Looking after companies’ tax affairs is fundamental to the overall business service we provide. We also give advice on a wide range of business tax matters including:
Preparation of corporation tax computations and returns
Corporation tax planning
Business succession planning
Revenue & Customs enquiries
Sales of businesses and business assets
Statutory accounts, also known as annual accounts provide shareholders with an insight into businesses performance. They are also required by the Companies House and HMRC to keep your business records up to date. Many businesses must complete these accounts which are based on financial records at the end of the financial year.
All businesses must submit an annual financial account to Companies House. The complexity of this account will depend on the size of the business, and smaller businesses can complete less extensive accounts.
Small companies do not need to complete full statutory accounts and instead can send simpler abridged accounts to Companies House.
Companies are classified as small if they can satisfy two of the following:
A turnover of £10.2 million or less
£5.1 million or less on its balance sheet
50 employees or less
You are the expert of your business, but running every financial errand may not be possible. The average company spends around 10% of their time maintaining their management accounts. Our team of expert Tax accountants at More Group commit to fulfilling all the accounting requirements of your business by offering dependable management account services.
Management Accounts are reports that give you an up-to-date view of your finances, enabling you to make informed and effective business decisions based on performance.
Many businesses rely on end of year accounts to review financial information. This enables you to identify missed opportunities and questionable financial choices. By having access to relevant and statistical financial information, you can make informed decisions to improve performance, maximise profit and address any issues that come to light.
We use dedicated software to provide you with real-time and reliable access to your most critical financial data such as Cash flow, Management Accounts, Debtors and Creditors info.
We offer a complete on-site, or off-site, bookkeeping services.
We can Complete your books and records on a regular basis with a minimum charges.
Provide assistance with the installation and training of your staff on leading accounting software packages.
We provide a cost effective professional company formation services for Limited company. Whether you are a new business wanting to incorporate locally or interested in setting up an office overseas, we can support you through your entire business cycle.
Most business owners have a good understanding of their corporate structure and what they would like to achieve from it. While it is possible to control how your business activities are conducted in a market, it is often difficult to predict how the market will react to your business. It is essential to understand the inner workings of the location you want to target to make sure that your business is conducted as smoothly as possible.
Every location has its own set of laws that a business must follow to ensure an uninterrupted flow of day to day business activities. You should be prepared to make some possible structural changes to your business if you want to incorporate in a specific location.
Keeping up with Companies House requirements can be complicated and time-consuming for Company Secretaries and Directors. That is why we offer the following services to ease the burden:
Filing Confirmation Statements
Maintenance of statutory books
Registered office facility
Company searches
Comprehensive form filling and filing service
Dormant company services
Business Start up
Setting up UK Company
There are many companies that are formed which remain inactive, either because they are not yet required for use, or because they have been formed only in order to protect a business name.
At MAP Accounting, we look after hundreds of dormant companies, and we do this for a nominal fixed fee. We let companies house know that the company is not active by filling up form and update them about the records we have.We prepare and filing dormant account on behalf of you.
We understand how strenuous it can be to understand and adapt existing business models to fit new laws in different locations.MAP Accounting has helped several clients set up companies in the UK
When we refer to a ‘company’ in the UK, we are normally talking about a ‘limited company’. This means a company whose shareholders have their liability limited to the amount they have invested in the company, in the event of liquidation or winding up, unless personal guarantees have been given to third parties.
In general any name can be chosen for a company, provided that the name has not already been registered by another company and provided that the name is not misleading, offensive, or otherwise restricted or forbidden by company law. A company’s name can be changed at any time. It is the company’s registration number, rather than its name, that identifies the company throughout its life.
Many new clients who come to MAP Accounting ask us to do this for them, and we do this using a company formation agent. The process is very fast. Once we are in a position to order the company for you, this is normally done the same day or within 24 hours. We are sent the incorporation documents electronically and we forward them to you straight away, so you have your company number and the basic documents quickly.
Certificate of Incorporation – this is effectively the company equivalent of a birth certificate. It shows the company registration number, which is permanent, and the date on which the company was incorporated. It also shows the company’s name. If the company’s name is subsequently changed at any time, Companies House will issue a ‘Certificate of Incorporation on Change of Name’.
