Running your own business can be both very rewarding and very challenging. It's important to provide the best possible service to your customers so that your business can thrive. Here at KTAS Accountancy Services, we focus on the accounts and tax returns, meaning you don't have to.What we can do for you:
- » Support for small business start up
- » Preparing annual accounts
- » Income tax returns
- » Business tax returns
- » VAT returns
- » Management accounts
Small business start up
Starting your own business can be daunting and you may be wondering where to start and whether it will all be worth it. It will be. Owning your own business can be extremely rewarding, but you do need to be very clear about what you want to do and how you will do it.
There is plenty of business start-up information and advice available from all corners of the business world and you can even get small business grants from organisation like the Princes Trust.
As your local business accountants in Stratford upon Avon, KTAS can help with business and financial planning, providing business start-up checklists and supporting you with budgeting tools and advice so you can anticipate income and spending, helping you make important business decisions.↑
Preparing annual accounts
Preparing annual accounts is a requirement for all businesses, whether they are to show taxable income for sole traders and partnerships or corporation tax payable by incorporated companies. They are one of the reasons why good book keeping is so important.
KTAS will prepare your annual accounts to IFRS standards (or GAAP standards if your business already uses this) including:
- Statement of financial position
- Statement of profit and loss
- Statement of cash flows (where applicable)
- Notes on accounts
- Auditor's report (where an audit is required – obtained from an independent auditor)
Income tax returns
If you are a sole trader or in a business partnership, you are responsible for paying your own income tax and national insurance. If your business is VAT registered, then you will need to submit VAT returns too. Failure to file returns or make payments by certain times can lead to penalties from HMRC.
KTAS can provide advice to help you choose the right personal tax options for you and make sure all submissions are completed within the required timeframes, so you can relax and focus on meeting your customers' needs.↑
Business tax returns
Incorporated businesses (limited companies) have to:
- File a company tax return
- File annual accounts with Companies House
- Pay corporation tax bill
Missing deadlines for filing or payment can result in penalties from HMRC.
Let KTAS take the stress of tax away. We can help you complete and file returns within deadlines and ensure you make payments when they are due.↑
If your business turnover is below the VAT Threshold, you don't need to register for VAT. However, it may be worth registering, even if you are currently below the threshold.
Once you're VAT registered, it is important to file returns and make payments on or before the deadlines imposed by HMRC. Failure to do so can lead to penalties.
At KTAS, we can help you determine whether you should be VAT registered, and make sure your VAT accounts and returns are completed and submitted in a timely manner. Get in-touch for more information or to discuss your VAT requirements.↑
Whatever business you're in, your main aim is to be successful. That means making a profit. It means re-investing some of that profit back into your business to make it even more profitable.
That's why you need management accounts!
Management accounts can help you to understand how your business is performing, where you are spending money and where you are making money. They can help you to make the changes you need to steer your business to your goal of profitability. Management accounts rely on good data which relies on good bookkeeping.
And you can rely on KTAS Accountancy Services. Because we're a QuickBooks partner, we can provide you with regular, relevant information, at the touch of a button, allowing you to make decisions based on real, up-to-date information.