WHAT WE DO
As tax advisers, our role is to interpret our client's financial information to improve their growth and success by ensuring tax efficiency, and to identify financial issues that could be hindering progression. We work closely with our clients to ensure that they pay the minimum amount of tax required by law.
Our tax advice helps our clients understand tax implications so that are able to proactively plan ahead in a more tax efficient way.
We ensure all accounts are prepared in the correct format, statutory books and other company secretarial records are kept up-to-date and that all statutory returns are prepared and filed. Our experienced team removes the mundane burden of paperwork leaving our clients valuable time to concentrate on what matters - their core business activities!
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SELF ASSESSMENT
Self Assessment is a system HMRC uses to collect Income Tax and is normally deducted automatically from wages, pensions and savings. Self employed people and businesses with other income (including COVID-19 grants and support payments) must report via a tax return to be completed and filed by the end of the tax year, 5 April.
2
COMPANY ACCOUNTS
Your company or association must file a company tax return if you get a ‘notice to deliver a Company Tax Return’ from HMRC. You must still send a return if you make a loss or have no Corporation Tax to pay. You do not send a Company Tax Return if you’re self-employed as a sole trader or in a partnership - but you must send a self assessment return.
3
VALUE ADDED TAX (VAT)
VAT is a tax added to most products and services sold by VAT-registered businesses.
Businesses have to register for VAT if their turnover is more than £85,000. They can also opt to register if their turnover is less than £85,000. There are different rates of VAT depending on the nature of your business. Discuss with us the best option for your business.
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PAYROLL
As an employer, you normally have to operate PAYE as part of your payroll. PAYE is HMRC system to collect Income Tax and National Insurance from employment. You do not need to register for PAYE if none of your employees are paid £123 or more a week, get expenses and benefits, have another job or get a pension. But you must keep payroll records.
Payroll can be complicated, so contact us to help you with this.
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CIS DEDUCTION
Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor's payments and pass it to HMRC. The deductions count as advance payments towards the subcontractor’s tax and National Insurance. Contractors must register for the scheme. Subcontractors do not have to register, but deductions are taken from their payments at a higher rate if they’re not registered.
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BOOKKEEPING
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organisations. It involves preparing source documents for all transactions, operations, and other events of a business. Outsourcing this activity will help relieve the pressure from you and we are able to provide a complete service, whatever the size or complexity of your business, or simply provide support when needed.
HMRC INVESTIGATIONS
We work closely with HMRC to provide support and guidance to companies that are under investigation. Our team of experienced professionals has a deep understanding of financial and tax regulations and can provide expert advice to companies that are facing complex legal issues.
We believe that every company has the right to a fair and thorough investigation, and we work tirelessly to ensure that our clients receive the best possible representation during the investigative process. Our services include conducting internal audits, providing advice on compliance issues, and assisting with the collection and analysis of evidence.
Our team also provides legal representation and support during the investigative process. We work closely with our clients to understand their unique needs and develop a strategy that is tailored to their specific situation. We believe that open and honest communication is essential to building a strong relationship with our clients, and we strive to maintain transparency throughout the investigative process.
At NAAP Accountants Ltd, we are committed to helping companies navigate the complexities of financial investigations and legal proceedings. We understand that these situations can be stressful and overwhelming, and we are dedicated to providing our clients with the support and guidance they need to achieve the best possible outcome.