Self Assessment

You may be required to submit a self-assessment if you need to report income, gains and other financial details to HMRC.

Common reasons why you might need to submit a self-assessment include:

Capital gains

Self-employment, if you are self-employed or a sole trader, you are responsible for reporting your business income, expenses and profits

Additional income, if you have additional sources of income outside of your regular employment, such as rental income or dividends, you need to declare these on your self-assessment.

High income, individuals with income over £100k need to declare these on a self-assessment.

Company director

You have a large amount of savings

Overseas income

Year-end Accounts

Year-end accounts serve several important purposes for a business.

Year-end accounts provide a comprehensive overview of a company’s financial performance over a specific period. Stakeholders, including management, investors, and creditors, use these accounts to assess the company’s profitability and financial health.

Companies are required by law to prepare and file year-end accounts with Companies House. This helps ensure transparency and compliance with financial reporting standards and legal requirements.

Year-end accounts form the basis for calculating the company’s taxable profits. These accounts are essential for completing corporate tax returns and fulfilling tax obligations.

financial statements help identify areas of strength and weakness, allowing for strategic planning and adjustments.

For companies that distribute dividends to shareholders, year-end accounts play a role in determining the available profits for distribution after accounting for taxes, reserves, and other obligations

Year-end accounts are critical financial documents that serve multiple purposes, providing insights into a company’s financial health, supporting compliance with regulations, and aiding decision-making processes for various stakeholders.

CIS

The Construction Industry Scheme (CIS) is a tax scheme in the United Kingdom that specifically applies to the construction industry. The primary goal of CIS is to regulate and manage tax payments for subcontractors and contractors involved in the construction business.

Under CIS, contractors are required to deduct a percentage from payments made to subcontractors. This deduction serves as an advance payment toward the subcontractor’s income tax and National Insurance contributions.

Subcontractors must be registered with HM Revenue and Customs (HMRC) and undergo a verification process. This process helps determine the appropriate deduction rate (standard or higher rate) that contractors should apply to payments.

Contractors are obligated to submit monthly CIS returns to HMRC, providing details about payments made to subcontractors and the corresponding deductions.

Both contractors and subcontractors must maintain accurate records of transactions, including payments and deductions. This documentation is crucial for compliance with CIS regulations.

Compliance with CIS rules is essential. Failure to comply with the scheme’s requirements can result in penalties. Therefore, it is important for both contractors and subcontractors to understand and adhere to CIS regulations.

Before making payments, contractors verify the subcontractor’s status with HMRC, which determines the appropriate deduction rate. Contractors then make payments to subcontractors, deducting the required amount for tax and National Insurance.

CIS is designed to ensure that tax obligations within the construction industry are met in a structured manner. It helps prevent tax evasion and promotes transparency in financial transactions within the sector.

Payroll & Salary

Accountants Online provide payroll services to many small and medium businesses in the UK.

We are able to run weekly, fortnightly and monthly payrolls and we make sure you are using the correct tax codes.

We can assist your employees who are either starting or leaving by making sure all relevant information is processed accordingly to HMRC rules.

VAT

VAT Services (Value Added Tax) & Returns

Accountants Online will help you find out if you need to register for VAT. We can help you get registered and monitor your situation in case you fall within or outside the set VAT threshold.

We can provide you with full VAT assistance from the Flat Rate VAT scheme to Standard VAT accounting.

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VAT returns need to be submitted monthly, quarterly or annually. by having us control your VAT returns you will have peace of mind that they will be submitted on time and will adhere to HMRC guidelines to avoid any penalties.

Bookkeeping Support

Our bookkeeping service keeps everything in order, enabling us to provide insight that helps you take your business to the next level.