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Our Services
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// Business planning
// Royalty accounting
// Bookkeeping
// VAT Registration & Returns
// Statutory services
// Auditing
// Tax Compliance & Planning
// Payroll
// Fee Protection Insurance
// Self Assessment and Accounts
// Business Taxation
// Statutory and Sole Trader Accounts

Business planning

Whether a business is small or large planning is often a vital but forgotten part of the day-to-day grind.

Setting realistic goals and planning a route to achieving them can often make a big difference to the success of the business

We realise that instincts and feelings are crucial business skills in successful entrepreneurs, but planning is still crucial. Research has shown that those people and businesses that do plan and have clear goals are far more successful.

Our strategic planning service helps you...

  • Formalise both short and long-term strategic goals both personally and for the business.
  • Agree on measures designed to help the business meet those goals.
  • Provide feedback on the results against those goals.
  • Reassess and further plan how to close any gaps between results and goals.

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Royalty accounting

We provide a very knowledgeable royalty service for those clients requiring it.

Whether it is artist or project royalties we can provide guidance and the benefit of our expertise to either generate royalty statements or perform royalty audits on 3rd party statements and calculations.

If you are interested in this service then please get in touch and our team will be more than ready to help.

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Bookkeeping

There are two options; have us complete your bookkeeping either on site or back at our office; or complete this yourself.

Let MGM take the strain:
We can provide a full bookkeeping service on a range of accounting software. You can send us the records monthly or quarterly and we will keep the bookkeeping up to date, even providing management accounts if necessary. Alternatively we can visit your premises weekly, monthly, or quarterly to update your bookkeeping on either your or our software.

Do It Yourself:
We can show you how to keep your bookkeeping up to date in a variety of ways; on accounting software, on spreadsheets, or even manually. We have designed simple spreadsheets ready for most clients that can be tailored to individual needs and require little or no accounting knowledge and remove the need to purchase expensive software.

The choice often comes down to the complexity of the bookkeeping, the amount of time you have, and the amount of fees you wish to pay. We are always happy to find and support the most suitable and affordable route for each client.

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VAT Registration & Returns

There are two routes to VAT Registration:

Compulsory:
VAT registration is compulsory once a certain level of turnover is reached. As a result there are significant penalties for not registering on time.

We can assess when and if your business is likely to cross any of the thresholds and take the burden of registering from you.

Voluntary:
VAT registration can also be applied for voluntarily if the advantages of registration outweigh any potential disadvantages. If your income derives from VAT registered businesses they should not be concerned by the extra charge of VAT you would charge, and registrations then enables you to claim back the VAT on your own expenses e.g. agency commission, computer expenses, and accountancy fees (!).

Once registration is decided upon (whether compulsory or voluntarily) there are then a range of schemes that could prove beneficial to your business. We can both register your business for VAT and then advise on which schemes if any your business should use.

Then you need to decide if you will complete the VAT returns yourself, or we can complete these for you along with the bookkeeping.

Other areas we advise on include:

  • Dealing with HMRC over any disputes that may arise with Customs.
  • Attendance at VAT inspections.
  • Representation at VAT tribunals.

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Statutory services

Whether you require a tailor made company, a Limited Liability Partnership or a plc forming we can help form it for you. In urgent situations we can also usually arrange a same day formation service.

If you already have a Company name in mind, you can use Companies House Information Service to check if it is available. Type the name in and as long as it does not appear on the list you can still have it.

Once you choose a name, check its availability, and ask us to form it, we can then complete, or help you complete the following:

  • Registered office facilities
  • Maintenance of statutory registers
  • Submission of statutory documents
  • Giving notice of General Meetings
  • Drafting agendas for company meetings
  • Preparation of Minutes of Meetings
  • Completion of share transfer forms
  • Preparation of share certificates
  • Carrying out company searches
  • Filing of Annual Return

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Auditing

As the audit limits go up regularly, less and less businesses actually require an audit, but some may still need to complete one due to the demands of a professional trade organisation, the company’s shareholders, or a financial institution. For those requiring either a compulsory or requested audit we offer a complete audit service.

