the annual accounts process: how appleleaf can take the stress out of submitting your accountscreative77
No matter how big or small your business might be…
Whether you’re a sole trader or a small to medium sized company employing a team of staff…
Completing and submitting your annual accounts to HMRC can be a very time-consuming job. That’s especially true if you’re not at the stage of hiring your own in-house accountant.
It’s why we created Appleleaf Accountancy.
We want to help and support people in your exact situation.
We believe your time is most effective spent on finding ways to develop and grow your business, not completing complicated tax returns.
But we’re often asked by clients looking for an alternative to arranging their accounts alone – how exactly can we help?
We thought it would be useful to briefly walk through how it works when we begin a relationship with a new client.
we get to know you first
Before we do anything…
We like to get to know you and your business first.
This is critically important.
It’s not just so we understand your specific needs and challenges, but also because by digging deeper than most accountants, we’re often able to find ways to help save you money on your tax bill.
So, first things first, we’ll sit down for a chat either in person or on the phone, depending on what’s more convenient for you.
Once you’re happy you’d like to work with us, we’ll complete the necessary paperwork to submit to HMRC so we’re able to act on your behalf.
This saves you from having to go back and forth with the tax office, as we can arrange everything for you.
Also, if you’ve already worked with a different accountant in the past, we’ll go through what’s known as the ‘professional clearance’ process. This is where we request a transfer of your details to us.
Again, we can do all of this for you so there’s no need for you to even contact your previous accountant if you don’t wish to
The next stage is to begin compiling your accounts.
How we do this will depend on your specific needs and whether you’re submitting your accounts as a self-employed person, a partnership or a limited company.
But however you’re set up, we’ll help advise you on the best way to charge different elements of your operations.
We’ll talk about which elements of your expenditure you can claim as tax-deductible.
And we’ll outline what supporting documentation you need to submit with your claim.
If we see you’re affected by the HMRC’s new Making Tax Digital (MTD) initiative, we’ll also help advise on how to adjust your processes for that.
We’ll help you bring everything together and then you can step back and let us pretty much take care of the rest.
Once we’ve got all the necessary documentation, we’ll take the time to compile your annual accounts and figure out the right amount of tax you’re liable to pay, while all the time looking for ways to help save you money.
In fact, with all of our clients, we always like to arrange a year end meeting to discuss everything and point out any ways we might be able to minimise your tax liability.
Then, when your accounts are ready, we’ll submit them to HMRC on your behalf, providing you with a copy for your records.
We’ll let you know how much you’re liable for and when it needs paying.
You can pay the appropriate amount direct to HMRC and that’s it – your annual tax return will be sorted for another year.
Of course, if you’d like us to produce management accounts for your business too, we’re able to do that.
And, due to our decades of experience, we’re able to support your business in many other areas of business accounting. Just let us know how you need supporting.
Still, if you want to keep things simple and just get your tax return completed with minimum hassle and fuss – you can see the process is very simple.
Aside from you needing to submit the necessary supporting documentation to us here at Appleleaf Accountancy, we take care of everything for you.
don’t leave it too late: arrange a call today
We understand completing and filing a tax return can feel like a lot of work…
And we know the temptation is to keep putting it off until it becomes a rush job and you start to panic about getting it submitted in time.
But it doesn’t need to be a big deal. Not when you can have us to do all the heavy lifting for you.
The best thing is to get it sorted now…then it’s off your mind.
All it takes is a quick phone call to us and then we can get the ball rolling so you don’t need to worry.
You can give us a call Monday to Friday on 01472 287387 or get in touch via our contact form here
We’ll walk through everything with you so you’re 100% comfortable and confident in the process…
And we’ll help complete your return, calculate your liability and file all the appropriate documentation for you.
That way, you can get on with growing your business instead of getting lost in the books.