We will act as Agents with HMRC on behalf of the Company. We will prepare Corporation Tax Computation and Returns (including Capital Allowances where relevant) and submit to HMRC behalf of the Company. We will advise what expenses are allowable for Corporation Tax purposes and in the event of an HMRC investigation of your Companies tax affairs, our additional fees for the work will be covered by our Tax Fee Protection Service at no additional cost to you.
We will prepare the basic Self Assessment Tax Returns for the Directors of the Company. This will include income employment, dividends from owned Ltd Companies, bank interest, and expenses and benefits. More complex matters such as capital gains, foreign income, property, investments may be separately chargeable. We will discuss your personal circumstances, and advise on a remuneration strategy designed to be tax efficient, while acting within the law and good practice. In the event of a HMRC investigation of your personal tax affairs, our additional fees for the work will be covered by the Tax Fee Protection Service at no additional cost to you. Additional Tax Returns can be added at discounted rates.
With internal expertise in financial management acquired in a wide variety of commercial organisations in the UK and worldwide over 35 years, our Business Consultancy Service is available to clients with diverse needs. We also provide specialist tax advice when necessary. Examples of areas in which we add value are:
We supply state of the art cloud accounting software, QuickBooks Online (QBO) allowing full collaboration between Client and Accountant from any place on earth. We will do the initial set-up (one-off charge may apply) and provide initial training for you to perform any tasks agreed. Bank Accounts and Credit Card accounts will be connected using bank feeds allowing regular updating of money in and money out. You will be able to raise customised Quotations and Sales Invoices from QBO and send both by e-mail thus saving paper and postage costs. QBO is accessible using mobile devices allowing invoicing "on the move". Sales Invoices are matched to money in and reports are available to show how much customers owe. We also supply automated data capture software such as Receipt Bank. This allows documents like Purchase Invoices and Expense Receipts to be automatically captured using mobile devices or simply forwarded by e-mail and published to QuickBooks using virtually no key strokes. Invoice and receipt documents will be available through "drill-down" on QuickBooks at reporting and transaction level which is invaluable for Management review and in the event of a VAT enquiry. QuickBooks can then be used to make payments to suppliers and matched without risks of incorrect or duplicated payments.
Included in Gold upwards, LotusWise post bank transactions, purchase invoices, expenses and regularly reconcile bank accounts; and any other documents such as sales invoices which are agreed leaving you free to manage your business. We strongly recommend that transaction processing should be done regularly to allow effective control of the business and its cash flows. The Gold pack includes an initial agreed number of hours per month. This can be supplemented with extra book-keeping as desired.
We will prepare monthly payroll for up to 2 Directors and make the necessary monthly submissions to HMRC; we will provide e-mailed payslips and advise how much to pay to employees and to HMRC each month. We will resolve PAYE issues with HMRC arising out of payroll. For additional employees/directors, and for pay rolling of benefits, the payroll add-on pack is available. Where appropriate and on request, we will also submit on behalf of the employer, for each employee/director, a P11D form relating to taxable benefits and personal expenses reimbursed by the Company.
We will resolve issues with HMRC on behalf of the Company. We will give advice on the correct legal format for Sales Invoices and also good VAT procedures relating to VAT reclaimed. As a silver option, using your posted records, we will submit VAT returns on your behalf. As a gold option, available when we provide book-keeping, we will, review VAT transactions (including those conducted within the European Union), present reports for your approval and prepare VAT Returns on your behalf and submit them to HMRC. We will advise on particular transactions and the correct treatment for VAT as part of the service and if necessary arrange for specialist advice on a chargeable basis.
Company, Accounting and Tax Services for non-UK residents. A number of people from overseas have engaged us to help them do business in the UK. We help them in a number of ways from forming Companies, providing Registered Office and service addresses, helping with bank accounts, advising on UK taxation and Brexit, on transfer pricing rules, providing Cloud software which can be used anywhere on earth, even providing meeting facilities in our offices while they are in London.
We will prepare Accounts for your business which will show you how your business did during the financial year and will provide the data needed for us to complete your basic self-employment tax return. As a Gold+ option, we will prepare Quarterly Management Reports.
The package includes QuickBooks Online and Software like Receipt Bank allowing paperless invoice and receipts capture. See details of this above. In the event that your tax affairs are subjected to HMRC investigation, our extra fees involved will be covered by our Tax Fee Protection service at no extra cost to you. We will help to plan your income in a tax efficient way and give you advise on which expenses are allowable for tax. Great value book-keeping options are available to free your time to manage your business. As your business grows, we can add payroll and VAT services and also advise on whether it is advisable to incorporate (convert the business to a
Limited Company)
Ready for Making Tax Digital (MTD)?
The Government has indicated that in the coming years, there will be a legal requirement for businesses to submit details of income and expenses on a QUARTERLY basis, electronically. This will be in addition to the usual annual reporting requirements. This will be a hugely significant change for businesses and Lotuswise are glad to be "READY FOR MTD". Our MTD add-on will allow you to meet your legal duties at a specially discounted fee from the date when your business must comply.
We provide a comprehensive range of Company Secretarial services:
We will prepare Accounts for your letting business which will provide the data needed to complete your basic tax return.
The package includes QuickBooks Online. See details of this above. In the event that your tax affairs are subjected to HMRC investigation, our extra fees involved will be covered by our Tax Fee Protection service at no extra cost to you. We will help to plan your income in a tax efficient way and give you advice on which expenses are allowable for tax. Great value book-keeping options are available to free your time to manage your letting business. At the appropriate time, we will advise on and deal with Capital Gains Tax as an add-on service.
Ready for Making Tax Digital (MTD)?
The Government has indicated that in the coming years, there will be a legal requirement for businesses to submit details of income and expenses on a QUARTERLY basis, electronically. This will be in addition to the usual annual reporting requirements. This will be a hugely significant change for businesses and Lotuswise are glad to be "READY FOR MTD". Our MTD add-on will allow you to meet your legal duties at a specially discounted fee from the date when your business must comply.
