What Accountants in Bath Can Help With

The tasks that an accountant can complete for a small business are far beyond simply filling out a tax return once a year. The accountant will complete a number of tasks that will save the business owner time and help to keep them out of trouble with HMRC while also ensuring that they pay the minimum amount of tax required.

Self-Assessment Returns

Whether you are self-employed or a Director of a Company, you will need to complete a self-assessment return each year. This must be completed online and submitted to HMRC by the 31st January after the end of the relevant tax year. As a small business accountant in Bath, we can help to ensure that all of your income and expenditure is accounted for correctly to ensure that you are claiming all of the reliefs that you are entitled to and that your tax liability is calculated and paid on time.

VAT Registration and Returns

Once your business reaches a taxable turnover of £90,000 in a 12-month period, it is a legal requirement for you to register for VAT. Our accountants in Bath will register your company for VAT on your behalf and recommend the most suitable VAT scheme for your business. In addition, they will ensure your VAT returns are accurately completed and submitted through HMRC’s Making Tax Digital system on a quarterly basis.

Payroll and Auto-Enrolment

From your very first employee, the business will require you to start processing their payroll on a monthly basis, as well as start paying their pension contributions as required by Auto-enrolment. An accountant will set up the payroll for you and process it on your behalf every month, ensuring all the correct payments and contributions are made to HMRC and the relevant pension schemes.

Year-End Accounts and Companies House Filing

For limited companies a chartered accountant can prepare the annual statutory accounts and the corporation tax return for submission to Companies House before the relevant deadline. In addition to preparing the annual accounts a chartered accountant will also check all previous years accounts to identify any discrepancies.

Allowable Expenses and Business Structure

HMRC set out a list of expenses that are allowable in respect of a trade, but there are specific rules for each of them. Often it is also helpful to discuss the issue of whether to trade as a sole trader or as a limited company and we would be happy to assist with this. More on Accountants Bath can be found at https://chippendaleandclark.com/accountants-near-me/bath/. For assistance with an accountant in Bath, click here.

Getting an accountant on board at the early stages of your business will actually cost you less in the long run than trying to sort out the problems that an inexperienced accountant has caused.