I Sumar & Co

Company secretaries are responsible for ensuring that you company complies with financial standards of corporate governance. They act as a point of communication between the company and shareholders, reporting in a timely and accurate manner on company procedures and growth.

We can provide you with peace of mind and free your time by carrying these duties for you and make sure these duties are carried out on time.

Company formation
Annual returns and annual accounts are filed on time
Communication with your suppliers
Maintenance of statutory records
General advice on company law

This is a crucial part of any business organisation which allows businesses to collect information on a timely and an accurate basis. This enables the firm to prepare financial information to provide reliable and accurate information of the business performance to the management in order to simplify up-to-date decision making.

Depending on your requirement we can do this at your offices or at ours.

We would work with you to understand the business and tailor our approach to your requirements so your business gets exactly what is required. We would provide interpretation of the information to help you understand your business more closely and compliant.

We can also provide you with management accounts on the monthly or quarterly basis. We will give you access to the system to see the progress of your company and download any reports required.

PAYE is the system of income tax that requires employers to deduct income tax and National Insurance Contributions from employees. The Pay As You Earn (PAYE) system requires employers to remit the deducted amount to HMRC.

We can help you manage payroll on weekly or monthly basis and help you with compliance with the HMRC requirements. Our staff are well trained and would handle all the matters such as:

Starters (P60s, P45s) and leavers (P45s)
Update tax codes for your employees
Electronic Payslips (this can be sent directly to you or to each staff)
RTI Submission to HMRC
Advice you on PAYE liability and methods of payment and deadlines
Record maintenance for Holidays and Sickness for each employee

Ever changing regulations and the growing demands of HMRC mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with the regulations and that overpayments are not made. To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes:

Assistance with VAT registration
Advice on VAT planning and administration
Use of the most appropriate scheme
VAT control and reconciliation
Help with completing VAT returns
Planning to minimise future problems with HMRC

Management accounting combines accounting, finance and management with the leading advantage systems needed to drive successful businesses.

Regular management information is vital to the continued success of any business. We will work closely with you to get to know your business so we can make suggestions to help improve profits and grow your business.

We will prepare management accounts monthly or quarterly based on your requirements to ensure you always have reliable and accurate information to understand the position of your business.

A period that a company uses for accounting purposes and preparing financial statements. Every incorporated business has to submit year accounts to company’s house and HMRC. We will liaise with you every step of the way to keep all of the records up to date so nothing is left for the last minute.

We provide accountancy for soletraders, partnership and limited companies.

We will help you by:

Analysing company records
Bank reconciliations
PAYE, VAT, Debtors, Creditors & Cash control account
IXBRL accounts production
Companies House and HMRC submissions

An audit is the inspection of the financial report of the business – as presented in the annual report – by someone independent of that business. The financial report includes a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes.

The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the business at a given date such as:

Details of what is owned and what the business owes are properly recorded in the balance sheet
The business profits or losses properly assessed
We will help you by:

Checking of the financial reports.
We follow auditing standards which are set by a government body.
Once the audit work completed your business will get an audit report, explaining what has been done and an opinion drawn up for the audit work
We can offer this service through one of our accredited partners and we will discuss this with you beforehand.

Today, more and more emphasis is being put on taxpayers’ individual responsibilities and everyone who is subject to taxation needs advice and support if they are to optimise their tax position and ensure they meet the compliance requirements. Our team can provide you with year-round advice on all aspects of personal taxation.

We can provide you with practical advice on personal tax positions and the planning opportunities available to you. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.

Under Corporation Tax Self-Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner.

We will also calculate your company’s tax liability and assist with the calculation of any quarterly instalment payments.

The increased reporting obligations to the tax authorities and harsher penalties for non-compliance means that your time and resources can be taken up with tax administration.

We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective corporate tax planning can also result in significant improvements in your bottom line.

Reasonable analysis of a financial situation or plan from a tax perspective, to align financial goals with tax efficiency planning. The purpose of tax planning is to discover how to accomplish all of the other elements of a financial plan in the most tax-efficient manner possible. Tax planning thus allows the other elements of a financial plan to interact more effectively by reducing tax liability.

We can offer you personal tax planning advice from one of our Tax Partners

Determining the most tax effective structure for you and your business
Taking full advantage of tax opportunities and reliefs
Achieving the optimum capital or revenue tax treatment
Reducing tax on disposals and maximising relief on acquisitions
Making the most of tax opportunities specific to your industry
Meeting the severe demands of compliance including corporation tax and self-assessment
Acting on your behalf in discussions with the tax authorities
Efficient corporate tax planning can result in potentially significant improvements in your bottom line.