Services
Accounting Services That Work for You.
Our services
Bookkeeping
‘Bookkeeping’ means keeping a record of your business transactions on a spreadsheet package or in accounting books. All businesses are required to keep accurate and up to date records including details of sales, purchases and expenditure.
We offer accurate and efficient bookkeeping services for a low monthly fee and this includes:
- Helping you to manage and control the finances of your business
- Helping with planning for future growth of the business
- Helping to ensure that your accounts are completed efficiently
- Helping to ensure that your accounts are completed efficiently
We will explain what records are required and providing that you supply them to us in a timely manner, we can take care of all of your bookkeeping requirements.
Our services
Company Formation
- Formation of a Limited Company with your choice of company name.
- Complete company formation service with all legal requirements including Company Memorandum and Articles of Association in soft and hard copy.
- Assistance with opening a business bank account.
- Registering the Company for VAT and PAYE.
- Business Insurance recommendations i.e. Employer's Liability or Public Liability.
Our services
Company Formation
- Formation of a Limited Company with your choice of company name.
- Complete company formation service with all legal requirements including Company Memorandum and Articles of Association in soft and hard copy.
- Assistance with opening a business bank account.
- Registering the Company for VAT and PAYE.
- Business Insurance recommendations i.e. Employer's Liability or Public Liability.
Our services
Tax Services
A tax return is a form that is sent to HMRC annually on which a person or company declares its taxable income along with chargeable gains etc . Tax Services are issued to people with complex tax affairs, but also to individuals who receive:
- Income from self-employment or from a partnership business
- Rent or other income from land or property
- Income from overseas
- Other income which is received gross, i.e. without tax deducted.
Accounts are initially compiled to produce the figures for a tax return. The tax return will include a tax calculation which takes all of the information provided into consideration to produce the tax liability due to HMRC.
If you chose to file your Tax Return on paper, you must submit it by the 31st October. Alternatively online returns must be submitted by 31 of January.
If your affairs are more complicated, or if you are a director of a limited company, you need to complete and file a full tax return. The form is more complex with a number of different supplementary sections that may need to be completed, depending on your circumstances.
Our services
Tax Services
- Calculate your final tax liability
- File the return online
- Liaise with you on the amounts to be paid and when they are due
- Check if any Tax Savings can be made
- Review any anomalies and address them before submission to help minimize the risk of enquiries in your tax affairs
- Give you a fixed, competitive price
- Take the worries away and allow you to concentrate on running your business.
- Tax Investigations
Being the subject of a tax investigation by the Inland Revenue can be a stressful and worrying experience.
We have a wealth of experience in dealing with Inland Revenue investigations, whether they are enquiries into an individual’s Tax Return under the Self Assessment regime, investigations into PAYE and P11d compliance, Corporation Tax.
If you are about to be the subject of an investigation, we can provide expert help and support.
Our services
Company Formation
- Formation of a Limited Company with your choice of company name.
- Complete company formation service with all legal requirements including Company Memorandum and Articles of Association in soft and hard copy.
- Assistance with opening a business bank account.
- Registering the Company for VAT and PAYE.
- Business Insurance recommendations i.e. Employer's Liability or Public Liability.
Our services
CIS Returns
CIS (Construction Industry Scheme) Returns must be completed by contractors, on a monthly basis, to show sub-contractor payments.
Contractors need to provide monthly Payment and Deduction statements to sub-contractors, to show the amount deducted.
We provide CIS tax return service for construction contractors who are registered on the Construction industry scheme. If you are not yet registered under CIS we will help you register.
We will complete your CIS tax return, informing you of how much tax you owe HMRC or how much money HMRC may owe you, ensuring that you pay the correct amount of tax.
Our services
Payroll
If you run a business and employ staff, then we will help you with your payroll. We can release the burden of needing to understand changing legislation relating to employee tax codes and personal allowances.
Our payroll service includes all payslips, starter/leaver forms and all necessary end of year filing.
As part of our Payroll services, we carry out the following:
- Automatic calculation of PAYE and NI contributions
- Submission of PAYE and NI contributions to HMRC
- Administration of statutory sick pay, maternity pay etc.
- Customised payslips for your employees
- Completion of your Annual Returns
Our services
Sole Traders
Self assessment involves completing a tax return each year, showing your income and claiming tax allowances. Not everyone needs to complete a tax return as you may already pay all the tax due on your earnings through a tax code or PAYE (Pay As You Earn). You certainly need to complete a tax return if you are:
- Self-employed including being a member of a partnership
- A company director
- A trustee
- Receiving foreign income
Registration with HMRC is required prior to Tax Services as you will be sent a Unique Tax Reference. You will usually receive a letter from HMRC every year in April telling you to complete a tax return and advising you of any deadlines that occur.
If you are a sole trader or business partner you may need to pay Class 2 National Insurance Contributions or register for the Construction Industry Scheme or for VAT.
Our services
Account Preparation
Accounts are financial reports that are based on bookkeeping records.
Most businesses will have their accounts completed on an annual basis to comply with their obligations to HMRC.
The year-end accounts provide invaluable information about your business and are particularly useful if, for example, you wish to make a mortgage application.
Whether you are a sole trader, limited company or in a partnership, letting us prepare your year-end accounts will relieve you of what can be an extremely stressful and time consuming exercise.
A complete and accurate set of accounts is beneficial for all businesses because they show a true picture of the business’s financial position and ensure that the correct amount of tax is calculated for payment to HMRC.
Preparing financial accounts for limited companies remains one of our main activities and their production is essential to ensure that our clients comply with legislation.
If you would like further information about our Accounts Preparation Service then please contact us.
Our services
Others
HMRC has a legal duty of confidentiality meaning that they need written permission from you before we can deal with your tax affairs. Afterwards MGHL Accountants can help you manage your finances or file your tax return. Please note that even if we act as your tax advisers you are personally responsible for your own tax affairs.
You also have a responsibility to keep track of the tax you pay and other records related to your income and outgoings as HMRC may ask to see the records used to complete your tax return. In the case of a self employed person they would have to keep things such as invoices, cashbooks, mileage records, bank statements, receipts for any purchases, P60s if they are also employed. These should be kept for a minimum of 6 years.
At MGHL Accountants we can help you keep your records up-to-date. For example we use records such your sales and purchases to create a profit and loss account for each particular year we deal with. A profit and loss account shows the income received from sales and the expenses paid, outlining the profit or loss made in the year.
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