How to access and use the New Computerised Transit System (NCTS)
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Compliance services are those services that are largely required by law. Here at Fraser Russell, we offer a range of flexible accounting and tax services to ensure you will always remain compliant. However, it’s not just about doing the bare minimum, we will understand your business and show you ways of maximum efficiency in all areas.
Our compliance services give you peace of mind and free up your valuable time so you can focus on what you do best – growing your business.
We ensure all your statutory deadlines are met and can prepare and submit all tax returns and forms on your behalf.
We also assess and suggest improvements you can make to your compliance systems and our tax advisors can offer advice to ensure you are not paying any more tax than you must.
Prepare accounts to help in completion of self-assessment tax returns.
Produce financial statements to file at Companies House and abbreviated accounts to ensure the minimum amount of your financial information is made public.
We take the time to explain your accounts, so you can understand what is going on financially within your business, helping you to plan for the future.
Not surprisingly, this is a question we are often asked and can be easily answered:
Then it is unlikely you need interim management accounts.
However:
In a “nutshell”, management accounts will allow you to stay in control of your business.
If a more robust review of your current financial position needs to be carried out, then the following are just some of the key areas we cover and important questions we can help answer, during the process of preparing management accounts.
A pre-requisite for controlling your sales and costs. Without one, a true reflection of your financial position is difficult to ascertain. For example, are your profits on target to meet an anticipated expansion of the business, one year from now?
Even the most successful businesses can encounter financial trouble if they fail to pay their creditors on time. To prevent this, creating a cash flow forecast alongside your budget, is essential. This dual approach ensures your business remains liquid and prepared for upcoming expenses.
Detailed account of your sales and costs, compared against your budget. On the back of this, revised profit forecasts can also be prepared, confirming if you are on track to meet your business goals.
Most small businesses look at the profit & loss statement regularly, but many don’t understand the importance of the balance sheet. A balance sheet can provide warning signs, so you can solve any problems before they have a detrimental impact on your business.
For many small businesses, much of their profit can be tied up in their stock. This can be dangerous, since what proportion of the stock is old and, therefore, needs to be devalued or written off. If so, this could have a significant impact on your bottom line and jeopardise the profitability of your business. Also, are your product margins where they should be or are the margins on your best selling products lower than expected?
Carried out in conjunction with your stock profit margins to confirm if your overall gross profit margins are on track.
Are your sales up on previous years/periods but have costs increased further? Was this anticipated in the budget?
Are there any bad debts you are unaware off? Can supplier payment terms be improved? Are your creditors running dangerously high?
Unfortunately, a common occurrence. Are your profit margins down, indicating possible stock shortfalls? Is a supplier invoice outstanding, you thought was already paid?
Every business should plan ahead to ensure success, but daily business pressures often get in the way.
Financial forecasts are a crucial part of any business plan, particularly if you need to raise finance to fund growth or an acquisition. You may also need to prepare an annual budget to enable you set targets and monitor performance.
We can create financial forecasts and budgets on your behalf – ensuring that they are realistic and robust.
We can handle your bookkeeping for you, dealing with the day-to-day grind of sorting your business paperwork to free up more of your valuable time. We can set up cloud-based accounting and bookkeeping to keep your accounts up-to-date and move your existing company accounts into your new cloud system, giving you access to your financial history all in one place.
Allowing us to handle your bookkeeping has the added benefits of saving money on your year-end accountancy costs, easing the burden of completing VAT returns, and dealing with VAT inspections and allows us to identify any areas at risk to tax enquiries.
Our aim is to achieve an accurate picture of your business’s financial records in the least possible time and with the minimum fuss.
We can handle your bookkeeping for you, dealing with the day-to-day grind of sorting your business paperwork to free up more of your valuable time. We can set up cloud-based accounting and bookkeeping to keep your accounts up-to-date and move your existing company accounts into your new cloud system, giving you access to your financial history all in one place.
Allowing us to handle your bookkeeping has the added benefits of saving money on your year-end accountancy costs, easing the burden of completing VAT returns, and dealing with VAT inspections and allows us to identify any areas at risk to tax enquiries.
Our aim is to achieve an accurate picture of your business’s financial records in the least possible time and with the minimum fuss.