Memorandum and Articles of Association – this is effectively the company’s constitution, and can be varied at any time, subject to the necessary resolutions being passed by the shareholders. If Glazers form a company on your behalf, we will supply you with electronic copies and/or hard copies of these documents, as you prefer.
Shareholder Certificate – This is certificate showing how many shareholders holding the quantity of share with the proper value on it.
At MAP Accounting, we can assist your business with all VAT related matters ranging from VAT registration applications and the completion of VAT returns to VAT consulancy and complex liability issues.
In addition to general VAT advice, our services also incorporate transaction-based VAT consultancy and planning assignments, aimed at maximising VAT recovery.
VAT affects many businesses. In the UK the VAT rate is at 20% and if miscalculated could result in penalties of up to 100% of the tax which highlights the importance of having your VAT affairs in order. With VAT becoming increasingly complicated we aim to simplify your business operations by assisting with your VAT profile.
MAP Accoutning provides vital services including VAT Registration, VAT compliance, VAT returns and VAT refunds.
Through years of experience in offering VAT services to a range of businesses, we have developed a highly skilled team who can provide businesses of all sizes with excellent customised advice and guidance.
You can rely on MAP Accounting to take care of your businesses needs and provide you with a professional, reliable, efficient and accurate service, all at a competitive price.
If you wish to register for VAT, a VAT registration form needs to be completed. The process of registering can be cumbersome and in some areas, complex.
We can provide all of the necessary assistance to complete this form efficiently and accurately. We can also advise you with regard to supporting documentation, such as copy invoices and contracts, that you may need to submit to Customs with your registration form.
VAT is one of the most complex and onerous tax regimes imposed on business – so complex that many businesses inadvertently overpay or underpay VAT.
The ever-widening scope of VAT, the constant stream of detailed changes to the regulations, and the ever-growing demands of Customs call for a trained professional eye to ensure that you do not fall foul of the regulations, and do not pay the Exchequer more than you need to.
We provide an efficient cost effective VAT service, which includes:
UK VAT registration
VAT Returns
Assistance with VAT registration
Use of the most appropriate VAT scheme
Advice on VAT planning and administration
Preparation and submission of VAT returns
Planning to minimise future problems with Customs
VAT Refunds
If your business is UK based and you have overpaid UK VAT
If your business is based outside of the UK and you are not registered for VAT in the UK. In this case, your business may be entitled to a VAT refund on expenses incurred in the UK such as hotels, meals (not entertaining) and car hire.
If you are a UK business and you travel to another European Union member country on business. In this case, you may be entitled to recover VAT on some of your expenditure. Each European country has different rules about which expenses are recoverable and the rules can be complex.
Making Tax Digital (MTD) for VAT was launched in April 2019. Hundreds of thousands of VAT-registered businesses above the VAT threshold (£85,000) are now recording and reporting their affairs digitally to HM Revenue & Customs (HMRC).
The rollout of MTD for VAT will now continue with the first reporting dates beginning in July 2019 and then continuing quarterly depending on each business’s required reporting dates.
Those with more complex VAT affairs have an extension until October 2019, by which point all VAT-registered businesses will need to comply. This may include public sector bodies and some charities.
Businesses are currently benefitting from a ‘soft landing period’, which will last up to a year, to get MTD for VAT in place and be reporting their affairs accurately to HMRC without facing a penalty.
Originally, other forms of taxation, such as Income Tax and Corporation Tax, were meant to follow on from the requirements for VAT April 2020 at the earliest.
However, following the 2019 Spring Statement, the Government included an amendment in a Written Ministerial Statement, which confirmed that MTD for other forms of tax would be delayed until April 2021 at the earliest.
The legislation is currently drafted in such a way that the obligations are likely to begin with effect from the start of the first accounting period beginning after 5 April of the year in which MTD for Income Tax becomes mandatory.
In relation to Corporation Tax not much has been revealed yet by the Government, but it is expected to be introduced alongside or shortly after Income Tax reporting for MTD in 2021.
