Personal Tax

Accounting Support Service (ASS)

 

 

ASSoverview

 

 

This service is designed for those who want support from their accountant but want to perform some of the work themselves and save on accounting fees. We assist with the bookkeeping and the preparation of tax returns and annual financial statements, as well as ensuring that liabilities are correctly provided for an ongoing basis. You can also decide to give us more of the work if you want to.

This service’s fixed monthly fee is from as little as £95+VAT a month and includes the following:

 

  • Bookkeeping Training
  • 24/7 online bookkeeping and accounting software with invoicing processing, P & L and balance sheet reporting with drill down into detailed ledgers and bank reconciliation for maximum integrity of information.
  • We update your accounts on a daily basis (not quarterly like other accountants) as soon as you submit your company information and banking data so you are always on top of your company position.
  • We produce and submit your annual financial statements.
  • Completion of Vat returns (incl. Flat rate)
  • Update accounts on a daily basis, as long as you have submitted company and bank information
  • Advise directors on dividends and salary payments
  • Ensure that the correct liabilities are retained for tax and ensure that you pay any tax on the due date.
  • Year-end Accounts*
  • Compliance services**
  • Personal Tax return**

 

* The preparation of the year-end accounts will only be covered on this service providing that fees have been paid for a minimum of seven months.  If not, the client will be required to pay the balance due prior to the preparation of the accounts.

**Clients utilising our Accounting Support Service can choose to supplement their existing support bundle, with other services that London 1st offers for a reduced fee.

 

What we need from you:

 

  • Submit Invoices and expense claims (via online software)
  • Keep your expense receipts somewhere safe
  • Reconcile your company bank account
  • Sign and return all necessary HMRC and Companies House documents provided by us
  • Make payments, based on your company position and reports that we produce and calculate under your instruction.

Business Support Service Details

 

BSSoverview

 

This service is designed for 1st time contractors, and those who do not want to be bogged down with the administration involved with running a company. London 1st will take care of all your company needs and statutory obligations, while you focus on earning the maximum company income. This service is a fixed monthly fee of £120 + Vat a month, and includes the following:

 

The fixed fee of £125 + Vat per month includes all of the following:

 

  • 24/7 Online Bookkeeping and accounting softwarewith invoice processing, P & L and balance sheet reporting with drill down into detailed ledgers. All company information such as past financial statements stored in one place.
  • Your accounts are kept up to date on a daily basis. We will keep track of what income and expenses are paid into and out of your bank account, so you can log in at any time and see what invoices are paid/unpaid, what taxes you owe and what dividends can safely be paid without overdrawing all with the reassurance that your accounts reflect the cash at bank – day or night.
  • We will email you as soon as there is a change in your accounts, sending you a summary of your updated company accounts
  • You can contact your own personal consultant who knows your company accounts and is ready to assist you with all the support you require.
  • We will continually monitor and help plan your tax so that you maximise your earnings and warn you when you may be entering higher levels of tax.
  • We will deal with all Companies House and HMRC correspondence pertaining to your limited company
  • Complete company annual returns
  • Complete PAYE returns
  • Complete your personal tax return
  • We advise on salary and dividend payment each time an invoice is paid into the company account.
  • Calculate the taxes you will need to pay and account for a provision for   these liabilities - provided you follow the guidance we provide, you should have no nasty surprises when your tax bill comes.
  • Unlimited specialist advice and help at no extra cost
  • Year- end accounts
  • Cessation accounts and company closure if required*

 

 

What we need from you:

  • Enter Invoice and Expense information, via online software
  • Signing and returning all necessary HMRC and Companies House documents provided by London 1st by the due date;
  • Forwarding copies of all official correspondence,Notifying London 1st of any change to personal circumstances, for example a change of name or postal address
  • Notifying London 1st of any holidays or extended periods where our services will not be required.*Make payments, based on your company position and reports that we produce and calculate under your instruction.

 

*       Please note that fees will be charged for services on a monthly basis regardless of whether you invoice. If you are aware of extended periods away from work please contact us and we can discuss our £20 per month dormancy fee.

 

Unique features of the services:



1. Flexibility, control and admin free

You have control over your company affairs without having to do administration, or paperwork. You determine what your expenses will be, and how much dividend and salary you want to pay.


2.    Security

We calculate your tax liability on a pro rata basis so that you are providing for your tax liability correctly on an ongoing basis and not over or under providing. We ensure you are meeting your statutory requirements whilst earning the most income


3.    24/7 online access to company accounts and position

We monitor your bank account on a daily basis, informing you of any receipts or payments that occur so that you are always on top of your company position.  The 24/7 online bookkeeping and accounting software is also an excellent tool for contractors to control and manage their limited company. You have the benefits of accounting software complete with invoicing and expense facility, bank statement and unpaid invoice reports. P & L’s and balance sheets reports with added drill downs and these are updated daily. All historic information such as financial statements, personal tax returns and Vat returns are stored for ease of access to information and tax planning.


