Company Formation Home Page >> How to Set-Up a Limited Company Guide >> UK Accounting & BookkeepingBOOKKEEPING & ACCOUNTING. AUDIT & ACCOUNTING. BUSINESS PLANNING & ADVICE
Every UK business is required to complete accounts on an annual basis. These accounts are then used to calculate the amount of tax payable, based on profits and other forms of income. These accounts are important from an individuals perspective as well. Not only do they provide you with information about the profitability and stability of your business, they can also help when requesting finance, both personally and for the business.To prepare accounts, it is important that you have adequate records detailing the transactions your business makes. These include invoices, statements, books of prime entry and so forth. Without these records, this becomes extremely difficult, and failure to keep adequate records can result in fines being imposed.
The Inland Revenue, Customs and Excise and other government bodies have certain powers to ensure that tax and VAT is collected correctly. Without these records to review, these organisations can raise 'assessments'. When you are assessed for profits, or for VAT liabilities, it is up to you to prove these assessments wrong. Without records, this is virtually impossible. There is a need to keep records for lengthy periods, usually in excess of 6 years. This is because the Inland Revenue and Customs and Excise can request information to prove your accounting calculations are correct.
Coddan is your one stop accounting, bookkeeping and consultancy service for new and small-established growing businesses in England. We look after your paperwork whilst you concentrate on growing your business. We offer a complete bookkeeping service (computerised or manual) with preparation of VAT returns, when required. We have a reasonably priced computer payroll service - economical even for just one employee. Of course, full PAYE records are produced.
We can prepare annual accounts for tax and Companies House purposes as well as regular management accounts to provide you with up-to-date reviews of your business. Our aim is to provide you with information on timely basis in order for you to make your decision on your future business plans.
Coddan specialises in providing complete business service from production of financial accounts from raw data to sorting out all the business paperwork from basic accounting to any taxation or payroll related matter in an quick and efficient manner and provide small and growing businesses the backup it needs so that you as businessmen can concentrate on growing your business in the area you specialise in.
Our mission is to help the companies which have just been set up or established growing successful businesses. At Coddan we do our best to minimise the paperwork for you, sending you completed returns and documentation for your signature only. Running a business unfortunately involves completing a considerable amount of time-consuming paperwork.
Finding and using Information: Bookkeeping & Accounting International Services Payroll Strategic Planning Audit Services Corporate Tax Planning VAT Preparation Estate Planning Trusts & Executorships Due Diligence Documents Required for Opening Bookkeeping Account Live Help
Coddan however, offer a comprehensive range of bookkeeping services, setting you free from the grind of routine administration. If you are confident of your abilities, but not certain how to start, we will help by setting up your books correctly and by writing the first series of transactions. If you need ongoing help with bookkeeping we can offer either a manual or computerised service which can be carried out at your premises or alternatively at Coddanâs own premises. Every month we will send you a detailed report on your company. The report will allow you to monitor how much money is owed to the authorities at the end of each month and how much money you have available to take from your company. Because this information is updated regularly it allows us to be in a position to offer you timely advice. If you have any questions please E-Mail or call us: 033 0808-0089 or +44 (0) 207.935.5171, fax: +44 207.504.3531.
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+44 (0) 207.935.5171
+44 (0) 141.530.8188
+44 (0) 289.099.8744 
Whether yours is a new or a mature business, ensuring that you have the necessary finance is essential for achieving your objectives. Indeed, one of the most common causes of business failure is badly structured or inadequate financing. We can help you:
- Conduct a feasibility study of your projects
- Decide on the most suitable sources of finance - personal capital, bank overdraft, long-term commercial loans and mortgages, national and regional agencies, venture capital, or equity capital
- Prepare the necessary business plan, forecasts, prospectuses, etc.
- Present your proposals to your chosen finance source
- Arrange a disposal, merger/acquisition, or management buyout/in
- Our expertise and contacts will help you open doors that may otherwise have remained closed for you.
Bookkeeping & Accounting:
We can relieve you and your staff of an enormous burden by taking care of all your bookkeeping and accounting needs, including the preparation of your annual accounts. Our first step is to work with you so we can gain a full understanding of your business. We then tailor our approach to your requirements so we can provide exactly the service you need. Besides your core bookkeeping, we can also maintain your VAT records, prepare and audit your group pension fund, and take on short-term projects to relieve your staff of any temporary overload. But perhaps the most important part of this service is the preparation of management accounts. These are vital to the continued success of your business. We discuss your requirements with you and provide you with tailored information and constructive advice on a regular basis.
