Scope of Services

Bookkeeping

Where we maintain the books and records of the company, we will do so at our offices on appropriate software, onto which we process:

  • Sales invoices (including credit notes);
  • Purchase invoices;
  • Director salaries, staff salaries and expenses; and
  • Bank transactions, including the performance of a bank reconciliation and resolution of differences arising. The rate per transaction is based on the efficient provision of information including either access to online banking or the provision of a complete and accurate set of CSV files downloaded from online banking.

In addition, we will preform the reconciliations necessary to ensure that the data is complete and accurate, and that amounts disclosed in management accounts and annual financial statements are calculated in a manner consistent with prevailing accounting policies.

Where you have done some or all of the bookkeeping required, whether in your own Excel spreadsheets, in our Excel template or in third party software, we will charge for our time spent bookkeeping to the extent it is required to
Complete or amend the bookkeeping for the period.

Where we quote a monthly fee, we will estimate that fee based on an anticipated number of transactions per month. We will reserve the right to invoice according to the actual number of transactions processed (being the sum of sales invoices, purchase invoices and bank transactions) at a rate per transaction that reflects the method used to present information to us, and the accuracy of the data provided.

Our bookkeeping template in Excel

Where we provide you with an Excel bookkeeping template with which to do the bookkeeping for your company, we will:

  • Train you on how to use the template;
  • Answer any queries you may have from time to time;
  • At your request:
    • Periodically review the template (to ensure you are on track;
    • Make structural changes to the underlying software logic; and
    • Assist in completing the bookkeeping required

Whilst the template may be suitable for your business today, it is intended to be a simple solution for simple businesses and will not necessarily be appropriate for all types of businesses and income streams.

Preparing sales invoices

We will use our in-house accounting software to prepare sales invoices for you, based on information provided by you in a format agreed with you.

We will then email to you the invoices in PDF format for you to review and sign off.

You will then issue the invoices to your customers, or if so agreed, we will then issue the invoices to your customers using a company email address provided by you.

Quotes are based on the number of sales invoices anticipated per annum, details of which are received in batches and format to be agreed. We will reserve the right to invoice based on the actual number of invoices prepared at a rate per invoice that reflects the method used to present information to us, and the accuracy of the data provided.

Payments to suppliers

We will perform the following:

  • Monthly reconciliation of supplier accounts to ensure they are up to date.
  • Liaison with suppliers as required.
  • Liaise with management team for approval to set up payments.
  • Set up in online banking (for subsequent approval by management team) payments to:
    • Management team;
    • Staff;
    • Suppliers; and
    • HM Revenue & Customs

Quotes are based on the number of payments anticipated per annum, details of which are received in batches and format to be agreed. We will reserve the right to invoice based on the actual number of payments made at a rate per payment that reflects the method used to present information to us, and the accuracy of the data provided.

VAT compliance

We will prepare the VAT returns for the company based on the information that you provide to us. Once approved by you, we will submit the VAT returns electronically to HMRC on behalf of the company.

In addition, we will tell you how much you should pay and when. If appropriate we will initiate repayment claims where tax has been overpaid.

We will advise on the interest and penalty implications if VAT is paid late.

Our quarterly fees may be based on the minimum bookkeeping required to prepare the VAT return. Additional bookkeeping may be required prior to the preparation of the year end accounts, or for the preparation of management accounts, particularly if the company is in HMRC’s Flat Rate Scheme.

PAYE compliance for owner managers only (IE no staff)

We will agree with you your monthly salary, initially and then in April each year.

  • We will maintain the company’s payroll on our payroll system. We will process any deductions necessary for PAYE, employee’s national insurance contributions, pension fund, health care and any other employee benefits. We will calculate any employer’s National Insurance liability.
  • Each month, we will prepare summary information including amounts due to you and a summary of any PAYE and NIC liability due to HMRC. Once approved by you, we will submit the required Full Payment Submission (“FPS”) electronically to HMRC. FPSs must reach HMRC normally on or before payday and any payment due to HMRC must reach HMRC by the 19th of the month following the tax month to which they relate.
  • We will complete your year-end P60 form and provide you with a hard copy for your records. Payslips will be held on our automated payroll system, and will be provided to you on request (which may give rise to an additional fee).
  • Our invoice will be raised on registration, and then annually in advance.

PAYE compliance if you have staff

The quarterly fee is based on the number of staff you have in the following ranges:

  • 1
  • 2
  • 3-5
  • 6-10
  • 11-15
  • 15+

We will maintain the company’s payroll on our payroll system. We will process any deductions necessary for PAYE, employee’s national insurance contributions, pension fund, health care and any other employee benefits. We will calculate any employer’s National Insurance liability.

We will provide monthly employee payslips in accordance with your instructions and deal with the payroll administration of incoming and outgoing personnel.

Each month, we will prepare and supply you with:

  • Summary information by email for your approval. Once approved by you, we will submit the required Full Payment Submission (“FPS”) electronically to HMRC. FPSs must reach HMRC on or before payday; and
  • A report showing your PAYE and NIC liability and due date for payment. Payment must reach HMRC by the 19th of the month following the tax month to which they relate.

