We recognise that the preparation of accounts is vitally important to all types of business for various different accountancy purposes. We can help with the preparation of accounts for all types of  business, whether you are a sole trader, a partnership, a limited company or a limited liability partnership.

Not only are financial accounts required for tax and regulatory bodies but are often needed by banks, creditors or other lenders to help secure your financial requirements. You may need to submit accounts to obtain a mortgage for a new home or to extend your existing business premises. You may need new vehicles which will require a set of accounts sending to the lease company.

The preparation of annual accounts is also important for a business to assess how well they have performed throughout the year and to comply with their statutory obligations.

We can provide you with the expertise required to compile your accounts help you fulfil all of your obligations with HM Revenue and Customs, Companies House and any other regulatory body that you are required to submit financial accounts to.

We can prepare management accounts on a monthly or quarterly basis to assist businesses in the following:

Assessing areas of the business to minimise your tax liability. To identify areas of the business that needs to be improved within your business.

To ensure all opportunities are exploited.

Assisting you in achieving your long term and short-term goals.

Whatever your requirements may be, we have the technical expertise to offer you a service that is tailor made for your organisation. 

Corporation Tax

All Limited Companies registered in the UK are required to submit the corporation tax return to HMRC on an annual basis. The methods of filing company tax returns along with timescales are constantly changing and we have the necessary systems in place to ensure these are fulfilled on your behalf.

Corporation Tax is a tax on the taxable profits of limited companies and some organisations including clubs, societies, associations, co-operatives, charities and other unincorporated bodies.

If your company or organisation is based in the UK, you’ll have to tax on all your taxable profits, wherever in the world those profits come from. 

We can prepare the Corporation Tax Return and submit to HMRC along with your financial accounts and tax computation. We can work with you and assess every aspect of your business to advise you on optimal tax planning for you and your business.

Personal Tax

Most self-employed individuals, property landlords and company directors are required to submit an income tax return each year. HMRC also ask individuals with a more complex tax affair to submit a return including those with untaxed income, high earners claiming child benefit, those with an investment income over £10,000 and individuals living abroad with UK income.

For assistance with Income Tax, National Insurance, Corporation Tax, PAYE, VAT and Capital Gains Tax please call us today. 

Effective bookkeeping is at the heart of an efficient business, giving you access to up to date information so that you know exactly where you stand with your financial commitments.

We offer an expert, professional bookkeeping service, using both desktop software and cloud accounting systems.

We understand that your financial data is sensitive, so you can be sure that we’ll deal with your information in complete confidence.

We’ll keep records of your payments and receipts up to date by keeping track of your bills and invoices, which will help you to make payments on time to stay on good terms with suppliers and chase payments that are at risk of becoming overdue.

Whether you need weekly, monthly or quarterly bookkeeping services, we’ll provide an efficient, accurate service, designed to streamline the preparation of your annual accounts.

We also monitor clients who are not VAT registered and advise them if they are about to exceed the VAT threshold and guide them through with the requirement of VAT registration. 

Value added tax is not an easy subject to talk about. Our aim is to make it as simple as possible for you to handle and understand. It is seen as one of the most complex tax areas to be imposed on businesses. HMRC is constantly demanding more and more from businesses which add more stress on top of what you already have to manage. It is our expertise and expertly trained eyes that help you make sure you do not miss anything and do not fall foul of the regulations. We make sure you do not pay any more VAT than you need to.

Our efficient and cost-effective VAT service includes:

Assistance with VAT registration.

Advice on VAT planning and administration.

Help with completing VAT returns.

Processes put in place to avoid future issues with HMRC.

Assisting you with HMRC VAT compliance check visit.

Making Tax Digital (MTD) is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs, as well as transforming HM Revenue and Customs (HMRC) into a world-leading digital tax authority.

If you are registered for VAT and your taxable turnover is above the VAT registration threshold (currently £85,000), you will need to keep your business records digitally from the start of VAT return periods starting on or after 1 April 2019.

