Bookkeeping

If you need a bookkeeper for your business, then AA Global Sourcing Ltd Lean Accountant Bookkeeping Services is the answer.

We offer fixed, low cost regular bookkeeping with a wide range of computer packages, and with reviews by a fully qualified accountant.

Here is a summary of why you would benefit from choosing AA Global Sourcing Ltd Lean Accountant Bookkeeping Services for your bookkeeping needs.
• Fixed, low cost regular bookkeeping
• Wide range of computer packages available
• Computerised record keeping
• Accurate and cost effective service
• Fully qualified accountant review at no extra charge
• Preparation of GST, wage and payroll, instalment tax and income tax calculations
• All administrative tasks eg typing, mail, invoicing…..etc.
• Professional and friendly approach to all your business bookkeeping needs.

Click here to contact us now for your first free consultation so that we can provide you with a low priced business bookkeeping solution.

VAT Accounting and Returns

VAT is a complex area. From the rules governing VAT registration to payment deadlines, it is a minefield at the best of times.

AA Global Sourcing Ltd Lean Accountant looks after hundreds of VAT registered businesses, from clients that do all the VAT compliance in-house to those that need all the bookeeping and VAT submission work done for them.

Registration

Some businesses choose to register for VAT before they are legally required to. This is usually because either (1) the business is paying significant amounts of VAT on purchases and it will benefit in cash terms from registering (2) the client wants to appear larger to their customers.

Prepare, review, submit

You can use us as much or as little as you like in the process of completing each VAT return:
• Preparation can either be done by you or by us as part of our bookkeeping service.
• Some clients do the preparation themselves, and then get us to review the return prior to submission.
• Submission must be done online, and again, we can do it for you if you wish.

Submissions and payment deadlines

VAT returns must be received by HMRC and payments must have cleared into HMRC’s bank account by the due date. Please note that if a due date falls on a weekend, the payment must clear before the weekend.

There are two options:
1. If you pay electronically – and this is a requirement for returns submitted online – then the due date is the 7th day of the month following the month after the end of the VAT quarter. For example, if you are due to make a VAT return to 30th April, then the return must be filed and the funds cleared into HMRC’s bank account by 7th June.

2. If you agree to pay by direct debit, then you get an extra 3 days – IE HMRC will collect payment from your nominated bank account a further 3 bank working days after the due date set out in 1. above. Please note that returns must be submitted by the 7th.

Late filing or late payment

HMRC have introduced harsh and rigidly enforced surcharges for late filing and late payment, which increase if it has been less than 12 months since a filing or a payment was last late.

Surcharges are calculated as a percentage of the VAT due. The first default does not give rise to a penalty, but the percentage rises from 2% the second time you are late to 15% the 5th time you are late. The clock does not reset until filings and payments have been made on time for 12 months.

We have efficient processes and experienced staff that will do all they can to get submissions made on time. Payment is down to you!

Help us to help you

Get the data we need to us as soon as the VAT quarter has ended, and respond promptly to any queries we have, and we will get your VAT return submitted on time.

Click here to contact us now for your first free consultation so that we can provide you with a low priced business bookkeeping solution.

Payroll

Administering your payroll can divert energy and resources from the core activities of your business. The task is made more difficult by the growing complexity of taxation and employment legislation and penalties for non-compliance.

We provide a comprehensive payroll service, including:
• Customised payslips.
• Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc.
• Completion of statutory forms, including yearend returns, to issue to your employees and submit to HMRC.
• Summaries and analyses of staff costs.

Even if you have only a few employees, you will make savings by engaging us to administer your payroll.

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Self Assessment and Accounts

Many taxpayers struggle to understand the complexity of the Annual Tax Return.

We can save you a lot of time, worry, and money by handling your self assessment for you.

We will do all the necessary computations, complete your return and offer advice on how you can minimise your tax liability.

We can act as your agent, dealing directly with HMRC on your behalf and if you are selected for a self assessment enquiry, we will represent you.

Click here to contact us today to have your Income Tax Return completed and submitted.

Annual Return

The UK Company Law requires every limited company and limited liability partnerhip (LLP) to file their Annual Return with the Registrar of Companies. Your company or LLP will be removed from the registers if the Annual Return is not file within the specified period given by Companies House.

It is also recommended to file annual return with Companies House after shares transfers.

