Accountancy
There are several different vehicles through which to run your business. Sole traders, Partnerships and Limited Companies being the most common.
Each vehicle has obligations to prepare both statutory accounts and to complete the relevant tax returns based upon these trading results.
The formats and deadlines may differ slightly for each type of vehicle. But the bottom line is if you are a proprietor, partner or director, you have a responsibility to make sure these accounts and tax returns are submitted correctly and on time.
Of course you cannot be expected to have the specific (and most importantly up to date) knowledge to meet all these obligations which is why Sum It is here to assist you.
We do not want to sell you services you do not want or need but are here to offer the core basic compliance services you do need to run your business correctly.
There are several different vehicles through which to run your business. Sole traders, Partnerships and Limited Companies being the most common.
Each vehicle has obligations to prepare both statutory accounts and to complete the relevant tax returns based upon these trading results.
The formats and deadlines may differ slightly for each type of vehicle. But the bottom line is if you are a proprietor, partner or director, you have a responsibility to make sure these accounts and tax returns are submitted correctly and on time.
Of course you cannot be expected to have the specific (and most importantly up to date) knowledge to meet all these obligations which is why Sum It is here to assist you.
We do not want to sell you services you do not want or need but are here to offer the core basic compliance services you do need to run your business correctly.
Sole Traders
Conducting a business as a sole trader results in obligations to maintain records, prepare annual accounts and completion of a yearly Self Assessment Return.
Depending on the businesses turnover there may also be an obligation to register for VAT and to therefore complete VAT Returns on a regular basis.
The best way to stay on top of your obligations is to stay up to date. Sum It can help you do this by assisting with your day to day processing of accounting transactions. Please see our page on bookkeeping, for further help and assistance.
Alternatively, if you are already on top of the day to day items, we can be here to assist you with your year end obligations, by preparing your annual accounts and completing your self assessment tax return.
Basically we can be involved in your business as much or as little as you like. This way you only pay fees for help and assistance you really need. We are also happy to offer assistance and advice with the way you are currently operating to make your current systems more efficient and focused.
Depending on the businesses turnover there may also be an obligation to register for VAT and to therefore complete VAT Returns on a regular basis.
The best way to stay on top of your obligations is to stay up to date. Sum It can help you do this by assisting with your day to day processing of accounting transactions. Please see our page on bookkeeping, for further help and assistance.
Alternatively, if you are already on top of the day to day items, we can be here to assist you with your year end obligations, by preparing your annual accounts and completing your self assessment tax return.
Basically we can be involved in your business as much or as little as you like. This way you only pay fees for help and assistance you really need. We are also happy to offer assistance and advice with the way you are currently operating to make your current systems more efficient and focused.
Partnerships
Trading as a partnership is unique business set up style, which comes with it’s own business obligations and responsibilities.
All services which are offered for a sole trader above are available but we will specifically be concerned with :
Preparation of Partnership accounts
Preparation of Partnership Self Assessment Return
Preparation of Self Assessment Tax Return of each partner
All services which are offered for a sole trader above are available but we will specifically be concerned with :
Preparation of Partnership accounts
Preparation of Partnership Self Assessment Return
Preparation of Self Assessment Tax Return of each partner
Limited Companies
Being a director of a Limited Company comes hand in hand with many obligations and responsibilities. There are statutory records to maintain in line with the Companies Act, Quarterly VAT Returns to compile, Annual Accounts to produce, Company Tax Returns to complete and this is without the burden of the day to day processing of every financial transaction.
Sum It is here to help you understand your responsibilities and to help you stay on top of them. We are up to date with all current legislation, to relieve you of this burden and can assist in completing many of your tasks for you.
Once you have enlisted Sum It to assist you with your accounting needs, you will meet the Accountant who will be working with you and be able to contact them directly, as much as you like. This way they will learn to understand your business and the way you do things. This continuity is important, as your time is precious and you don’t want to have to keep explaining situations time and time again to different people.
Sum It is here to help you understand your responsibilities and to help you stay on top of them. We are up to date with all current legislation, to relieve you of this burden and can assist in completing many of your tasks for you.
Once you have enlisted Sum It to assist you with your accounting needs, you will meet the Accountant who will be working with you and be able to contact them directly, as much as you like. This way they will learn to understand your business and the way you do things. This continuity is important, as your time is precious and you don’t want to have to keep explaining situations time and time again to different people.
