It is one of the most common queries we receive, mainly from small businesses. Payroll is one of the most ubiquitous and important components of any organisation and is therefore crucial to be completed correctly by a trained accountant.

Emeralds pride themselves on providing Payroll and other accountancy services to a wide range of clients including sole traders, SMEs, freelancers and individual contractors across the UK by maximising the effective use of the latest technology and they have over 20 years’ experience within the accounting industry.

‘If not done properly could incur additional fees and serious legal charges. Accounts need to be sent to HMRC and Companies House yearly after which they give an overview of an organisation’s financial activity during the financial year. For this reason, it is vital that the account information is as accurate as possible and must be submitted to HMRC and Companies House by a specific deadline – usually at the end of the business financial year. To adhere to these requirements, a business would need to have the following information:

• ✓ A Profit & Loss Report

• ✓ A Balance Sheet

• ✓ Any noteworthy information pertaining to the accounts

• ✓ A Company Director Report

• ✓ An Auditor’s Report (if applicable)

• ✓ Name and signature of a Company Director

Accounts need to be submitted to Companies House within 21 months of the business becoming incorporated. These accounts, however, only cover the first 12 months which start from the date the business became incorporated and end on the accounting reference date.

Should a company fail to supply Companies house with necessary accounts by the deadline, it could incur a penalty. Fortunately, certain exceptions are made for certain cases where companies are eligible to extend the deadline with justifiable reasoning. To do so, a deadline extension request can be submitted in writing to HMRC as long as the original time limit has not lapsed.

There are many rules involved with this, so we understand that most people require additional assistance to ensure their company’s compliance. We are always available to provide our professional advice services to all customers.

Additionally, we have advised hundreds of business owners, contractors, freelancers and sole traders and helped them to understand how to adhere to all current VAT legislation.  Our VAT advice service is quite versatile in that it can be easily tailored to benefit both individuals and business owners, and we can easily adapt each service to your unique requirements or the requirements of your business.

The primary areas that our VAT advice services include are:

• ✓ VAT registration & de-registration assistance

• ✓ Suitable business VAT scheme advice

• ✓ Preparation & submission of VAT returns

• ✓ HMRC VAT enquiries assistance

• ✓ Maintenance of online accounting software to keep VAT records compliant

Due to our many years of experience in providing professional accounting and finance services to our diverse range of customers, we have acquired the most extensive knowledge on best practise for VAT. This is still ongoing, so our team here at Emeralds can keep you abreast of any modifications to VAT regulations and legislation which will ensure that your company will not have any compliance issues. Emerald’s dedicated team of professional tax specialists can help you with all VAT-related matters. This can range from needing assistance with registering your business, to needing information to help you choose the right VAT scheme for you, or even needing a representative to ensure the appropriate filing of VAT returns. Emeralds is always ready to put your mind at ease.

This is understandable as most people have little experience in the accounting and tax industry. It’s for this reason that thousands of people now rely on external services such as ours to provide personal tax advice. This relieves a lot of unnecessary stress.

Should you need help with preparing or filing a Personal Tax Return or registering for Self- Assessment, the team of professional qualified accountants at Emeralds BS Ltd is committed to helping our clients achieve the highest possible annual income alongside the lowest possible tax payment.Emeralds offers a wide array of personal tax services that can be moulded to easily suit the requirements of any client. Our team can provide personal tax advice and assistance on the following areas:

• ✓ Rental Property Income

• ✓ Self-Assessment Registration

• ✓ Tax Advice & Planning

• ✓ Personal Tax Return Preparation & Filing

To comply with HMRC regulations, this extra income must be declared on an annual Self-Assessment. Despite this, certain expenses can be claimed to offset a person’s rental income which can reduce their tax bill. Our team will endeavour to assist in a way that ensures the lowest possible tax payment.

We can happily ensure that the HMRC regulations are carefully adhered to so the chances of having any compliance issues are minimised.

We will take care of your personal tax and we can also help with tax planning if required. We use this knowledge of available tax allowances to make sure that our clients are only required to pay the lowest amount of tax possible.

Should you require assistance with preparations for your Personal Tax return in line with HMRC guidelines, we can help you to submit it within the specified time frame to ensure you aren’t liable for any late submission fines or unexpected payments.

