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Affordable accounting for individuals, clubs, charities and small businesses.
a small accountancy working within wigtownshire and surrounding areas we provide reliable services and care to meet our clients' needs. the information we give our clients is accurate and appropriate for their businesses as we understand how important it is that our clients, as well as ourselves, are kept up to date with the ever-changing laws surrounding hmrc submissions.
Products/Services
Should I have a separate business bank account?
If you are planning to set up a Limited Company, the answer is always yes. You should always have a separate bank account in the company name as it is a requirement; your company is a separate legal entity. It is ideal to get your chosen name registered with Companies House first so you know what name the business bank account will need to be opened in. One way to check the availability of your name ideas is to check with Companies House beta website, searching the name and reviewing the results. Once you have your name registered you can apply for the account at your desired bank.
If you are a sole trade then there’s no requirement to have a separate bank account, but it is recommended that you do set one up for the following reasons:Most accounting software will ask for a bank account feed, which should be linked to the business account so that personal items do not get muddled up in the information. This makes it easier to track the business’ actions and see how well it is performing rather
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Training
We have experience using Cloud based software, such as SAGE, Xero and Kashflow. If you are interested in carrying out your own bookkeeping but are taking the first steps in using an online software, we can come out to you and spend a few hours going over the processes to enter information with you. If you need more training after those hours then we would be more than happy to continue to stay out with you and go through it with you. We are always available by phone to offer support if you have any further questions as you build up your bookkeeping information.
Why is online bookkeeping so important these days? Because HMRC are rolling in their Making Tax Digital (MTD) processes. So far this applies to VAT submissions, and it will be extended to account submissions. You yourself are not required to make the submissions; an accountant can still do this for you. It means that the way invoices and expenses are recorded are required to be on cloud software. For a training session you should have the computer you
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A guide to business jargon
When reading articles on the internet or magazines, you may come across words that you need to pick up a dictionary for. These words or phrases may also appear on your annual accounts, and it is important that you understand these financial documents. We have collated some of these words here for you. If there is a word you want to understand and believe it should be on this list then please get in touch with us.
Depreciation: The reduction of an asset’s value over its expected lifetime. An allocation for each year is entered in to each set of accounts.
Turnover: The money that a business makes through invoices, before any expenses are deducted.
Corporation Tax: The tax a limited company is required to pay to HMRC. This is currently 19% of the taxable profit.
Self Assessment Tax: The tax an individual person is required to pay to HMRC based on their self-employment earnings or PAYE income. The tax bands change with each year.
Personal Allowance: The amount of taxable income a person can ma
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Making Tax Digital
Almost everything can be done using the internet these days, from renewing a vehicle’s road tax to ordering business stationery. There is a computer in almost every home. This new digital era has had a large influence on how data is stored and transferred between either companies or individuals, and HMRC is adapting to this new age of technology. Making Tax Digital is intended to eliminate the ability for VAT and Tax returns to be submitted on paper, so that submissions can be efficiently made online.
Currently, Making Tax Digital has only been rolled out for VAT submissions so far; some businesses received a deferral letter informing them they are enrolled from October 2019, but if a VAT registered business did not receive this letter then they are compliant for Making Tax Digital. The service for self employed individuals and landlords will come into effect no earlier than April 2020, although there is a voluntary sign up available for those wanting to start sooner.Making Tax Digital requires the us
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Company Cars
If you have a limited company, you may be thinking of putting a car through the business accounts. You can do this; the car would be classed as being owned by the company, not yourself, and therefore the company would be lending the use of the car to you if you use it for private journeys.
If you do use the vehicle for your private use, this benefit would be required to be declared to HMRC at the end of the Tax Year in the form of a P11D, and any additional tax to be paid. The tax is calculated on the list price and CO2 emissions of the car involved.
In the company accounts, you can claim the direct expenses for the running of the vehicle; fuel, services, MOTs, insurance and roadside assistance are the common expenses a car incurs. You can claim the purchase of the vehicle as a capital allowance while calculating the corporation tax. When you come to sell the vehicle, the money received will go to the company. A total loss or gain on the sale will be calculated using the purchase price, sale price, and depr
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Steps for a business start-up
You’re looking to start up your own company and to become an entrepreneur. You have the name decided upon and you know exactly what goods or services you will offer to your audience, and now you just need some wind to pull your idea off the ground for you to lead to fruition. You may even have identified customers and started establishing a base for your idea.
Firstly you should be keeping all receipts for expenses purchased for setting up and running the business, and all invoices you have issued customers should be kept safe. It helps to keep this paperwork in line with the year you’re in so a folder for year 1, another for year 2 and so on. You can hole punch the paperwork and staple duplicates together, so long as the date, price and expense details are readable. If you have a credit card receipt, ask for a copy of the original receipt as these slips will only show the amount and date, but no details as evidence for the business expense. If you hire out equipment, or purchase an expensive i
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Consultancy and Training
We can come out to your offices and train you on using Sage 50 and Xero; we will go through the process of inputting invoices and receipts, how to show them being paid through the bank accounts, and we can demonstrate the reports that can be run to provide you with information on your business growth.
If you want to advance your business, we can advise the advantages and disadvantages of being a sole trade business or if you should set up a limited company. We can talk you through the meanings of jargon such as depreciation and dividends, and we can advise you on what expenses can be allowable against your income.
Accounting services for individuals, small business and SMEs
Individuals:
We carry out bookkeeping, VAT returns, annual accounts and tax return preparation and submission to HMRC for sole traders and partnerships.
Limited Companies:
We carry out bookkeeping services, and prepare VAT returns, annual accounts, tax returns and confirmation statements as required by Companies House and HMRC.
Training:
We can share our knowledge of Sage 50 and Xero with you! We can come out to take you through the software itself, or we can answer any questions you have through email or phone.
Services
Business Startup
We can advise you on what you need to do to start trading as a self-employed individual. This will include the relevant forms that HMRC will require.
Company formation
Looking to start up a Limited company? We can walk you through the process, and set this up with Companies House for you.
Book keeping
With experience in using Sage 50 and Xero, we can carry out the bookkeeping for you. Leaving you more time to focus on other aspects of your business while your accountancy affairs are being kept in order.
VAT Returns
We can prepare and submit the figures to HMRC; with Making Tax Digital looming over us, we can ensure that your VAT returns are being submitted correctly.
Consultancy & Training
We can come out to your offices and train you on using Sage 50 and Xero; we will go through the process of inputting invoices and receipts, how to show them being paid through the bank accounts, and we can demonstrate the reports that can be run to provide you with information on your b
... read more
Contact Details
| Tel | 07538543996 |
| hello@cowperaccounting.co.uk | |
| Website | https://www.cowperaccounting.co.uk/ |
| Address | 18 Princes Street |
| Town | Newton Stewart |
| Postcode | DG8 6EZ |
| Country | United Kingdom |
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