International Services:
No man is an island; and these days few businesses are. Rapid globalisation, the growing importance of the EU, and the burgeoning growth of the Internet as a business medium are all conspiring to add an international dimension to UK businesses. Trading with overseas companies, selling to overseas markets, and setting up overseas operations all require expert knowledge. We can help you:
- Set up accounting procedures for dealing with the euro or other currencies;
- Determine the best business structure for tax purposes;
- Reduce your overseas tax burden;
- Develop strategies for financing overseas subsidiaries;
- Repatriate profits at minimum tax cost.
Documents required for opening an Coddan bookkeeping account:
- Areas of Your business and turnover description
- Attach photocopies of the passport of each Director and Shareholder (pages showing passport details);
- Affix one photograph for each of the bookkeeping account holders, with their names written behind the photograph;
- If you are a UK or EU person, mention your Social Security Number/ Tax ID Number;
- Please attach a copy of one of the following: Social Security Card/local government issued identity card/ local driving license/ statement of local bank account/ check drawn on local bank account/ a utility bill (the address in last three documents must match the address given in the account opening application);
- Please attach a copy of Certificate of Good Standing with Directors, Secretary, Shareholders and your registered and business address details.
Payroll:
PAYE has an impact for both employers and employees, and we have covered some of the pitfalls to avoid in this page.
Employers:
If you employ staff, you have obligations to the Inland Revenue. If you ignore these obligations, penalties and interest will soon be added to your employment costs! Most penalties arise if you either:
- Miss certain statutory deadlines for remitting tax and national insurance you have deducted from your employees, or
- Are late submitting returns to the Inland Revenue.
Unfortunately ignorance is not bliss - make a late payment or forget to send off a particular return and you will be penalised.
Employee Benefits:
If you provide employees with benefits, for example company cars and health insurance; be sure to watch out for the following:
- Identification is difficult - sometimes seemingly unrelated expenditure can be classified as a benefit, for example excessive staff entertaining.
- Benefits attract their own national insurance charge which has to be paid by employers in July each year.
- Benefits have to be declared to the Revenue on specific returns which must be submitted on time to avoid penalties.
Employers - Other Points of Interest:
Small businesses are able to pay their deductions quarterly rather than monthly - this can help with cash flow especially for new ventures. Employers have to make their own national insurance contributions based on salary levels. This is added to tax and employees national insurance deductions when paid to the Inland Revenue each month/quarter. Employees - make sure you only pay what you owe!
The tax deducted from your salary is calculated by taking away a proportion of your annual tax free allowance from your salary and applying the appropriate tax rate to the difference. Most payroll systems are quite adept at calculating the tax due, but they rely on the tax office to issue a correct code number to quantify your annual tax free allowance - this is the area where mistakes can be made and your tax bill increased unnecessarily.
A few common errors are:
Employers are sometimes slow in sending in details to the tax office when new employees start. This can delay the issue of a correct code number resulting in excessive tax deductions. Employees who change their company cars for lower taxed models, or indeed stop using a company car will continue to be taxed based on last tax years information, unless the tax office is informed. The tax office will sometimes seek to recover unpaid tax in earlier years by reducing your tax code in the current year. This deduction should always be checked to make sure the arrangement does not duplicate other payments that you may have made directly to the Inland Revenue. The key to maintaining a correct code number is to make sure that changes are notified to the tax office quickly.
How We can Help:
We are trained to advise our clients regarding all aspects of payroll preparation and compliance. In fact we can offer a complete payroll service if you would like to outsource this time consuming process. We can also provide human resource consulting and advise on recruiting and retaining staff. If you would like to discuss any of the issues raised on this website, do get in touch. Whether you need your code number checking or a full payroll service we are here to assist.
Administering your payroll can be time consuming and burdensome, diverting energy and resources from the core activities of your business. And the task is made all the more difficult by the growing complexity of taxation and employment legislation and the accompanying regime of penalties for non-compliance. We have dedicated staff who can relieve you of this burden by providing a comprehensive and confidential payroll service, including:
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- Customised payslips;
- Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc.;
- Completion of statutory forms, including year end returns, to issue to your employees and submit to the Inland Revenue;
- Summaries and analyses of staff costs;
- Administration of incentive schemes, bonuses, and ex-gratia and termination payments;
- Administration of pension schemes.
