How much VAT do I owe?
Do you know what you can and cannot claim VAT on?
Do you know the difference between Zero Rated and Exempt?
Different VAT accounting schemes have different thresholds. Do you know yours?
VAT Return deadline looming and a pile of paperwork to sort through. How many times have you been caught out?
Why not pass it all on to us to take care of it all?
Call CBS today for a no obligation free consultation.
A company usually submits a VAT Return every 3 months. This is known as your accounting period. Businesses can usually reclaim the VAT they have paid on purchases/expenses. However, you should exclude any personal element from your Return it should only be for business activity only.
It is vital to check, process and submit your Return as per the agreed dates with H.M.R.C. Otherwise late filing and/or payment can lead to penalties and notices from H.M.R.C. For this reason, to ensure your Return is paid on time I would recommend you set up a direct debit. Provided, of course, you have the funds in your bank account to cover it. Another thing to be aware of is Revenue and Customs can request to carry out a VAT Inspection at any time. It is therefore extremely important to keep good accurate records of your accounts.
Finally, it is important for you submit a Return even if there is no VAT to pay or reclaim.
This should be done online via the HMRC website.
Do you want Management Accounts you understand?
Management Accounts are an essential tool for any business.
Is this the time to reinvest, advertise or cut back on spending?
Who owes you money?
How much VAT do I owe?
Management Accounts are usually carried out on a monthly or quarterly basis. Above all, they should produce an accurate Profit and Loss Account and Balance Sheet, which is essential to your business management. In addition, these reports should give you key financial and statistical information. It is vital that you know if your business is making a profit or loss. Consequently, enabling you to address any issues or make any important business decisions regarding the future of your business.
It is important to know the state of your business prior to year end.
Is my company making a profit?
If so, is this the time to reinvest?
How can we help?
- Posting of all Journals
- Maintaining Fixed Asset Register
- Maintaining Stock
- Calculating Prepayments
- Calculating Accruals
- Assessing Work in Progress
- Reconciliation of all Bank Accounts, Ledgers and Balance Sheets
Why not give CBS a call today.
Prior to year end it is important to know the state of your business.
Preparation of Accounts – A company’s annual accounts also called statutory accounts, are prepared from the company’s financial reports at their fiscal year end.
All companies registered with Company’s House must submit year end accounts within 9 months of their year end.
The year end financial statements are the most important of these records. These records will form the basis of your Tax preparation, future reference and decision making. Comparisons to previous year’s performance will also be made from these reports.
Financial statements include the balance sheet, which shows the value of assets owned by the company and current assets and liabilities. In other words, it shows what the company owns, owes and is owed at the end of their fiscal year. The profit and loss account shows all the sales and costs incurred over the fiscal year. This shows if the company has made a profit or loss. Notes should be made in order to bring certain items and trends to the attention of the owner / manager.
It is imperative that the information on these is therefore accurate.
We will carry out account checks on all year end reporting as follows:
- Bank balance reconciles to the bank statement.
- Fixed Asset Register to include all additions and disposals.
- Depreciation has all been calculated for the year, considering any additions and disposals.
- Stock / inventory balance.
- Bad Debt provision, if required.
- Prepayments and Accruals accounted for.
- Payroll and payroll liabilities reconcile.
- All Loans, Finance, Hire Purchase reconcile?
- Assets and Liabilities accounted for.
Once we have completed your accounts. We will discuss them with the owner / manager, to assist in identifying any actions required. There may be items that only the owner/manager is aware of.
We can help prepare both draft and final accounts.
Why not give CBS a call today to discuss your requirements?