Chartered Accountants provide important support services for businesses of every size, from assisting with year-end accounts preparation and advising on tax compliance, to auditing procedures and tax planning.

In many cases, combining accounting services can deliver cost efficiencies and time savings, where clients consult the same accountants within the same firm for each requirement. Working with a team of accountants in Fareham ensures that your point of contact will be well-versed in your individual circumstances and business and can get to work quickly.

Experienced accountants provide the added benefit of drawing on expertise from elsewhere within the practice. This service can prove invaluable when business owners are managing a complex decision, tax matter or investment opportunity and need specialist assistance.

Complying With Mandatory Accounts Filing Requirements

One common area an accountancy firm deals initially with is your annual financial statements. All companies must comply with reporting requirements at the end of each 12-month period, with limited extensions available for businesses requesting a longer first trading period or applying for an extension due to a change of financial year-end.

As a business accountancy practice, we are accustomed to dealing with accounts preparation for a wide range of clients. We can offer advice about how filing rules apply and any additional reporting regulations relevant to your trading sector.

Statutory accounts are a compulsory requirement for many  businesses, including:

    • Limited companies and limited liability partnerships
    • Charitable and not-for-profit organisations
    • Unincorporated businesses
    • Trusts

Many businesses also ask us to assist with management accounts preparation. The process works similarly to preparing annual accounts but offers a snapshot of company performance at defined points in the year, such as quarter-end.

Working with an accountancy team with industry experience ensures your finances are reported accurately, filed on time, represent a true picture of trading performance, and incorporate accurate asset valuations – precluding any likelihood of mistakes, assumptions or misdeclarations.

Small businesses that find accounts preparation challenging may also benefit from advice about transitioning to cloud-based accounting software, which offers a number of positives, including increased data security and more efficient bookkeeping – making year-end accounting a less time-intensive process.

Managing Tax Exposure and Submitting Accurate Returns

The next most frequent reason businesses in Hampshire hire an accountant is that they require assistance with tax filings. Depending on the size of the business, VAT registration requirements and the types of goods or services the company offers, there may be multiple tax-related matters that require attention:

    • Quarterly VAT returns and payments
    • Corporation Tax calculations and remittances
    • Taxes and duties related to imports and exports
    • Applying for tax reliefs available for research and development activities
    • PAYE taxes for employers, including National Insurance
    • Director’s tax exposures and tax treatments of dividend, salary and bonus payments

Accountants don’t simply compile reports and file tax returns but advise on the most relevant and efficient treatment of transactions for tax purposes. Examples might include scenarios where a business needs to decide whether to write off an item of expenditure or account for the outgoing as an investment – the right solution may impact your tax liabilities.

Businesses that regularly consult a capable accounting team also have the assurance of pre-empting changing tax regulations and ensure they are always aware of reforms that may affect the way they account for and declare tax obligations.

Seeking advice about cloud-based accounting systems, as we’ve mentioned, is also advisable for businesses with ongoing tax filing requirements. Making Tax Digital is a major reform to the way UK companies submit tax declarations, and lagging behind the staggered rollout could be a costly error.

Bookkeeping and Ongoing Business Finance Support

Outsourcing bookkeeping is a great way for small business clients to maintain control over their finances, delegating day-to-day data entry, accounts reconciliations and management of money flowing into and out of the business – ensuring records are accurate and current.

For many businesses, their success hinges on real-time reporting and having the kind of oversight that helps them discover opportunities, trends, areas driving the highest profit margins, or potential cash flow bottlenecks that require action.

Budgets and forecasting provide a picture of how the business is trading now, what that might look like in a year or further into the future, the reality of profitability, shareholder wealth preservation and growth, and how the company can inject financial resources into planned projects.

These accounting services add real value, ensuring that business owners can, for example:

    • Arrange competitive business loans to meet shortfalls in cash flow.
    • Make astute decisions around mergers, acquisitions, investments in equipment, and workforce expansion.
    • Forecast their taxation obligations and ensure reserves have been set aside.

An accounting practice that knows your business and is up to speed with your key aims can offer access to a broad scope of knowledge, whether you require advice about specific decisions or would like assistance with tax management and other issues as and when they arise.

The Benefits of Consulting Accountants in Fareham

Working with a local accountancy team here in Hampshire is an ideal option for businesses of all sizes – you can consult with an accountant you know and trust at any point or arrange an in-person chat or confidential phone call to work through any decisions, issues or opportunities.

Chartered accountants offer a comprehensive spectrum of expertise and ultimately make running your business more streamlined, without time pressures and uncertainty or guesswork to complicate your accounts filing, tax declaration or reporting requirements.

Accountants get to know your business plan, objectives, trading sector and aspirations to tailor the suggestions we make, the services we recommend or the solutions we might offer your organisation, varying this accordingly for limited companies, sole traders, partnerships and larger corporations.

Please get in touch with the James Todd & Co team anytime for further information about any of the services discussed here, or review our detailed service pages to learn more.