Our Price:£160.00 Saving 30%
The Annual Return services is priced at just £160 and no other hidden fee. The price includes the statutory filing fee payable to Companies House. Our accountants will prepare the Annual Return (AR01 and file it with Companies House for you within 24 hours upon receiving all information required.

Annual Return Filed Late

Companies House will send Annual Return reminders near to the statutory filing deadline. The reminders are normally delivered to your company’s or LLP’s registered office address and copies will also be sent to the company directors and LLP partners.

Your company or LLP will automatically be placed on proposal to be struck off first then be official removed from Companies House register if there is no response from your company or LLP.

The directors or LLP partners also commit a criminal offence under the company law for failing to file Annual Return to Companies House.

If your company or LLP is dormant or it has not been traded for at least three months you can apply for your company to be removed from Companies House legally. The benefits of dissolving your company voluntarily are that you are not required to file accounts or annual return after your company is closed down.

There is also late filing penalty for submitting accounts late to Companies House. The penalty start from £150 to £1500 dependent how many months late.

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Tax Advice

Everyone who is subject to taxation should take professional advice to ensure they only pay the tax they need to pay while satisfying all HMRC requirements.

Every pound of income tax you save means more income at your disposal, every well planned disposal of assets means minimal loss of capital gains, and every inheritance tax saving means more benefit for your beneficiaries.

We can provide you with year round tax advice on:
• Income tax
• Capital Gains tax
• Inheritance tax
• Trusts and estates
• Non-domiciliary tax issues

Make sure you take full advantage of the tax saving opportunities open to you.

Contact us today for a personal tax planning review.

Cash Flow and Profit Forecasts

Regular cash flow and profit forecasts are as vital to business owners and managers as the air they breathe. They provide critical information as to the life of the business, not only for the owners and directors but also for potential providers of finance.

As well as being invaluable planning tools, profit and cash flow forecasts often prove essential for start-ups to obtain business funding and for established companies to secure additional funding for growth.

Our integrated profit and cash flow forecasting services include:
• Preparing regular cash flow and profit forecasts for discussion with management.
• Assisting and encouraging companies to prepare reliable financial information.
• Creating ‘what if’ models to assess the consequences of specific decisions.
• Integrating cash flow and profit forecasts into the regular planning process.
• Comparing results and investigating material variances to budget.
• Meeting obligations under the Companies Acts

Click here to contact us now

Business Start-Ups

Starting a new business requires a lot of energy and dedication. It is the time when structure needs to be put in place to ensure that the business is sustainable on every front. We’ll work with you and help your business to flourish.

In our experience too many people lose money further down the line because they did not set things up to their advantage in the beginning. We’ll spend as much time as you need to talk through your plans and we’ll advise you on what is the most tax efficient and profitable business structure for your circumstances.

We’ll discuss our costs with you and provide a written quote for the first year and we’ll also give you a good idea of what you need to spend to set up your venture.

Cover Lean startup

What we can do for you:
• Provide you with simple bookkeeping tools to help manage and control expenditure.
• Register your business with HM Revenue & Customs.
• VAT registration and quarterly VAT Returns if appropriate.
• If you are in Construction – advise & help you to make your CIS registration and handle the administration.
• Produce annual accounting information for HM Revenue & Customs, and for Limited Companies – submission to Companies House.
• Monthly or quarterly payroll as appropriate plus all Annual Returns (P35 P60’s etc.)
• Completion of Personal Tax Returns / Partnership Tax Returns
• Business and Financial – set up and monitor plans and budgets (keeping it simple!)

Contact Us to find out how we can work together. We are happy to visit.

Read on for descriptions of different business types

Sole Trader

This is the easiest way to become self employed. The set up requirements are minimal – all you need to do is register with HM Revenue & Customs. Ongoing – you are required to submit annual accounts to HMRC which determine your profits (or losses). National Insurance and Tax are calculated on your profits. All of the profits are taxed on you personally, which means that you will be paying tax at the highest rate that can be charged against you.

Your personal assets are treated as your business assets because you don’t have limited liability (you don’t have a Limited Company). This could be significant if your business gets into financial difficulties. You could also find it difficult to attract financial investment because an investor might perceive that a Sole Trader cannot offer a money making vehicle in the same way as a Limited Company can. Being a Sole Trader is most suitable for a business which is subject to minimum risk.

Partnership and Limited Liability Partnerships (LLP)

This is where 2 or more people form and run a business together. It is very similar to the Sole Trader set up in that the registration and running requirements are very simple.

A significant factor is that each partner is subject to liabilities (jointly and severally liable) that are not limited (as in a Limited Company).

