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Accountants Whickham

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Whickham Accountancy Services

Although many people don't realise it, the accountancy profession plays a pivotal role in the way the world functions. Accountants don't simply add up lists of numbers. It's far more detailed and involved than this, which is why it is vital that you only engage qualified professional accountants, like Auditox Accountancy for your accountancy needs.

To do this, it helps if you understand what accountants in Whickham can do for you and why you might need Auditox Accountants to guide you.

accountants in Whickham

What Is Accountancy?

All businesses make transactions, either with suppliers, other businesses or with customers and clients. Each transaction must be carefully recorded to give an exact record that can be used to prepare financial statements, monthly or annual reports (or year-end accounts), and for future financial planning.

These figures must be accurate, and the auditing procedure is used to check for and investigate any discrepancies. Auditox advocates best practices in accountancy standards at all times, protecting UK public interest through integrity and openness.

Most big companies have in-house accounting departments and an internal audit section that work together to ensure that the accounts are prepared precisely and according to the law.

Accountants also support self-employed people by helping them complete their tax returns accurately, as well as with bookkeeping and financial reports.

What IsAccountancy

Accountancy Service Just For You

Property accountants

Investing in property makes sense, and can generate significant income. However, there are many issues to contend with. You must manage the property, liaise with tenants, and deal with property […]
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Limited Companies

A limited company is legally distinct. This definition means the business is legally different from the people behind the company ...
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Self Employed

With more than 4.1 million self employed workers in the UK, as of early 2022, this is a hugely important business sector. People can be self employed across a broad […]
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Pubs / Bars

Many pub owners fulfil a lifetime’s ambition when they get behind their bar, but a lot of work is involved with the licensed trade. The financial side of running a […]
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Restaurants

The restaurant industry is an exciting sector to operate in, and it brings a lot of pleasure to its customers. The demands of this sector, selling food and drinks, places […]
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Partnership accounting

A partnership is an excellent idea for many people and businesses, but there are challenges involved with this business setup. There are business tax returns to manage and individual tax […]
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Year End Accounts

In the UK, every company, whatever its size, must produce annual accounts in some form. For Sole Traders, the process is generally more straightforward, although it is always wise to […]
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Landlords

Auditox Accountancy understands that being a professional landlord isn't easy. It isn't just a case of buying a property and letting it, you need to deal with tenancy agreements, damage, […]
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Freelancers

Starting your freelance business can be exciting and just a little nerve-wracking at times. One of the most important things to get in place either before you start or as […]
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Contractors

At Auditox Accountancy, we understand why so many people become self-employed contractors and freelancers rather than paid employees. You generally have better control over your hours and your work-life balance. […]
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Business Start Up

Starting up a new business venture is an exciting time but it can be a little more complicated than it first appears. This is why getting help from business startup […]
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Small Business

Auditox Accountancy recognises the fact that small business owners face many challenges when establishing themselves in their chosen market. Getting those foundations just right in order to launch and develop […]
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What Services Do Auditox Accountancy Offer in Whickham?

Most accountancy firms offer similar services, although they are by no means equal. The dedicated team of professionals at Auditox have the expertise to advise and assist with the following:

Setting up your business in Whickham

We can meet with you to advise on the best company structure and register you with Companies House and Corporation Tax if you are setting up a limited company.
If you are setting up a partnership or becoming a sole trader, we can assist you in registering for self-employment.
We provide advice and support in opening a business bank account and will register you for VAT if necessary.
We can register you with PAYE and set up the payroll for any employees.

Regular monthly or annual procedures

Monthly bookkeeping
Annual company accounts
Annual Corporation Tax Return (known as the CT600)
Submitting the Annual Return to Companies House and inform them of any changes in circumstances
Quarterly VAT returns
Handling correspondence from HMRC
Preparing reports for board meetings, including dividend declarations
Running the monthly payroll and providing payslips for all employees
Providing references for rental agreements and mortgages

In addition to all this, Auditox can also offer support and advice on the following:

Tax services in Whickham

The world of taxation can be tricky to negotiate. Auditox will provide support in all areas of business tax relating to income, investment gains and losses, any qualifying deductions and donations. They will help clients to pay their taxes in the most efficient way, maximising any exemptions.

We can assist you with Capital Gains Tax, Inheritance Tax, National Insurance contributions, VAT Returns, Income Tax, and Corporation Tax.

Insolvency & recovery

When a company is faced with bankruptcy, as its liabilities exceed company assets, it needs a professional accountant to handle the matter efficiently and delicately. A chartered accountant is qualified to act as a liquidator, who sells off any company assets to pay any outstanding debts.

