What We Do
When you’re running your own business, whether operating as a sole trader from your own home or managing a small team of people in an office, ‘keeping the books’ can be time-consuming and sometimes a little daunting. Working round the clock to keep your customers happy means that it can be tempting to leave the paperwork to accumulate. Cash flow can quickly become an issue, however, when suppliers are suddenly demanding to be paid and client work gets pushed to one side while you play catch-up.
This is where Wise Owl Accountants come in. We’re very experienced in dealing with a wide variety of small businesses – so whatever your difficulty, we will have seen something similar before. Whether it’s a pile of brown envelopes from the authorities or an avalanche of bank statements, supplier invoices and remittances advice notes which are causing you to despair, we take a good long look, come up with a plan and help you to come unstuck.
There are myriad rules and regulations to keep to but at Wise Owl Accountants we have the knowledge, the training and the expertise that’s required. And if your situation is particularly unusual, we’re not afraid to seek advice from our own range of supporting experts. We’re here to take the daunting, the complex and the time-consuming so that you can focus on running and developing your business.
We’re well-versed in tax returns, self-assessment, PAYE, limited company accounts, bookkeeping and many other accounting services. We take on the bean-counting and number-crunching so you don’t have to.
Statutory Accounts & Corporation Tax
There’s no escaping the fact that as a company director, the legal responsibility for preparing true and fair Accounts and the company Corporation Tax return falls on your shoulders. The penalties for non-compliance from both Companies House and HMRC are rapid, harsh and mount alarmingly if ignored.
To minimise that burden, by preparing Accounts and your tax return efficiently and with the minimum of fuss, turn to Wise Owl Accountants for help. Once the documents are ready, we will talk you through them, at whatever level of detail suits you and, if you want us to, make suggestions for improvements. We will calculate your company’s tax liability and assist with the calculation of any quarterly instalment payments. If a large investment is in prospect, we will also help with corporate tax planning to reduce the cashflow impact.
VAT
VAT regulations that are detailed and exacting, and the requirement to submit quarterly returns, mean that VAT compliance can be a difficult and time-consuming administrative process. Precision here is key. We can help to ensure that you play by the rules and that overpayments are not made. Providing an efficient and cost-effective service will help you manage the VAT minefield. Our service includes:
- assistance with VAT registration
- help completing VAT returns
- advice on VAT planning and administration
- VAT control and reconciliation
- liaising and negotiating with HMRC on your behalf in the case of disputes
HMRC are making tax digital and there will be changes in 2019-20 for businesses over the VAT threshold. At Wise Owl Accountants we are here to help you navigate the changes, and to ease the pressure and strain.
Accounts and Self-Assessment for Sole Traders and Partnerships
Form-filling, compliance, being up-to-date with the latest regulations – it can be a headache for sole traders when it comes to completing Self-Assessment returns. We have the expertise and software to ease the pain. At Wise Owl Accountants we can provide you with practical advice on personal tax positions and the planning opportunities available to you. We complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.
You’ll be aware that it’s important to have accurate and well-maintained accounting records and to submit timely returns, in order to avoid HMRC penalties. The Wise Owl team will work closely with you to develop a deeper understanding of how your business works to provide you with the optimal results. Passing on the burden of accounting to us gives you time to focus on your business, safe in the knowledge that you are fully compliant with legislation and backed up by accountants you can trust.
Self-Assessment for Individuals and Landlords
At Wise Owl we not only assist you with fulfilling your obligation to file a Self-Assessment tax return, we can also provide you with support and advice to minimise your tax liabilities.
Navigating the self-assessment system can be complicated and stressful, so we provide compliance services and personal tax planning for a wide variety of clients – with our advice tailored to your specific needs. As part of our service we ensure that you are using all available tax reliefs in the most efficient manner, so that you can plan for your future.
If you’re a landlord, you might not think of yourself as self-employed or a small business owner. However, HMRC does, and if you’re collecting income from renting out your properties, you’ll need to fill in a Self-Assessment tax return. It can be a bit of a daunting prospect at first, particularly given how many changes to tax are announced every year, but the team at Wise Owl can guide you through the rules and regulations.
Consultancy & Advice
Taking the time to get to know your business, absorbing what’s important to you and your team and understanding your short, medium and long-term plans – that’s integral to Wise Owl’s ethos.
Depending on your requirements, we will review your bookkeeping systems, your credit control, stock systems, budgeting and financial reporting systems making suggestions for improvements and efficiency savings to allow you to take the reins in key areas of your business. We can also help you address specific problem areas such as gross profit, cost control and stock valuation.
Having effective management information at your finger-tips allows you to seize opportunities when they arise or identify problems quickly so you can take effective action.
Payroll
The team at Wise Owl Accountants offer a complete range of Payroll facilities for small to medium-sized businesses. By handing over the reins and responsibility of paying your employees, you can then dedicate your time to what you do best, running your business. The complexities of payroll mean that it is cost-effective to outsource even for the smallest business.
Our dedicated team operate discreetly and promptly, ensuring that your payroll is processed in accordance with the latest legislation. From sick pay to student loan repayments, maternity pay to statutory adoption pay, we’ll make sure your payroll is sorted all year round.
