Best Accountants in Wolverhampton

You may receive correspondence from HMRC whether it is unexpected or not and an accountant will be able to liaise with them on your behalf if you wish, to take the stress off you. An accountant will be able to help clients who are behind on self assessment, advising HMRC on undeclared income. From investigations to routine VAT inspections an accountant will be able to help you deal with all these enquires An experienced tax planner will be able to help you identify tax saving opportunities, therefore saving you money that you can re-invest back into the business.

The requirements to comply with HMRC regulations are generally that you must pay your Corporation Tax bill within 9 months of the end of your financial year, and then file your company Tax Return within 12 months of the end of your financial year.

You are required by law to register for VAT if your business turnover exceeds the annual registration threshold. You can also register for VAT voluntarily if it is beneficial for your business. An accountant can advise you regarding this.

One of the first decisions you need to make when setting up your books is deciding how you will record transactions. You can record transactions by hand, hire an accountant, or use accounting software. Recording transactions by hand is the most inexpensive but time-consuming method and can be prone to making common accounting errors, such as miscalculating or failing to balance accounts. You can use an accounting software package to manage your books. Using software lets you track incoming and outgoing money and organise your books. With software, you can automate your recordkeeping responsibilities, then hand over your books to an accountant for the more complicated accounting requirements, such as tax preparation.

If you are self-employed you can claim costs in your accounts that are incurred wholly and exclusively for the purpose of your business. You can claim a reasonable proportion of those household running costs that represent the space and time in which your office operation occupies your home. This includes a proportion of your utility bills, rent, council tax and water rates.