Our Services

Account-Ants offers a full range of accountancy services.

Account-Ants offers a full range of accountancy services to small business owners, offering key advice, guidance and expertise in the field of financial business accounts. Our services specifically cater for Sole Traders, Partnerships & Limited Companies and are fully conversant with current H M Revenue & Customs (HMRC) Legislation. We are fully up-to-date with the HMRC on-line procedures and possess the capability of complying with future on-line requirements.

A full Payroll Bureau is also available with the capacity to deal with unlimited employees on a weekly, fortnightly or monthly payroll run. We regard our main strength to be the one-to-one personal service and our flexibility to deal with any organisation. Your concern is our concern and building effective working relationships is of high importance at Account-Ants.

Need Help ?

If you have any queries please do not hesitate to contact us

(01325) 776444
info@account-ants.co.uk

What We Offer ?

ACCOUNTING AND TAXATION SERVICES

Our accounting and taxation compliance services are available to:

  • Sole Traders
  • Partnerships
  • Limited Companies
  • Private Individuals

Services include:

  • Preparation of annual and statutory accounts
  • Preparation of periodic management accounts
  • Payroll and Book-keeping services, including VAT and PAYE returns
  • Accounting software and hardware advice. (Sage retailer)
  • Support and assistance with HM Revenue and Customs enquiries.
  • Tax Enquiry Insurance with TAXWISE. Also providing Health & Safety & Employment law help lines.
  • PAYE and National insurance compliance
  • Personal and Corporate Self Assessment advice and returns. All assessments submitted on-line to H M Revenue.

At Account-Ants we will help free up your time to concentrate on other areas of running your business, providing you with a highly confidential and professional service and offering peace of mind that your business accounts and/or tax returns are accurate.

BOOKKEEPING

"Do you find yourself spending much of your valuable time on maintaining the accounting records for your business? Is bookkeeping becoming a day-to-day burden on you running your business?"

At Account-Ants we have accumulated many years of experience in working with business owners, assisting with the bookkeeping. Many of our clients first came to seek assistance, stating that too much of their valuable time is spent completing the basic tasks of business administration and keeping their accounts up to date. Jumping on-board, our clients have now delegated these simple but timely tasks to Account-Ants, allowing them to centre their focus on running their business.

Account-Ants can offer you advice on bookkeeping systems which can be incorporated into your business or alternatively, we can assume responsibility of your business paperwork and routine tasks. The preparation and compilation of your business accounts are specific to each individual's business requirements and completed in a timely manner. We also ensure that our services and your bookkeeping records comply with current legislation.

Clients are currently benefiting from a combination of the following services:

  • Purchase ledger
  • Sales ledger and credit control
  • Bank reconciliations
  • Monthly management accounts
  • VAT returns and reconciliation
  • Payroll
ADVICE ON BUSINESS START-UP

Discovering an innovation or the potential for a business start-up can be exhilarating for budding entrepreneurs and business owners. However, people do not necessarily acquire the necessary knowledge concerning the legislation and financial requirements surrounding the set-up of a business.

Here at Account-Ants we have several experienced accountants available to offer you advice about the structure of your new business, the tax implications of the decisions you are making, business planning and mentoring support, and explaining to you your new business's statutory requirements.

We can help you to:

  • Decide on the most suitable structure for your business- sole trader, partnership, limited liability partnership or limited company
  • Prepare a business plan, cashflow projections, budgets, and trading forecasts
  • Direct you to the grant providing bodies with the help of Red Sky
  • Complete any registration procedures with Companies House and HM Revenue and Customs
  • Deal with company secretarial issues
  • Assist with the selection and purchase of accountancy software
SOLE TRADER, PARTNERSHIP OR LIMITED COMPANY?

SOLE TRADER

A sole trader is an individual who is the exclusive owner of a business and is entitled to keep all profits after tax has been deducted. One disadvantage of being a sole trader is that you are personally liable for all debts of the business. This is known as unlimited liability where creditors can take your personal assets to cover any outstanding debt(s). Another not so obvious disadvantage is that the business relies entirely on one person and this therefore requires for you to invest long hours and ensure you are in good health to run the business successfully. Business as a sole trader however, is relatively easy and straight forward to set up and you can begin trading at immediate effect.

