Ethics of the Institute of Chartered Accountants in England and Wales which can be viewed here, Code of Ethics section 220.
Tax investigation fee protection insurance
In recent years HMRC have taken a more aggressive approach toward tax compliance increasing the likelihood of a tax enquiry or investigation.
Dealing with an HMRC investigation can be costly and time consuming. With this in mind Thain Wildbur, in partnership with Croner Taxwise, offer a fee protection service, which provides you with peace of mind that any fees incurred by us during the course of a tax enquiry will be covered. The key areas covered by our fee protection scheme are:
- Self assessment (income tax and capital gains tax)
- Corporation tax
For more information on our fee protection service, please contact us.