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Financial Solutions for Small Businesses |
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to Companies House
to gauge financial health of
for the
day
to day recording of
to HM Revenue
and HMRC
your
business
your financial transactions
and Customs
If your business is a company you are obliged by law to submit annual accounts to Companies House. Annual accounts consists of:
- company information
- report of company directors
- profit and loss account
- balance sheet
- explanatory notes
- report of accountant
- trading profit and loss account
In addition, your annual return has to be submitted to Inland Revenue to assess your tax liability. If you are registered charity you
are normally exempt from submitting a return to Inland Revenue. However, you will then be obliged to submit a return to the
Charity
Management accounts are periodic reports of the financial performance of your small business. They allow you to make
comparisons
accounts are
-
profit and loss statement
- balance sheet
- trial balance
- wages
- journals
- bank reconciliation
- nominal activity
- cash flow
Often small and medium size business lack the resources to
keep track of their finances. As a result they are usually less
competitive
in the market place and are less likely meet government
requirements for correct tax returns and annual accounts submission. To
help meet these requirements. De Claron offers affordable bookkeeping services tailor made to small business requirements. Our
staff
- Sage
- Quick Books /
Quicken
- Excel
Currently businesses which have sales in excess of a certain amount per annum have to be VAT registered. VAT means Value
Added Tax and this scheme is administered by the HM Revenue and Customs. Businesses which are VAT registered with the HM
Revenue and Customs generally must charge VAT on the goods and services which they sell. The rate of VAT fluctuates
according to what is being sold. VAT registered businesses have to fill out a quarterly VAT return known as VAT 100 Report.
Currently this report includes:
- VAT due on sales
- VAT due from EC acquisitions
- VAT reclaimed from purchases
- Net VAT to pay or reclaim
- Total net value of sales
- Total net value of purchases
- Total net value of supplies to other EC Member States
- Total net value of acquisitions from EC Member States
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