We can complete self-assessments whether you’re a Sole Trader, Partner in a Partnership or Limited Company or have rental income. Self-assessments can be tedious and can cause unnecessary stress but our team of tax experts can help with everything from preparation to filing, so you won’t have to worry about the ever-changing tax rules or making costly mistakes.
When you run a business with another partner as a business partnership you must complete a partnership tax return to account for the income of the partnership and how this is distributed to each partner. Fraser Russell’s tax advisors can help you prepare and file your SA800 partnership tax return to HMRC to ensure you remain compliant and avoid making costly mistakes.
Administering the payroll can be an arduous and time-consuming task for today’s busy business owner. We can help to relieve the burden with our comprehensive payroll service, which includes:
If you intend to use us for your bookkeeping and accounting requirements, then you don’t have to worry about VAT. We take care of it for you.
Alternatively, for a small fee, you can send us details of your receipts and expenses on one of our templates and we will complete and take care of all aspects of your VAT returns. If you are using a cloud accounting software, we can easily log in to review and submit the VAT returns for you. We complete VAT returns in good time to ensure you avoid any penalties.
Compliance with VAT is becoming ever more complex. Investigations from the VAT-man can be intense, all the more important that you have an accountant who is successful in negotiations with them.
We take best advantage of the reliefs available and the interpretation of the regulations. This is an extremely important feature of the VAT service provided, as it ensures peace of mind for all our clients.
For every Limited Company, it is a legal requirement to file a confirmation statement to Companies House once a year. Fraser Russell will complete this return on your behalf. We will gather all the necessary information from you, saving you the hassle.
All clients of Fraser Russell have access to using this facility. This is where you can use our head office as your company’s registered address. This means all correspondence from Companies House, HMRC and other Government Bodies will come directly to us. We can take care of processing and filing all the information from HMRC, saving you the trouble of having to post it manually, and ensure all payments are made on time.
Yes, you can and it is something we strongly recommend, especially, if you are growing quickly or experiencing a drop in revenue.
It provides an executive summary and a comprehensive overview of the company’s performance, comparing actuals with planned activity, showing key performance indicators (KPIs); presentation styles include absolute figures with variances along with graphs and charts.
Yes, simply because of accuracy, flexibility, and for HMRC’s Making Tax Digital (MTD) reasons. It could also help reduce your accountancy costs.
Yes, we do. Typically, this includes: helping to install the new computerised system onto your business PC; finalising the data in your current system; enabling the balances to be carried over to the new system; then finally, run the two systems in parallel for a pre-defined period, to confirm the new system is working, as expected.
Yes, we can. We can help you detect any hidden problems, by asking for the right information and paperwork. Step one, is to check the financial condition of the business, including business debtors and creditors i.e. bad debts and security interest on any business assets. You decide how much you want us to get involved and how deep to investigate.
It is a lot simpler than you may think. Simply, inform your tax adviser/accountant you want to move, and we will take care of the rest.
Yes, we do offer this type of service. However, you will need complete and sign our engagement letter, before we can offer you advice. The letter establishes the framework in which our relationship with you is managed.
Yes, we offer Xero Accounting but we are flexible. If you have your own preference and want us to evaluate it, to confirm it meets your current and longer term requirements, then we are happy to do this for you.
We offer 2 half-days training on how to use Xero Accounting. If you have a manual system and require training for a new staff member, then we can create a training plan for this, also.
We have a selection of payroll plans to suit most small to medium sized businesses. They are based on the number of employees and what level of assistance is required, such as, tax efficient remuneration strategies, planning for retirement, termination payments, inducement payments, company car and van strategies and benefits planning, to name a few. What’s more, our plans are competively priced, so why not contact us today for a no obligation quote.
We have a selection of payroll plans to suit most small to medium sized businesses. They are based on the number of employees and what level of assistance is required, such as, tax efficient remuneration strategies, planning for retirement, termination payments, inducement payments, company car and van strategies and benefits planning, to name a few. What’s more, our plan are competitively priced, so why not contact us today for a no obligation quote.
Yes, we do offer this type of service. However, you will need complete and sign our engagement letter, before we can offer you advice. The letter establishes the framework in which our relationship with you is managed.
HMRC investigations can be stressful at the best of times, so we are delighted to be able to offer you this service.
Our financial advisors are here to support you. If you have questions, please do not hesitate to contact us and we will get back to you within 24 hours, but usually much quicker.
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