0800 073 73 76
Penn Accounts 197-199 City Road London EC1V 1JN
Expert tax accountants; specialists ensuring that you only pay the tax that you must.
Go to Company Tax
Solution orientated Accountants for your individual taxation needs, saving you money. Go to Individual Tax
Fully compliant year end accounts prepared swiftly accurately and on time - every time.
Go to Year End
Welcome to Penn Accounts
The financial affairs of an individual tax payer and companies alike are becoming more and more complex, confusing and unnecessarily burdensome.
At the same time, failure to effectively manage your own or your companys tax affairs can lead to a potential overpayment of tax and even worse, punitive tax penalties.
At Penn Accounts, our objective is to provide you with expert accountancy advice, at each step in the financial cycle, keeping you fully informed and abreast of taxation developments in ordinary English at all times.
Accountancy made simple
Your approachable payroll bureau providing for all your payroll needs quickly and accurately.
Go to Payroll
Joined up holistic bookkeeping services - helping you keep on top of your paperwork and tax administration
Go to Bookkeeping
Making sure you complete your VAT returns on time accurately and with the minimum of fuss.
Go to VAT Returns
Company Tax
Often very little consideration is given to the structure of a new venture when in fact deciding whether a new business should be a sole trader or partnership or a corporate body such as limited company are crucial and possibly as crucial as the business you intend to conduct.
Should you start simple - on your own, with the risks and rewards all on you own shoulders or should you share the burden with someone you already know and can work with?
Penn Group will offer professional advice in the areas of accountancy, taxation, law and financial services - Advice which will be relevant, practical and useful to all who run a business
What Next?
Once you have chosen the right business vehicle for you - most businessmen and women will jump headlong into sales and focus on getting the cash in, which let's face it , are very important to the very survival of a business.
However, serious consideration needs to be given to more fundamental issues.
Ensuring that your accounting systems and processes - your accounting methodology - is vital to ensuring that you dont fall apart later. If a system is put in place, which can be as simple or as sophisticated as your business needs at the outset with the support and guidance of your accountant, then when the orders do start rolling in, you wont have to worry about what stock is to be paid for or who owes you money etc.
Expanding
Sometimes turning to your trusted accountant to look at the product cycle and why there is a sudden influx of new business may reveal some hidden nuggets of information. It may seem that the advertising that you did six months ago is now starting to pay dividends and that is why the order books are full.....or perhaps it could be that the sales team are over discounting to meet targets for example?
Getting comparative information from our proactive accountants may show that all is not what it seems. Money therefore that may have been spent on further advertising in the future would be well diverted elsewhere. Profitability could increase by preventing heavy discounting - full order books do not mean profit always.
Individual Tax
Many individuals are in employment and pay tax through their employer under the PAYE scheme . Others however, do need to think carefully about taxation issues, such as self employed individuals, partners in a business and contractors.
Failure to manage your personal tax affairs properly leads to levels of stress that can affect your work, your home life and relationships. Penn Accounts can make sure that this does not happen.
By carefully managing your tax affairs, you can be assured that the tax you must pay is paid on time every time and only the tax that must be paid is paid and not a penny piece more. Whats more, in certain circumstances we can also help you to reduce your tax liability by careful planning.
Benefits in kind "perks"
You may for example receive benefits in kind or perks from your employer such as:
A Company Share Scheme
A Company Savings Schemes
A Company Pension Schemes
There are complex income tax and capital gains tax implications from all of these incentives and it is always imperative that you seek sound accountancy advice when dealing with such matters.
Contractors
As well as having clients in various industries such as construction and security, our speciality lies in dealing with the accounting needs of I.T. Contractors too.
A significant number of our clients are from this sector as we provide a tailor made service to suit their needs. We have an excellent team passionate about keeping your affairs in order and minimising your tax liabilities.
Due to our experience of dealing with contractors, you can feel safe in the knowledge that we understand how your industry works, and highlight the savings that can be made particular to your industry. Our years of experience in these fields will be put to your advantage.
Year End Accounts
All businesses are required to prepare annual accounts for submission to HMRC. If you are a limited company you will also be required to file accounts with Companies House.
The year-end financial statements are the most important reports you will need to get prepared. They will be used for tax preparation, future reference, and decision making more so than any other monthly reports you are likely to have. For that reason we believe it is essential that you choose a good Accountant to make sure you are correctly reflecting accurate information.
The year end accounts also provide invaluable information about your business and are particularly useful if for example you require:
a) Proof of income to support mortgage applications
b) Evidence for a prospective lender that the business is viable and able to support business loans
c) To show to a prospective purchaser of the business that this is a viable business and to help establish the asking price
That means that the information contained in your year end accounts should be presented in the best light.
As we are proactive, whilst we are preparing your year end accounts, we will also advise you on how to strengthen your record keeping procedures which in turn will assist you in managing your affairs, including the cash flow of the business when prepare your following years year end accounts.
We want your business to succeed - and by helping you to identify trends in your accounts, is one fof many ways in which we can help.
