– CELEBRATING 30 YEARS +
HELLO & welcome!
2021 sees ComputAccounting celebrating 30 years of supporting businesses through the locality and far beyond. ComputAccounting can provide the whole accounting service including accounts, tax returns, book-keeping & payroll.
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.
Are You A New Start-Up? We are always keen to support new businesses
Please see the links below which take you to our partnership with Tide, where you can setup a limited company and a new bank account very swiftly.
If you are unsure of whether a limited company setup is the right choice for you PLEASE feel free to talk to us before proceeding
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…
Accounts
Full and Abbreviated Company Accounts (Unaudited, FRS102 Section 1A or FRS105), Sole Trade & Partnership Accounts
Tax Returns
CT600, SA100, SA800 etc incl
all relevant computations
Book-Keeping
Bespoke book-keeping service
to suit your trade,
circumstances and needs
Payroll
Weekly or Monthly payslips & reports for PAYE employees or CIS, pension contributions
and all relevant filings
BUSINESS FORMATS we SUPPORT
Self Employed / Partnerships / Limited Company (other business formats are feasible – these are the most frequently used options)
ComputAccounting can also offer support with: Self Employed, or Partnership HMRC registrations
SELF-EMPLOYED
HMRC DEFINITION:
• A person is self-employed if they run their business for themselves and take responsibility for its success or failure.
• Self-employed workers aren’t paid through PAYE, and they don’t have the employment rights and responsibilities of employees.
• Someone can be both employed and self-employed at the same time, for example if they work for an employer during the day and run their own business in the evenings.
PARTNERSHIP
• HMRC DEFINITION:
• In a partnership, you and your partner (or partners) personally share responsibility for your business.
• This includes:
• Any losses your business makes
• Bills for things you buy for your business, like stock or equipment
• Partners share the business’s profits, and each partner pays tax on their share.
LIMITED COMPANY
HMRC DEFINITION:
• A limited company is an organisation that you set up to run your business.
• You will no longer be wholly responsible for it and its finances will be separate to your personal finances.
• By the same token any profit it makes will be owned by the company, after it has paid its Corporation Tax
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?).
Here is a selection of helpful Quickbooks video tutorials – always a helpful reminder, just in case you need to refer to them. Dozens of other video tutorials are available
NAVIGATING QUICKBOOKS
Adding customers
Send an invoice
Receive payments
Receipt Capture (In-App)
Connect a bank account
TRANSPARENT PRICING with MONTHLY INSTALLMENTS
If your business does not easily fit into the below categories please call for an appointment to discuss a bespoke price – all prices are exclusive of VAT.
INDIVIDUAL & SMALL BUSINESS PRICES
PLAN & PRICE
(& Included features)Accounting software
- Support
- Remote assistance (via QBO)
- Bank Integration
- Dedicated Account Manager
- Monthly Payroll or CIS
- VAT returns
- MTD Compliant
- HMRC compliant
- Personal tax returns
- Monthly transactions
BASIC TAX RETURN
PAID ANNUALLY- Email & Phone
- NO
- NO
- YES
- NO
- NO
- YES (Apr 23)
- YES
- 1 Tax Return
- N/A
SELF EMPLOYED
PAID MONTHLY- Email & Phone
- NO
- NO
- YES
- NO
- NO
- YES
- YES
- 1 Tax Return
- up to 25
SMALL BUSINESS
PAID MONTHLY- Email & Phone
- YES
- YES
- YES
- up to 5 payslips
- NO
- YES
- YES
- 1 Tax Return
- up to 50
LIMITED COMPANY PRICES
PLAN & PRICE
(& Included features)Accounting software
- Support
- Remote assistance (via QBO)
- Bank Integration
- Dedicated account manager
- Monthly Payroll or CIS
- VAT returns
- MTD Compliant
- HMRC compliant
- Companies House compliant
- Personal tax returns
- Monthly transactions
BRONZE
PAID MONTHLY- Email & Phone
- YES
- YES
- YES
- up to 5 payslips
- YES
- YES
- YES
- YES
- 1 Director
- up to 50
SILVER
PAID MONTHLY- Email & Phone
- YES
- YES
- YES
- up to 10 payslips
- YES
- YES
- YES
- YES
- 2 Directors
- up to 100
GOLD
PAID MONTHLY- Email & Phone
- YES
- YES
- YES
- up to 15 payslips
- YES
- YES
- YES
- YES
- Unlimited Directors
- up to 200
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
OUR NEWS FEED
Interest Rates
The Bank of England (BoE) base rate rose to 0.75% in March in response to Consumer Prices Index (CPI) inflation rising to 5.5% – almost triple the BoE’s target of 2%. Inflation is set to continue rising throughout the year (see Spring Statement round-up) with the Russian invasion of Ukraine creating increased pressure on already rising prices.
Spring Statement Round-Up
The Chancellor’s Spring Statement on March 23 was limited on giveaways, but there were some measures designed to help people struggling with the highest rates of inflation in 30 years.
Businesses helped by COVID-19 support could face unexpected tax bills
Businesses and self-assessment taxpayers are being reminded they need to include all grants paid as part of the COVID-19 support payments in their tax returns, as some may think these were non-taxable.
Interest Rates
The Bank of England (BoE) base rate rose to 0.75% in March in response to Consumer Prices Index (CPI) inflation rising to 5.5% – almost triple the BoE’s target of 2%. Inflation is set to continue rising throughout the year (see Spring Statement round-up) with the Russian invasion of Ukraine creating increased pressure on already rising prices.
Spring Statement Round-Up
The Chancellor’s Spring Statement on March 23 was limited on giveaways, but there were some measures designed to help people struggling with the highest rates of inflation in 30 years.
ABOUT US
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.
WE’RE HERE TO HELP
Whatever questions you might have about your accounts, tax returns, book-keeping or payroll we can help.
We look forward to hearing from you.
CALL US today
01643 709 900
Office Location
Rapid House, Mart Rd
Minehead TA24 5BJ
Email us ON
enquiries@computaccounting.co.uk