Services
Company Formations
Whether you want to start your business as a sole trader, partnership or limited company, or are looking to transition from sole trader to limited company, I've got your back.
I will help with legal set up as well as register you for government taxes.
Contact me if you need advice on which option is best for you.
Bookkeeping and VAT
Bookkeeping is the process of recording and organising financial information of your business.
I will ensure your books are organised and ready for preparation of year end accounts.
I will also submit your quarterly VAT returns if you are already registered or help you with registration if you are near/reached £90,000 turnover threshold.
I love bookkeeping so give me a call if you need help.
Year End Accounts:
Sole Traders, Partnerships and Limited Companies
Whether you are a sole trader, partnership or a limited company, I will prepare your year-end accounts and file them online with HMRC.
Iwill deal with your income and corporation tax affairs and communicate with HMRC on your behalf.
Contact me if you need your accounts prepared.
Management Accounts, Forecasts and Cashflows
Management accounts are used to track performance against targets, identify trends, and make adjustments to business operations as needed.
They are an important tool for effective decision-making and strategic planning.
These typically include information such as cash flow statements, profit and loss statements, balance sheets, and other financial data. They may also include non-financial information such as sales data, customer feedback, and market research.
Contact me if you would like to have better view of your finances.
Credit Control
Effective credit control is important for maintaining a healthy cash flow and avoiding financial problems caused by unpaid invoices. It also helps businesses maintain good relationships with their customers by providing clear and transparent communication about payment expectations and procedures.
Contact me if you need help with credit control.
Payroll
Payroll is an essential function of any business with employees, as it ensures that employees are paid accurately and on time, and that all tax requirements and legal obligations are met.
Many businesses choose to outsource their payroll function to third-party service providers to simplify the process and ensure compliance with tax and legal requirements.
Reach out if you want to outsource your payroll.
Software Advice and Training
Are you ready for Making Tax Digital?
From April, you need to use software to submit VAT returns.
To comply with HMRC’s regulations, you need to keep your records digitally. Are you set up and ready?
Get in touch to find out the next steps for your business.
How bookkeeping and accounting CAN HELP MY BUSINESS?
Why and when it's time to ask for help.
There are a few things to think about while choosing the best entity structure for your company. Specifically, your business’s size, the amount of risk involved, and your long-term goals for business. It could be easier and less expensive to set up and run as a sole trader. In the event of legal or financial problems, it could not provide sufficient protection for your assets. A limited company form, on the other hand, could offer additional security and tax efficiency. It may, however, be more difficult and need more constant administrative effort.
In the end, your decision should be based on your objectives and circumstances. At EMS Accounting Services Ltd, I would be happy to walk you through your alternatives and help you come to a well-informed conclusion.
Absolutely. No matter which route you chose: self employment, partnership or limited company, I am here to guide you through it, advise on the best structure to your situation so you make the best decision.
It can be hard to run a business, especially when you have to focus on your own company and do your own bookkeeping and taxes at the same time.
As professionals, we are qualified to handle your bookkeeping and accounting needs on your behalf. Accurate, timely, and useful accounting service is my area of expertise. I will collaborate with you to figure out what works best for your business and I will assist you in managing your tasks.
Which tax to register for depends on structure of your business.
If you are self employed you need to register for self-employment. You will receive business UTR number (this is separate from your personal one) which is required to file your taxes every year.
You may also be a self employed contractor or subcontractor in which case you would register for Construction Industry Scheme (known as CIS). We can help you with that as well.
If you are running Limited Company rules a little bit more different as you pay corporation tax. For any businesses with turnover over £90,000 you need to be VAT registered (unless exemption applies). That’s when you charge VAT on sales and reclaim VAT on any Vatable purchases. If your business turnover is below £90,000 you can voluntarily register for VAT. This might be something you want to do because it might help your business. You can, for instance, get back any VAT you paid on business expenses if you are registered for VAT.
If you employ staff you need to register for PAYE scheme. You need to ensure your staff gets paid on time and that you deduct taxes and national insurance contributions when due.
While anyone can file their own taxes, it is recommended to use a professional who is at least an HMRC registered agent. Tax laws and regulations can be complex and constantly changing, so it can be a challenging to keep up with all of the updates. Tax agent has the knowledge and expertise to navigate these complexities to ensure that your tax return is accurate and it complies will all the regulations.
Not only that … I will help identify allowable deductions and allowances you may be eligible for, which can reduce your tax liabilities or increase your refund if you are CIS registered contractor or subcontractor.
A tax agent will prepare and file tax return for you so you don’t have to worry about missing deadlines or making mistakes.
Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC).
The deductions count as advance payments towards the subcontractor’s tax and National Insurance.
Contractors must register for the scheme. Subcontractors do not have to register, but deductions are taken from their payments at a higher rate if they’re not registered.