We enjoy making recommendations for the future which become apprent to our trained eyes when we are in the process of finalising your accounts helping you and your company to be as efficient as possible.
A good accountant will also be looking for potentially missed opportunities, we know we do for all our clients thus making the year end not justa dull process that you must go through but an experience from which to learn and grow.
We believe that we are not just your chosen accountants, but your in house business advisors.
Payroll Services
If you employ staff, you have to arrange for their salaries, and bonuses and commissions to be paid at the end of the week or month or year. You also have to deal with sick pay, maternity pay, student loans and government incentives like Child Tax Credits every time you pay your staff.
This means that you will more than likely employ a member of staff who is familiar with all the current laws and tax rules so that you do not over pay your staff for obvious reasons, but also do not under pay your staff so that they do not take you to court for an unlawful deduction of wages.
Employing such a staff member can be costly and time consuming.
A payroll service sorts all this out for you. It's an outsourced solution where a qualified and experienced payroll team replace the need for you to have specialist staff to pay wages for your staff, for a fraction of the cost.
Our payroll team is dedicated to dealing only with your payroll issues. It draws on its vast experience in such matters and on the experience of its accountants to ensure that you only pay what you have to pay. What's more, we ensure that you are paying in the most tax effective way which could in fact save you money.
We also rely on our sister law practice, Penn Chambers to provide us up to date information on employment law and the impact of that on your payroll and business to ensure that you don't fall foul of the often complicated tax rules and employment legislation.
We understand that every organisation is different and we provide a range of payroll solutions such as a full or partially outsourced service and in-house payroll software support and advice to ensure that the solution is the best one for your organisation.
We then continually evaluate the solution proposed to ensure that it remains the best solution when things change in your company. It gets rid of that headache for you so you can concentrate on what you do best....... run your business.
Using the latest systems, our highly qualified payroll team provide a practical, affordable solution for all your payroll outsourcing requirements, whatever the size of your business.
Bookkeeping
As a business owner it is your responsibility to make sure you keep accurate records and accounts. Businesses need accounts for two reasons:
a) To enable the owners and managers of the enterprise to manage, control and assess the performance of the business
b) To satisfy the tax authorities that they have paid the right amounts for each tax
At its simplest you will require a cash book to record all receipts and payments. If you give credit you will need a sales ledger to keep track of all invoices raised and when you receive payment. If you buy on credit a purchase ledger to keep track of the amounts you owe your suppliers.
There are many simple accounts and software packages available to help keep accounts which are adequate for management and tax purposes. It is good practice to let an accountant check your accounts and tax return.
An accountant will make sure you claim all allowable expenditure and pay the least amount of tax. If you fail to declare and pay the correct amount of tax you will be committing an offence.
New businesses can benefit from a variety of tax allowances and relief's which can reduce the tax bill. But you won't automatically receive these tax advantages, you need to find out what you can claim and then apply for them.
Contact us and let us show you how we can help you save tax. We are here to help.
The main functions most of our clients ask us to manage are the following:
1. Sales ledgers
2. Purchase ledgers
3. Nominal ledgers
(Wages and wages ledgers are usually dealt with by the payroll team)
We also deal with the following should you require:
1. Invoice processing
2. Receipt recording
3. Bank reconciliation
4. Depreciation Journals
5. Interest Journals
VAT bill that they had not anticipated and are completely unable to pay.
Instructing Penn Accounts to manage your VAT affairs, we believe is crucial to reducing your stress, confusion over what can be very complex rules and indeed ensuring your companys survival.
You must register for VAT if your turnover for the previous 12 months is over a specific limit - or if you think your turnover may soon go over this limit. You may register voluntarily at any time. There are a few exemptions from registration.
VAT is charged by someone who is registered for VAT - a "taxable person" - on:
1.goods and services sold or otherwise supplied (eg barter) in the UK
2.goods, and some services, imported from places outside the European Union (EU)
3. goods and services coming into the UK from other EU countries .
For items which are standard rated or reduced rated for VAT, VAT is charged to the buyer (output tax) by the VAT-registered seller. This VAT is reclaimed by the VAT-registered buyer (input tax) after goods and services are purchased.
If you are registered for VAT, generally you charge VAT on ALL your business sales and reclaim it on your business purchases. The difference between the VAT you charge and the VAT you are reclaiming is the amount of VAT you must pay to HM Revenue & Customs (HMRC). If the value of the VAT you reclaim is more than the value of the VAT you charge, then HMRC pays you.
If you are not registered for VAT, you do not charge VAT on your sales. You still pay VAT on your purchases and you cannot reclaim this.
VAT Returns
For most, the thought of VAT fills them with dread a business often finds that being VAT registered makes their customers think that their products and services are more expensive and the VAT payable somehow always seems to be too high or too difficult to pay.
Individuals also often misunderstand that the receipts of VAT are simply passed on to the tax authorities and not a source of income to your business.
Either way, VAT issues require superior handling the VAT authorities (HMRC) are not the kindest organisations and that makes VAT compliance issues that much more important. Time and time again we act for companies that are sound, which in fact suffer horrendous consequences or even fold because they receive a high VAT bill that they had not anticipated and are completely unable to pay.
