-2.png?width=150&height=150&name=Logo%20Light%20Background%20-%20Inter%20font%20%20(Transp.)-2.png "Watmore and Co. Accounting Logo, Blue Shield with Three Wheat sheafs surrounded by filigree")
VAT Compliance
Our VAT (Value Added Tax) services can help you register, de-register, account for and file your VAT returns with HMRC.
We can discuss whether you need to be, should or even shouldn't be VAT registered.
What is a Partnership?
A Partnership is a business partnership between two or more people.
There will be a partnership agreement contract/document signed by all parties which dictates the percentage split of profit/loss/liability.
The partnership will have it's own UTR (Unique Tax Reference) number for tax reporting purposes and will need its own Self-Assessment done so that the profits can be split between the partners to report on their individual Self-Assessments.
The Services Available:
Construction Industry Scheme (CIS)
If you are in construction, you'll more often than not be registered as a contractor or subcontractor for the Construction Industry Scheme or CIS for short.
Bookkeeping
Bookkeeping is not only the record keeping of the transactions that happen in your business, it's also a good safety net for fraud, the compliance for accounts and VAT (Especially with Making Tax Digital or MTD for short).
The other good things you can do with up to date bookkeeping is you can run comparisons with previous months to see which months are usually busier (good to book holiday's around), where your money is coming from (which services are the most popular) and so that you can plan what you want to expand into, services you want to improve on or expenses you want to cut down on.
Payroll
The main way, before dividends to take money out of a business, is payroll. Whether it be a single director payroll or multiple employees you need to do payroll for, we can help with it.
Partnership Tax Return
A Partnership Tax Return is what determines the amount of profit there is to be split for tax purposes amongst the partners.
Very similar to a Self-Assessment tax return, there will be a nominated partner who HMRC or an accountant will work with in the partnership. The nomination of this person will be agreed between all partners.