Services & Solutions
Daniel Cornwell, Director, SPE Resourcing
We first came to Tracey back in 2017 when we started our aviation contracting company. Tracey and her team set the company up and has looked after all aspects of Payroll, VAT, financial management, and Tax planning. Her expert advise has given us many years of stress free running of the business and allowed us to do what we love and do best, fly planes!
Experience with Ernst & Young Accountants
From her experience with Ernst & Young Accountants, Tracey knew that running a business took a lot of time, energy and effort. The successful business owners were not just good at what they did, they also recognised where they needed help and support.
Here to take some the of the strain
TF Accounts are here to take some the of the strain by doing what we are good at so that you can focus on what you’re good at!
Don’t just take Tracey’s word
And don’t just take Tracey’s word for it. Have a look at our client testimonials to see what they think too.
Experienced Professionals
With a team of experienced professionals, TF Accounts offer a range of services to Limited Companies (and their Directors), Sole Traders and Partnership.
Accountancy Software or tax advice
Whether you need a full suite of services or just some help with certain aspects such as bookkeeping, Accountancy Software or tax advice we’d be happy to hear from you.
The Accountancy world can be a bit daunting – accounts deadlines, tax payment dates, VAT returns, communications with HMRC, Companies House requirements, which Accounting Software to use…the list seems endless.
Our Focus
The same applies to individuals trying to navigate Self-Assessment or the reporting requirements for Capital Gains Tax.
Our Approach
As a client of TF Accounts, you’ll have direct access to our Senior Team who offer a wealth of experience and expertise.
Our Experience
The good news is that all these things fall under the heading of “things we are good at”.
Corporation Tax & VAT
The two most common taxes for Limited Companies are Corporation Tax and VAT.
In simple terms, Corporation Tax is a tax on profits. It isn’t payable until 9 months and 1 day after your financial year-end and the current rate is 19% for most companies.
VAT is different in that you collect the tax on behalf of HMRC. Registration is only mandatory for businesses with a Turnover of more than £85,000. You collect VAT on your Sales, and this is offset by VAT incurred on your purchases. The net amount is paid to HMRC via a monthly or quarterly return.
These are the simple headlines but as ever with tax, the devil is in the detail.
TF Accounts have the experience to help you navigate your way through the UK tax regime, understand what is and what isn’t allowable, prepare returns and ensure that deadlines are met.
Heard of Making Tax Digital? This is HMRC’s programme to digitise the tax system for businesses and individuals. It’s a phased process but for VAT it is already up and running. VAT registered businesses must use recognised software to keep digital records and submit returns.
This is another area where our expertise and experience will help you.
Payroll Services
Payroll can be a bit of a minefield for smaller business who lack the in house expertise to stay on top of the complexities of payroll such as national insurance, pension deductions and submissions to HMRC.
Businesses need employees to be paid the correct amount, on time and for the relevant returns to be sent to HMRC. We can provide a service that achieves all this and provides monthly payslips for each employee and tax year end P60s.
From experience, we’d suggest that we are best suited to providing payroll services for businesses with less than 10 employees. Above that level and the core services can start to towards the world of HR – unfortunately, that isn’t something we have the right experience for.
We provide monthly payroll services and it works well alongside the other regular services such as VAT returns and bookkeeping.
Bookkeeping
Maintaining the core accounting records of the business.
TF Accounts typically provide bookkeeping services for businesses who don’t currently employ an in- house accountant and where it’s more cost effective for the time being to sub-contract the work.
The scope of work varies with each client however will usually include the maintenance of accounting entries via accounting software and provision of a monthly reporting package including a profit and loss account and Balance Sheet.
This service works well alongside the other regular services such as VAT returns and payroll.
Management Accounts
These are Accounts prepared for the Management of the business.
They are prepared more frequently than year-end Accounts to provide a more regular update on the financial performance of the business and support business decisions.
The content is entirely down to management and each business sector will have different key measure of performance. We can help you to decide on content and format as well as preparing the accounts from your accounting software.
For businesses with third party funding e.g. Banks, Asset Based Lenders, Private Equity then the provision of management accounts on a regular basis is likely to be a condition of the loan facility.
Annual Accounts
First the statutory requirements – every Company needs to submit a set of year-end accounts to Companies House within 9 months of their financial year-end.
How much detail you need to disclose depends largely on the size of business. There’s nothing for you to worry about here though, this is something that clearly falls under the heading of “what we are good at”.
Of course, Accounts aren’t just prepared for statutory purposes. A good set of accounts show the financial performance of the business, it’s assets and liabilities. They provide a useful tool for making business decisions regarding growth, investment or identifying areas where costs can be saved.
TF Accounts will work with you to tailor the content of your Accounts to suit your requirements.
The core data for the Accounts will come from your accounting records. Fortunately, the days of maintaining manual ledgers are in the past. These days, cloud based Accounting Software links directly with your Bank account to provide real time information on the financial performance of your business.
TF Accounts have partner accreditation with Sage Business Cloud and FreeAgent as well as experience of other cloud based software including Xero and QuickBooks. We can provide initial support and training to help you on your way.
What Our Clients Say
Change Starts With a Conversation
Have a Challenge or an Idea?
Call us at:
01606 339974
Mail us at:
enquiries@tfaccounts.co.uk
Visit us at:
The Old Barn, Holly House Estate, Middlewhich, Cheshire, United Kingdom, CW10 9LT
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