For this reason, many organisations, contractors and traders need sound advice from licensed accountants with sufficient experience in this field. Accountants can help to explain how the system works and strive to figure out what taxes are necessary to pay and how much, as well as determining what allowances each individual is entitled to receive.

The team at Emeralds BS Ltd helps their clients to adapt to the increasingly demanding world of finance. We can advise you on the optimal ways to submit quarterly VAT returns correctly and on time. We can also help to supply HMRC and Companies House with your annual accounts. Our years of accounting, finance and tax service experience has been extremely beneficial to helping businesses of all shapes and sizes.

Emeralds offers a wide range of tax advice to clients which we can easily adjust to suit the unique requirements of any business. These include:

• ✓ Tax Planning

• ✓ Quarterly VAT Returns

• ✓ Annual Accounts & Corporation Tax Returns

• ✓ Professional UK Tax Advice

To achieve this, the Emeralds team uses every facet of knowledge and all resources in their possession to keep our clients’ tax liabilities to a minimum. Once we are satisfied that our clients have made the optimum use of all allowances owed to them and have calculated the tax payable to HMRC, we can then concentrate on creating a plan that will ensure their business has sufficient funds to cover tax expenses at the end of the financial year.

A VAT return outlines the total amount of sales and purchases of your company and the amount of VAT that can be reclaimed by the company is calculated from this. Our team of accountants can seamlessly submit your VAT returns to HMRC and sort all the relevant paperwork.

These accounts typically include profit and loss accounts (P&L), balance sheets, a company director’s report and a signature from at least one director on the balance sheet. This information is then used to fill in the corporation tax return required by HMRC, which is then used to determine how much tax the business owes to the Government.

Our team of dedicated and professional accountants will use their acquired knowledge of the accountancy and finance industry to give exceptional tax advice and accountancy services. To ensure this, we provide unlimited phone and email support and we are available to help and offer guidance whenever required by our clients.

It was once necessary to fill out a multitude of documents and send them to many external parties including Companies House which took time to deliberate on whether the company should be approved. Nowadays, the formation can be done online in a couple of hours.

There are a number of substantial advantages to registering your organisation as a limited company. The three main benefits include:

• ✓ A Separate Legal Identity

• ✓ Tax Benefits

• ✓ Credibility

All businesses are required to register with Companies House and give all necessary information about their company in order to register it as a limited company. Our accountants at Emeralds BS Ltd are able to complete the required forms and liaise with Companies House so our clients can concentrate on other aspects of their business.

We have experience in supporting internationally mobile workers through pivotal stages in their careers and we can help many expatriates in a variety of ways:

• Residence & Domicile Issues

• Statutory Residence Test Advice

• UK & US Tax Return Compliance

• Foreign Tax Credits & Income Exemption

• Mixed Fund Analysis

• Expatriation

• Overseas Workday Relief Rules

• Detached Duty Relief Rules

Our team can ensure that your company will pay the lowest amount of tax possible by using their extensive knowledge of the accounting, finance and tax industry to access these allowances.

This is due to a professional impression that a limited company creates, and this often builds trust between an organisation and its clients.

There will be no change to workers that provide services to a small client in the private sector. The individual’s Personal Service Company (PSC) will remain responsible for deciding the worker’s employment status and if the rules apply.

IR35 is a form of tax legislation that targets those who provide services to their clients via their own limited company, specifically contractors. The intention is to get rid of many companies trading as PSCs and to leave only the genuine ones standing. The legislation prevents those who are acting as employees from avoiding PAYE and NIC payments.

For instance, if a business utilises workers via a Personal Service Company (PSC) or any other intermediary, such as an LLP, the new IR35 regulations will force businesses to review their contracts with these companies to determine if they should in fact be treating them as an employee for tax purposes. Even if the workers have been hired via a 3rd party company, the engager may still be liable to make NIC and PAYE payments throughout the duration of their contract.

One of the main concerns for those that work with PSCs is the possibility of increasing costs. For instance, those PSCs or their own providers may decide to increase their expenses to cover the contributions they will be required to make following the changes.