At Paterson & Co we aim to assist small and medium sized business and individuals across a wide range of topics which we have tried to list below. This list is not exhaustive.
- Preparation of annual or periodic management accounts for Sole Traders, Partnerships and Limited Companies.
- Completion with online submission to Companies House of Limited Company accounts and annual Confirmation Statements.
- Buy to let property accounting.
- Self-Assessment tax return completion and online submission for individuals and partnerships.
- Corporation tax return completion and online submission for Limited Companies.
- Preparation of VAT returns and online submission.
- Preparation of payroll RTI and Auto enrolment pension reports and online submission.
Business Start Ups
- Advice given on your options.
- Business registrations for tax, VAT and PAYE as required.
- Limited Company Formation if required.
- Preparation of a business plan.
- Compliance checking and advice on tax and other legislation as appropriate e.g. payroll pension schemes, online reporting of VAT and payroll etc., This is becoming an ever more complex task for Small Business to deal with. From day 1, our systems are designed to take this hassle from you letting you concentrate on running your new business without worrying you will miss a submission deadline and incur a penalty
- Bookkeeping services provided, processing of invoices and receipts, bank account transactions etc. as required.
- Completion of VAT returns and submissions to HMRC.
- Payroll services provided on a periodic basis as required.
- Completion and submission of all payroll RTI and Auto Enrollment pension data.
- Calculation of monthly PAYE liabilities.
- Processing of new start employees and provision of P45 forms for leavers.
- Year-end payroll reporting and P60’s etc and provision of P45s etc for leavers mid-year
Tax investigations and checks
- We are happy to assist with any HMRC investigations or tax return checks.
- We offer our clients, Fee Protection Insurance on an annual basis to protect you from the unwelcome accountancy cost of such HMRC checks. Individual cover from as little as £30 per annum.
Making Tax Digital
- Over the next two years, HMRC are making massive changes to the way businesses and individuals report their taxable income to them.
- This will force clients to move away from the old-fashioned paper and pen methods of bookkeeping and embrace the digital age with books and records becoming computerised and reported directly online to HMRC on a much more regular basis than before.
- At Paterson & Co, we recognise that this change will be welcomed by some and loathed by others. No-one likes change.
- To help our clients we have taken steps to assist them in the period of change. Technology has advanced so much in the last few years that within the next short period, many clients will literally be processing their business paperwork on their smartphones and iPad’s as they go about their daily business.
- HMRC is forcing through a software revolution currently, and many bookkeeping and business functions can now be performed using smartphone and tablet apps which in turn link seamlessly into cloud based bookkeeping packages such as QuickBooks, Xero, FreeAgent and Kashflow.
- At Paterson & Co. we are now utilising the QuickBooks cloud based bookkeeping system for our bookkeeping clients. Clients are to be encouraged to utilise apps such as DataEntry and Receipt Bank directly from their phones and tablets in order to upload their income and expenses directly into our system. This will provide instant updates to their records often by merely taking a photograph of their invoices or receipt within the apps.
- Clients who choose to perform their own bookkeeping functions will eventually need to select a software package that works best for them. They cannot avoid the HMRC changes. To help them we will be able to offer advice on their options and there may be discounts made available through our firm on the standard monthly subscription charges which should be of some financial benefit to them. They will be of course be listed on our system but performing their own bookkeeping function online direct by logging in from their home computer or laptop.
- Over the coming year, it is also our intention to launch our own firm’s app which will be a smartphone / tablet portal allowing clients simple access to these various app functions from one tap on their phone or tablet screen. There will be a myriad of useful apps within our app such as tax calculators, mileage logging etc. and we feel clients will be impressed by the simplicity and day to day usefulness that the apps will bring across a wide range of their financial and tax affairs.
- All of these changes are happening as we speak. We ourselves are currently making adjustments to our systems in light of the new technological innovations, but we are certain that eventually the new systems will be seen to be of major benefit to us all and not an unnecessary change.