We offer accountancy services to a wide range of businesses including, Limited Companies, Partnerships and Sole Traders. Whether you are a business start-up, growing company or long-established, we will be able to tailor our accounting services to meet your needs.
Our comprehensive accountancy services help you to ensure compliance and provide financial information to aid planning.
In preparation for Making Tax Digital, we encourage clients to use accounting software such as Xero, Sage, QuickBooks and FreeAgent. We can advise you on the best accounting software for your business and even offer training if needed.
Knowing how much a service might cost is very important in planning the true costs of running your business. When we start working with you we always provide a quote upfront based on the following factors:
We try to fix our fees so running costs for your business can be accrued for when planning, there is nothing worse than nasty financial surprises and we work hard to avoid these with good communication.
We work with businesses based in Derby, Nottingham, Leicester and across the UK.
If you are a private Limited Company, you need to prepare full statutory accounts; these are also known as annual accounts. In addition, you need to complete a company tax return.
Your accounts and tax return are submitted to Companies House and HMRC either together or separately. There are specific deadlines given for when you need to file your statutory accounts.
Read more
As your business grows, it's a good idea to have a better insight into your business finances. We support companies by preparing monthly management accounts. There is an extra cost to taking this approach, and you need to set aside time to review the management accounts every month, however, this is worthwhile if you are ambitious to grow.
If your business is registered with Companies House, you need to understand the duties of a Company Secretary. Under the Companies Act 2006 (the Act), private companies do not have to appoint a company secretary; the role can be fulfilled by the company's directors or outsourced.
If you decide you want to start a new business, you usually have a skill, product or service that you are passionate about. You want to offer this to other people and, more importantly, use this passion to earn a living.
Running a business can be very challenging, and whether you are working as a sole trader or own a larger limited company, it is essential to have a business plan. Even if you have been established for a while, a business plan can help you review where you are and clarify how to move your business forward.
When you start your business, all your energy goes into product or service development, marketing and sales; you certainly don't think about your exit strategy.
As your business grows, your focus may move to building a stronger team and innovating to stay ahead of your competition. But at what stage do you start to plan your exit strategy?
We work with you to help you plan your exit strategy so that you have clear plans from the outset.
When you run a business, you need to understand the different business taxes and how these will impact your business finances. All limited companies must pay corporation tax.
Value Added Tax (VAT) is a tax levied by the Government that businesses must collect via sales of their products and services. Companies with an annual turnover that exceeds the VAT registration limit must register for VAT, only thirty days is given to do this once the threshold is exceeded.
All other companies can choose to become VAT registered if they think it will benefit their business growth.
Once you are VAT registered, you need to charge VAT on all sales, all invoices must clearly state the cost of the product or service and then the amount of VAT added. Three different VAT rates are currently available to businesses in the UK, standard rate, reduced rate and zero rate.
If you operate as a Limited Company or have employees, you need to have a payroll process in place. Payroll is heavily regulated, and legislation is often changing, so it can be very time-consuming if you decide to manage this in-house.
All businesses are legally required to keep records of all their income and expenditures. Sole traders and partnerships need to keep records for five years and Limited Companies for six years. This includes records of all invoices, receipts, details of assets owned and any debt the company owes.
Companies that have been established for many years may still be keeping paper copies and ledgers. However, with the advent of accounting software, many businesses now use cloud-based or bespoke software to keep their records updated.
Call us today on01623 490120
or email info@watsonk.co.uk
When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
More blog posts