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Our Services
Business planningWhether 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...
^ topRoyalty accountingWe 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. ^ topBookkeepingThere 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: Do It Yourself: 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. ^ topVAT Registration & ReturnsThere are two routes to VAT Registration: Compulsory: 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: 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:
^ topStatutory servicesWhether 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:
^ topAuditingAs 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:
^ topTax Compliance & PlanningWhilst 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. ^ topPayrollWe 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:
^ topFee Protection InsuranceInsurance 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. ^ topSelf Assessment and AccountsSelf 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:
^ topBusiness TaxationLimited Companies: 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: ^ topStatutory and Sole Trader AccountsLimited Companies: 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: 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. ^ top |
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