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Accounting and Bookkeeping
Let us take the hard work off your hands with our comprehensive accounting and bookkeeping service.
Whatever your business size and whether you are a sole trader, a partnership or a limited company, we can relieve you and your staff of an enormous burden by taking care of all your bookkeeping needs.
Using the very latest software we undertake weekly, monthly and quarterly bookkeeping work - a service which is tailored to the exact requirements of each client.
This allows us to produce detailed VAT reports, management accounts and financial reports quickly and easily as required.
Limited company accounts
HUSA Accountants can produce annual accounts and corresponding corporation tax returns for your limited company, produced to the format as required by Companies House ensuring that you are compliant with your duties as a limited company director. Business Accounts and corporation tax returns are a key requirement for all limited companies.
When we hand over your company accounts we aim to make sure you fully understand them and are able to make decisions benefiting your business and you personally. Our team fully involve themselves in every aspect of your business accounts, ensuring we can work together to make those informed business decisions.
Using your year-end accounts, we’ll explain clearly exactly how profitable your business is and aid you with your business planning for the years ahead.
Management accounts are an important tool to help establish a current position of your organisation in good time rather than finding out after the year end date. The benefit of this being that you can identify problems soon and hopefully tackle them in good time.
Management accounts are also a key requirement by banks and also stakeholders to help them understand the financial performance of a business.
If you require cash flow forecasts or budgets be it for the bank or internal purposes, we can support in preparing these to help management and also satisfy stakeholders.
Cash flows and budgets can be crucial when working with tight allocated budgets and can help your organisation keep tabs on spending. We can also assist in carrying out variance analysis of actual costs with budget to identify areas that need improvement.
With the hands on deck service we provide, we can liaise closely with the management to help your organisation flourish.
Self-Assessment (Tax Returns)
Most people do not enjoy completing their annual Tax Return, so why not let the experienced team at HUSA Accountants do it for you? We make the whole process of completing your HMRC tax return as simple and stress-free as possible.
At HUSA Accountants, our main objective when completing your UK Tax Return is to minimise your tax liability.
What separates us from many other accountancy firms is that we look to make sure you understand your self-employed tax return and enable you get the most out of our tax return service by providing the vital information that you need to make personal decisions.
Our team is experienced in providing this information and answering any questions that you may have, in plain English. Ensuring we provide an easy to understand combined accountancy and tax service to guarantee the best possible advice to you, the client.
In addition to undertaking the above on a regular basis, we are also happy to take on any of the following on a short-term ad-hoc basis to cover team leave or temporary overload.
Our key services in this area include:
⇢ Keeping your cashbooks and where applicable purchase and sales ledgers up to date.
⇢ Reconciling your bank accounts.
⇢ Preparing your VAT return.
⇢ Preparation of cash flow and budgetary forecasts.
⇢ Preparation of management and annual accounts.
VAT is one of the most complex and onerous tax regimes imposed on businesses. Being over 1/6 of the value of most transactions, getting it wrong can be serious. The cost of mistakes can be very high taking into account the new vat penalty regime introduced in April 2009.
We understand that a proactive approach is required to ensure that businesses keep within the many rules and regulations.
We can tell you if and when you are liable to register for VAT, what record are required and guide you to the specific VAT scheme which best suits your business needs.
At HUSA Accountants we have a specific VAT consultancy service, advising clients on all aspects of VAT and other indirect taxes. A significant aspect of this service is negotiating with HM Customs and Excise, always looking to ensure the best possible outcome for you.
Whatever the problem or potential problem we can help, whether that means an investigation, a penalty, an assessment or a liability dispute.
Our cost effective VAT service includes:
⇢ Online registration for VAT.
⇢ Advice on VAT planning and administration.
⇢ Advice on use of the most appropriate scheme.
⇢ VAT control and reconciliation on a monthly or quarterly basis.
⇢ Submissions and help with completing VAT returns online.
⇢ Planning to minimise future problems with Customs and Excise.
⇢ Negotiating with Customs and Excise in disputes and representing you at VAT investigations and tribunals.
We provide a specialist payroll service for those businesses that wish to contract out their payroll departments
Administering your payroll can be time consuming and burdensome, diverting energy and resources from the core activities of your business. The task is made all the more difficult by the growing complexity of taxation and employment legislation and the accompanying regime of penalties for non-compliance.
