1. Full-service finance and accounting compliance function
Effective and accurate financial systems and controls are critical to your business’s success.
It’s important to have sound financial systems and reporting in place to give confidence to stakeholders and clients alike.
More importantly it can help your business to make informed decisions based on correctly reported data and facts.
As your business grows, your needs will change. We will be there to support this growth and to put the right processes and systems in place whatever the stage of your business journey.
Our accounting and compliance services include:
- Full finance function management
- Preparation of periodic management accounts
- Bookkeeping
- Preparation of annual accounts
- Maintaining PAYE and VAT records and associated returns
- Preparation for HMRC investigations
- PAYE and National Insurance Contributions
FAQs
What is the difference between Management and Annual accounts?
Management accounts are produced throughout the year to give information about the financial position and assurance as to the balances held. The format and timing of these are typically varied to cater for the business’s requirements (generally they are monthly or quarterly).
Annual accounts formally state the activity during the year and present a snapshot of the business at the year end. A set of accounts are typically 12 months in length but can be drawn up to a maximum period of 18 months for Limited Companies.
Annual accounts usually need to be filed with Companies House within nine months of the accounting year end date.
How long should the company keep its accounting and tax records for?
The company must keep records for six years from the end of the company’s last financial year they relate to, or in some cases for longer. This is pertinent if the company has bought something it expects to last more than six years (such as equipment or machinery), or HMRC has started a compliance check into your company tax return.
When should the company register for VAT?
The business must register for VAT if its VAT taxable turnover goes over £85,000 (the ‘threshold’) or you know that it will. Your VAT taxable turnover is the total of everything sold that is not VAT exempt.
The business must register for VAT if it is expected that the VAT taxable turnover will exceed £85,000 in the next 30-day period, or had a VAT taxable turnover of more than £85,000 over the last 12 months.
The business can also register voluntarily.
If you have any questions or need further advice in this area, please get in touch and we will be happy to discuss further.
Blogs
On 2 October, our dedicated team stood shoulder to shoulder with some of the Accounting industry’s finest at the Accounting Excellence Awards at the Roundhouse, London....
On Sunday 24th September 2023, we swapped our calculators and spreadsheets for running shoes and race bibs, as Telic proudly sponsored the Moor Park 10k fun...
A delightful token of appreciation from a client. This pair of chocolate gifts and heartfelt thank-you are a testament to the strong relationships we’re proud to...
Last week, the Telic team decided to swap the office for the outdoors and headed to the golf driving range for a refreshing team summer social....
We are delighted to sponsor this year’s Moor Park 10k and Fun Runs on Sunday 24th September. The company is a long-term supporter of Mount Vernon Cancer...
✨We are thrilled to share some exciting news! ✨ The Telic team is honoured to be announced as finalists for not one, but three prestigious industry...
We are pleased to announce with immense pride the well-deserved promotions of Akshi Maroo and Muki Khan, who have been promoted to the roles of Senior...
