Services
Company Formation
Our aim is to assist you in making your business as succesful as possible.we know that starting up a new company can be an extremely challenging and busy time. Worrying about accountancy matters will be at the forefront of this. We will show you all you need to know to work towards profitability during what can be a difficult first year of trading. We will help you to establish accounting processes and practices that will stand the test of time and ensure your new company is built on solid foundation
Self-Assessment
Tax Returns can be completed for, individuals, sole traders, partnerships and limited Companies. As well as the completion of your return we can assist you dealing with all correspondence from HMRC, taking the worry away from you. The self-assessment regime is full of penalties and HMRC enquiry powers are extensive. It’s important that your returns are correctly completed. Remember, if you haven’t filed your Self-Assessment return by the 31 January deadline, you will be liable for an instant £100 penalty on the 1st of February.
Payroll
Payroll services are provided on a weekly, fortnightly, four-weekly or monthly basis. Processing of the payroll information and notifying the business owners of information, such as net wages, PAYE, national insurance and pension deductions. We have a dedicated team in our payroll department geared up to providing a timely, accurate and flexible service, tailored to suit your needs.
Sole Traders
As a sole trader, you run your own business as an individual making you self-employed. Sole trader is the simplest way to start a business as setting up is quick, easy and preparing sole trader accounts can be simpler. There are many people who start their business as a sole trader and then later on they incorporate it as a Limited Company. However, being a sole trader business involves some personal financial risk. Sole traders must pay their debts if their business fails. The convenience or not of this structure for your business depends on many factors that we should analyse in detail.
Limited Co Accounts
When you set up your limited company, you automatically get different reporting dates, after the end of its financial year, your private limited company must prepare • Annual accounts • Company tax return You need your accounts and tax return to meet deadlines for filing with Companies House and HM Revenue and Customs (HMRC). Your accounting period for Corporation Tax is the time covered by your Company Tax Return. It’s normally the same 12 months as the company financial year covered by your annual accounts.
Partnership Accounts
A partnership is a for-profit business association of two or more parties, known as partners, who agree to cooperate for their mutual benefits. The partners in a partnership may be individuals, groups of individuals, companies, and corporations. Each partner shares the organization’s profits and control of the business operation. The consequence of this profit sharing is that these partners are, jointly and independently liable for the partnership’s debts.
Bookkeeping
Effective
bookkeeping is at the heart of every efficient business, providing you with
timely information on exactly where you stand with your financial commitments.
As with all our
services, your business is unique and so our bookkeeping service is tailored to
your individual needs. Our bookkeeping and accountancy service offers the
perfect solution to any business wanting to have accurate up to date records.
MK Accountancy
services offers an expert, professional bookkeeping service that includes
keeping records of all your payments and receipts up-to-date and maintaining
your VAT records.
Capital Gain Tax
Capital Gains Tax is a tax on the profit when you sell (dispose of) something (an asset) that’s increased in value. It’s the gain you make that’s taxed, not the amount of money you receive some assets are tax-free. You also don’t have to pay Capital Gains Tax if all your gains in a year are under your tax-free allowance. Disposing of an asset includes: • selling it • giving it away as a gift, or transferring it to someone else • swapping it for something else • getting compensation for it
VAT
Need to know whether you should register for VAT or get VAT-registered? Or which VAT scheme is best-suited to your business needs? We can help. Our VAT team will help you get VAT-registered, checking of VAT returns, preparing VAT returns on your behalf, assist you in managing your VAT and help you complete your monthly, quarterly or yearly VAT returns. If necessary we can de-register you from VAT