PARTNERSHIP

A partnership divides ownership of a business between two or more people and it is always advisable to set up a partnership agreement between all involved parties. This specifies where the responsibility lies for certain situations, how much capital each partner has invested in the business, the splitting of the profits, what happens in the event of a partnership dispute or the death of a partner. The particulars of this agreement will depend wholly upon the partners involved – this can be as simple or as detailed as you want it to be. Account-Ants can provide you with a template setting out all the vital elements however if you require an agreement with much more detail, a solicitor complete this for you. A partnership also involves unlimited liability with everything being in the partners names, consequently all those involved are jointly and severally liable for all the debts. Quite often there are disputes in partnerships so you must make sure that you look at every eventuality before getting into one. The common failings are that one partner works harder and longer hours that the others, one wants more money out of the business and one wants to invest in the business. However holidays and illnesses with in the business can be overridden unlike the sole trader.

LIMITED LIABILITY PARTNERSHIP

An LLP exhibits elements of a partnership and a limited company, where some or all partners have "limited liability"; more partners equals shared responsibility. A LLP involves complex legal arrangements and requires detailed consultation with professionals before choosing to form an LLP structure. Usually, solicitors and accountants are those that form this type of partnership. Therefore, there are a number of different advantages and downfalls for all entities and once you have decided which one you wish to proceed with, Account-Ants are here to assist you with all of the legal requirements.

LIMITED COMPANY

A limited company is owned by shareholders. The purchase of shares can provide shareholders with either different levels of voting rights or equal rights across the board. The owners are also usually the directors of the company and are in control of running the business.

A limited company distinguishes the business from its owners and therefore giving it its own legal entity. Here, owners/shareholders have limited liability meaning that the debts belong to the company and capital will be freed from assets of the business and NOT the individuals' personal possessions. This is a main advantage for business owners. However, over the recent years the financial institutions insist on having personal guarantees from the directors when either lending money or granting overdraft facilities. A personal guarantee implies a legal agreement, stating that if the borrowing falls into arrears, the person giving the guarantee becomes liable for the debt.

A limited company is also more difficult to set up as it falls under the requirement that the business is registered with Companies House, setting out strict guidelines on naming the business and its similarity to other existing limited companies. A limited company must also comply with more complex statutory and legal requirements and consequently, the professional fees are more expensive due to these obligations. Account-Ants however, can deal with all of these requirements for you, from the setting up of the company to the routine filing of the statutory requirements.

WHAT ELSE DO I NEED TO CONSIDER?

BANKS

Most banks offer a starting a new business service with a range of helpful guides and planning templates. They also offer incentives to bank with them, this can be in the way of free services for you or free banking for set period of time. Visit all of them and decide which is best for you. Is locality a priority, if you are busy where can you pay cheques/cash into. Is there a charge for paying in cash? Will you need change? Is there a charge for this? If my business grows do the facilities or charges change? These are all questions you should be asking maybe ask friends and acquaintances for there opinions. Banks can also over various additions to just a bank account, be aware you don't have to take all that is offered to you as the likelihood is that it will incur a charge.

NAME

Think of a good name for your business. If you are a sole trader or partnership this will normally officially appear as your name trading as ..... Other considerations are where you going to advertise. If in the yellow pages for example this is done alphabetically therefore a business name beginning with A will come before Z. On the internet think of words that are put into search engines. You want people to find you and contact you before the competition and this can all stem from having the right name.

YEAR END

It is important to choose a year end which is suitable to you and your business. Most people choose a 31 March or 5 April year end to coincide with the tax year end however, this may not be the most suitable for your business. If you have already chosen a year end you can change it to a more suitable one at a later date. This will, however, involve more form filling particularly if you are a limited company.

DO I NEED TO BE VAT REGISTERED?

You must register for VAT if the value of your taxable turnover exceeds £82,000 in a twelve month period as from 1 April 2015. Voluntary registration is possible and in some circumstances advantageous. The standard rate for tax is 20% and is chargeable on most things in the UK. However there is a reduced rate of 5% on some items such as residential fuel costs. When considering this there are also various options re the repayment of VAT, speak to us for the best advice.

