Obtaining regular and reliable management information is vital to the continued success of any business. Let us work closely with you to get to know your business so we can make suggestions to help improve profits or to develop and grow your business.
Many small businesses do not prepare management accounts, so the only time they review the results of their business is when the year end accounts are prepared, which is typically at least six months after the year end. Year end accounts do not carry much detail which means that the business is often lacking in detailed information. Consequently a business cannot use this for comparisons to actual and expected performance.
All businesses should carry out reviews of their results periodically during the year, and compare the actual results to last year and expected figures. This will help to identify any potential problems so that corrective action can be taken on a timely basis.
There is no legal requirement to produce management accounts but having this package from your advisor will give you more of an insight into your business and as such enable you to run your business more effectively
Call 01902 219680 or email firstname.lastname@example.org
Read through our FAQ section below.
Your records must show you’ve reported accurately, and you need to keep them for 3 years from the end of the tax year they relate to. HMRC may check your records to make sure you’re paying the right amount of tax.
There are many payroll software systems on the market for Start Ups, SME’s and large businesses. For our clients we we use Xero; for more information about Xero please visit their website www.xero.com/uk/accounting-software/payroll/
You will need to complete the following forms or maintain the equivalent digital records:
P11 Deductions Working Sheet
This form (or a computer-generated equivalent) must be maintained for each employee. It details their pay and deductions for each week or month of the tax year.
P60 End of Year Summary
This form has to be completed for and given to all employees employed in a tax year.
P45 Details of Employee Leaving
This form needs to be given to any employee who leaves and details the earnings and tax paid so far in the tax year. New employees should let you have the form from their previous employer.
When a new employee starts you will need to advise HMRC so that you can pay them under RTI. Some of the necessary information may be obtained from the P45 if the employee has one from a previous job.