Small Business Accounting | PayStream

We can prepare your company’s accounts for you to review. We’ll highlight anything you need to be aware of so you’re on top of your companies financial position.

Once you’ve discussed your accounts with your dedicated accounts team we’ll get them submitted  to Companies House on your behalf.

At some point you may wish to pay a salary from the business; this might be to remunerate yourself as the company director for your work or, as the company grows, to other employees. However, running payroll can be complicated.

Our payroll processing service will ensure you comply with legislation such as national minimum wage, employment taxes and RTI submissions. We can support you in preparing your employees payslips as well as making those RTI submissions to HMRC.

Your dedicated accounts team can also advise you of the total tax to withhold from your employees’ payslips as well as how and when this needs to be paid over to HMRC so that you never need to worry about late payments.

Any company which generates turnover in excess of £90,000 in a 12-month period is required by HMRC to register for VAT. However even for those which aren’t, there may still be benefits to becoming VAT registered.

Your dedicated accounts team will assess your company’s individual circumstances with you. They’ll advise of the pro’s and con’s to becoming VAT registered so you can make an informed decision. Not only this, but your team can also help you to navigate the different VAT schemes available and which ones your company might be eligible to utilise.

If you decide VAT registration is for you, your dedicated accounts team can calculate your VAT liability to review ahead of you submitting this to HMRC.

Make paper records and complicated spreadsheets containing all your companies expenditure a thing of the past with Cloud Accounting software.  You can set up a bank feed into the software from the company bank account meaning transactions are uploaded to the software automatically giving you real time information about your company’s financial position.

This helps to stay on top of all your company finances and know the exact amounts of profit, costs at all times as well as have an overview of debtors and liabilities.

It also means that your dedicated accounts team have immediate access to your company’s financial position, so they can provide more meaningful advice around things like tax planning and business expenses, as it will be based on up-to-date financial figures.

At PayStream, we can suggest the cloud accounting software that would be right for your business as well as train you on how to use this. We already work with many of the most reputable software providers on the market including FreeAgent, Xero and QuickBooks.

As well as the services listed above, we can also tailor your service to include any other administrative and support services that your company might need. Such as providing a reference for employment or financial purposes, using PayStream’s address as your company’s registered office address or the submission of the annual confirmation statement to Companies House, to mention but a few.

We can also provide support with company closure work, including advice around the tax implications of extracting any retained profits from the company.