We are able to ensure your accounts are prepared in a timely and efficient manner. We work with sole traders, partnerships and limited companies and our service doesn’t stop when your accounts are delivered.
We like to meet with our clients to help them understand what their accounts mean and advise on what matters to them in the coming year; Just another added value service from P.S. May.
Personal Tax Compliance
Here at P.S. May, we understand that the completion of a tax return isn’t everyone’s cup of tea. Luckily, we love it! We can assist with the preparation of your tax return and ensure all the right details are disclosed including business income, dividends, capital gains and income from property.
We can help you understand the complex nature of the tax return and make sure the tax man is happy by ensuring the return is correct and completed well within HMRC deadlines.
Corporation Tax Compliance
Alongside the preparation of the annual accounts, HMRC require a corporation tax return each year so that’s where we come in! Our team of Tax Advisers have extensive experience in corporate tax and can complete all returns required in a timely manner.
Our team have a deep understanding of corporate tax and our aim is to make sure your business is as tax efficient as possible. We offer a complete compliance service to deal with ongoing and annual tax matters such as preparation of the annual corporation tax return, related correspondence with HMRC and advice on ongoing corporate tax matters including director’s remuneration, dividend payments and corporate structure.
Tax planning and review is at the core of our business ethos and we will undertake a detailed review of your business and its structure in order to identify tax inefficiencies. This includes making your business aware of available reliefs and tax deferment options, advising on the timing of purchases and any government schemes which may be relevant to you.
Our team of Tax Advisers and accountants have extensive experience and will help your business understand the various options available to you in order to reduce your tax burden. We do not undertake aggressive tax avoidance schemes as these are risky and rarely work but rather we seek to ensure our clients are as tax efficient as possible by taking a holistic approach to our tax advice to ensure any changes they implement have no unintended effects.
At P.S. May, we like to avoid these occurrences in the first place so our tax team is always fully compliant with HMRC legislation and ensure they are provided with all of the information they require upon submission of returns in order to minimise the possibility of later investigation. However, HMRC are entitled to investigate returns on a random basis and these enquiries are currently at record levels.
P.S. May are able to liaise with HMRC and represent their clients during the course of an investigation. We can attend meetings with HMRC and act as an interpreter so you will not be left in the dark by HMRC jargon. P.S. May have a history of reaching full and final settlement with HMRC quickly and with minimal, if any penalty. We can also advise you on the likely progression and development of HMRC investigations and the financial implications for your business ahead of final settlement.
Here at P.S. May we have extensive experience dealing with offshore tax matters so if you’re thinking of moving your business offshore, working abroad for a period or simply have a rental property in a foreign country, get in contact with the team here and we can deal with any reporting requirements or planning opportunities.
The rules regarding residence for tax are a hot topic at present and have changed multiple times in the last few years. This can be a minefield if you don’t get the correct advice. As Tax Advisers, we have an intricate understanding of the rules and regulations governing foreign residence and domicile and can help you plan accordingly and avoid the pitfalls.
Whether it’s advice on the flat rate or retail schemes or just completion of your quarterly VAT returns, P.S. May is here to help. We will constantly monitor the VAT amounts paid by your business in order to ensure that you are paying the right amount at the right time which will alleviate the administrative burden of time consuming VAT preparation and free your time up so you can concentrate on your business.
We can also assist with HMRC VAT investigations and communicate with them on your behalf.
As anyone starting in business knows, the early stages are the most important. P.S. May can assist with all the administrative requirements of setting up in business including registering with HMRC for self assessment, corporation tax, VAT and National Insurance as well as provide advice on bookkeeping methods, market analysis, payroll procedures and business finance.
P.S. May have assisted multiple start-ups in the past and continue to do so, providing assistance when businesses need it the most. Get in contact with our friendly team to ensure you receive the best guidance from the start.
Payroll & CIS
Payroll is an area of business not well understood and has become more complex with the introduction of real time information reporting to HMRC. P.S. May are here to alleviate the added pressures of processing payroll accurately and in line with HMRC regulations and deadlines. We have the knowledge and ability to manage any size payroll from 1-100 employees and aim to make the payroll procedure as smooth as possible to ensure your employees are paid the correct amount on time.
We can also assist with holiday pay, statutory sick, maternity and paternity pay, and the auto enrolment for pensions which is currently being rolled out to include all businesses with PAYE schemes in place.
Our payroll team are well versed in the CIS legislation and deal with a multitude of clients operating the scheme. We are able to ensure you are fully compliant with the rules and regulations and make certain that accurate and complete returns are filed, well within the deadlines.
The day to day bookkeeping of a business is a time consuming burden which the owners of businesses could do without. Fortunately, here at P.S. May we can take care of all of your bookkeeping needs without you having to lift a finger.
We are familiar with VT, Sage, QuickBooks, Xero and Iris as well as cashbook and Excel reporting and can fully handle the bookkeeping process, giving you access to real time financial information, vital to the success of your business.