A limited company distinguishes the business from its owners and therefore giving it its own legal entity. Here, owners/shareholders have limited liability meaning that the debts belong to the company and capital will be freed from assets of the business and NOT the individuals' personal possessions. This is a main advantage for business owners. However, over the recent years the financial institutions insist on having personal guarantees from the directors when either lending money or granting overdraft facilities. A personal guarantee implies a legal agreement, stating that if the borrowing falls into arrears, the person giving the guarantee becomes liable for the debt.

A limited company is also more difficult to set up as it falls under the requirement that the business is registered with Companies House, setting out strict guidelines on naming the business and its similarity to other existing limited companies. A limited company must also comply with more complex statutory and legal requirements and consequently, the professional fees are more expensive due to these obligations. Account-Ants however, can deal with all of these requirements for you, from the setting up of the company to the routine filing of the statutory requirements.

BOOKKEEPING

It is important to keep accurate records for the statutory requirements of H M Revenue & Customs. These can either be completed by hand in specially designed accounting books or be computerized using accounting software or spreadsheets. Every business is different and therefore different methods are suitable. You can either do this in house or let us complete this for you enabling you to concentrate on the running of your business.

INSURANCE

In order to keep yourself and your business protected there are a whole variety of insurances to consider, these include employers liability, public liability, business premises and company vehicle to name a few. Here at Account-Ants we also give you Tax Enquiry insurance, which is in included in our price. This also gives you access to a Health & Safety and Employment law advice helpline.

HM REVENUES & CUSTOMS COMPLIANCE

NATIONAL INSURANCE CONTRIBUTIONS (NIC)

Most banks offer a starting a new business service with a range of helpful guides and planning templates. They also offer incentives to bank with them, this can be in the way of free services for you or free banking for set period of time. There are different sorts of NICs depending on your business type; Sole traders and partners in a partnership pay Class 2 and Class 4. Class 2 are calculated on a weekly basis and Class 4 are based on the profits of the business and are dealt with on your Self Assessment Tax Return Directors of a limited company will pay Class 1 contributions on their salaries and the company would pay Class 1 on them as well as Class 1A on benefits

INCOME TAX

In most circumstances you will need to complete a Self Assessment Tax Return. For example if you're self-employed (including being a member of a partnership), a company director, receive income over a specified level from property, overseas, investments or savings, you always have to complete a return. There are other circumstances where Self Assessment is necessary but always discuss this with us if you have any income from another source other than employment.

CORPORATION TAX

If you are a limited company you will be taxed on the profits earned in your financial year. This tax is payable 9 months and 1 day after the year end.

PAY AS YOU EARN (PAYE)

You must register for VAT if the value of your taxable turnover exceeds £82,000 in a twelve month period as from 1 April 2015. Voluntary registration is possible and in some circumstances advantageous. The standard rate for tax is 20% and is chargeable on most things in the UK. However there is a reduced rate of 5% on some items such as residential fuel costs. When considering this there are also various options re the repayment of VAT, speak to us for the best advice.

A limited company distinguishes the business from its owners and therefore giving it its own legal entity. Here, owners/shareholders have limited liability meaning that the debts belong to the company and capital will be freed from assets of the business and NOT the individuals' personal possessions. This is a main advantage for business owners. However, over the recent years the financial institutions insist on having personal guarantees from the directors when either lending money or granting overdraft facilities. A personal guarantee implies a legal agreement, stating that if the borrowing falls into arrears, the person giving the guarantee becomes liable for the debt.

A limited company is also more difficult to set up as it falls under the requirement that the business is registered with Companies House, setting out strict guidelines on naming the business and its similarity to other existing limited companies. A limited company must also comply with more complex statutory and legal requirements and consequently, the professional fees are more expensive due to these obligations. Account-Ants however, can deal with all of these requirements for you, from the setting up of the company to the routine filing of the statutory requirements.

BOOKKEEPING

The PAYE scheme ensures that tax is deducted from employees‟ wages each pay period. This will affect you if have employees or if you are a company director. At Account-Ants we can offer you a full payroll service which will deal with all aspects of being an Employer. See our Payroll page.

As well as these taxes we can deal directly with H M Revenue & Customs on your behalf (after completing an authority from you) This often receives quicker responses from the Revenue as we are registered agents and have access to direct lines.