Our Services - Accounting
Audit
We are Registered Auditors under the Companies Acts. In order to obtain and retain this registration, we have to demonstrate our on-going commitment to exacting quality and technical standards. The audits we prepare adhere to all professional standards issued by the Auditing Standards Board, the Financial Reporting Council and the Institute of Chartered Accountants in England and Wales.
Although audits are diminishing as a result of changes in the criteria requiring them, there are nevertheless still a large number of SME’s, requiring an annual audit. Additionally we undertake work for businesses requiring reports by a Registered Auditor e.g. solicitors, surveyors, pension schemes.
Audits provide a cornerstone to financial reporting. They furnish valuable and reliable information to banks, tax authorities and others who desire to make financial decisions.
We feel that in order to perform effective audits, we must not only audit our clients’ financial records, but we must also be familiar with our clients’ operations, the industries in which they operate and the economic events which have impacted upon their businesses.
Our approach to your audit can transform what is deemed an unnecessary overhead by many SME's into a valuable annual health check for company directors.
Our specialist audit skills are particularly suited to any small to medium size enterprise.
If you wish to know more about our Audit service or would like to arrange a free initial meeting in order to discuss how we can help you in more detail please contact us.
Tax
We have a dedicated, enthusiastic professional tax professionals on hand to provide you with a breadth of experience covering all aspects of taxation.
Corporate Tax – Planning and Compliance
At Carroll & Co we have a range of services to help you cope with increasingly complex Corporate Tax legislation.
Our services include the following:
Corporation Tax compliance which includes the preparation of the Corporate Tax self assessment returns, calculation of liabilities, corresponding with the Inland Revenue and agreeing computations, and preparation of claims and elections where appropriate to minimise tax liabilities.
We also provide advice and compliance services for Payroll and VAT.
If you wish to know more about our tax service or would like to arrange a free initial meeting in order to discuss how we can help you in more detail please contact us.
Partnership Tax
We provide a range of services for Partnerships including compliance, commencement and cessation (including, admission of new partners and partner cessations), financing, conversion to Limited Liability Partnerships, and capital gains tax implications of asset disposals.
We will also deal with all enquiries from the Inland Revenue and ensure that all compliance obligations are met. We can also provide help and planning on Payroll and VAT compliance matters.
If you wish to know more about our tax service or would like to arrange a free initial meeting in order to discuss how we can help you in more detail please contact us.
VAT
Value Added Tax is one of the most complex and onerous tax regimes imposed on business - so complex that many businesses inadvertently overpay or underpay VAT. In addition the complexity means that valuable in house resources could be deployed elsewhere in the business.
The ever widening scope of VAT, the constant stream of detailed changes to the regulations, and the ever growing demands of Customs and Excise call for a trained professional eye to ensure that you do not fall foul of the regulations and do not pay more VAT than you need to.
We can provide you with a cost effective VAT service, which includes:
- Preparation of VAT Returns.
- Assistance with VAT registration.
- Advice on VAT planning and administration.
- Use of the most appropriate scheme.
- VAT control and reconciliation.
- Day to day advice on matters as they arise.
If you wish to know more about our VAT service or would like to arrange a free initial meeting in order to discuss how we can help you in more detail please contact us.
PAYE
As the legislation governing PAYE and NIC becomes more complex, it is possible that errors or omissions are made which could lead to further enquiries from other Revenue Departments or a full PAYE investigation. All errors discovered on PAYE Audit and Compliance visits are reported to the Inspector dealing with the taxation affairs of your business and that Inspector has the legislative authority to launch a full investigation into your own and your business tax affairs.
Our payroll services can accommodate all your payroll requirements, ensuring that your PAYE is always accurate. We will also prepare your end of year Returns and make certain that you meet all your compliance obligations.
P11Ds and P11D(B)
As part of our Payroll Services we can undertake the preparation of forms P11Ds and form P11D(B) and calculate the Class 1a liabilities and submit these to the Inland Revenue within the statutory time limits.
We can also provide advice as to pay packages involving benefits in kind to minimise tax and NIC wherever possible.
Individual
The inception of self assessment for individuals and partnerships has brought increased burdens on all taxpayers as it is now your legal obligation to meet the deadlines imposed by the legislation and avoid unnecessary fines and interest charges.
At Carroll & Co our staff are highly experienced professionals in this field and we can help you to meet all of your tax obligations whether you are a private client, a sole trader, a partnership or a Company Director.
Our range of services includes the following;
The preparation of personal, partnership and trust returns together with tax computations and corresponding with the Revenue and dealing with any enquiries under the self assessment legislation.
- Tax efficient remuneration planning.
- Planning advice on disposal of chargeable assets to maximise Taper relief and utilisation of roll over and hold over reliefs.
- Planning advice in respect of tax savings schemes, e.g. Enterprise Investment schemes etc.
- Pension planning.
- Inheritance tax advice.
- Advising sole traders and partnerships on their business structures and planning incorporation if it is tax advantageous.
- Stamp Duty and Stamp Duty Land tax.
If you wish to know more about our tax service or would like to arrange a free initial meeting in order to discuss how we can help you in more detail please contact us.
Business
A client focussed approach
In response to requests by clients for a more pro-active approach to business matters by their accountants, Carroll & Co has developed a team of business advisers who meet at regular intervals to discuss your business affairs. The role of the team is to assess where improvements, savings or general advice might be of strategic or practical benefit.
Bookkeeping
We can relieve you and your staff of an enormous burden by taking care of all your bookkeeping and accounting needs through our flexible and reliable outsourcing service, which includes:
- Basic data entry
- Production of regular reports
- Debtor and creditor listings
- Supply ,of and training, in Sage software
- VAT returns
Accountancy
Whilst annual accounts are required to meet your business’ statutory obligations, if they are prepared in a timely and economical way, they can provide valuable information for decision making.
