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FreeTime – Your Guide to A Typical Year

Without SumIT UK’s FreeTime	With SumIT UK’s FreeTime
What you need to do	What you need to do	What SumIT UK does
Payroll
·Calculate NI and Tax deductions for each employee ·Payment of salary to employee's personal bank account ·Remit company's PAYE tax and NI payments to Inland Revenue ·Calculate & pay personal business expenses ·Produce employee expenses and benefits summary (P11D) ·Produce and submit of employer PAYE returns - P35, P14, P11D(b) ·Calculate IR35 liability if appropriate	·Agree salary rate with SumIT	·Calculate National Insurance and Tax deductions for each employee ·Payment of salary to employee's personal bank account ·Remit company's PAYE tax and NI payments to Inland Revenue ·Calculate & pay personal business expenses ·Produce employee expenses and benefits summary (P11D) ·Produce and submit of employer PAYE returns - P35, P14, P11D(b) ·Calculate IR35 liability if appropriate
VAT
·Apply for VAT registration where applicable ·Prepare and submit quarterly VAT returns base on  invoices raised and allowable expenditure ·Ensure VAT payment made to Customs and Excise	·Send SumIT monthly travel and company expenses	·Apply for VAT registration where applicable ·Prepare and submit quarterly VAT returns based on information received ·Ensure VAT payment made to Customs and Excise
Contracts and Invoicing
·Agree, sign and keep copy of each contract ·Maintain timesheet ·Raise and send invoices to your customer(s) ·Tracking payment in accordance with your contract terms	·Agree, sign and send SumIT a copy of each contract ·Email/Fax SumIT copy of timesheets monthly	·Contact customer and confirm understanding of  invoicing terms ·Raise and send invoices to your customer(s) ·Tracking payment in accordance with your contract terms
Administration and Accounting
·Maintain monthly accounts & reports ·Retention of records for statutory period ·Banking ·Open bank accounts for the company  ·Write cheques ·Reconcile bank statements ·Retention of client contracts	·Receive and read monthly accounts and reports	·Prepare monthly accounts & reports ·Retention of records for statutory period ·Banking ·Open bank accounts for the company  ·Write cheques ·Reconcile bank statements And much more besides ......
Company Annual Accounts
·Prepare Financial Statements  ·Prepare the Company Tax Return and supporting computations.  ·Submit Returns to the appropriate authorities ·Pay Corporation Tax by due date ·Review and sign company accounts	·Review and sign company accounts	·Prepare Financial Statements  ·Prepare the Company Tax Return and supporting computations.  ·Submit Returns to the appropriate authorities ·Pay Corporation Tax by due date
Company Secretarial and Registered Address Service
·Complete Annual Return ·Maintain the Company Registers ·Update Directors details with Companies House as required		·Complete Annual Return ·Maintain the Company Registers ·Update Directors details with Companies House as required

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Last Updated [19/01/2006 18:45:42] http://www.sumituk.co.uk/Question/typicalYear.asp