Accounting and Payroll Services for Micro Companies - Call us on 0190 864 9895
Section::Typical Year
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Accounting and Payroll Services for Micro Companies - Call us on 0190 864 9895 |
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Section::Typical Year |
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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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| All content © SumIT (UK) Limited 1998-2008 |
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©2000-2008 SumIT (UK) Ltd. All rights reserved.
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Last Updated [02/12/2008 17:04:20]
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