We actively manage the timing of the accounts production process to ensure that you meet your statutory responsibilities and through this information, take advantage of early tax planning opportunities.
If you wish to know more about our Accounts preparation service or would like to arrange a free initial meeting in order to discuss how we can help you in more detail please contact us.
Management Accounts
Up to date and current financial information is often key to the smooth running of your business. We offer monthly or quarterly management accounts to businesses where it is impracticable to generate these valuable reports in house.
In addition we can assist you to get the best from your existing in-house accounting solutions to aid management reporting.
If you wish to know more about our Management Accounts service or would like to arrange a free initial meeting in order to discuss how we can help you in more detail please contact us.
Business Start Up Services
Starting up your own business is a big decision to make – it carries many benefits but also an equal number of risks. However with careful pre-planning many of the risks can be minimised.
Many of our established and loyal customers have been with us since we helped them start up in business several years ago.
Most people who start up in business do so because they have a good business proposition and the enterprise and commitment to see it through, not because they are experts in the legal, financial, and fiscal aspects of running a business.
Indeed, these matters can often seem daunting, and even off-putting, to the budding entrepreneur. The good news is that you do not need to be an expert in these fields to succeed in business. All you need is the support of a team of trained experts. That's where we fit in. Bring us your business ideas and we'll help you to evaluate them in a constructive and realistic manner. We can help you:
- Decide on the most suitable structure for your business - sole trader, partnership, limited liability partnership or limited company
- Prepare a business plan, cashflow projections, budgets, and trading forecasts
- Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
- Establish a good working relationship with your bank
- Complete any registration procedures with Companies House, Inland Revenue, or Customs and Excise
- Deal with company secretarial issues
- Set up a recording system for your internal use and for complying with statutory requirements
If you wish to know more about our business start up service or would like to arrange a free initial meeting in order to discuss how we can help you in more detail please contact us.
Company Secretarial Services
Every new or established limited company has to comply with the statutory requirements of company returns.
Our team specialises in all levels of Company Secretarial services and high level consultancy. This means your business can be assured of a competent response to your compliance needs at all times.
We don’t believe that you should have to source expertise and information from different company service providers which is why we have developed a complete range of solutions – whatever your needs may be.
Payroll Bureau
Most businesses will agree that managing the payroll and understanding the ever-changing legislation that affects this function of your business is frustrating and time consuming.
We can provide you with a complete payroll solution.
The business benefits to you are simple
- Outsourcing your payroll means you don’t pay any in-house costs
- Our payroll team are experts in their field and understand the commercial and technical requirements of your business and provide a personal service
- Our service is always on time and is always accurate
- Our service includes the year-end documents you need without an additional charge
We take the worry out of handling payroll arrangements by providing your business with an efficient and expert personal service
We can also give you the added protection and benefit of professional advice through our hotline service as part of our service.
If you wish to know more about our Payroll service or would like to arrange a free initial meeting in order to discuss how we can help you in more detail please contact us.
Invoice Details
All invoices should clearly state that this is what they are with the word 'invoice'.
They should also include the following:
- a unique identification number
- your company name, address and contact information
- the company name and address of the customer you are invoicing
- a clear description of what you are charging for
- the date the goods or service were provided (supply date)
- the date of the invoice
- the amount(s) being charged
- VAT amount if applicable
- the total amount owed
In addition, if you are a limited company, sole trader and/or VAT registered, the law requires you to provide certain information on any invoices you send to your customers.
You can also add additional information to your invoices as you see fit to avoid delays in them being approved for payment.
Limited companies
Limited companies must have the following additional information on their invoices:
- the full company name as it appears on the certificate of incorporation
- any business name used in your business
- the company registration number
- an address where any legal documents can be delivered to you if you are using a business name
Limited companies may include the names of the directors on their invoices. However, if you are going to publish this information on your invoices, you must include the names of all directors.
Sole traders
A sole trader must have the following additional information on their invoices:
- any business name being used if the surname of the sole trader is not being used
- an address where any legal documents can be delivered to you if you are using a business name
VAT details on invoices
If you are registered for VAT, whether the business is a limited company or a sole trader, you must also put the following information on your invoices:
- a unique and sequential identifying invoice number
- the date the invoice is issued
- your customer's name and address
- your business' name, address and VAT registration number
- date of supply to the customer
- a description sufficient to identify the supply of goods or services
- the quantity of the goods or services with a unit price - excluding VAT
- the rate of VAT per item
- the total amount of VAT amount owed without VAT added
- the total amount of VAT
If you are selling to an individual customer or a non-VAT registered company in another European Union (EU) country, you must pay VAT. However, if the customer is a VAT-registered company in another EU country, you do not charge VAT, but you must:
- obtain and show your customer's VAT number (including the two-letter country prefix) and your own VAT number on your VAT sales invoice
- send or transport the goods to your customer within three months, or six months if the goods need processing before being sent
- keep valid commercial evidence that the goods have been removed from the UK within the correct time limit
Your evidence can include a number of different documents - eg the customer's order or your sales invoice. It must clearly identify the:
- supplier
- transporter of the goods
- customer
- goods and their accurate value
- mode and route of transport
- EU destination
If you cannot fulfil these conditions, you will have to pay VAT at the appropriate UK rate. It's best to set up records and invoice correctly for VAT from the time your business starts. You may find it useful to set up a pro forma invoice. A pro forma invoice can be an invoice drawn up by you and sent to the buyer to confirm the details of a contract, or a polite reminder to the buyer that a debt will be due for payment.
Located in Sutton Coldfield we are an independent firm of Chartered Certified Accountants, business advisers and tax specialists