Accountancy & Tax

My name is Leanne Clark and I'm an accountant with over 15 years' experience in accountancy, having run my own business for 5 years and previously worked as a Client Manager for a large Chartered Accountant firm. My client base is varied, however I do specialise in Landlords and Tradesmen.

Services Offered

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An Annual Report often consists of:

  • A description of the accounting practices seen within the report. For example, a description of the principles for determining the accounting items in both the income statement and the balance sheet.
  • Information on the events that have influenced the company's accounting during the year.
  • A statement from management showing a true picture of the company’s economy and development.
  • Possibly an auditor's report, if applicable.

Note: not all companies are required to prepare an annual report. It depends on the company's legal form and size.

Overview of your business economy

An annual report can help one to understand the strengths and weaknesses of a certain company's business economy, since it paints a picture of corporate earnings.

Annual reports can also be used in order to show the company’s financial situation to important users, such as creditors and other collaborators. One can also use an annual report to find out how one's enterprise economy can be improved.

Credibility in your annual report

It is very important to have an accurate and credible annual report as this is used to assess your ability to obtain credit and borrow money should you require funding. The annual report does not indicate tax considerations, however. They must instead be shown through tax accounting.

You’ll need to send a tax return if, in the last tax year:

  • you were self-employed - you can deduct allowable expenses
  • you got £2,500 or more in untaxed income, eg from renting out a property or savings and investments
  • you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
  • you were a company director - unless it was for a non-profit organisation (eg a charity) and you didn’t get any pay or benefits, like a company car
  • your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
  • you had income from abroad that you needed to pay tax on
  • you lived abroad and had a UK income
  • you got dividends from shares and you’re a higher or additional rate taxpayer
  • your income was over £100,000
  • you were a trustee of a trust or registered pension scheme

You must pay Corporation Tax on profits from doing business as:

  • a limited company
  • any foreign company with a UK branch or office
  • a club, co-operative or other unincorporated association, eg a community group or sports club

You don’t get a bill for Corporation Tax. There are specific things you must do to work out, pay and report your tax:

  1. Register for Corporation Tax when you start doing business or restart a dormant business. Unincorporated associations must write to HMRC.
  2. Keep accounting records and prepare a Company Tax Return to work out how much Corporation Tax to pay.
  3. Pay Corporation Tax or report if you have nothing to pay by your deadline - this is usually 9 months and 1 day after the end of your ‘accounting period’.
  4. File your Company Tax Return by your deadline - this is usually 12 months after the end of your accounting period.

Your accounting period is normally the same 12 months as the financial year covered by your annual accounts.

Administering your payroll can be time consuming, diverting energy and resources from the core activities of your business. And 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. We can relieve you of this burden by providing a comprehensive and confidential payroll service, including:

  • Customised payslips (as required)
  • Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
  • Completion of statutory forms, including year end returns, to issue to your employees and submit to the Inland Revenue

Value Added Tax is one of the most complicated forms of taxation suffered by businesses, so much so that it's very easy to unassumingly underpay or even overpay VAT. Thanks to the many and frequent changes to the VAT regulations and the increasing demands of Customs and Excise, this is one instance where a keen and trained eye can prove invaluable. Here is an idea of the service I provide:

  • Help with VAT registration
  • Advice on VAT planning and administration
  • Advice on the most appropriate VAT scheme for your business
  • VAT control and reconciliation
  • Help with completing VAT returns

Whether your business is a small operation or a multi-national corporation, the starting point for all accounting is general bookkeeping. I can tailor a solution to suit your business so that your accounts are in good order when the time comes to submit your annual reports and returns.

I work on a fixed annual fee basis, which includes unlimited meetings and calls. I also offer evening and weekend appointments to accommodate clients who struggle to find the time in a working day. If you would like to arrange a meeting to discuss any of my services or a quotation please call me on 07780 616 705 or email leanneclarkaccountancyservices@live.co.uk

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