Even if you have only a few employees, you will make savings by engaging us to administer your payroll.
Strategic Planning:
Everyone knows that a successful business must plan ahead, but all too often the pressures of keeping the business going on a daily basis mean that strategic planning is not given the attention it needs. The result is often rushed judgements, over- or under-capacity, or missed opportunities. Every business owner needs a planning adviser who has the time and space to take the long view and advise on appropriate courses of action before it is too late. With years of experience advising the local business community we have a wealth of experience and expertise for you to draw on. Contact us today for a planning review.
Audit Services:
Though business owners traditionally regard the annual audit and preparation of annual accounts as a cost centre - a necessary evil that adds no value to the business - we strive to transform it into a profit centre. Besides helping you meet the statutory requirements, we also take the opportunity to conduct a review of your financial and management systems. This can often result in our identifying potential problem areas and recommending opportunities to improve your business performance. We discuss the problems and opportunities with you and help you implement any agreed solutions. We see the preparation of your annual report as an opportunity to enhance your external image. A well-prepared report can have a considerable positive impact on the perceptions of investors, potential finance sources, customers, prospect, referral sources, and even your own staff - all of which greatly improves your business prospects for the future.
Corporate Tax Planning :
Corporation tax represents a substantial part of your trading costs. Moreover, the increased reporting obligations, robust investigation policies on the part of the tax authorities, and harsher penalties for non-compliance mean that an undue amount of your time and resources can be taken up collecting revenue for the Government. We offer a range of services to help you minimise your corporate tax exposure and relieve you of the administrative burden of complying with tax legislation. These include:
- Determining the most tax effective structure for your business;
- Taking full advantage of tax opportunities and reliefs;
- Achieving the optimum capital or revenue tax treatment;
- Reducing tax on disposals and maximising relief on acquisitions;
- Making the most of tax opportunities specific to your industry;
- Meeting the rigorous demands of compliance including corporation tax self assessment;
- Acting on your behalf in discussions with the tax authorities;
- Efficient corporate tax planning can result in potentially significant improvements in your bottom line.
VAT:
Value added tax is one of the most complex and onerous tax regimes imposed on business - so complex that many businesses inadvertently overpay or underpay VAT. The ever widening scope of VAT, the constant stream of detailed changes to the regulations, and the ever growing demands of Customs and Excise call for a trained professional eye to ensure that you do not fall foul of the regulations and do not pay the Exchequer more than you need to! We provide an efficient cost effective VAT service, which includes:
- Assistance with VAT registration;
- Advice on VAT planning and administration;
- Use of the most appropriate scheme;
- VAT control and reconciliation;
- Help with completing VAT returns;
- Planning to minimise future problems with Customs and Excise;
- Negotiating with Customs and Excise in disputes and representing you at VAT tribunals.
Estate Planning:
Few of us like to think about dying, but equally few of us could live with the thought that we have not made adequate provision for family and friends who survive us. The legislation that governs passing on your estate to your chosen beneficiaries requires you to plan well in advance. Since none of us knows when we shall die, this means making the necessary provisions now. The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries. Nothing is more demoralising than the thought that a substantial slice of the wealth you have worked hard to accumulate will end up in the Government's coffers! It is equally important when planning to transfer your estate that you make adequate provision for yourself and your spouse in your later years. Striking this balance calls for considerable skill and foresight - and a detailed knowledge of the tax regime. We provide a discrete estate planning service that includes:
- Help with drawing up and reviewing your will;
- Making full use of exemptions and lower tax rates on lifetime transfers;
- Optimising lifetime transfers between spouses;
- Transferring agricultural or business property;
- Transferring assets into trust;
- Arranging adequate life assurance to cover potential inheritance tax liabilities.
We strongly advise you to begin your estate planning right away by contacting us for a preliminary review.
Trusts & Executorships:
Trusts can sometimes help you to eliminate unnecessary tax charges and still keep the maximum possible part of your family's wealth. Maybe you'd like to transfer part of your wealth to a family member but still retain control. Our specialists can set up trusts and take care of all the administration. We can advise on the most suitable type of trust for your purposes, set up trusts, and provide a full range of accounting services for trusts. We can also advise you on the preparation of your will. Where appropriate, we can act as trustees or executors.
