Financial accounts and tax returns are an annual concern. However, running a business requires many other areas of compliance which are ongoing during the financial or tax year and this is where Full Spectrum’s financial business services may be of use to you. We offer support with:
Employment tax has a large impact on businesses with employees and you may be seeking advice in understanding the tax implications of providing your employees with certain benefits and bonuses, or in rewarding and incentivising good performance with tax effect share schemes.
It is common for many businesses to be caught out by unforeseen issues such as IR35, off-payroll working, subcontracting or simply taking on the first employee. Full Spectrum will give you the help you need in all areas concerning employment tax.
If you have employees you need to pay them regularly and therefore PAYE and NIC need calculating on each payment. Full Spectrum runs small payrolls on a monthly basis.
Bookkeeping and Accounting
There is never enough time in the day to address important business activities such as marketing, networking and administration in addition to delivering the services that brings in the cash. If this sounds familiar, have you considered using a bookkeeper? If so, can you find one prepared to do the work on a part time basis?
Unfortunately finding a reliable part time bookkeeper is tricky, but keeping your records up to date is a crucial step towards preparing management accounts. In addition there is also the added benefit of being able to reduce tax payments on account if you know your profits are dropping and generally well-kept records will reduce the costs of producing accounts and tax returns.
For any level of help, from an initial meeting or two on how best to keep the records to having your bookkeeping and accounting managed on a regularly basis, please contact Full Spectrum.
Outsourced Finance Function
Many medium sized businesses employ or have a part time bookkeeper, but often they are not getting the support they need as most part time bookkeepers do not have the full range of skills to deal with keeping an accounting system correct, preparing financial accounts, dealing with the tax authorities, helping in the event of audits or handling new investment from business angels and venture capitalists.
Often these businesses require someone with more specific expertise in these areas on their premises regularly, but cannot afford a full time accountant with the necessary skills and capacity. Full Spectrum provides this support to various technology companies on Cambridge’s Science Park and St John’s Innovation Centre so please contact us with your requirements as it is likely we can help you.
If you run a company there are further compliance issues above those of preparing tax returns and annual accounts. These involve filing annual details of the company’s details to Companies House as well as submitting forms for any changes that happen through the life of the company.
If you need help dealing with these or correcting past failures or errors with Companies House please contact Full Spectrum for up to the minute advice and guidance.