If you already use software to keep your business records, check your software provider’s plans to introduce MTDcompatible software. If you don’t currently use software, or your software won’t be MTD-compatible, you’ll need to consider what software is suitable for your requirements.

M Milas Accountants and Tax Advisers can help you get ready for the ‘Making Tax Digital’ by updating your business’ finances to cloud accounting and can ensure your business is ready for the changes and will get you right up to speed with how to use your cloud software.

We understand that the switch to digital accounting can seem overwhelming and we are here to support your transition to digitalisation.

There are various established MTD compliant and HMRC approved software such as Xero, Sage, Quickbooks, KashFlow, Clear Books etc, however Sage, Xero and Quickbooks are the most popular and compatible software. As a Xero and Quickbooks Partner and Certified Advisors, We have a strong understanding and practical knowledge of how to use the software and are capable to provide the required technical support to our clients. 

The task of payroll processing can often divert you from your core business activity. It is our job to help and take the worry and time out of this process for you.

By allowing us to look after your payroll activity, we will free up more time for your staff to attend to other business areas, therefore creating more opportunities and raising efficiency in the business.

Our payroll services are thorough and, of course, compliant with HM Revenue & Customs statutory requirements.

We can deal with every aspect of UK wages and salary requirements including:

Setting up a new payroll system.

Day to day payroll processing.

Dealing with PAYE and National Insurance deductions.

Holiday pay and Statutory pay.

Workplace pension calculations and deductions.

RTI and year end payroll submissions including P60’s.

Cash flow forecasts or cash flow management is a key aspect of financial Management of a business, planning its future cash requirements to avoid a crisis of liquidity.

Cash flow forecasts are important because if a business runs out of cash and is not able to obtain new finance, it will become insolvent. Cash flow is the life-blood of all businesses particularly start-ups and small enterprises. As a result, it is essential that management forecast (predict) what is going to happen to their cash flow to make sure the business has enough to survive.

How often management should carry out a cash flow forecast is dependent on the financial security of the business.

If the business is struggling, or is keeping a watchful eye on its finances, the business owner should be forecasting and revising his or her cash flow on a daily basis. However, if the finances of the business are more stable and ‘safe’, then forecasting and revising cash flow weekly or monthly is enough.

As an important discipline of financial planning the cash flow forecast is an important management process, similar to preparing business budgets.

External stakeholders such as banks may require a regular forecast. Certainly, if the business has a bank loan, the bank will want to look at the cash flow forecast at regular intervals.

We can help you set up your cash-flow spread sheet and help with your financial forecasts and forward planning, either at our offices or in the comfort of your own premises. 

The essentials of starting a new business are always based on a realistic business plan and adequate finance.

Most new business owners when starting-up will no doubt start with a foundation of a solid business proposition and plenty of entrepreneurial spirit. We help look after the legal and financial aspects of running a business or company formations.

With our combined years of experience, we can provide extensive direction and advice on starting up a business to ensure that the process runs as smoothly as possible and hassle free for you. 

The company secretarial function for any business is often seen as an arduous task normally overseen by a family member or senior employee as Company Secretary. This can be met with issues as the designated Company Secretary may not have a full understanding of the duties they are required to undertake.

With our in-house expertise, we can ensure that statutory deadlines are met. We will handle all your statutory obligations including the company formation, filing of accounts and confirmation statement (annual return), Changes 

of directors and secretaries as well as dealing with share transfers and preparation of all documentation related to minutes and resolutions. 

We can advise you on the correct system that is best suited to your specific business needs. Different companies use different use different Software depending on their accounting purposes. Whatever system you prefer, we can advise and help implement that system with you.

We can supply and set up set up most of the accounting software. We also offer the required training either at your premises or at our offices. We can accommodate each individual companies needs, whether that’s basic or advanced training, we’re here to help and guide you every step of the way.

Using appropriate software with our advice and expertise will save you valuable time, give you the right information to identify areas where you can make more profits, help plan cash flow and take away the stress of managing your business