Cornish Accountancy Services is a new business venture run by Kevin Cornish. AAT qualified (Association of Accounting Technicians) and registered with the AAT as a member in practice, I have also gained invaluable experience working in an established accountancy firm. Having grown up in the Bude area, I am proud and excited at the prospect of providing a friendly, accessible and reliable service t
o local businesses, at a very competitive rate. Cornish Accounting Services primarily offers services to sole traders and partnerships (see types of services below for more detailed information); this covers any of the following examples of self employed work, amongst many others:
-Labourer
-Roofer
-Carpet Fitter
-Carpenter
-Electrician
-Plumber
-Hairdresser
-Chef
-Gardener
-General Repairman
-Painter
-Taxi Service
-Shop Owner
-Restaurant Owner
-Mechanic
-Rental Property Owner
The types of services that Cornish Accounting Services can offer are as follows:
Bookkeeping
The bookkeeping service can be provided to the following business structures:
• Sole traders
• Partnerships
• Limited companies
This service can be provided on the clients premises or taken away for processing, on either a weekly, monthly or quarterly basis, depending on the clients requirements. This service is usually required for a larger business set up, with a high volume of transactions. The less frequently this service is required, the lower the charge will be over the course of the year. Preparation of year end accounts
The preparation of year end accounts can be provided to the following business structures:
• Sole traders
• Partnerships
• Limited companies
The accounts are prepared using the client’s records, such as bank statements, purchase / sales invoices, cheque books, deposit books or from their own bookkeeping records. Figures are adjusted during this process to provide an accurate profit and loss account, for example, adjusting expenses to ensure they relate to the relevant revenue in the year (matching principle). Capital allowances are calculated for any capital expenditure in the year. If Cornish Accounting Services already provide the bookkeeping service then the overall cost of year end accounts preparation will be reduced. Taxation computation and submission to HMRC
The taxation computation and submission can be provided to the following business structures:
• Sole traders
• Partnerships
The final accounts figures are input into the tax return in the relevant sections. Capital allowance figures are also entered, which reduces profit and therefore tax liability. The final accounts and tax computation figures are shown to the client and signed off on approval, at which point the tax return is submitted to HMRC. This service is integrated with the preparation of the year end accounts. Payroll
The preparation of payroll can be provided to the following business structures:
• Sole traders
• Partnerships
• Limited companies
The payroll service can be provided on the client’s premises or processed off-site. Payroll can be processed weekly, monthly or quarterly, depending on the client’s preference. Adjusted figures for factors such as SSP, SMP and holiday pay can be calculated and explained to the client where necessary. Payroll figures have to be submitted to HMRC with each pay run as part of the RTI system. VAT returns
The preparation of VAT returns can be provided to the following business structures:
• Sole traders
• Partnerships
• Limited companies
VAT returns are processed according to the set up that has been agreed with HMRC (usually on quarterly basis). The main VAT schemes are as follows:
• Invoice Accounting Scheme (standard) – This is the most common type of VAT scheme. The VAT liability is calculated based on the difference between the VAT shown on purchase invoices and sales invoices dated in the relevant VAT period.
• Cash Accounting Scheme – Same as invoice accounting expect the VAT calculation is based on when the monies are paid / received, instead of when the invoice is raised.
• Flat Rate Scheme – A fixed rate of VAT is paid over to HMRC, the difference between charges to the customer and the amount paid to HMRC is kept by the client.
• Annual Accounting Scheme – One VAT return submission a year instead of the standard 4. VAT is paid in advance based on previous year return. Any difference between amount paid and VAT return is paid over to HMRC when the current annual return has been calculated. If you are interested in obtaining a quote to carry out any of the above listed services, please do not hesitate to contact me. My quotes are calculated based on the type of the service involved and amount of estimated time taken to carry out the required work. And as a friendly reminder, the tax return deadline for your 2013/14 accounts is 31st January 2015!