Limitation Of Liability
This website has been prepared with the aim of providing general information only. It is not intended in any way whatsoever to provide legal advice, accountancy advice, financial services advice or mortgage advice. You should not rely on any of the information contained in this website in any way whatsoever and should always take professional advice before taking any course of action in relation to your personal affairs especially in relation to, but not exclusively, legal, accountancy, financial services or mortgage matters.
Owing to the nature of the Internet we cannot guarantee that this website or the websites to which it is linked will always be available to users. You should ensure that you have appropriate protection against viruses and other security arrangements in place whilst using the Internet.
Although every reasonable effort has been made to ensure that the information on this website was accurate at the time of publication, it is subject to variation at any time without notice and we do not give any warranty that any such information will be accurate or complete at any particular time or at all.
This website and any information or other material contained in it are made available strictly on the basis that you accept it on an 'as is' and 'as available' basis. Where you rely on any information or other material contained in it, you do so entirely at your own risk and you accept that all warranties, conditions and undertakings, express or implied, whether by common law, statute, trade usage, course of dealings or otherwise in respect of this website are excluded to the fullest extent permitted by law.
We exclude all liability whatever, to the fullest extent permitted by law, in respect of any loss or damage resulting or arising from any non-availability or use of this website or of any other website linked to it, or from reliance on the contents of this website or any material or content accessed through it.
Professional Details
Please note Penn Chambers is NOT regulated by the Solicitors Regulation Authority. The Individual Solicitors are INDIVIDUALLLY regulated by the Solicitors Regulation Authority. No other companies within the Penn Group of Companies are regulated by the Solicitors Regulation Authority.
Please note that ONLY Penn Mortgages Limited (FSA registration number 473059) is an appointed representative of Mortgage Next Network (FSA registration number 300866) which is authorised and regulated by the Financial Services Authority. No other companies within the Penn Group of Companies are regulated by the Financial Services Authority (save Penn Financial in a different capacity as stated immediately below).
Please note that Penn Financial is the trading name of Penn Financial Limited. Penn Financial is an appointed representative of Sage Financial Services Limited which is authorised and regulated by the Financial Services Authority. No other companies within the Penn Group of Companies are regulated by the Financial Services Authority (save Penn Mortgages in a different capacity as stated immediately above).
No other companies within Penn Group are professionally regulated.
Business Name
Penn Accounts is the trading name of Penn Accounts Limited. Registered in England number 06242712 and whose Registered Offices are at 197-199 City Road London EC1V 1JN.
Penn Accounts Limited VAT Registration number is 925 6732 07
Complaints
We aim to provide all our clients with a quality service throughout the life of their case and even beyond. There are rare occasions where we do not get it right and we aim to address all complaints swiftly and fairly.
If you are dissatisfied with the quality of service that you have received in any way, then please do let us know. We welcome the feedback, which in turn helps us to improve the quality of our service to you. Each company deals with complaints in a different way depending on whether they are regulated by a professional body. Please go to the "Info" page of the compnay that you have cause to complain about for details as to how you can complain.
If in the unlikely event you have a complaint regarding Penn Accounts you can:
a) Request our Client Care Report at any time, complete it and return it to us or
b) E-mail the client care team at clientcare_penngroup.co.uk or
c) Write to us at Penn Accounts 197-199 City Road London EC1V 1JN.
About News Articles
Welcome to our News Articles pages.
On each page you will find a brief summary of the main article in question. If you wish to read the whole article - feel free to download the PDF.
You can download as many of the Articles that you wish all completely free of charge.
If you would like to see an article written about a topic of interest to you which you feel may benefit others, please do not hesitate to contact us.
Of course, we are sure that you will appreciate that the Articles are meant to provide information only and may not be appropriate for your individual circumstances. You should always consult us before taking any course of action.
Happy reading.
Employed or Self Employed?
Fusce tempor arcu ac urna. Fusce congue eleifend mi. Pellentesque metus sem, elementum eu, rhoncus sed, gravida sit amet, nulla. Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean condimentum, odio quis pharetra dignissim, diam nisl dignissim diam, eu interdum magna erat sit amet felis. Etiam non felis at urna tempus luctus. In ullamcorper nisl congue elit. In convallis nibh vitae justo. Quisque ac lectus vitae sem consequat sagittis. Donec turpis nisi, feugiat sollicitudin, fermentum
T
Setting Up - What To Look Out For
VAT Made Simple
Please bear with us whilst we update our news articles
It will be worth the wait. Promise.
Setting Up - What To Watch Out For
Penn Accounts
Fourth Floor
197-199 City Road
London
EC1V 1JN
Click the PDF icon to download our FREE brochure
Main Switchboard - 0844 257 8130
Main fax number - 0844 257 8131
Quick Links
Client Proteus Log In | Staff Mail Login | Second Storage Login | Terms of Use
© 2010 Penn Tech Limited | This website was last updated on 17 November 2010 | A full list of Directors for each company is available for inspection at the Registered Office at 197-199 City Road London EC1V 1JN
