Total Accounting Network is licensed, regulated and supervised by the AAT, which is one of the largest of the professional accounting bodies. Therefore you have the reassurance of knowing business is conducted to the highest standards of professionalism and ethics. We offer a variety of services at reasonable cost including;
You are obliged to submit tax return to HMRC if you are running a business or have rental income. There may also other circumstances which make it necessary to do so. You can however offset expenditure or claim for certain work-related payments if your employer does not reimburse these. Please contact us for advice.
Where required we will deal with the registration process, advise on the best VAT scheme for your business, as well as compile and complete your returns. We use functionally compatible software that is fully compliant with Making Tax Digital (MTD) rules. In the event that remaining registered is no longer appropriate, we are able to handle the de-registration process.
Being a key part of the government’s plans, HMRC will mandate almost all businesses and landlords to provide income and expenditure information online every quarter using compliant software. We can compile and directly submit returns on your behalf as a part of the services provided to you.
With our depth of knowledge and experience in dealing with small business we are well placed to advise on taxation matters. Circumstances differ so we will suggest the most effective structure and ensure that all allowable expenses and deductions are taken into account to ensure you pay no more tax than necessary.
The income you receive as rent is taxable and has to be declared. However, you can reduce your tax liability by deducting allowable expenses. Rules are constantly changing. Restricted tax relief on mortgage interest may well impact on your affairs and any taxable capital gains on selling must be reported within 30 days. Let us guide you through the maze and minimise your liability. We will be happy to advise and review the effect on your own situation.
Accounts are standard legal documents that follow strict format rules. Preparation is a step- by-step process, and they must show a true and fair view of the results (profit or loss) made by the business. We will produce your fully compliant accounts for submission to HMRC and any other purposes that may be required – for example, your bank or loan provider.
Payroll has changed dramatically in recent years, with the advent of reporting to HMRC in “Real-Time” (RTI). Employers do need to ensure they comply with ever more complex rules and regulations. Penalties can be incurred where there is a failure to do so. We look after the Payroll and Auto-Enrolment obligations for those of our clients employing staff, who benefit from our knowledge and experience in this area.
We are familiar with HMRC and the way they work. In dealing with them on your behalf, as an agent, we have access to their Agent Support helplines, as well as dedicated Agent Account Managers. This allows us to deal with various departments speedily and more effectively.