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ANNUAL ACCOUNT
An annual accounts report is a comprehensive report on a company's activities throughout the preceding year. Annual reports are intended to give shareholders and other interested people.
 
CORPORATION TAX
Corporation tax is a tax levied in the United Kingdom on the profits made by companies and on the profits of permanent establishments of non-UK resident companies and associations that trade in the EU.
 
PERSONAL TAX
An personal tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax systems exist, with varying degrees of tax incidence.
 
TAX LAWS
Taxation in the United Kingdom may involve payments to a minimum of two different levels of government: The central government (HM Revenue and Customs) and local government.
 

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  Phil & Co Accountants Services
We can provide you with a complete range of bespoke bookkeeping and accounting services tailored to suit your company.

Because every business is different we will take time to understand you and your company so that we can respond with precision and care to the needs of your business.

Off-site service
We work from our office and manage all your bookkeeping and accounting needs. We can either use our accounting package or share your accounting package.

On-site service
The traditional approach, we work from your office and manage all your bookkeeping and accounting needs.

Bookkeeping and Accountancy Services
  • Day to day posting and reconciliation of financial transactions
  • Management and reconciliation of customer, supplier bank and cash transactions
  • Periodic reconciliation of balance sheet control accounts
  • Preparation and filing of VAT returns
  • Higher-level bookkeeping and reconciliation work
  • posting of month-end and year-end journals
Payroll Services
  • Payroll processing and management
  • Annual payroll-related functions
Management and Compliance Accounting
  • Design and development of bespoke management layo uts and reports
  • Preparation of statutory accounts from final year-end trial balance
  • Preparation of corporation tax returns and related computations
  • Preparation of personal income tax returns and related computations
  • Filing of accounts and tax returns with statutory authorities
Part-Time FD - Finance Director/Financial Controller Services
  • Preparation of business plans for start-ups and new investment projects
  • Financial projections and cash flow forecasting
  • run financial relationships with external bodies (statutory authorities, auditors etc)
Annual Accounts

Every private company has to file its company accounts with Companies House within nine months of its year end. The penaties for late filing have increased substantially and are doubled if you are late for two years in a row. Our annual accounts service starts before your year-end by:
  • reviewing management accounts
  • looking at disclosure issues
  • considering profit-extraction and tax implications
  • looking at directors' loan and current accounts

Our aim is to complete your company accounts soon after your year-end, leaving you to file them whenever you wish, within the nine month deadline. A new Companies Act has gradually been implemented during 2008 and 2009 which has changed the company accounts disclosure requirements and rules governing companies. Companies Act 2006

Corporation tax

Corporation tax should be paid nine months and one day after your year-end and your corporation tax return needs to be submitted within twelve months of the year-end. During your financial year it's important to make a provision in your management accounts for corporation tax. This will avoid nasty surprises after the year-end and reduce the risk of taking too much money as a dividend.

Personal tax

Our personal tax practice has clients who are stand-alone individuals from many walks of life as well as clients whose personal tax affairs we manage as a result of the work we do for their businesses. We discuss profit-extraction, tax planning issues and (all too frequent) changes in legislation with clients and make sure their tax returns are submitted accurately and on time. Your self-assessment tax return has to be submitted by January 31 following the end of the tax year, otherwise penalties are applied, starting at £100.

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