Self Assessment
We take the stress out of Self-Assessment tax returns. We ensure accuracy and timely submissions, helping you maximise tax efficiency while staying fully compliant with HMRC. We assist you in accurately reporting all your income, including employment income, self-employment earnings, rental income, dividends, interest, and any other sources. We handle every detail meticulously, ensuring that nothing is overlooked and your tax return is complete and accurate. So whether you are self-employed, a landlord, a company director, or an individual with untaxed income, our proactive approach means we identify potential tax-saving opportunities and advise you accordingly.
Payroll and Pension Auto Enrolment
Managing payroll can be a complex and time-consuming task, but at Accounting Paradise, we streamline the entire process, ensuring your employees are paid accurately and on time. We handle all aspects of payroll administration, from setting up new employees and generating payslips to HMRC submissions and compliance with the latest legislation.
Navigating pension auto-enrolment can also be challenging, but we make it straightforward and hassle-free. We handle the entire process, from assessing employee eligibility and enrolling them in the pension scheme to managing contributions and making payments to the pension provider. By entrusting your auto-enrolment responsibilities to us, you can be confident that your pension obligations are managed efficiently and in full compliance with the law.
Construction Industry Scheme (CIS)
CIS is a special way of taxing workers in the construction industry. The CIS rules mean that the contractor is usually obliged to deduct tax from a subcontractor's payments to pay HMRC, at either 20% if they are registered under the CIS scheme or 30% if not registered. We assist both contractors and subcontractors with the CIS registration process and ensure timely and accurate submissions to HMRC, all while maintaining full compliance with HMRC requirements.
For contractors, we prepare and submit monthly CIS returns to HMRC by managing the calculation and deduction of tax from subcontractors’ payments, applying the appropriate rates based on their verification status. This reduces the risk of errors and potential penalties.
For subcontractors who have had CIS deductions made from their payments, we can assist in reclaiming overpaid tax. We handle the submission of claims to HMRC, ensuring you receive any refunds you are entitled to promptly and efficiently
Bookkeeping
Every business is unique, and so are its bookkeeping needs. We offer customised bookkeeping solutions tailored to your specific requirements, ensuring that you receive the precise support you need to manage your finances effectively. We utilise cloud-based bookkeeping software, giving you real-time access to your financial data from anywhere. Our bookkeeping services include regular bank reconciliations to ensure that your financial records match your bank statements. This process helps identify and resolve discrepancies promptly, maintaining the accuracy and integrity of your financial data. Our comprehensive approach to bookkeeping allows you to focus on growing your business while we manage the numbers.
VAT Returns
Whether you are starting a new business or your existing business has reached the VAT threshold, we assist you with the VAT registration process. With the introduction of Making Tax Digital (MTD), businesses must keep digital records and submit VAT returns using compatible software. We ensure your business complies with MTD requirements, managing your VAT records and submissions efficiently, ensuring they are filed on time and in compliance with HMRC requirements.
In the event of a VAT inspection, we provide full support by preparing the necessary documents, representing you during the inspection, and addressing any queries from HMRC.
Accounts Preparation
Whether you are a sole trader, partnership, or limited company, we prepare annual accounts that reflect your financial performance, helping you make informed business decisions. We provide insights into key financial metrics, helping you understand your business's profitability, liquidity, and overall financial health. For limited companies, we ensure timely and accurate filing of statutory accounts with Companies House to avoid penalties. We manage the entire filing process, ensuring that your accounts are submitted by the statutory deadline and comply with all regulatory requirements.
Taxation and Advice
Our taxation services cover corporation tax, personal tax, capital gains tax, and more. We provide strategic tax planning and advice to minimise your tax liabilities and optimize your financial position. For limited companies, we manage all aspects of your corporation tax obligations, from calculating your tax liability to preparing and submitting your corporation tax returns. Our proactive approach ensures that all allowable deductions and reliefs are claimed, thus minimising your tax bill.
For individuals, whether you’re selling property, shares, or other assets, we provide expert advice on managing your capital gains tax liabilities. Our strategic planning helps you take advantage of available reliefs and exemptions, reducing your overall tax burden. We identify and apply all applicable CGT reliefs and exemptions, such as Private Residence Relief, Business Asset Disposal Relief, and the Annual Exempt Amount. Our expertise ensures you benefit from every available tax-saving opportunity.