Sole Trader, Partnerships and Limited Company Packages
The Sole Trader and Limited Company options provide you with Xero software and assumes you will be responsible for the day to day input of transactions. This will involve raising your own invoices (if applicable) and posting receipts and payments through the bank account. You will also file your own VAT returns.
Although we do not process transactions with this package, you will have peace of ind that we assist with any problems you may encounter during the year so that you will always have someone to chat over issues and offer guidance where appropriate. From there, we process year-end procedures in accordance with statutory regulations. This includes checking for accurate postings of transactions throughout the period and making the necessary journal adjustments. For example: fixed assets, depreciation, accruals, prepayments, hire purchase agreements, loans etc.
Sole Trader Accounts
Information and data from your accounts is used for inclusion in your Self Assessment tax return, along with details of your other income. We will then file your return with HMRC by the required deadline of 31st January.
Limited Company Accounts
Included in the Limited Company Package is the assessment of Salary and Dividend payments most beneficial to the Director(s).
Information from Xero is used to construct Statutory Accounts which is fully compliant with the latest UK Accounting Standards and Company Law. They are then filed with Companies House. In addition, we will complete and file with HMRC your CT600 to fulfil your Corporation Tax obligations. The accounts and tax payment are due 9 months after the year end.
For clients who sign up to continual bookkeeping services, whether your current records are in paper form or you are using alternative accounting software, we’ll set you up and running on Xero free of charge.
The bookkeeping service will keep your accounting system up to date and in conjunction with the Management Accounts option provide you with regular Management Information tailored to your needs.
The Payroll service uses, Xero Payroll which:
- Ensures that you are fully compliant with Auto-enrolment,
- allows payslips to be emailed direct to employees,
- allows time off to be properly authorised and monitored
and much more