WELCOME

TO

M.P Watson & Co

 

Accountants & Taxation Consultants

Meeting the Accountancy Needs of Real People

 

Established in 1984 as an Independent Sole Practitioner

 

Bookkeeping

• Prepare monthly or annual accounts from all source receipts, bank & credit card statements.

• Sort all information on computer ledgers using MS Excel v.7, or Sage, depending on the quantity of documents processed.

• Provide draft accounts at year-end for review.

• Package all supporting receipts of income and expenditure, together with ledger reports and copy of the signed accounts into a labeled folder for your retention for a minimum of six years.

Our fees are broken down as follows:
Accountant’s time charged at £25 hr.
Bookkeeper’s time charged @ £ 6.50 hr.
Clerical time charged @ £ 5.80phr.
Plus normal disbursements to cover
phone, postage & copying, etc.

PAYROLL

• The implementation of PAYE (Pay as you earn) is to ensure that all employees with the business pay the correct amount of tax and NHI. Therefore, we use the latest Iris software to correctly calculate the deductions, produce payslip's for each employee and full reports to enable the costs to be applied to the accounting ledgers each period. We also produce a PAYE Summary Report that states all the pay for each employee and, the deductions made each week/month, for easy reference.

• The filing and payments of the employee’s tax & NHI, plus the amounts calculated of employer’s NHI is required to be paid and filed online by the fifth day of each month.

• At the year-end of the tax year which is the 5th April. Annual Returns are produced and year-end P35, P11d and P14/P60’s are produced on which the employer is provided with for signature and filing, then we may complete the filing, but no later than the 19th May. Otherwise, late-filing penalties may accrue. Finally, it is also a statutory responsibility to ensure that all P60’s are issued to all employees and those that have left the business during the year.

• Whereas, the correct procedure we operate on PAYE will ensure that all work is produced and filed with your agreement in good time to meet the deadlines stated.

• It is for the business to ensure that all approved time sheets are delivered to us at least two days before the agreed pay date in order that we may produce the payslip's on which the employees will be paid in good time.

• Finally, it is the employers responsibilities to ensure that all coding notices and any changes effecting the employees pay is notified to the firm promptly in order that it may be implemented on the next pay date.

• At the year-end, we will re-check to ensure that you have all periods in the one file complete, together with all the statutory notices and returns to finalize that year and then, we will clear and set-up the computer systems for the next year.

Taxation

• To receive the following information from the client:

• Tax Certificates from all Banks & Building Society account to declare to the return and to account for any tax deductions paid on interest earned.

• PAYE P60 & P45’s covering the tax year from 6th April, to 5th April in the year preparing returns.

• All evidence of Investments held in tax year.

• P60’s on all Pensions or Benefit income received in the relevant tax year.

• The signed accounts will be scanned and entered onto the Returns.

• The documentation will be collated and the Computations & Returns prepared to finalise and emailed/posted to the client.

• On receipt of the signed Tax Returns from the client, they will be checked and, then prepared for online filing to HMRC.

• We only undertake our tax filing using Digital software, a part of the Thompson Reuters group of Companies. That is proven to be the most secure method of filing and, is approved by HMRC, as the UK’s leading tax software.

• HMRC will acknowledge online and an acknowledgement receipt is produced with all the filing references and time of filing. This is copied to the client for his retention together with his copies.

Our fees are based, as follows:
Accountant’s time charged at £25 per hr.
Bookkeeper’s time charged @ £ 6.50 per hr.
Clerical time charged @ £ 5.80phr.
Plus normal disbursements to cover phone, postage & copying, etc.

V.A.T

• VAT (Value added tax) is a statutory tax applied to all businesses with a turnover exceeding £ 100,000 per year. The implementation of the correct tax being declared is controlled by HM Revenue and Customs (HMRC). Therefore, early registration must be made before the stated level of turnover is reached to ensure that penalties are not levied on any unpaid tax undeclared.

• The procedures in which we account for VAT, requires us to validate carefully all purchases receipts and incoming funds, to ensure that the right level of tax is d

• The accounting procedures for filing is usually quarterly, but HMRC offer a number of schemes that can be beneficial to the business and, we can offer advice on which method is suitable; Whether monthly, quarterly or annual reporting and payments direct online to HMRC.

• On each period selected and agreed by HMRC a VAT Return will be issued in advance and a date will be specified in which the VAT accounts should be reported, then a month is allowed to submit the return and to make the payment required.

• We will also provide draft accounts at the end of each period by email/post together with the completed return for signature, prior to filing and, the signed VAT Return form will be scanned and submitted online to HMRC within the stipulated deadline.

• Package all supporting receipts of income and expenditure, together with ledger reports and copy of the signed accounts into a labeled folder for your retention for a minimum of six years.

Consultancy

• For any business owner, the needs to monitor and efficiency within the performance of their firm is of increasing importance in periods of economic turmoil and difficult trading.

• Therefore, the need to seek professional advice on a regular basis through the year is essential in order to remedy and make appropriate changes to maintain competiveness and keeping the organisation on-track!

• We can assist you in giving an objective appraisal on specific issues that arise, prepare Management Accounts to compare periods against the previous year’s trading in order to establish inconsistencies arising and to guide management to take any action to improve or adopt a fresh approach on cutting costs and increase overall performance.

• We prepare detailed business plans and projections whether; the need is seek new funding for a specific item of plant, a new project the Board which to pursue and new funding is required to invest in the business and to enable fresh initiatives to be undertaken promptly and to keep the lead over the competition. The plans and projections we can offer laid-out on the Sage Winforecast program is in sufficient detail to provide the loans manager a good insight on the way your business is planning to utilize fresh funding to either buy new plant, premises or to prepare for new customers requiring a higher level of service.

• Our firm can be called in to give specific advice or, on monthly management meetings to give an objective view on ideas or schemes that are being considered to implement.

• Arrange commercial funding or advise on what grants are available to your specific business.

Secretarial

• The administration of the legal function is critical to ensure that all statutory filing and the legal status of the entity is not comprised. The minimum duties of the Secretary are maintaining the register of shares, debentures and legal charges. Recording the meetings of the officers’, keeping records of the minutes of the Company, and keeping records on the Officers.

• The Secretarial function within a Company is a critical position, and failure to comply with Companies legislation could result in criminal proceedings that may result in a £10,000 fine or imprisonment.

• Our firm offers a complete service to save you the headache of compliance. We operate digita software in maintaining the secretarial function, file the returns and company accounts through Digita Co Tax to prepare and calculate the Company Tax computations and Tax Returns to Companies House and also to HMRC, once the Board of Directors have approved the annual accounts, etc.

• The Secretary is appointed as an Officer and, is the key officer in the Company to ensure full legal compliance.

• Our firm offers a very cost effective service and our charges are negotiable to support the Directors in the complete fulfillment of their statutory obligations.

M P Watson & Co 1 Bath Hill Great Yarmouth Norfolk NR30 2LQ United Kingdom U.K. direct contact details: Telephone :01493 851123 Facsimile :01493 858161 Email: www.mpwatsonco@btinternet.com International direct contact details: Telephone :00 44 (0)1493 851123 Facsimile :00 44 (0)1493 858161 Email: www.mpwatsonco@btinternet.com Broadband free communication world-wide: Type in: www.Skype.com and download free onto your Computer. My Skype name is: michaelpwatson5986 This firm establish trading in 1985 and has continued uninterrupted to this day