Tax & Bookkeeping

Overview

Wilkinson Accounting Solutions have a dedicated tax team that help our clients ensure they understand their legal requirements, so they can stay compliant but also maximise their tax opportunities. Our bespoke and personal approach ensures that all customers receive a dedicated tax manager who they have access to ask questions and who will not only prepare and submit the accounts, but also make sure you understand the basics of your business.

As part of our consultancy services we become a dedicated partner for our customers, understanding the core of their business, therefore our tax support will ensure that we consider all aspects of the businesses as we plan, however we also understand that all businesses are in a different part of their journey, so if you are not ready for a full consultancy or virtual finance package, we can still support with your key taxes but with the knowledge we have a team of experts to help customers as they grow.

Director Self-Assessment

Whether your employed or run your own ltd company we can help you submit your yearly Self-Assessments (Director Self-Assessments).

Our service includes:

• Claiming additional relief for high tax earners on areas such as gift aid
• Income split and personal allowances are used correctly
• Calculate additional tax and or NI Liabilities on other income such as dividends etc
• Support with claiming other costs such as working from home allowance

 

If we manage your ltd company accounts then you receive your director self-assessment free of charge for up to 2 directors.

Solo Trader/Partnership

As a sole trader (Trader / Partnership), you are required to submit a self-assessment return. The deadline is 31st Jan each year (via online) and there is a £100 penalty if you submit late even if you have no tax to pay. Our self-assessment returns takes the stress and hassle away from you. We offer a hands-on experience that includes preparation, tax calculations and submission of your returns.

Our service includes:

• Dedicated tax manager.
• Preparation of self-assessment and partnership returns
• Calculation on tax and NI liabilities
• Calculation of student loan repayments if relevant
• Support on expenses you can claim, including more complex areas such as motor expenses and working from home
• Support with understanding the difference between cash and accrual basis
• Ongoing support with what taxable expenses you can claim
• Hands-on approach offering you guidance as you need it throughout the year

LTD Company Accounts

As a ltd company you have a responsibility to submit yearly annual accounts (companies house) and corporation tax returns. Our service will give you confidence your accounts are being prepared by professionals and ensure you account for all costs and income correctly. 

Wilkinson accounting solutions service includes:

• Corporation tax return computations and submissions
• Annual Accounts preparation and submission
• Confirmation statements
• Tax calculations supporting with looking at taxable and non-taxable expenses such as customer entertaining
• Asset analysis helping you understand if you can claim early tax relief
• Support on expenses you can claim including more complex areas such as working form home, cars, and mobile phone rules
• PAYE and pension submissions

Business Formation

Are you new to business or not sure your setup is right for your circumstances? Our business formation service will work with you to determine the best structure to suit your business and personal circumstances, so you can continue what you do best whilst knowing your structure will be set up correctly and accurately.

Our service includes:

• Sole trader vs ltd company discussions determining the best fit for your circumstances
• Profit analysis and discussions on how to take your salary
• VAT overview and set up (as required)
• Set up of business on companies house and/or HMRC
• Set up corporation tax if transferring to a ltd company
• Transfer of any assets or goodwill from sole trader to ltd co
• PAYE Set up

If you are looking to form a new business for acquisitions, speak to our dedicated M&A team.
 

Bookkeeping

Good bookkeeping is one of the most essential areas that will help provide accurate insight into business financials. The ability to trust your data will be reliant on the accuracy of how you input it in the first place, therefore if you have numerous bookkeeping errors such as costs being coded to the wrong place, or large unreconciled values on the balance sheet this will give incorrect information on your monthly accounts and risk of unexpected tax liabilities.

Our bookkeeping service provides every customer with an experienced account manager who look after their books and will be trained on their business model ensuring bookkeeping is processed timely, accurately and in the right level of detail to support your reporting processes.

Our service includes:

• Access to cloud-based systems including QuickBooks
• Timely bank reconciliations
• A dedicated account manager that will learn your business model, ensuring they work with you to resolve queries timely and efficiently.
• Detailed VAT reviews, to ensure more complex areas such as customer entertaining are recorded accurately.
• Vat submissions
• Bank and other balance sheet reconciliations, ensuring your accounts are accurate
• Quarterly profit and loss reports of how much you have earnt, with estimated tax calculations to support your cash flow (All customers receive a quarterly report as a minimum if your business is growing or you need more detailed support additional services can be provided) 

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