4. Transparency

No hidden costs, you get what you ask for.

 


Unique features of the services:

  1. Flexibility, control and admin free

You have control over your company affairs without having to do administration, or paperwork. You determine what your expenses will be, and how much dividend and salary you want to pay.

  1. Security

We calculate your tax liability on a pro rata basis so that you are providing for your tax liability correctly on an ongoing basis and not over or under providing. We ensure you are meeting your statutory requirements whilst earning the most income

3. 24/7 online access to company accounts and position

We monitor your bank account on a daily basis, informing you of any receipts or payments that occur so that you are always on top of your company position.  The 24/7 online bookkeeping and accounting software is also an excellent tool for contractors to control and manage their limited company. You have the benefits of accounting software complete with invoicing and expense facility, bank statement and unpaid invoice reports. P & L’s and balance sheets reports with added drill downs and these are updated daily. All historic information such as financial statements, personal tax returns and Vat returns are stored for ease of access to information and tax planning.

4. Transparency

No hidden costs, you get what you ask for.

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How to Start Contracting

As a first time contractor the information to digest can be overwhelming. London 1st therefore takes a systematic approach to get you started and make the right decisions at the very beginning.

free consultationBook a free* consultation with one of our expert company-start-up consultants either in person or via the telephone .

You simply have to register on our online tax projector and one of our expert contractor consultants will contact you and help you make the best decisions for your contracting future. It is absolutely free with no obligations and you can do it by chatting over the phone with our consultant talking your through our interactive financial projector or you make an appointment to see us in person.

In the consultation we will determine your unique requirements and guide you on the important decisions you need to make. Thereafter, we will e-mail you a contractor start-up analysis including our recommendations and a projection of what you can earn.

Choose which service will suit you.

Our services are structured to help you at whatever level of support and budget you want. If you start with maximum support, don't worry too much about being trapped in a one dimensional service because at any stage you can change to a service and support level that will suit your needs and your budget.

Upon selecting the monthly Accounting service required, London 1st will then proceed to incorporate your Limited company at a nominal fee and apply for all the relevant business and personal taxes at no additional charge.

Once all the administration is completed following the incorporation and the tax applications, our experienced consultants will provide you with a comprehensive demonstration of our online system. We also understand that you may require on-going support until you are familiar with the system and we gladly provide this as part of our valued service.

If you are uncertain how to discern a good contractor accountancy service from a bad one read our What Contractors Should look for in An Accountancy Services Provider

* Free consultations are subject to the new contractor agreeing to use the monthly Accounting services of London 1st

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Free Contractor Start-up Consultation

Our online accounting system has been designed to give you a bookkeeping facility for entering invoices and expenses, as well as 24-hour access to vital company information. This will enable you to have ultimate control and access to information on your company position whenever you need it.

Through our Online Accounting System you are able to,

Home Page

When you log on, you will see that the system has a simple, user-friendly and expandable side bar for navigation.

View your Limited Company’s information such as bank account details, vat number and vat quarterly deadlines and financial year end dates.

As well as being able to set your payment rules for the current financial year. The payments rules are confirmed by the Director prior to the start of the new financial year to and where the salary/dividend amounts within the remittance advices are adhered to, the system will ensure that the confirmed thresholds are not exceeded.

Raise Customisable Invoices with useful added features to message your customers, set payment terms and save to Pdf. format as well as attach any time –sheets as required, so that you can email or print your invoices for customers and therefore ensuring prompt payment.

Expense Entry – Enter both personally paid and business expenses along with the ability to select the account to classify the type of expense.

Reports - You will now be able to view your company bank account statements, accounts receivable, Balance sheet and your Trial Balance with special drill down feature, so you can pinpoint individual transactions.

*This information is only as up to date as the last bank statement upload and account reconcile.

Company Documents – You will be able to view your company documents such as financial statements, VAT returns, certificate of incorporation and other vital information.

Remittance Advice – Following the matching of an invoice to a deposit, London 1st will provide you with a remittance advice for the period listed within the invoice. The remittance advice will inform you of how much you are able to withdraw with respect to salary, dividends and reimbursed expenses. These remittance advices are saved to the online accounting system for future reference.

Tasks – A special section that tells you which payments are due/should be made complete with the details to assist you with payments. A section to clarify transactions that we do not have any information for, such as if the bank statements which shows money has been deposited, but we do not have an invoice that matches the deposited amount

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Limited Company or Umbrella?

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Advantages and Disadvantages of Contracting

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LONDON 1ST

 

LONDON 1ST CHARTERED ACCOUNTANTS & BUSINESS ADVISERS

70 NORTH END ROAD

LONDON

W14 9EP

 

0207 471 9330 | SALES@LONDON-1ST.CO.UK

 

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LONDON 1ST

LONDON 1ST CHARTERED ACCOUNTANTS & BUSINESS ADVISERS

70 NORTH END ROAD

LONDON

W14 9EP

0207 471 9330 | SALES@LONDON-1ST.CO.UK

 

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