The impact of Brexit on industry sectors and your business in particular

As the government negotiations continue, the fallout from Brexit is a cause for concern for thousands of businesses of all sizes throughout the UK, but with small businesses particularly affected. Auditox is committed to supporting clients through this period of uncertainty and will guide you through the maze of changing legislation and offer sound advice on business strategy and cash flow, helping your firm to cope with the changing legislation.

Self-Assessment tax returns for Whickham Sole Traders

Few self-employed people enjoy the process of completing their Self-Assessment Tax Returns. An Auditox accountant is qualified to complete your tax return, calculate your tax liability, file the return online, and work with you to ensure that the tax bill is paid on time. They will inform you of any discrepancies and liaise with you to resolve these before the tax return is submitted.

If necessary, we will negotiate with HMRC to secure a deferment of your tax bill if your company is experiencing cash flow problems. We will then arrange a convenient payment plan, minimising the risk of an HMRC inquiry into your financial affairs.

Cashflow management

Accountants can identify potential cash flow problems quickly and find solutions to provide capital, preparing the client for uncertainty and resolving the problem before any negative effects are felt. This results in a more stable business in future.

Management Accounts & Accountants Whickham

Management accounting is a specific area of accounting services that deals with decision making. Accuracy is always essential, but even more so in this case. All information must be as up to date as possible in order to ensure that financial decisions are sound.

The detailed reports provided by Auditox accountants will help you with business plans & planning, allocating funds, performance analysis, and marketing strategies.

Financial advisory services to investors and potential investors in Whickham

Any investment carries an element of risk. Therefore, it is essential that an investor has accurate data regarding any company prior to investment so they can minimise and manage that risk.

An Auditox accountant will help potential investors to examine financial statements in order to understand an asset's value, calculate profitability, and estimate any risks that might be hidden within the balance sheet.

What Services DoAuditox Accountancy Offer

What Is The Difference Between A Chartered Accountant And An Accountant?

Whickham Put simply, chartered accountants Whickham

Each one will belong to a professional accounting body, such as CIMA (Chartered Institute of Management Accountants) or ICAEW (Institute of Chartered Accountants in England and Wales), and they may be an ACCA member. The ACCA (Association of Chartered Certified Accountants) is based in London, though it is recognised at an international level.

WhatisThe-Difference-Between-A-Chartered-Accountant-And-An-Accountant

What You Need To Do

An accountant can only fulfil their role if you provide detailed information within the required timeframe. It is up to you to ensure that they have the right data at the right time.

This includes details of all invoices, expenses, and any other expenditure or income. You also need to forward any relevant correspondence, including letters from HMRC and copies of your bank statements.

It's important to be aware that, as the business owner or company director, you are liable for any penalties due to misleading information, inaccurate initial accounts, or missed deadlines.

Employing an accountant is a two-way relationship: you provide full and accurate data at the right time, and Auditox ensures that your accounts are prepared professionally and competently.

If your need professional accountancy services in Whickham, contact Auditox Accountancy today.

What-You-NeedTo

More Than Just Accounting Services

Why choose our accountancy services?

Accountants

Payroll

Accounting for small business

Year end accounts

Vat return services

Business start up services

Accounting for contractors

Business plans

Accounting for landlords

Accounting for freelancers

Whickham Accountancy Services FAQs

Why would I need an accountant?

To put it simply you need an accountant to help with more complex issues and regulations that you are likely to come across or adhere to. They can review your tax situation and help structure your finances and ultimately save you money.

Do I need a bookkeeper or accountant?

A bookkeeper is often but not always the most cost-effective service for sole traders that are not VAT registered. They can give you basic tax advice but not often as detailed as an accountant or chartered accountant. You need an accountant for a limited company to prepare annual accounts and corporate tax returns.

Do limited companies need an accountant?

There is no legal requirement for limited companies to have an accountant but there are many benefits of having one, such as accurately completing your annual accounts and company tax returns. The knowledge they have will also enable you to save tax in various areas and keep you on track with the various tax legislation.

Can I take money out of a company without paying taxes?

There are four different ways in which someone can withdraw money from their company`s account into their own which are salary, dividends payments, director’s loans, and reimbursement of expenses.

Will an accountant save me money?

Accountants can save you money in many ways. They can help you run your business more efficiently, minimise your tax bill as much as possible and help identify problems in your business before they start costing you big money.

Accountancy Whickham Service Area

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