This new process will require a far larger number of businesses, including those below the VAT threshold, to report their affairs digitally on a quarterly basis, this includes sole traders with income from one or more business, as well as income from letting UK property.
HMRC are currently in the process of testing and releasing information on software and the options for Income Tax.
The tax authority has begun to release some information on what software will be compliant with these new requirements
Although, the date at which full implementation of MTD has been delayed, it is imperative that businesses and individuals start to review their systems and processes to ensure they are ready for this landmark shift in taxation.
Financial planning at MAP Accounting is provided through independent, specialist advisers, whose aim is to improve your financial position and help you achieve your financial objectives.
The advisers that we use are highly qualified, and work closely with us so that clients receive a fully integrated financial service. This saves you time and gives you peace of mind in that you know all the angles are covered and that you will receive the best advice in arranging your affairs in the most effective and efficient ways.
Investment planning for income and growth
Tax planning
Pensions
Corporate finance
Auto Enrolment and Re-Enrolment for Employers
Your existing arrangements can also be reviewed, so you can receive advice on alternative strategies where appropriate.
The advice is generally fee-based (rather than commission-based). This will be discussed with you during your initial meeting, which is free of charge and obligation.
As you are probably already aware, auto-enrolment legislation requires all businesses to automatically enrol any members of staff aged 22 and over into an appropriate workplace pension scheme.
However, an employer’s responsibilities do not stop there. Businesses need to ‘re-enrol’ any workers who have ‘opted out’ of the scheme once every three years.
Re-enrolment will start from the date of your auto-enrolment staging date and will require you to identify which members of staff need to be re-enrolled, contact them and complete a re-declaration of compliance.
Company Pensions
State pensions
Occupational pensions
Individual/personal pensions
Investment and tax-planning opportunities exist for those with company pension schemes.
Ensuring you are following these rules correctly is vital for all businesses – as is keeping on top of your payroll and amending the level of auto-enrolment pension contributions accordingly as and when changes are announced by the Government.
Here at MAP Accounting, we can help you to ensure compliance and provide you with hands-on assistance and guidance throughout the process, from helping you assess the cost for your company and setting up or reviewing your pension arrangements, to managing your payroll function so that you are fully compliant.
A robust payroll system is essential to all businesses, whether you are the sole employee or have a high number of staff. Factors such as high employee turnover, continually changing tax regulations, business growth, and employee benefit tracking can cost significant time and money if processed internally. For many businesses, outsourced payroll facilities can be the answer for a cost-efficient and secure payroll solution that is backed by quality assurance and control.
We can relieve you of the pressure of calculating PAYE, overtime pay, holiday pay, sick pay, maternity pay and all the other variables that arise. Alternatively, we can also provide PAYE training if you prefer to do it yourself, and a helpline in case you run into any difficulty.
Auto Enrolment Reporting
Auto-enrolment is the current hot topic for all employers. It is the term for automatically enrolling employees into workplace pension schemes and it will affect all businesses.
Auto-enrolment has already started for larger organisations, and throughout 2015, 2016, 2017, 2018 and 2019 (depending on your allocated ‘staging date’) every business must operate a pension scheme for qualifying employees, with employee and employer contributions being paid.
Even if your staging date is not until 2018, and this may seem like a long way off, there is a lot to do, so in order that you meet your requirements for auto-enrolment, you should start planning now.
We can help your business prepare for auto-enrolment compliance and provide help and guidance throughout the whole process; from helping you assess the cost for your company and setting up or reviewing your pension arrangements, to managing your payroll function so that you are fully auto-enrolment compliant.
Payroll Processing
Payrolls come in all types and sizes. They may vary in their degree of complexity but they all have one thing in common – they’re urgent!
our payroll department geared up to providing a timely, accurate and flexible service, tailored to suit your needs.
We can relieve you of the pressure of calculating PAYE, overtime pay, holiday pay, sick pay, maternity pay and all the other variables that arise. Alternatively, we can also provide PAYE training if you prefer to do it yourself, and a helpline in case you run into any difficulty.