Core Services

Annual Accounts

Accurate and updated record-keeping helps you run your business more efficiently and means we can prepare detailed accounts and reports as you need them.

With our online bookkeeping software you’re in touch with The Hughes Consultancy directly via the cloud in real time.

The importance of accurate up-to-date books can’t be overstated. From these, The Hughes Consultancy will help manage all statutory and management accounts, producing accounts and reports as frequently as you need them; some businesses require detailed monthly management accounts, whereas others require only statutory annual accounts.

The Hughes Consultancy will look after your corporation tax returns, personal tax, and your VAT submissions and payroll if you like as well. We can help you apply for Research and Development tax credits, and work closely with you to make sure you’re running the most tax-efficient organisational structure.

Tax and Tax Investigation

Preparation for HMRC investigations
The Hughes Consultancy hopes you never need to use this service, but if you do, we’ll guide you and collate all the paperwork. Make sure you’re covered for this by taking out tax investigation insurance, as these investigations and inquiries can become very costly without it.

Statutory and non-Statutory Audits

Preparation for HMRC investigations
The legislation regards Audits changed in June 2016 and the new “small company” or “small business” qualification now stands, but many businesses and organisations carry out non-statutory audits to help them plan for the future. With the objective to achieve a detailed understanding of the accounting systems and systems of control of the business, an effective audit requires a detailed understanding of the business being audited. Forensic in-depth knowledge of the business tends to reveal the strengths and weaknesses of it as well as uncovering any anomalies. This insight forms the basis of specific business advice and produces a very detailed report. There are many good reasons for businesses to carry out non-statutory audits, among these:

• Reduce fraud and deter would-be fraudsters
• Pinpoint opportunities for growth
• Readying businesses/organisations for mergers, acquisitions, sales or floating;
• Compliment the accounts; to attract or seal finance or a loan from a bank, commercial lender or investor
• Compliment credit references for suppliers.

Please contact us to find out more about arranging a statutory or non-statutory “MOT” audit.

PAYE and RTI

Maintaining PAYE and RTI returns can be a real time-consuming headache for business owners who self-administer this side of their business.

Real time information should simplify the system for sharing Income Tax and National Insurance Contribution information with HMRC, but too many employers fall foul of it, missing deadlines, and filing inaccurate returns. Save time and avoid fines and penalties for late filing and errors. The Hughes Consultancy will ensure your payroll and RTI are managed efficiently, deal with HMRC and staff queries on your behalf, prepare pay slips, create monthly summaries, and undertake analysis of your staffing overheads.

Auto-enrolment / Workplace pensions

The law on workplace pensions means every employer in the UK must put certain staff into a pension scheme and contribute towards it. If you employ even one person, you are an employer, and therefore have a legal duty to provide a pension scheme. The Hughes Consultancy can assist you with the preparation and application of workplace pensions.

VAT

Don’t fall foul of this regime! The Hughes Consultancy will save you time and the needless expense of VAT-related fines and penalties.

VAT records, compliance and associated returns Including all VAT planning and advice:

• Registering for VAT
• Ensuring the right scheme for your business
• Notifying HMRC
• Preparing VAT returns
• Dealing with HMRC inquiries

Whether you should register relates to your turnover, as well as whether it will benefit you depending on the sort of business you run. VAT errors, late returns, and late payments attract penalties and possibly interest on top, it’s worth repeating, beware falling foul of this regime!

Self Assessment

Advice, guidance, filing, planning
Tax returns can be a real hassle if you fall behind with your bookkeeping and accounts. And unless you’re aware of all the rules it’s easy to make errors and miss out on some of the tax relief for which you may be eligible. Many taxpayers need to file a SA tax return for income not taxed at source, including:

• Self-employed or a partner in a partnership
• Company directors
• Those with savings or investment income above the threshold
• Any untaxed savings or investment income
• Those who let out land or property
• Child Benefit recipients with income in excess of £50,000
• Those with overseas income
• Having sold or given away an asset (i.e. holiday home, or shares)
• Living and working abroad or not UK domiciled
• Online traders

You can ring or contact HMRC, but they cannot offer advice on how to organise your affairs or minimise your tax. To make sure you pay the right amount of tax, that you receive all the allowances, relief, and benefits that apply, to ensure compliance, and to avoid penalties and fines, surely it is far better to have an expert accountant work on your tax return for you.

 

Next Step:

Please contact us if you need further advice or have any questions about our services. Feel free to browse our Tax Centre, Business Centre, and Tax Tips and News for instant information and guidance.