Our comprehensive and confidential payroll department can provide the following services:
Complete administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, statutory paternity pay, adoption pay. Customised payslips P45's, P11Ds, P9Ds and P60s.
Completion of statutory forms, including year-end returns, to issue to your employees and submit to the Inland Revenue. All our returns are now made electronically.
Summaries and analyses of staff costs on a monthly or weekly basis as required. For compliance purposes all returns and administration of payroll is done electronically. Payslips can be emailed securely and all returns made to HMRC are all done electronically. Reducing errors and saving time.
In addition, we can undertake a health check to determine if employers, employees or any directors have any PAYE or benefit issues to be addressed. With more businesses than ever likely to be investigated for PAYE and benefit in kind irregularities, we can help get you on the right track.
HMRC officers are under pressure to collect more tax so they initiate tax investigations into the affairs of individuals (sole traders or in partnerships), companies, not for profit organisations and trusts.
Few of these investigations are opened on a purely random basis but the vast majority are selected where HMRC believes that there is a reasonable possibility of collecting additional tax liabilities.
The Tax Inspectors have access to a wide range of information and will base their risk assessment on a number of different factors. These could include:
⇢ Third party information e.g. interest received from bank or building society
⇢ Property information from Stamp Duty Land Tax Returns and the Land Registry
⇢ A critical analysis of the accounts of the business
⇢ Wealthy individuals and successful businesses face increased scrutiny
⇢ Malicious information provided by informers
⇢ Using software known as Connect, which draws a huge amount of data not only from Government sources, but other open sources such as Facebook and Ebay.
The software also identifies connections or patterns in the data. For example, it will reveal all properties listed in the name of the taxpayer and those listed as living in those properties who are claiming housing benefit. At HUSA Accountants, we understand that a tax investigation is extremely stressful, time consuming and disruptive. We will explain the process to you, advise you and make the investigation more manageable for you by representing and defending your interests.
If tax, interest or penalties are due, we will strive to negotiate the lowest settlements with HMRC on your behalf and represent you at the Tax Tribunal. Our aim always is to resolve the matter with a minimum of fuss and cost by securing a settlement at the earliest possible date.
Whether you have been approached for a record check, compliance visit, intervention disclosure, or an investigation by any other name, our team can help. Because of our experience we know what HMRC are looking for, we can often get to the bottom of issues, source evidence and get cases resolved with minimal disruption to you.
In addition to income, corporation, capital gains, VAT and inheritance tax, we have significant experience in managing employment disputes, IR35 enquiries and offshore disclosures.
Our tax department provides straightforward and concise tax advice for entrepreneurs, companies and individuals that have complex issues that require specialist tax input.
Our Tax Specialist has over 25 years of tax experience with the Big 4 accountancy firms and this enables HUSA Accountants to have a unique insight into both the commercial and personal tax issues that may arise as well as having a number of key relationships with HM Revenue & Customs.
Most people start up in business because they have a good business proposition and the enterprise and commitment to see it through. However, they may not be experts in the legal and financial aspects of running a business and such matters often appear daunting. Fortunately, you do not need to be an expert in these fields to succeed in business but you do need the support of a team of trained experts. We can help. Just bring us your business ideas and we will help you to make them a reality! We will help you to:
⇢Decide on the most suitable structure for your business - sole trader, partnership, limited liability partnership or limited company
⇢Prepare a business plan, cash flow projections, budgets, and trading forecasts
⇢ Assess the finance requirements, advise on the best sources of finance and draw up the necessary proposals
⇢ Establish a good working relationship with your bank
⇢ Complete any registration procedures with Companies House and HMRC
⇢ Deal with company secretarial issues
⇢ Set up a recording system for your internal use and for complying with statutory requirements
⇢ Decide on what computer hardware to buy and help with the installation of accountancy software
⇢ Keep on top of bookkeeping, VAT, payroll and other accounting requirements
⇢ Help with all aspects of business compliance and administration.
⇢ Business Support
⇢ Web Design and Hosting
We will help get your new venture off to a flying start, and provide ongoing support and advice throughout your business journey.
The Companies Act places strict obligations on companies to submit the required documents according to deadlines. Take the right turn by enlisting our expertise today.
Exit ahead? We can help you to put together a comprehensive exit plan, which will minimise your tax liabilities and maximise your financial gains.