PAYE/ Returns, VAT Processing, C/T and Self-assessment Guidance
PAYE (Pay as you Earn) is by far the largest method by which people are paid a wage in employment. It involves allegiance to an annual sum of gross earnings by way of a contract of employment, upon which certain factors are directly applied as deductions after allowances. The main deductions are tax and national insurance for the employee and national insurance for the employer. This is paid to the Inland Revenue by the 19th of the following month as an employer responsibility. There may be other deductions to incorporate by an employer.
The system also incorporates other forms of tax deductions in special rules for certain trades such as contractors, film industry, etc and appropriately guides companies to account for tax and/or provide for returns to be timely submitted. This area is often the least understood or adhered to by companies, much to their cost. There is a lot that HMRC have done in the past few years, e.g. online filing help etc, but the ‘red tape’ is a burden to deal with. This is where we come in.
At Financial and Logistics Limited we will not let you fall foul of the system. As agents we can file online all the notifications for you directly. We realize that you might not have the extra staff to acquaint yourselves in reading all aspects of the PAYE system, (believe us, there are many new pitfalls and ‘grey areas’). We will do it for you and keep you informed on a regular basis.
VAT Processing and Returns
Our accounting entry process takes care of your VAT calculations and the filing of returns. In addition we will keep you informed of the liability as it develops. VAT is fast becoming a changing scenario almost annually. The thresholds change at each government budget. Methods of accounting change in accordance with business cash flow requirements. New rates have been incorporated recently and areas of trading or profession that were outside the scope of VAT have found themselves within, due to ECJ (European Court Judgment) review - as in the case affecting some medical practitioners and the profession recently. Therefore, it is important that we provide an objective comprehensive review to assist in this area of your Value Added Tax work.
C/T and Self-assessment Guidance
Our work in this area is well-tested from the point of view that it is the next natural consideration after production of internal company management accounts. We liaise with accountants and tax advisers each time that we present accounts for audit/tax considerations. Typical discussions hereon arise on depreciation, disposal of assets, gains/losses, capital allowances, profits, corporate taxes, dividends, retained earnings, share pricings, equity, etc. The natural progression from further review is that directors approach us for preparation and submission of their own personal self-assessment tax returns or compiling the information to be passed on to their accountants. In all cases the information prepared by us is complete, where we obtain an overview and estimate of liability (company and personal), thereby saving the accountant’s time in compiling data on behalf of their clients.
Where an appointed company, consulting accountant/auditor or tax advisor is retained, the ultimate responsibility for tax advice is with them. We prepare and complete the ground work on your behalf and will liaise until the year-end transactions are finalized and agreed balances are incorporated to the new year transaction as a natural progression.
Our services will benefit your organization and contact by e-mail is advised. info@finacolog.com