Our Essentials service is designed to make sure you meet your legal obligations by getting things filed correctly and on time.
It’s designed for simple businesses that have a relatively low number of transactions.
If you would like regular, personal advice on your business and tax position then you should consider our Enhanced service
Our standard Essentials service includes the following:
Ad hoc advice
We’ll deal with all those quick question that only take a few moments to answer.
If you have a more complicated query then we’ll always let you know a separate fee for dealing with it. You won’t get a surprise bill.
Some typical examples of things that may attract an extra fee are:
Preparing mid year accounts or estimates of tax
Advice about ceasing your business or buying another business
Detailed calculations to support you making a business decision – for example whether to get a company car
Tax enquiries – unless you have taken out our Fee Protection Service
Dealing with HMRC when you’ve not paid the tax you owe –or have incorrectly paid
Providing mortgage reference
As the Essentials service is designed for simple businesses we reserve the right to recommend you move to our Enhanced service if the complexities of your business require more frequent support.
Our Essentials service includes a cash book version of Xero which allows you to record details of your income and expenditure.
If you require a more advanced version of Xero then we’ll charge an additional fee to cover the difference in cost.
We’ll provide your basic initial set up of Xero and the training to get you started. We’ll also help with the more unusual transactions that arise over the year.
You will be responsible for accurately posting your transactions over the year.
We’ll conduct a review at your year end to check the accuracy of your postings.
If you need us to post your transactions for you – or require a substantial amount of corrections – then we will advise you of the additional fee for this.
Preparing your company accounts
Our Essentials service includes preparing your unaudited company accounts and filing them with Companies House.
We will also prepare iXBRL accounts that are necessary for submitting your tax return.
There are different accounting standards that can be used for preparing company accounts and we will prepare your accounts using FRS105 – the standard applicable to micro entities.
If you require accounts preparing under another accounting standard, such as FRS 102, then an additional fee will apply.
Preparing your corporation tax return
We’ll prepare and submit your corporation tax return and submit it to HMRC.
Preparing your personal tax return
We’ll prepare a single basic tax return for you. A basic tax return would include income arising from the company we act for and items that require a single entry only on the tax return (eg other employments, bank interest, pensions)
A more complex return will attract an additional fee. Typically this will be when the return also includes items such as rental income, capital gains, overseas income or complex pension arrangements.
If you require more than one tax return then an additional fee is payable.
Our Essentials service includes a monthly payroll for a single director
We’ll work out the optimum amount to pay yourself through a payroll each year.
We’ll prepare a monthly payroll and provide payslips to you.
We’ll file all the associated documents with HMRC
If you require additional employees and auto enrolment services then an additional fee is payable.
What’s not included as standard in our Essentials package
We don’t include these as standard and if you would like us to prepare you VAT returns then as additional fee is payable.
You are responsible for monitoring your turnover to make sure you don’t go over the VAT threshold.
Companies House require a simple compliance statement to be filed each year. If you would like assistance with this then an additional fee is payable.
If you require our Fee Protection Service to cover our fees in the event of a tax enquiry then please let us know.
Tax planning review
Although we will always look to minimise your tax liability whenever possible our essential service does not include specific tax planning meetings (face to face or over the phone). These are part of our Enhanced package.
If you would like any clarification as to what you fee covers then please do not hesitate to contact your usual client manager.