Your personal finances and assets could also be at risk through poor decisions made by your partner. A Partnership agreement would say what percentage of profit each partner receives and each partner would be taxed at whatever is the highest tax rate applicable for them personally.

The strength of a good Partnership relies on the partners continued relations and trust in each other’s decisions and actions. Another form of Partnership is called a Limited Liability Partnership (LLP). Here the potential losses of the partners are limited to the assets of the business, more similar to a Limited Company.

Limited Company

This is a legal entity which is separate from its owners. This means it can trade / own assets (such as offices and equipment) and it can incur liabilities in its own right. Therefore if the Company has financial difficulties; the personal assets of the owners are not at risk. Whatever cash or investment the Company has is at risk however. The risk is limited to whatever the Company owns (assets) and cash in the Company bank account.

The forming, registration and running of a Limited Company are more demanding than setting up as a Sole Trader or in a Partnership. This is due to the requirement to comply with the rules set down by the Companies Act.

The way companies are taxed means that not all profits are automatically taxed at the highest rates. For instance, the Company itself pays corporation tax which is a lower rate than the individual higher rate tax bracket. A Company can choose to pay profits (dividends) to the owners at a time which suits their personal tax situation. This ‘sheltering’ means that some profit can be held back in the Company bank account until it is needed, deferring the tax liability until later on. These are complex issues which require the help of an accountant.

Business Coaching

Too many small business owners work too hard, for too many hours for far too little return.

We are passionate about your business growth and development, and so our business clients enjoy a ‘business coach’ relationship. We work ON your business to develop a business independent of you.

We develop strategies, systems and processes to ensure your marketing generates a better return and repeat business. We use tools and techniques to increase sales, productivity and make your financials more meaningful. When you work with us you have a true business advisor committed to your results.

Combining our knowledge of your business with our expertise and Lean Consulting Tools, we help you achieve more than you imagined possible.

Knowledge is power. If you know how your business is performing, you can make informed decisions and have the power to control your results. We can help identify emerging issues so that a minor problem never becomes a major crisis. No matter what size your business is, success comes down to strategically thinking about the future.

We use tools such as ‘business benchmarking’ to systematically measure your operating performance over time and then compare the results against similar businesses. It helps identify key strengths and weaknesses which in turn allows us to develop strategies to improve the operating performance of the business. Statistics, ratios and Key Performance Indicators (KPI’S) that focus on key areas of your business are also monitored and we compare them to prior periods and available industry data.

Accurate and timely financial information is vital in the process and we have a commitment to excellence – from compliance to consulting. Our experienced team provide advice that is both technically sound and success driven.

Click here to contact us today about our coaching service and let’s get to work ON your business because…

Business Growth is Our Passion!

Management Accounts

An accurate picture of your financial performance can help you to run your business better and allow you to plan for the future. We can prepare your management accounts if you don’t have the resources to do this in-house or provide training for your team so they can supply more detailed information to you.

A tailored service

Our tailored approach to preparing your monthly or quarterly management accounts means that you will get exactly the information you need to plan ahead. For example we can incorporate
• Actual versus budgeted performance to give you an accurate picture of the current situation.
• Cash projections to allow you to assess your future position.
• Costing information at a product/service, departmental or business level.
• Non-financial information such as sales tracking, time to market and turnaround times.

Practical advice

Once we have assessed your current position we will be able to offer you practical advice on how to make improvements to your performance including your financial and tax position. We will help you to understand the implications of your management accounts, helping you to make the best choices for your business.

Peace of mind

As a result of our help; you and your suppliers, investors and bankers can be confident that your management accounts are reliable and robust so that you can use them to make informed decisions about your future.

Click here to contact us now

Financial Director Services

Looking for a Financial Director?

Hard to find in the adviser world.

Our senior partners are experienced in running small businesses. In this area more than any other, their experience in both the commercial world and in professional services provides a perspective that is invaluable for small businesses.

We have experience of raising setting up a manufacturing process, setting up a supply chain, dealing with Health & Safety and Quality Control, selling and marketing in highly competitive environments, research and development, and much more.

As a client of AA Global Sourcing Lean Accountant, you are able to tap into these skills as much or as little as you like. Our senior partners operate on the Board for clients, and we help frequently in the more informal environment of a telephone call or a meeting.

You may not need this type of service, and if so, we leave you to get on with running your business. The important thing is that the experience is available should you need it.