We can also advise on overseas trusts, making full use of our close connections with specialists in low tax territories.
Inheritance tax can take a large bite out of your family's wealth, which can sometimes result in your family home or business having to be sold. We can help you arrange your financial affairs to limit its effects. In fact, early planning can often result in substantial tax savings. We are also happy to work with your solicitors in deciding how your will might be drafted, leaving your family with the maximum assets and the lowest possible tax. We can act as executors or trustees and our trust department undertakes estate administration.
Due Diligence:
If you're considering buying a business, you need all the information you can get. Not only do you want to make sure you're not buying a lemon, but you also need to fully understand the business - especially if the future financial health of the rest of your organisation depends on the projected performance of the new purchase.
Our transaction support team has prepared due diligence reports on companies ranging from small family enterprises to major multinationals. Our investigations are designed specifically to meet your needs and our attention will be focused on the areas you are most concerned about. But the real advantage of commissioning investigative reports from a multi-disciplinary firm such as ours is that we can integrate the very best taxation advice with the purchase, giving you a distinct advantage in a critical situation.
Documents Required for Opening Bookkeeping Account:
- Areas of your business and turnover description;
- Attach photocopies of the passport of each Director and Shareholder (pages showing passport details);
- Affix one photograph for each of the bookkeeping account holders, with their names written behind the photograph;
- If you are a UK or EU person, mention your National Insurance Number;
- Please attach a copy of one of the following: Social Security Card/local government issued identity card/ local driving license/ statement of local bank account/ check drawn on local bank account/ a utility bill (the address in last three documents must match the address given in the account opening application);
- Please attach a copy of Certificate of Good Standing with Directors, Secretary, Shareholders and your registered and business address details.
Our Prices:
Our fees are based on the amount of hours it will take to complete the work. We like to meet with each customer in order to assess what work needs carrying out, where we believe tax savings can be made and answer any questions you may have. Our quote stands for 12 months so you have plenty of time to think about it! We offer flexible payment options which allows our customers to pay their accountancy fees monthly by standing order which can really help with cashflow. Our customers also get access to national deals on other business services and good recommendations to local suppliers and contacts.
Who We Help:
If you are wondering if your business is suitable for our services then take a look at the list below to see if your business falls into these categories:
- Just starting up
- Sole Trader
- Partnership
- Limited Company
We focus on businesses with a turnover of less than £1 million because we feel that small business owners deserve a service and a one stop shop where all of their business affairs can be looked after and dealt with. We offer a value for money service that is unrivalled across the UK.
Live Help
You can chat with one of our advisors right now. Just click on the image to the left to start chatting. Live Help is a real time chat feature which enables you to interact with our customer service representative without a phone call. Get answers to your questions while using our web-site. Clicking the "Live Help" button will start an online session with one of our representatives. Live Help is currently available during normal business hours. Outside of the indicated below opening hours, our Live Help centre will be closed, when you click on the chat button, you will see an e-mail form that allows you to send us an e-mail request with your questions. Our Live Help is free, there are no hidden fees.
Our hours of operation are posted on the contact page at all times. Telephone and Live Chat assistance is only available during business hours.
Opening Hours:
Monday - Friday: 9:30 a.m. to 18:00 p.m.
Saturday: offices are closed
Sunday: offices are closed
Holidays: offices are closed on all recognised UK holidays.
Dear customers, ladies and gentlemen, while having a chat session with our visitors, we are frequently requested to give an advice on tax planning or business structuring, and we would like to inform you that it is against our principles to provide an online free advice pertaining to these issues.
The points and tips that can be covered during a chat session include: our packages, services description and charges, legal requirements to start-up a business (in the UK or offshore), bank account arrangements, trademark registration, post incorporation services, notaries, consulate or apostille legalisation and other authentication services, documentation preparation and filing, mail forwarding overseas, telephone, fax and virtual office facilities, bookkeeping and accounting services, offshore incorporation service, ways to place an order, methods of payment etc.
If you wish us to provide you an advice or recommendations on tax savings and tax minimisation, or corporate business structuring methods, you should be aware that this service has chargeable elements.