Accounts Preparation and Tax Returns
The main function of any accountancy practice is to produce sets of accounts and submit tax returns for their clients. Whether you are a Sole Trader, Partnership or Limited Company you will need to prepare annual accounts and submit a tax return. At MDJ we understand that financial accounts may not be your top priority and can easily get forgotten about and left behind, this is why we take a proactive approach to initiate contact with our clients to ensure that records can be gathered in plenty of time to allow us to complete the work required long before any deadlines arise. We feel that this benefits everyone as it reduces the strain and stress that this process can bring and provides adequate time for tax planning opportunities.
The accounts are the foundation of the further services we can provide for you. They are used to complete company and personal tax returns, submissions to Companies House to fulfil your filing requirements, provide information to potential lenders for loans or mortgages, and assist us in identifying areas where we can minimise your tax liability and improve your business.
We take great care to explain the accounts to our clients in plain English so that they fully understand their own financial and taxation position, which allows them to completely trust us as accountants and advisors.
There are a many number of reasons why you may need help with your personal tax. You could be a sole trader, director of a company or have investments which result in the need to complete a personal tax return each year. On the other hand you may want to plan for the future capital sale of shares and property and minimise any inheritance tax.
Our team’s experience and proactive thinking can minimise your tax liabilities and take the pressure off you, knowing that all the necessary paperwork, submissions and deadlines will be dealt with.
We also have an extensive and trusted network of connections that can assist with investment advice, drafting a will and many other financial services.
All businesses big and small get affected by taxation. There are various taxes to be aware of including, Corporation Tax, VAT, PAYE and National Insurance. All of these different elements have separate deadlines and submissions and it can take a lot of planning to ensure you meet all the correct deadlines, let alone getting the tax payable correct and minimising the liability.
As expected, MDJ Services will always be on hand to assist with all of the above taxes and tailor our services to what you need. We will also consider any requirements that are more individual to your business, for example;
- Employee benefits and P11d’s
- Capital Investments and Allowances
- Research and Development costs and tax reliefs
- Group structures
VAT and bookkeeping
VAT and day-to-day bookkeeping are two of the biggest and most time consuming burdens a business has to deal with. MDJ Services can provide as much assistance as you think is necessary, from reviewing your VAT returns for submission to HMRC all the way to being your outsourced finance department and completing your full bookkeeping services. However much of our services you require, you will have a dedicated MDJ contact to help you all the way through the process.
VAT is a common area for HMRC to begin enquiries, so our expert knowledge will always come in handy and we are well-versed in dealing with HMRC’s sometimes overwhelming demands and questions.
VAT can also be a very confusing area of legislation to keep on top of. Whether you complete your VAT returns in house or use our services, our team will always be on hand to update you on the latest rules and advise on any queries you have, so that you can be certain you are claiming back every penny you possibly can, and therefore improving your cashflow.
Payroll and Workplace Pensions
Accurate and timely payroll and pension administration is of vital importance to any business with employees. For a lot of businesses it could be unnecessary and expensive to have a dedicated payroll clerk or department, as well as ensuring that their knowledge is up to date with the ever-changing taxation issues, employment legislation and potential non-compliance penalties.
Our specialist in-house payroll team is here to ensure your weekly, fortnightly or monthly payroll is processed and that you have all of your employees’ payslips on time to distribute. We will advise you of the monthly tax and national insurance deductions you have made from your employees and what you are due to pay HMRC for each monthly deadline.
Auto-enrolment for workplace pensions is now fully underway and we are able to help with all elements of this, including making the payslip deductions, advising of the contributions due and completing the necessary submissions.
Start-up and fast growth businesses
Stepping out of employment and starting your own business is a scary prospect but can be hugely rewarding. Having that full control of your own destiny is an exciting feeling and we are here to help you keep your mind on that excitement while reducing the stress.
There are a lot of tasks to get through when you first initiate the start of your business and we are with you every step of the way. Whatever issues you come across our team will have the experience to help you overcome them. From determining the best structure for your business (Sole Trade, Partnership or Limited Company) to preparing business plans and everything in between.
We believe we are ideally placed to assist and advise growing businesses reach their ambitions, having gone through significant growth ourselves over the past 5 years. On top of this we have acted for many clients who have taken their business to the next level, whether this was for personal gain, to pass on to their children or to build up and sell on.
Management Accounting and Advisory
Two common problems for a lot of companies and business owners are;
- spending too much time staying on top of the finance and admin sides of the business rather than focusing on what they are good at and trained to do, and
- being a big enough business to need a finance director but not big enough to employ an additional director.
We have solved both of these issues for many of our clients with one solution. Your dedicated contact at MDJ can act as your outsourced financial director. This can involve a variety of tailor made duties including but not limited to;
- Holding quarterly or monthly management meetings, followed by distributing the meetings minutes
- Reviewing and discussing the management accounts and the financial information therein
- Advising on ways to cut costs, improve efficiency and increase turnover
- Using our range of contacts to assist with raising capital and reducing debts
- Developing cashflow forecasts
As well as the financial advantages of having an outsourced financial director, we are highly experienced in a helping businesses in a variety of different industries which can offer alternative viewpoints on all business decisions.
If you work in the construction industry you will be well aware of tax deductions through the Construction Industry Scheme (CIS). If you are a contractor using sub-contractors then you will need to deduct tax and complete monthly submissions to HMRC. If you are a sub-contractor then the CIS tax deductions you suffer will either need to be offset against your income tax, corporation tax or PAYE liabilities depending on your situation.
We are extremely experienced and knowledgeable in dealing with all aspects of CIS and can assist as little or as much as you need. Our team can advise on any queries you have if you decide to complete the CIS administration in-house or your dedicated MDJ contact can complete all calculations and submissions for you and provide you with the necessary CIS certificates.