Covid Policy from 17/05/2021
Thankfully we are now able to open our doors again, enabling paperwork to be dropped off to our restricted reception area. As per current guidelines visitors will still need to wear a mask.
Pre-booked face to face appointments are now being offered which can be made online or by phone. To keep us all safe – PLEASE DO NOT enter if you have any coronavirus symptoms instead telephone the once number or make contact via email.
BANK ACCOUNT SETUP
Whether you are going to become a ComputAccounting client or not you can setup a new business bank account immediately, without all of the normal hassle of appointments etc.
LIMITED COMPANY SETUP
With Tide you can setup a brand new limited company for FREE with lightning speed and ease. If you register before 30th June you’ll get £50 Cash Back with promo COMPUTACCOUNTING
4th & 5th Self Employed Income Support Scheme Grant
If you commenced self-employment after 5th April 2019
If you started your self-employment after 5 April 2019, you were denied support under this scheme from the first three quarterly payouts to 31 January 2021. You can only claim for this if your tax return for 2019-20 had been filed by midnight 2 March 2021.
Additionally, you can only claim if business has been adversely affected by the pandemic and your profits from self-employment must be at least 50% of your income and less than £50,000.
Fourth grant – 1 February 2021 to 30 April 2021
The fourth grant under the scheme covers February to April 2021. It is worth three months’ average profits capped at £7,500 and can be claimed from late April.
Fifth and final grant – 1 May 2021 to 30 September 2021
The fifth and final grant covers the period from May to September 2021. The amount of the grant will depend on the impact that Covid-19 disruption has had on your profits.
• If your turnover has fallen by 30% or more because of Covid-19, you will be able to claim a grant equal to 80% of your average profits for three months, capped at £7,500.
• However, if your turnover has dropped by less than 30%, you will be entitled to a reduced grant of 30% of three months’ average profits, capped at £2,850.
The final grant can be claimed from late July.
Please note for individuals who commenced self-employment after 5th April 2019, HMRC will be writing a letter to these individuals to provide proof of trade & identity in order to be eligible to claim the 4th & 5th SEISS grant.
Services we provide
As a one-stop shop ComputAccounting can provide the whole accounting service including all four aspects below…
Full and Abbreviated Company Accounts (Unaudited, FRS102 Section 1A or FRS105), Sole Trade & Partnership Accounts
CT600, SA100, SA800 etc incl
all relevant computations
Bespoke book-keeping service
to suit your trade,
circumstances and needs
Weekly or Monthly payslips & reports for PAYE employees or CIS, pension contributions
and all relevant filings
Book an Appointment
ComputAccounting can give further insights & help advise which business format is your best fit and the most tax efficient. Initial consultations are free of charge. – currently under Covid-19 conditions – current details here
what is Cloud Accounting?
Cloud accounting is the practice of using an accounting system that’s accessed through the internet. One major advantage over Desktop systems is that cloud technology enables users to access their records from anywhere and on any device that has an internet connection. Another big advantage is cloud accounting also supports simultaneous multiple users giving far more flexibility and improved collaboration between business owners, their book-keepers and their accountants.
The potential of having access to up to date, meaningful data and reports, everyone involved can be more pro-active much earlier than before. ComputAccounting are Platinum QuickBooks Advisors, and are able to set up and operate “The Worlds’ Best Selling Accounting Software for Small Businesses” in a way which can dramatically benefit any type of business.
QuickBooks Help & Support
Licenses available through ComputAccounting come with Quickbooks Award-Winning Support for FREE (via telephone, online, or chat) as well as interactive help menus and their online community. Whilst ComputAccounting support your business, Quickbooks Support are in a better position to offer help with their product (and did we mention that it’s FREE?).
MAKING TAX DIGITAL
Making Tax Digital for VAT requires VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns using software. It is increasingly common for business records and accounts to be kept digitally, in a software program on a computer or tablet, or in a smartphone application, or maintained through such a device and stored using a cloud-based application.
The difference under Making Tax Digital is that the software which businesses use must be capable of keeping and maintaining the records specified in the regulations, preparing their VAT Returns using the information maintained in those digital records & communicating with HMRC digitally.
If your digital records are up to date, software will be able to collate and prepare your return for you. The same principle of Making Tax Digital for VAT is carried to across to the eventual introduction of Making Tax Digital for income tax – keeping of digital records and filing quarterly updates through Making Tax Digital compatible software rather than just one self-assessment tax return each year.
Making Tax Digital Timeline
Making Tax Digital for VAT requires VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns Since 2019, the vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been mandated to keep digital VAT records and send returns using Making Tax Digital (Making Tax Digital) – compatible software.
1st April 2021 marks the end of the soft-landing period for businesses without full digital links to submit their returns. From 1st April 2021, there must be full digital links and therefore no manual manipulation of spreadsheets, or copy and paste involved with submission of VAT returns.
From April 2022 these requirements will apply to all VAT-registered businesses. This will apply to VAT registered to businesses who are under the VAT turnover threshold of £85,000 and therefore previously did not have to registered for Making Tax Digital for VAT. Making Tax Digital for Income Tax Self-Assessment (ITSA) will apply from April 2023 for unincorporated businesses and landlords with total business or property income above £10,000 per year. Most businesses will have 2 years to prepare and test the service voluntarily prior to its introduction.
HMRC’s MTD journey so far
What’s next for MTD
ComputAccounting are Platinum QuickBooks Advisors and are able to set up and operate “The Worlds’ Best Selling Accounting Software for Small Businesses” in a way which can dramatically benefit any format of business or trade, resulting in our client being presented with up to date, accurate financial information
“ComputAccounting are by far the best”
ComputAccounting are by far the best firm of accountants I have worked with during our 15+ years in business.
Running a business is not an easy undertaking but Brian and his friendly team offer an exceptional service.
“I’ve been using ComputAccounting for…”
I’ve been using ComputAccounting for a good ten years now.
A no-fuss, straight to the point, friendly, totally approachable service that I highly recommend.
“Fantastic Service – ComputAccounting”
The ComputAccounting team have looked after The Orange Pip Florist since we took over the business as our own at the end of 2013, during this time we have been introduced to Quickbooks which has proved invaluable and so easy to use.