We will complete your year-end P60 forms for each employee. We will supply you with completed forms P60 by hard copy that you will need to pass to each employee.

Management accounts

We will post accruals and prepayment, and book any other adjustments required to present the management information on an accruals basis (IE to reflect income and expenses in the month to which they relate)

We will review the reports and discuss any issues identified with management.

We will produce management information in a format to be agreed. The final price will depend on the detail, format and frequency required. The most common options are:

  • Produce Profit & Loss Account and Balance Sheet in a standard format produced by our accounting software.
  • Tailor the reporting to an agreed format in Excel, including the calculation of agreedKey Performance Indicators (“ KPIs”).

Annual financial statements

We will prepare the annual financial statements in compliance with the Companies Act 2006 and appropriate financial reporting standards.

The financial statements will be provided in 2 formats:

  • Members’ financial statements in PDF format, including a detailed Profit and Loss Account; and
  • Abbreviated financial statements in PDF format for submission to Companies House.

We will plan to do the work 3-4 months after the financial year finishes.

Corporation tax return

We will prepare the corporation tax computation and supporting schedules, including Members’ financial statements, required for preparation of the company tax return from accounts, information and explanations provided to us on your behalf.

We will prepare the Members’ financial statements in the iXBRL format required by HMRC. We will use appropriate software to apply iXBRL tags to items in the accounts as we consider appropriate for the purposes of submission to HMRC.

We will tell you how much tax the company should pay and when. If appropriate, we will initiate repayment claims when tax has been overpaid.

We will advise you as to possible tax return related claims and elections arising from information supplied by you. Where instructed by you, we will make such claims and elections in the form and manner required by HMRC.

Once approved by an authorised nominated director, we will submit the tax return and supporting documents electronically to HMRC on behalf of the company.

LLP tax return

We will prepare the LLP self-assessment tax returns and the annual Partnership Statements together with any supplementary pages required from the information and explanations that the LLP provides to us. After obtaining the approval and signature of one of the Nominated Members of the LLP responsible for dealing with the LLP’s tax affairs we will submit these to HM Revenue & Customs (HMRC).

We will prepare the income tax and capital gains tax computations based on the LLP’s business accounts for inclusion in the Partnership tax return.

If instructed we will provide each member or their agent with details of the member’s allocations from the return to enable members to fill in their self-assessment tax returns.

  • We will advise you as Members of the LLP as to possible tax return related claims and elections arising from information supplied by the LLP. Where instructed by you we will make such claims and elections in the form and manner required by HMRC.

Company secretarial

We will provide, as required, Company Secretarial services to the company.

Our office address is available for you to use as a Registered Office address for the company. The alternative is that you use your business or home address.

Our office address is also available as a Service Address for the directors/members of the company. The alternative is that you use your business or home address.

We will complete and filing of the annual return of the company.

If required we will:

  • Maintain the statutory registers of the company.
  • Prepare and file relevant Companies House forms, and preparation of associated board minutes, in respect of the following matters:
    • changes of directors, members and designated members;
    • changes of registered office address; and
    • changes of accounting reference date.
    • changes to share capital

General support services

There are many other areas where we can be of assistance, and we will be pleased to discuss any matters with you. The work would be charged at our standard charge out rates. These other services may include:

Consultancy services, for example:

  • Advising you when corporation tax is due on loans by the company to directors or shareholders or their associates, and calculating the payments due or the amount repayable when the loans are repaid
  • Advice on financial matters that are not ad-hoc and therefore not covered above,
  • Attendance at board meetings either in person or by telephone,
  • Management accounting, including such matters as financial projections, costing analysis etc.,
  • Investigations for special purposes, e.g. acquisitions of other businesses or examination of specific aspects of your business

Dividend advice

Each year we will discuss with you a plan for extracting cash tax efficiently from your company.

Once a decision has been reached on what dividends to declare and when, we will draw up the dividend vouchers and board minutes required.

FCA reporting

  • Quarterly and annual filing completed on GABRIEL in line with FCA deadlines.
  • Or: provision of information required to compliance agent.
  • Final fee dependant on information required.

Audit liaison

  • Preparation of audit file for audit purposes
  • Liaison with auditors

Expense and benefits returns

We will prepare forms P11D for the directors and higher paid employees for approval by you. Once approved, we will submit the forms P11D to HMRC. We will provide you with the forms P11D for you to provide to your employees by the due date. We will calculate, and instruct you in respect of, the Class 1A national insurance contribution liability arising on the benefits returned on forms P11D.

Tax correspondence

We will deal with communications relating to the company’s tax returns received by us from HMRC or passed to us by you.

If HMRC choose a tax return of the company for enquiry this work may need to be the subject of a separate assignment in which case we will seek further instructions.

We will deal with HMRC regarding any amendments required to returns and prepare any amended returns that may be required.

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