Brian Maloney & Co :: Services :: Accountant in West Calder
Self Assessment Tax Returns
Self Assessment Tax Returns must be completed by all who receive them and must be submitted by deadlines imposed by Inland Revenue. Otherwise penalties are incurred.
We can complete your self assessment tax return, calculate your tax, and submit this on time thereby saving you time and penalties for late submission.
Annual Accounts
Annual Accounts – just give us your paperwork and we will produce your annual accounts along with your self assessment tax return and calculate tax due leaving you free to concentrate on running your business.
VAT can be a pain - taking up time and effort. We can do your VAT Returns either quarterly, or annually. This can be done as a service on its own or combined with your annual accounts , self assessment tax return and tax calculations.
Payroll
Payroll – we can run your payroll on a weekly or monthly basis complete with year end procedures including P60 preparation. You tell us your employee hours and rate on a weekly/monthly basis and we will produce payslips and P45 where required.
The payroll service can be carried out on its own or combined with our other services – VAT, Annual Accounts, Self Assessment Tax Return and tax calculation
Management Accounts
Management Accounts are vital to a small business to see, on a monthly or quarterly basis, just how the business is performing in order to make adjustments as you go along. Sometimes it is too late at the end of the year.
We produce annual budgets which can be updated quarterly, monthly profit and loss accounts which can show differences between projected and actual figures allowing you to make changes as you go along.
Management accounts service can be carried out on its own or combined with our other services.
Whatever service or services you require, we can provide, either on a weekly, monthly, quarterly or annual basis.
A small glossary...
Tax Return
Tax return is the name given to any document which must be filed with a government body declaring liability for taxation. They are used in many countries.
Income tax self-assessment
In recent years, a process has been in place whereby an individual paying tax would assess themselves for tax liability, rather than have their local Revenue district office perform the assessment for them. The process must be complete by 31 January. Taxpayers may calculate the liability themselves, for which a number of working sheets are supplied by the Revenue, in which case they must file the return by the end of January. Alternatively, they can complete only the details required for assessment, and the Revenue will calculate the liability, however, in this case the return must be filed by 30 September.
Payroll
Payroll is one of a series of accounting transactions dealing with the process of paying employees for services rendered, after processing of the various requirements for withholding of money from the employee for payment of payroll taxes, insurance premiums, employee benefits, garnishments and other deductions.
Payroll involves the calculation of amounts due the employee, such as hourly wages, a salary consisting of a certain amount per calendar period, or pay to salespersons on commission, as well as reimbursement for employee-paid expenses such as travel (calculated either based on actual amount paid by the employee or utilizing a per diem rate).
In addition to these payments, there are often computed amounts of paid vacation time and accrued sick leave which have been used or are available for use. These are simply carried as bookkeeping entries as available or used and accumulate until the employee actually uses them. If an employee collects vacation pay or sick leave, these amounts are then added to the amount due the employee to be paid.
All of these monies credited to the employee are usually referred to as gross pay.
From these amounts that are credited to the employee, various debits are taken as withholding, the most significant being income tax, then other taxes such as social security. There may also be additional deductions for supplemental health insurance, union dues, pension plan contributions, vacation or sick leave overpayments made in error, undercollection of insurance, and other deductions.
The amount left after deductions from gross pay is generally the amount given in the employee's pay envelope, either as cash or a check. This amount is known as net pay. If the employee has their net pay deposited to their bank account (through a process known as direct deposit) then the employee may simply receive a pay stub indicating this.
Organisations which have very few employees may perform payroll by hand. Business organisations which have become too large to perform such tasks by hand (or small ones that prefer not to do them by hand) will generally use an accounts software, or an integrated module from a Human Resource Management System on a computer to perform this task, or may pay a service bureau to perform the process of payroll calculation and writing of payroll checks.
Inland Revenue
In the UK, the Inland Revenue was a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, petroleum revenue tax and stamp duty. More recently, the Inland Revenue have also administered the Tax Credits schemes, whereby monies are paid by the Government into a recipient's bank account or as part of their wage, such as Working Tax Credit and Child Tax Credit. The Inland Revenue was also responsible for the payment of child benefit.
The Inland Revenue was merged with HM Customs and Excise to form a new department, HM Revenue and Customs, with effect from 18 April 2005.
Management Accounting
Management accounting is concerned with the provision and use of accounting information to managers within organisations, to assist management making decisions and managerial control functions. Unlike financial accountancy information (which, for the most part, is public information), management accounting information is used within an organisation and is usually confidential. Contemporary managerial accounting systems are focusing more on the activities that occur at all levels of the organisation.