Phoenix offers the full range of accountancy services you would expect from professional accountants – with the added benefit of knowledgeable, proactive advice on tax mitigation.
We prepare accounts which are fully compliant with HMRC and Companies House rules. We use Inline eXtensible Business Reporting Language (iXBRL) format as appropriate, which was introduced by these two government bodies in 2010. Essentially, this means we prepare and submit your accounts using a system whereby information can be read by both computers and humans.
Accountancy for businesses which are limited (registered) includes statutory accounts, VAT returns*, Corporation Tax, annual returns and sometimes other returns specific to the organisational make-up. You may also need our payroll and bookkeeping services and help with your auto-enrolment/pensions submissions.
Accountancy for sole traders and individuals is usually limited to personal returns and profit and loss calculations. In our experience there is a great deal of scope for reducing various tax liabilities.
Structuring for success
It is important to structure your business with your immediate and longer-term goals in mind: ask us for advice.
Did you know you don’t have to submit your VAT returns quarterly? If not, you’re not alone! If your annual turnover is under £150,000 you are allowed to submit them annually. This can save you time and therefore costs, and help you to plan your payments.
At the other end of the scale, if in any period of 12 months or less you have a total VAT liability of more than £2.3 million you can also pay monthly (‘payment on account’) which can help tremendously with cash flow.
Accountancy for landlords
Accountancy for landlords presents a whole raft of possibilities for tax mitigation – when you know what you’re doing. If you own and/or rent out more than one property – residential and/or commercial – visit Accountancy for landlords.