Charted Accountancy Services
Providing Comprehensive Chartered Accounting Services
In our commitment to delivering excellence, we take pride in offering comprehensive chartered accounting services. Our experienced team
of professionals is dedicated to ensuring the financial well-being of our clients by providing a range of specialized accounting solutions. From
meticulous financial analysis to strategic planning, we cover every aspect of chartered accounting to meet the diverse needs of our clients. With
a focus on accuracy, transparency, and adherence to industry standards, our services aim to empower businesses and individuals alike, fostering
financial growth and stability. Rest assured, when you choose our chartered accounting services, you are partnering with a team dedicated to
your financial success.
Limited Company
Limited company (Ltd) is a general term for a business organization wherein owners’ assets and income are separate and distinct from the company’s assets and income, known as limited liability. A limited company is a specific legal entity that is either “limited by shares” or “limited by guarantee” in its ownership. The finances and conduct of a Limited Company are independent of its owners.
The main differences between a sole trader/partnership and a limited company are:
- Limited companies have legal status as distinct financial entities separate from their shareholders.
- Limited companies are owned by shareholders, each of which holds a portion of the total wealth of the company.
- A shareholder is only liable for capital that they have invested in a limited company.
- Limited companies have different accounting regulations and compliance issues.
- Limited companies pay corporation tax on company profits, while the shareholders pay income tax on dividends and salaries.
- MJ Consulting eliminate the need to search for an all-encompassing accountancy firm. Our skilled tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations
Bookkeeping
Bookkeeping is the day-to-day recording of vital business information and financial activities of a business. Bookkeeping operations must be ongoing and have precise data entry; mistakes here can lead to lengthy reworks and sometimes investigation exercises that cost time and money.
Bookkeeping may not seem like a key function in any organization, yet it is impossible to carry out any other task without doing it. Bookkeeping is essential for keeping track of employee data, cash flows, and other business information.
Maintaining books and keeping ledgers up to date daily, on the one hand, is extremely important and will save you from a lot of difficulties, but it is also a tedious chore that requires a lot of time and effort from you and your stay.
To avoid this time-consuming procedure, business owners should obtain the services of a qualified Bookkeeping Accountant like MJ Consulting that understands your business operations and keeps accurate ledgers and up-to-date records on your behalf.
MJ Consulting eliminate the need to search for an all-encompassing accountancy firm. Our corporate headquarters in London provides practical and efficient solutions to all your accounting needs.
Sole Traders
Sole trader owns and operates a business by themselves, wherein the said person is personally liable for any debt or credit and any losses incurred by that business. A sole proprietorship tends to generate smaller amounts of revenue and incur lower levels of expenses than more complex types of organizations.
Consequently, it can make sense to start with the most minimal accounting record keeping that is based on the cash flows into and out of a bank account. It means maintaining separate cash receipts and cash disbursement journals and little else. It is considered a single-entry accounting system since it cannot be used to produce a balance sheet, only an income statement.
HMRC requires specific individuals to register as sole traders. Generally, sole traders register for self- employment if they earn more than £1,000 from self-employment. It is also necessary to register as a sole trader if you wish to make voluntary tax payments that will assist you in qualifying for certain benefits.
MJ Consulting eliminate the need to search for an all-encompassing accountancy firm. Our tax and finance professionals work diligently to simplify your life by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations.
VAT Registration & Returns
VAT (value-added tax) is collected on a product at every stage of its production, during which value is added to it, from its initial production to the point of sale. The amount of VAT that the user pays is based on the cost of the product, less any costs of materials used in the product that has already been taxed at a previous stage.
VAT is an indirect tax that rises in direct proportion to the rate of consumption. It’s an incremental tax placed on every product and service at each stage of its life cycle, from manufacturing to distribution to sale. It can be filed monthly or quarterly.
MJ’s team of highly qualified experts do year-round VAT reporting and prepare returns on your behalf. We will submit it online using MTD-compliant software. Our accounting software, tax experts and dedicated client managers are exactly what you need to stay compliant with HMRC’s Making Tax Digital regulations. Once you have chosen the suitable VAT scheme, we will guide you through the registration process in real-time and advise you on how to switch if you plan to move to a more tax- efficient scheme.
Our skilled tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-todate regulations.
Self-Assessments
Self-Assessment is a system Her Majesty’s Revenue and Customs (HMRC) uses to collect Income Tax. It is usually deducted automatically from wages, pensions, and savings. People and businesses with other income must report it in a tax return. It details an individual’s financial information, like earnings, expenditures, taxes, and national insurance, in a particular tax year.
Self-Assessment tax returns must be completed once a year by either 31st October (paper returns) or 31st January (online returns). Your return declares how much taxable income you have earned in that financial year and lists any expenses or reliefs you may be eligible to claim. Under the Making Tax Digital initiative, annual returns will be replaced by quarterly updates. You’ll need an online HMRC account for this purpose.
People with more than one income stream can use MJ’s Self-Assessment service to eliminate the stress of filing accurate and timely tax returns. Our Self-Assessment Specialists ensure that you pay the least amount of taxes possible by providing a quick, accurate and compliant return as part of our extremely cost-efficient service.
MJ Consulting eliminate the need to search for an all-encompassing accountancy firm. Our corporate headquarters in London provide practical and efficient solutions to all your accounting needs.