The profitability statement
We prepare this statement at the end of a trading period. The statement is referred to as profit and loss. It features total revenue vis-à-vis expenses for a given period. With this statement, you will be able to tell whether you made profit or loss over a specified period.
We will help you compare the figure for this period with those of the previous year. It will help you to tell which way the profits were heading.
The importance of payroll to any company cannot be gainsaid. But it is becoming technically difficult to run a payroll. It must meet the ever-changing regulations from the authority. Calculating the tax due, the deductions to be made and arriving at a correct net pay figure is
a challenge. Even competent bookkeepers are having issues. This is where Hammersmith Chartered Accountants get in. We are aware that the new legislation has increased the burden to the payroll managers. So we will gladly act as your company's payroll department.
We are posted on every twist and turn that affects the payroll. We will do everything we can to meet your particular needs.
We offer advice to companies with in-house payroll facilities. If the department is non- existent, don’t worry. We offer full-fledged payroll services to companies like yours. Most of our clients have confessed that it is much cheaper to outsource the service than running an in-house facility. Here are some of the benefits of outsourcing the service to us:
- We ensure that your payroll is prepared early to enable you to pay your employees
- on time.
- We follow HMRC PAYE guideline
- We maintain confidentiality and ensure that sensitive data and information is
- We process all payroll services at an agreed fee.
Sometimes, it is difficult to understand how VAT works. It becomes even more complicated for start-ups to effect VAT. In the UK, VAT is levied on goods and services sold. So any businesses with an annual turnover of over£85,000 must pay VAT. So if your company is in
this category, obviously, you need to register for VAT and start filing returns.
Once your company is registered, you must charge 20 % VAT on goods and services sold. You will also be required to pay VAT if you sell goods and services bought from other entities. But if the seller of such goods and services charges VAT, it can be a complicated
issue for you.
Also, HMRC requires that you file VAT returns quarterly. Generally, the VAT you charge must balance with the VAT you pay. If it does not, it will get sorted out when you file your returns. So what happens when you file returns? You will either end up paying VAT to HMRC or get
refunded for any overpayment you made. It sounds complicated, isn’t it? True, it is not an easy thing. And, this is where Hammersmith Chartered Accountants comes in.
Also, we will help you identify the goods and services that attract a standard 20% VAT. We also single out those that are zero VAT rated and those that attract the 5% VAT. Besides, we are aware of specific VAT rules applicable to industries and trades. We will keep you posted
on any changes the government makes on VAT during its annual budget. Lastly, we will help you decide whether to use the standard VAT accounting or VAT under the flat rate scheme.
We may also choose the annual accounting scheme. It all depends on what your company does and which method optimizes what you do.
This is a statement that helps you to verify your business accounting numbers. It compares the sales and expenses and the records in your bank. When you engage us for this service, we use the software to get data from your bank in real-time. It helps us to prepare the bank reconciliation statement at any time. You no longer need to run through bank deposits and withdrawals. Also, you need not flip through the cheque book and expense book. We will do this donkey work for you. We use advanced software to generate easy to follow bank
Also, we are aware that preparing a bank reconciliation statement could be a trying mmoment. It makes inexperienced bookkeepers switch between documents as they try to find the missing figures. It is simply not a walk in the park. It will eat into your time not to
mention the monotony you may need to stand. However, when you assign us of this task, count it done. We make use of advanced software like Xerox. It ensures that your bank sends the confidential data needed for bank reconciliation through our secure online
connection. We will have a reliable report to help you make informed decisions on time. Furthermore, we will do this regularly to eliminate problems associated with taking long before you do your bank reconciliation are not there.
Preparing annual accounts is dreaded. It causes sleepless nights to bookkeepers and managers. But this need not be the case if you choose to work with us. At Hammersmith Chartered Accountants, we are committed to relief your staff from this burden. We study
your business and tailor the approach we use to suit your needs.
For the business that is just starting, understanding their accounts could be a tall order. We help in preparing management accounts accompanied by notes that make it easier for you to understand them. These are accounts that give insight into how the business is
In a nutshell, we help to prepare annual summaries that show your company’s financial position in a given trading period. The most important statement that we ensure is in place is the balance sheet. The statement gives insight into the company’s assets, shareholders
equity and liabilities at a glance. It shows fixed assets and current assets. It also shows the owners’ equity, long term liabilities, and current liabilities.
Note that it does not matter where you are in your business life cycle. Hammersmith Chartered Accountants will make things better for you. We will analyse, interrogate and help you to interpret figures. It will help to put your firm on a growth trajectory. With us, risks such as big debtors, failure to comply with HMRC will be things of the past. We are committed to supplying you with the necessary company accounts to allow you to see how the business has performed. This is critical in helping you decide on the way forward.