Our Services

 

Registered limited companies are required to file end-of-year accounts with both HMRC and Companies House. To achieve this compliance (on the basis of your bookkeeping records), Watermill Accounting can prepare those end-of-year accounts in accordance with the applicable Accounting Standards and Companies Act which can involve:

 

We provide a simple and time saving, complete, same day company formation service involving:

 

Watermill Accounting provides its clients with the latest statutory tax allowance information, personal or corporation tax rates and updates on the various aspects and impact of tax law. We can file businesses Corporation Tax returns with HMRC and claim expenses, alongside other specialised tax services that we provide including:

• Tax Planning
• Electronic Filing with HMRC
• R&D Tax Credits

 

Bookkeeping is a crucial part in improving any business’s cash flow and our fully trained bookkeepers can update your accounts on a daily, weekly or monthly basis according to your requirements.

To complete either online and desktop bookkeeping, simply send us your receipts and we’ll be happy to work with your business’s existing software – or can suggest the most suitable accounting software of which free (or low cost) packages are available.

 

If you are a director of a UK company you are required to complete a personal tax return.

Watermill Accounting can do this on your behalf, helping you save time and ensuring that the nothing is forgotten so that it is filed correctly.

 

If your business employs staff, you are obliged to set up a pension scheme for them.

 

Pension Setup –  Premium 

Watermill Accounting’s auto-enrolment for pensions service helps you choose the best scheme for your company by providing a report comparing up to 6 schemes.  It will then set up the scheme and pass all the necessary information to your payroll provider. Once you have chosen a scheme Watermill will set it up for you.  The service includes:

• Sending communications to employees
• Setting up your chosen scheme
• Enrolling the employees to the scheme
• Submitting the Declaration of Compliance with the Pension Regulator

 

The above service costs £600+VAT

 

Pension Setup –  Basic 

We will set up your pension with NEST (the government pension scheme).  The service includes:

• Sending communications to employees 
• Enrolling the employees to the chosen scheme
• Submitting the Declaration of Compliance with the Pension Regulator

The above service costs £200+VAT

 

 

 

 

 

If your business employs staff, you are obliged to establish a payroll system to subtract the correct amount of tax and National Insurance Contributions (N.I.C) from their pay. That system must be capable of handling any changes in employees’ taxable benefits (e.g. company cars), and other deductions (e.g. pension contributions or student loan repayments).

Watermill Accounting can prepare a business’s weekly or monthly payroll, calculating the necessary Income Taxes, N.I.C and send both the employer and employees electronic payslips. In addition to this we can file your monthly PAYE R.T.I (Real Time Information) Return and help claim an employer’s National Insurance allowance.

 

There are three rates of ‘Value Added Tax’ (VAT) levied across a range of goods or services – Standard (20%), Reduced (5%) and Zero Rated (0%). Businesses must register for VAT with HMRC if their turnover for the previous 12 months exceeds £82,000 and if:

 

Our all-inclusive service involves an ‘IR35’ review and assessment of your agency contract, where a ‘Pass’ means that contract adheres to ‘IR35’ and a ‘Fail’ indicates it falls outside. Should it fail, we will highlight any necessary amendments and suggest clauses that could be added, happily re-assessing once they have been made.

This assessment is free if you sign up for our contractor services .

 

Administered by Her Majesty’s Revenue & Customs (HMRC) to foster the governments aim of supporting innovation and investment in new technology by Small & Medium Sized Enterprises, this relief totalling up to 33.35% of the qualifying R&D expenditure can be received as cash payment or offset against corporation tax.

If you are undertaking Research & Development (R&D), but uncertain if you could claim tax relief? Watermill Accounting’s expertise has helped businesses in a variety of sectors from Robotics and Medical Science to Environmental Technology successfully receive either a payment or tax deduction against their R&D expenditure. Operating on a ‘No-Win-No-Fee Basis’, we can review and help maximise your R&D claim lodging this with alongside your corporation tax return.

Please contact us if you are engaged in any form of R&D to discuss this further.