“You Work. We Check”
In the U.K, there are several legal requirements for individuals who want to start a business and compliance with such requirements is mandatory. Some of the most fundamental compliances include those with the HMRC, the Companies Act 2006 and the Secretarial Returns.
At MHA Chartered Accountants, we understand the importance of complying with the different rules and regulations. Avoiding penalties, reducing overheads and maintaining company image and brand name is vital for every business owner and compliance-related issues have an impact on all three.
Our qualified Chartered Accountants offer a comprehensive range of compliance checks. These ensure that your business is spared from any and all penalties and your resources are appropriately invested in Research & Development and business expansion activities.
Self-Assessment Tax Return Filing
Tax is deducted automatically from your wages, savings and pensions. However, if you’re running a business, you need to file a tax return with the HMRC with an accurate computation of all the business income. The deadline for filing online self assessment tax returns is 31 January and the tax period is from 6th April to 5th April. In addition, individuals are required to file tax returns only if they meet a list of criteria.
MHA has offered tax filing services for both personal and business tax, to owner-managed businesses and business owners for over 30 years. Our vast experience with the ever-changing tax laws enables us to provide tailor-made tax support to our clients, as well as preparing, verifying, filing and maintaining a proper record of all tax returns for future references.
VAT implies for both manufacturing and services sector engaged in value-addition. This requires businesses to register for a VAT, obtain a VAT number and create an online account with HMRC. The process itself is long and tedious.
MHA offers VAT return filing and registration services in a budget-friendly manner. We help businesses create VAT accounts by reviewing their payments and outstanding liabilities and any changes in the nature of business. We also file any VAT adjustment claims or refund requests on behalf of our clients. Our long-term affiliation with HMRC ensures that our claims are entertained on a timely basis and refunds are offered within the shortest timeframe. This allows businesses to maintain their working capital without any having any cash in-transit.
Statutory Accounts is another name for a company’s Annual Accounts. These accounts primarily include a Statement of Comprehensive Income (Profit and Loss Account), a Statement of Financial Position (Balance Sheet) and a Director’s Report.
MHA has helped businesses prepare and file their annual accounts with the Companies House for over 30 years. We have successfully catered to the accounting and compliance requirements of several midsize enterprises, small companies, owner-managed businesses, micro-entities and dormant companies. Our accounts comply with all the relevant U.K standards and are based on all fundamental accounting concepts; such as materiality, prudence and fair presentation.
Other Compliance Checks
Keeping at pace with the modern taxation software, we offer Real Time Information (RTI) return filing for all PAYE taxes. This not only ensures timely and efficient tax filing, but also ensures that your business complies with the latest HMRC requirements. In addition, we also evaluate all company secretarial filing requirements for all businesses and file accordingly.
To check if your business is in compliance with all the industrial, local and national, legal and regulatory requirements, feel free to give us a call !