Audit, Accounts & Tax Compliance
All businesses have many areas of legislation to comply with each year, and these can be a stressful distraction to the core business. Even individuals can be troubled by tax compliance and many financial matters. See below how Cameron Baum Hollander can help you with these areas so that you can concentrate on growing you business.
The audit process is sometimes misunderstood and perceived as a more complicated set of accounts, or accounts with just a different report.
However, in reality it is a highly sophisticated and heavily regulated in-depth review of a business and its accounting records and is governed by the Companies Act 2006, Auditing and Accounting Standards and Institute ethical guidelines. Auditors are highly regulated and monitored to ensure they perform their audits and run their practices to an exacting standard.
An audit is compulsory under the Companies Act 2006 for some companies, LLPs and other organisations because they:
- Exceed any two statutory limits on turnover, total assets or number of employees
- Are public companies
- Are required to have an audit as a condition of their articles
However, even those companies that fall outside the compulsory audit regime can elect for an audit, because they want the satisfaction and comfort of having a thorough analysis of their accounting records and systems, rather than a more cursory and light touch review.
Exceeding any two of the following three statutory limits requires a compulsory audit:
|Total assets||£5.1 million|
|Number of employees||50|
Cameron Baum Hollander are Registered Auditors and have considerable audit experience across a wide range of sectors.
Most small businesses have either an in-house or outsourced bookkeeper who run the management accounts on a branded accounting software (eg. SAGE, Quickbooks, Xero etc).
We are usually presented with the data in the form of a USB Backup and asked to produce the annual accounts and tax computations.
We have extensive experience in both this type of accounts preparation, which often requires our intervention to correct bookkeeping errors and omissions and also the higher level accounts, where the business presents us with draft accounts, but requires help in completing the more detailed notes and tax computations.
During this process, although not an audit, our staff are trained to be aware of the general business, possible inconsistencies or business trends (eg. Falling margins, lengthening debtor days, cash flow issues) so that the partners can then help the business act on these before they become damaging.
All trading businesses and individuals in the UK are subject to UK tax legislation and the management of this complex and often bewildering area is an area in which we have wide ranging and in depth experience.
The partners have a sound knowledge of all the major taxes (Income Tax, Capital Gains Tax, Corporation Tax, VAT, PAYE/NI etc) and their interplay, as well as a wealth of experience in helping clients arrange their affairs so as to minimise their exposure to tax.
Where detailed knowledge of the more obscure areas of tax are required, we have a variety of sources and tax consultants, on which we can draw for more information.
The important point is that our wide ranging knowledge of both tax and business and the interplay between business and personal tax allows us to look at the whole picture and not just a small area.
We prepare company, partnership and individual Tax Returns as well assisting companies with their PllD and P35 Payroll Returns commitments. Our ability to plan ahead helps to minimise the tax liability and ensure full compliance, leading to a quiet life from HM Revenue & Customs.
Bookkeeping & Accounting
We tailor our Bookkeeping and Accounting Services to meet each of our clients’ specific needs.
We work closely with you to gain a full understanding of your business. Our approach is then personalised to your requirements so we can provide exactly the service you need.
We maintain regular contact with our clients, providing useful information and constructive advice.
- Maintain VAT records and prepare VAT Returns
- Prepare management accounts
- Prepare and audit your group pension fund
- Provide core bookkeeping services – we offer a complete on-site or off-site service
- Take on short-term projects to relieve your staff of any temporary overload
- Advise on all aspects of taxation and business development
Ensuring that you are complying with the frequently changing Companies Act is a time consuming and complicated duty.
We can give you peace of mind in this area by carrying out some – or all – of your businesses’ crucial company secretarial tasks, including:
- Company Formations
- Preparation and filing of statutory returns
- Preparation of all documentation related to minutes and resolutions
- Maintenance of statutory books
- General advice on company law
Administering payroll can be a time consuming task, diverting valuable resources from the core activities of your business. The task is made all the more difficult by the ever-growing complexity of taxation and employment legislation, and the accompanying regime of penalties for non-compliance.
Even if you have only a few employees, this is a vital business activity. By engaging an external specialist to administer your payroll, you will make savings.
We have dedicated specialist staff who provide a speedy, accurate and flexible service, perfectly tailored to suit your requirements, including:
- Customised payslips
- Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
- Completion of statutory forms, including year end returns, to issue to your employees and submit to HMRC
- Summaries and analyses of staff costs
- Administration of incentive schemes, bonuses, and ex-gratia and termination payments
- Administration of pension schemes