The accountants at Roger Smallman & Co Ltd specialise in small business accountancy. We offer both fledgling and established businesses in Southampton, Eastleigh, Romsey, Winchester and elsewhere in Hampshire services including accounts preparation, corporation/capital gains tax filings, payroll management, and VAT returns.
On this page, we’ve looked to provide some more information on how our chartered accountants can help you improve your cash flow, reduce your tax liabilities, adhere to all legislation relevant to your industry and keep your business running smoothly. But if at any point reading the below you believe talking with one of our accountants would be the best way forward, don’t hesitate to call us right away on 023 8022 2215.
Accounts Preparation – Preparing your business’s annual accountants can be a stressful and time-consuming experience. That’s why so many SMEs around the Hampshire area, including many in Eastleigh, Winchester, Romsey and our hometown of Southampton, choose Roger Smallman & Co Ltd to do it on their behalf. Whether you’re a sole trader or run a limited company, choose our accountants for peace of mind, knowing your annual accounts will be 100% accurate and submitted on time. We take a distinctly bespoke approach to the preparation of accounts, as each and every business we work with is different. Our friendly and approachable team will explain the process to you in simple, easy to understand terms, and help you secure every document/record needed to form your accounts.
Business Taxation Services – Roger Smallman & Co Ltd offers limited companies and sole traders around Hampshire a range of services covering all aspects of business taxation. This includes the preparation and submission of tax returns, and the ongoing management of all your tax affairs to minimise the amount you pay in a fair and legal fashion. Our business taxation services cover:
• Corporation tax
• Capital gains tax
• Income tax
• VAT returns
• Business rates
• National Insurance
Self-Assessment – If you’re one of Southampton, Eastleigh, Romsey, Winchester and wider Hampshire area’s many self-employed, you must complete a self-assessment tax filing annually. While you do not necessarily need the assistance of professional accountants to do this, we can help you identify ways in which to minimise your tax bill. As well as potentially saving you a significant sum of money, having chartered accountants handle your self-assessment saves you time and effort. We’ll take a load off your shoulders by putting the filing together on your behalf, and handling any communications with HMRC.
VAT Returns – Businesses of all sizes must complete VAT returns every three months. These record your total sales and costs, the amount of VAT you owe, the amount you can reclaim and the amount you are due to be refunded. Whether you’re a new business in Eastleigh or Winchester, or a long-established business in Southampton or Romsey, having chartered accountants handle your VAT returns saves you time you can better use on the running of your business, and ensures you don’t pay the taxman a penny too much. We can even figure out if you’re due money you didn’t know you were owed.
PAYE – Standing for Pay As Your Earn, the PAYE system allows employees to automatically pay any owed tax in their payslip each month. While the system is convenient for employees, business owners setting up PAYE up can find it extremely confusing. You have to register with HMRC, set up a payroll system, get a hold of employees’ P45s, send out payslips and then transfer the PAYE payment to HMRC by a set date. On top of this, whenever new employees join you have to add them to the system. By having our accountants set-up the PAYE for you, you’re ensuring the process is as painless as possible. We’ve assisted countless Winchester, Eastleigh, Southampton, Romsey and Hampshire businesses through the process, and will ensure you don’t fall on the wrong side of the law (PAYE is mandatory for the vast majority of employers).
Capital Gains Tax – When you sell assets (anything from a painting, to a home or musical instrument) that have increased in value, you may be required to pay capital gains tax on the profit you make. There are certain situations where you don’t have to pay capital gains tax, and you have a tax-free allowance of £11,500. We can help you determine whether you are required to pay this levy, and if so, calculate the exact amount you owe. Our chartered accountants will bring you up to speed with the tax, and attempt to find a way to either minimise your exposure to it, or make you altogether exempt from it.
Corporation Tax – Limited companies making yearly profits of under £300,000 are obliged to pay a 20% tax on said profits. Obviously to pay this levy you need to calculate how much profit your company has made and how much tax you’re liable to pay, as there are certain forms of relief that are available in certain situations. Our accountants can ensure that your corporation tax filing is accurate and submitted on time.
Bookkeeping – Whether you’re self-employed or run a business in an area of Hampshire like Winchester, Southampton, Romsey or Eastleigh, it’s important to keep your accounts in order (up-to-date and accurate). But not everyone has time to do this alongside running their business, or if you’re self-employed, finding and completing new work. Likewise, not many can afford to employ dedicated, internal accountants. Enlisting chartered accountants to keep your books is the ideal solution. We’ll ensure your accounts are in perfect shape, and whenever you require financial advice, be on hand to issue our expert opinion.
Payroll Management – As a business expands, so does its payroll. While you may find it easy to manage your payroll to begin with, enlisting accountants to handle it as it grows can pay dividends. Not only will you be able to concentrate on leading your business into further prosperity, but you won’t have to worry about someone on your payroll being paid too little, too much or not on time.
eCommerce Accounting – These days, more and more established businesses are launching online stores. Similarly, many people around Southampton, Eastleigh, Romsey, Winchester and wider Hampshire who’ve not launched a business venture before are making a living from plying their wares online, via eBay, Amazon and similar online marketplaces. If you fall into one of these two camps, our accountants can help ensure you comply with both national and EU eCommerce regulations, and file correct VAT returns when required.
Start-Up Advice – Starting up a business is an exciting prospect, but it can also be a nerve wracking one. Having a team of expert accountants on hand to help you start-out can be the difference between success and failure. By advising you on regulations you should be aware of, and the ins and outs of running a business on a financial level, we’ll help you navigate the treacherous early years and emerge on the other side, a strong and successful company. Many of the start-ups we’ve worked with around Hampshire, including notable examples in Winchester, Romsey, Eastleigh and Southampton, have gone on to great things, and we can help you do the same by cutting through the red tape and providing expert advice whenever you require it.
Business Plan Preparation – It’s not just starting a new venture that can be nerve-wracking, so is pushing an established business to the next level of growth, through the execution of a quality business plan. But forming a business plan isn’t always as simple as it might first seem. There are margins to consider, legal concerns and market conditions – many different things that act as hurdles/barriers. Consult with our chartered accountants, and we’ll help formulate a realistic and effective business plan that ensures you realise your goals.
Pensions – If you run a limited company and are looking to set-up/run a pension scheme for your employees, or if you’re a sole trader who needs assistance with finding a suitable scheme to make regular contributions to, then our chartered accountants can help. We can guide you through all the new pensions rules and navigate help you navigate the red tape. This includes aiding your transition to auto-enrolment, which has been made the mandatory pension system for all UK companies. When you need to make the jump by depends on how many employees your company has. We’ll also help you calculate how much you should be contributing to each of your employees’ pension pots, so you don’t end up paying too much or too little. Confused about the process and what your legal obligations are? Contact our team today.