Annual Accounts preparation

At MAGIC we pride ourselves in our ability to produce annual accounts for all types of businesses including;

  • Limited Companies
  • Sole traders
  • Partnerships
  • Charities and;
  • Other specialised organisations

At the end of your financial year we will prepare the year end accounts for your business as soon as possible and we always aim to complete these within 30 days of receiving all of the relevant information.

We take the time to explain your accounts to you so that you understand how your business is performing, the potential financial benefits and opportunities available, where business performance can be improved and suggestions and help on how to implement these benefits.

Bookkeeping

We can maintain your financial records to keep your books up to date, however small or large your business is. Simply provide us with your accounting records, such as your sales invoices and receipts and we’ll do the rest. Bookkeeping is available as an hourly or daily rate service.

Company Formation

If you would like to incorporate your business, with all the essential accountancy and taxation advice included, then for a one off fee we can set up a new limited company for you.

We will advise you of the suitability of a limited company to your specific needs, arrange for the company to be registered at Companies House, and take care of all the necessary HM Revenue & Customs registrations which you have to do when a company is formed.

Company Secretarial

Our Company Secretarial service is available to both new and existing companies and includes:-

  • Maintaining your statutory records
  • Filing any changes electronically
  • Preparing and filing the annual return electronically
  • Filing annual accounts
  • Reminding you of deadlines
  • Preparing minutes of meetings where required

Registered Office

All companies must have a registered office and whilst many businesses use their trading address numerous others prefer to have confidential legal documentation sent to an alternative address to the general administrative office.

MAGIC are able to provide a registered office address for new or existing companies for a small annual fee.

All correspondence received at the registered office is treated confidentially and forwarded to the company where necessary.

Contractors & IR35

Through our sister company MAGIC Freelance Accountants Limited, We offer all inclusive services for contractors including…

  • Company formation;
  • Annual Accounts;
  • Company tax returns;
  • Personal Tax Returns;
  • Company secretarial service;
  • Book-keeping;
  • VAT Returns;
  • PAYE Returns;
  • Tax computations;
  • Review of contracts for IR35 status;
  • Provision of anti IR35 draft contracts;
  • Dealing with IR35 disputes.

IR35

There are many factors to consider in deciding if a contractor is caught by the notorious IR35 legislation. These are often matters of general employment law, and not specific tax legislation.

We can review your existing arrangements and give you our opinion on whether it will stand up to scrutiny from the Revenue.

Corporation Tax

We can carry out the necessary calculations and complete the submission of your company’s corporation tax return to HM Revenue & Customs online. We’ll also advise you of how much you need to pay and when.

Management Accounts

Regular management information is vital to the continued success of any business. We will work closely with you to get to know your business so we can make suggestions to help improve profits and to develop and grow your business. We can prepare your monthly or quarterly management accounts to ensure you always have reliable, accurate and timely information, on which to base your business decisions.

Payroll and PAYE Returns

The rules and regulations that accompany paying employees can be complex and are ever changing. The process can also be time consuming and complicated, diverting vital resource from the core activities of your business.

At MAGIC we can provide you with a complete and cost effective payroll bureau service, whatever the size or complexity of your business.

We offer a tailor-made solution where you supply us with your employee details and we do the rest. Our service ensures that all up-to-date legislation is complied with and deadlines are met.

Our payroll bureau service includes:

  • Weekly, bi-weekly, four weekly and monthly payroll
  • Unlimited payments and deductions
  • Secure & HMRC compliant payslips for employees
  • Standard or custom-made employer reports
  • Processing of all starters and leavers
  • Tax code adjustments
  • P45, P14/P60, P35 provided
  • Electronic filing of year end “annual PAYE return”
  • Payments covered include sick pay, maternity pay etc
  • Deductions include tax, NI, CSA, Court payments, tax credits, student loans
  • P32 Payment to HMRC report telling you how much to pay to HMRC and when to pay

Tax Investigation Fee Protection

With HMRC reportedly looking to raise £16.1bn of tax through compliance activity, a 33% increase on the £12.1bn collected in 2008/09, the chances of businesses and individuals being randomly selected for investigation is on the up.

Anyone who pays tax can come under scrutiny and since April 2009, HMRC have been able to inspect personal and business records relating to Corporate and Income Tax, PAYE, NI, VAT and Capital Gains Tax.

Whilst you can’t avoid the possibility of an investigation, you can mitigate the financial impact of a tax investigation by taking out our Tax Investigation Fee Protection to cover you against the cost of our professional fees as we defend you.

With protection starting from as little as £50 plus VAT for a full year’s cover, this represents a great return on investment when you consider tax investigations are:

  • Expensive – costs regularly exceed £4,000
  • Time consuming – Enquiries can drag on and can last for many months
  • Harrowing – You will be at the mercy of the revenue

Take up our Tax Investigation Fee Protection and you will have peace of mind that we will be able to deal with an investigation in the best way possible for you and your business without the fees becoming a problem to you.

Contact us for full scheme details and client testimonials.

Tax Returns and Self-Assessment

Our tax return service takes away the hassle and worry of completing a self-assessment tax return. For a low fixed fee we will ensure that all legitimate expenses are claimed and that all relevant legislation is complied with.

All you have to do is provide us with the relevant information (don’t worry we’ll let you know what this is) and we will complete the tax return, calculate your tax liability and submit it online.

Standard Tax Return Services

Our standard tax return service is ideal for those with rental income. Our standard tax return service will:

Deal with all your tax affairs.

Complete your tax return and all necessary schedules (please note this does not include preparation of year-end annual accounts.

The calculation of rental income from one property and inclusion in the land and property section of the self-assessment tax return

Calculate your tax position

Send you a full copy and explanatory notes

File your return online to H M Revenue & Customs

Offer online email and telephone support throughout the year to address any questions you may have about your tax return

More Complex Tax Return Services

Individuals with more complicated tax affairs, for example those with foreign income, share portfolio’s, more than one rental property or those with capital gains, would benefit from our Advanced Tax Return Service.

VAT registration

We can offer advice on registering for VAT and choosing the most suitable VAT scheme for your business. Similarly we can also assist with VAT de-registering your business, should this be required.

VAT Returns

We can prepare and complete your VAT returns on your behalf and file these online with HM Revenue & Customs. We will ensure that all legitimate expenses are claimed and keep you up to date of any VAT legislation changes.

Get your Fixed Fee Quotation today and see how MAGIC can help your business and even save you money on your current fees. We offer all our clients the ability to pay annually or monthly (by direct debit) for these services, so get a quote today, there’s no harm (or charge) in finding out!