Fast Accounting

Bookkeeping is the foundation of accounting, involving the recording of all financial transactions, such as sales, purchases, and expenses. Our bookkeeping services comprise tracking your business' income and expenses accurately, which is essential for understanding your business's financial health and making informed decisions. Essentially, our bookkeeping uses the raw data from your business which is then used to create your accounts, analyze your company's performance and keep your business compliant.

Our payroll services involve tracking hours worked, calculating wages, deducting taxes and other withholdings, and generating payslips for your staff. Payroll services can be handled in-house or outsourced to a specialized provider. We provide the following:
• Accurately determining the gross pay for each employee based on hours worked, salary, bonuses, and other compensation.
• Calculating and deducting the correct amount of income tax, social security, and other taxes from employee payslips, as well as remitting these taxes to the relevant government agencies.
• Managing other deductions such as health insurance premiums, retirement plan contributions, and garnishments.
• Creating and distributing pay slips (or direct deposits) to employees, either electronically or via paper cheques.
• Maintaining accurate records of employee compensation, deductions, and tax payments for reporting and auditing purposes.
• Ensuring compliance with local labour laws and regulations related to payroll, such as minimum wage, overtime pay, and tax reporting requirements.

There are a number of steps that an individual must undertake to successfully file their Self Assessment tax return and to pay any tax and National Insurance that’s due. We specialise in working with individuals to file their Self-Assessment with HMRC.
We can help you register for self-assessment and complete and file your self-assessment tax return. To complete and file their tax return, sole traders and partners will need various pieces of information, including:
In order to file your self-assessment correctly, we would need the following:
Your UTR number
Records of income
Records of expenses
Records of invoices
We have fast turnaround times.

Tax filing serves multiple purposes, both for taxpayers and governments. It ensures that taxpayers pay the correct amount of taxes based on their income and circumstances. For governments, tax filing provides the necessary data to assess the effectiveness of fiscal policies and allocate resources for public services.
Fast Accounting is an HMRC agent and provides tax filing services to facilitate:
1. Compliance: Proper tax filing ensures compliance with local and national tax laws. Failure to file taxes accurately or on time can result in penalties, interest, and potential legal consequences.
2. Tax Refunds: Filing taxes accurately may result in tax refunds for individuals and businesses if they have overpaid during the year. By filing your accounts, we ensure that any excess tax payments are returned promptly.
3. Avoiding Penalties: Missing tax filing deadlines or underreporting taxes can lead to costly penalties. By filing taxes correctly and on time, taxpayers we help you avoid unnecessary financial burdens.
4. Tax Deductions and Credits: Filing allows taxpayers to claim applicable tax deductions and credits. These can significantly reduce the amount of taxes owed, providing financial relief and encouraging behaviours such as investment, education, and charitable donations.
5. Record Keeping: Filing taxes creates a documented record of income, deductions, and taxes paid. This documentation is important for future reference and necessary for things such as loan applications, visa processing, or audits.