Accountancy Services

Self assessment is a compulsory yearly government requirement, which can be a headache if you are not absolutely sure how to approach it. All businesses and self employed people including sole traders, partnerships, company directors, charitable organisations and 40% tax payers need to file tax returns and others.

Failure to comply or late returns can result in fines, penalties and other charges. Incorrectly filled out forms can also prove costly and perhaps refusal to claim allowances, extra tax liability or even investigation.

Corporation tax deals with the taxable income of limited companies and some organisations such as societies, clubs, co-operatives, associations, charities and other unincorporated bodies. Payment is extremely important in the case of corporation tax, and the payment deadline is usually earlier than the tax return deadline.

We are familiar with the different and sometimes complicated guidelines involved with corporation tax and can advise on how best to proceed.

MGM Accountants can work with you to ascertain whether or not this form of trading style is appropriate for your business. Once this is established we are happy to assist in registering with Companies House and fulfilling all subsequent protocol. A firm working knowledge of accounting is needed within this area as there are strict requirements about submission of certain company details.

MGM Accountants have extensive experience in the issues concerning limited company accounts.

To run any business successfully there needs to be a sustained effort to maintain reliable and highly accurate financial records. This is a legal requirement for which the owner of the company is responsible. A professional bookkeeping service will keep you on top and in control of your business by highlighting areas of concern or potential improvement. MGM Accountants will relieve you of this burden and will manage, organise and monitor your businesses finances using state of the art software.

From MGM Accountants you can expect a well presented set of accounts saving you money and giving you peace of mind.

One area of accounting which traumatises many business owners is Value Added Tax, especially if importing or exporting products. Complex rules and regulations relating to VAT can lead to confusion and worse, fines, often due to a lack of understanding about the procedures involved in accounting for VAT.We can also guide you around the VAT maze and can advise on ‘special schemes’, easing the pressure for new start small businesses.

MGM Accountants can provide expert advice on VAT including:

• Whether or not you need to register.
• Which is your best option regarding accruals or cash accounting.
• Whether annual or quarterly accounts are the best option for your business.
• Small business VAT incentives awareness.
• Which expenses are, and are not, VAT reclaimable.

MGM Accountants offer a payroll service involving implementation of the UK PAYE and NI system. Tax and national insurance must be deducted for each employee with regard to individual personal allowances and the relevant, differing tax bands. Companies also need to pay employers National Insurance to the Inland Revenue.

Most companies prefer to outsource this work, alleviating stress and inconvenience, not to mention time. MGM Accountants will calculate your employees’ wages organise sick pay, maternity leave pay, holiday pay, pension contributions, working family’s tax credits and attachment of earnings. We have a full appreciation of current legislation and changes such as minimum wage and holiday pay amendments.