Some ramifications of an audit are:

  • An audit not only incorporates a review of both the company's accounting systems, and the systems of control, it also requires a detailed understanding of the company's business. The process of the audit and its results can often highlight areas of weakness and opportunities for advice within the business.
  • An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, HM Revenue & Customs and suppliers who may be seeking credit references, etc.
  • A history of accounts with unqualified audit reports can be an important reference point if the opportunity to sell the company comes up.
  • The possibility of fraud and the existence of poor internal controls can be reduced and an audit can act as a deterrent to any potential fraudster.

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Tax Compliance & Planning

Whilst the day-to-day statutory tax obligations are both necessary and important, on their own they offer little in the way of potential tax saving and planning opportunities.

Everybody has to pay tax according to the UK tax laws however, there are numerous ways of saving tax and ensuring clients do not pay more tax than absolutely necessary.

Both new and old clients are often surprised at just what a difference a tax plan can make to their tax position. We will always be willing to go that extra mile to offer advice on the areas where as much tax as possible can be saved.

Although the everyday self assessment, company and employee taxes offer certain planning opportunities, other areas such as Capital Gains Tax (CGT) and Inheritance Tax (IHT) can offer alternative planning possibilities so it is important to consider the overall client position.

It is vitally important that this work be done in advance as much as possible and you should therefore contact us as soon as possible.

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Payroll

We can set up and administer a PAYE scheme for you if required. We will then calculate the tax and National Insurance contributions for each employee and submit the monthly (or quarterly) and annual returns to HMRC on behalf of the business. We will also correspond on your behalf with HMRC taking the worry away from you.

The brief list below shows a selection of what we can provide:

  • Employee payslips
  • Monthly summaries
  • Completion of P45’s for leavers
  • PAYE returns for the Revenue
  • Assistance with automated payment set-up to your employees
  • New CIS returns completed by us
  • Year-end PAYE returns including P35, P60’s & P11D’s

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Fee Protection Insurance

Insurance is available should you have a full or aspect enquiry into your self-assessment tax return; Corporation Tax Return CT600; partnership tax return; VAT returns; statutory accounts or PAYE. The insurance covers all of our fees incurred during the course of the enquiry. There is a small premium payable which gives you peace of mind should you be selected by the Her Majesty’s Revenue & Customs.

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Self Assessment and Accounts

Self Assessment is a complex and daunting prospect for many people. As well as completing your self assessment tax return, we will correspond on your behalf with HMRC taking the worry away from you. We will complete all necessary tax computations, the tax returns, calculate your tax liability and advise you on when and how much tax you need to pay.

All self assessment tax returns are prepared using software that is linked to the accounts preparation data, this means we only have to input your data once and therefore save time and therefore keep your bill to a minimum.

Our software also allows us to lodge all self assessment tax returns direct with HMRC via the online filing policy. This allows us to send the tax return and receive confirmation of acceptance within 24 hours, and also gives you more time to get your affairs in order as we do not need to send in a physical tax return by the 31 October deadline.

DEADLINES:

  • Physical Tax Return 31 October
  • Online Tax Return 31 January

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Business Taxation

Limited Companies:
We will complete your CT 600 return and submit it to the Inland Revenue with a set of accounts. We will correspond on your behalf with HMRC taking the worry away from you.

All corporation tax returns are prepared using software that is linked to the accounts preparation data, this means we only have to input your data once and therefore save time and therefore keep your bill to a minimum.

Our software also allows us to lodge all corporation tax returns direct with HMRC via the online filing policy. This allows us to send the tax return and receive confirmation of acceptance within 24 hours.

Sole Traders:
Although a sole trade is a business in its own right, the accounts that we prepare for sole traders are fed straight into the self assessment tax return as opposed to a limited company.

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Statutory and Sole Trader Accounts

Limited Companies:
We prepare your annual accounts in accordance with the Companies Act and applicable accounting standards and file abbreviated accounts (discloses less information for public viewing) where possible at Companies House.

Our software will then transfer all the accounts data into the CT600 avoiding any need to re-enter your figures, thereby saving us time and you expense.

Sole Traders:
We will prepare accounts for sole traders and partnerships, and use these as the basis of your self-assessment tax return. Management accounts can also be prepared.

You will get a bound set of accounts for your records; however these are not submitted to HMRC.

Our software will then transfer all the accounts data into the self-assessment tax return avoiding any need to re-enter your figures, thereby saving us time and you expense.

Where there is a need to educate clients as to exactly what information is required we will do just that. It is important that the client understands how the accounts data is put together and how it translates into a tax return and eventually the tax you pay.

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