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WELCOME.
On behalf of the entire team at Smart Accounting, I would like to extend a warm welcome to you as our newest client. We are thrilled to have the opportunity to serve you and support your financial journey.
At Smart Accounting, we are passionate about providing exceptional accounting services that go beyond the numbers. With our expertise and guidance, we aim to empower you with the financial insights and strategies necessary to make informed decisions and drive your business forward.
As the owner of Smart Accounting, my vision is to create a client-centric firm that not only meets but exceeds your expectations. I believe in building strong relationships with our clients, based on trust, transparency, and open communication. Your success is at the forefront of our mission, and we are committed to providing you with the highest level of service and expertise.
Once again, thank you for choosing Smart Accounting. I am genuinely excited about the opportunity to work with you and make a positive impact on your financial journey. Together, we will achieve great things.
Please do not hesitate to contact me directly if you have any questions, or concerns, or simply want to discuss your business further. I am here to ensure your experience with Smart Accounting exceeds your expectations.
Sincerely,
Madeleine Salariu
CEO
ABOUT ME.
I’m an entrepreneur, author, accountant and business coach, who’s dedicated to showing you how to create a grand vision for your life and business and actually make it happen.
I’m an eternal optimist, a systems geek, a fangirl of productivity and someone who goes after what she wants.
Whilst I love accounting and coaching, the two bigger loves in my life are my husband and son.
E: madeleine@saving.tax
P: +44(0) 787 185 256
Comprehensive Accounting Services
We offer a wide range of accounting services to meet
your specific needs. These include bookkeeping,
financial statement preparation, tax planning and
preparation, payroll services, auditing and assurance,
and business advisory. Our team of experienced
professionals will handle the intricacies of your
financial records, ensuring accuracy, compliance, and
timely reporting.
Customized Financial Solutions
We understand that every business is unique,
and therefore, we approach each client’s
financial situation with a tailored strategy. We
will work closely with you to gain a deep
understanding of your business goals,
challenges, and aspirations. Based on this
understanding, we will develop personalized
financial solutions that align with your
objectives, whether it’s improving profitability,
maximizing tax efficiency, or optimizing cash
flow.
Proactive Financial Guidance
Our team is dedicated to providing proactive
financial guidance that goes beyond number
crunching. We will actively monitor your
financial performance, identify opportunities
for improvement, and provide strategic
recommendations to help you achieve your
growth objectives. With our expertise and
industry knowledge, we will guide you through
financial complexities, enabling you to make
informed decisions that drive the success of
your business.
Business Growth Support
Beyond accounting services, we offer
comprehensive business growth support to help
you unlock your company’s full potential. Our
business advisory services encompass financial
forecasting, budgeting, cash flow management,
strategic planning, and performance analysis. We
will collaborate with you to identify growth
opportunities, mitigate risks, and implement
strategies to drive sustainable business growth.
Collaborative Partnership
We believe in building collaborative partnerships with
our clients. We value open communication and
encourage regular discussions to ensure that we are
aligned with your evolving needs and goals. Our team
is readily available to address any questions, provide
guidance, and support you in making sound financial
decisions.
Continuous Professional Development
Our team is dedicated to staying updated with the
latest accounting practices, industry trends, and
technological advancements. We regularly engage
in professional development programs and
industry-specific training to ensure that we provide
you with the most relevant and innovative
accounting solutions.
Meet Your Team
Next Steps
Complete the Onboarding Form
As we prepare to embark on our partnership, we kindly request your assistance in completing our onboarding form.
This form is an essential step in gathering the necessary information to ensure a smooth and productive collaboration.
Schedule an Onboarding Meeting
Please book a meeting with Maddy here.
his meeting will serve as an opportunity for us to gather essential information about your business, discuss your goals and expectations, and identify any specific accounting requirements you may have.
IMPORTANT DEADLINES
Annual Accounts Filing Deadline: 9 months after the end of the company's financial year
Annual accounts, also known as statutory accounts or financial statements, are comprehensive reports that provide a snapshot of your company’s financial performance and position over the past fiscal year. These accounts typically include a balance sheet, profit and loss statement, cash flow statement, and notes to the financial statements.
Submitting annual accounts to Companies House is a legal requirement for all UK registered companies, including limited companies, LLPs (Limited Liability Partnerships), and certain other types of entities.
The due date for filing annual accounts with Companies House depends on various factors, including your company’s accounting reference date (ARD) and the type of company structure. Generally, private limited companies and LLPs must file their annual accounts within nine months of the end of their financial year. However, the deadline may vary for certain entities, so it’s essential to check your specific filing requirements.
Missing the deadline for filing annual accounts can result in severe penalties, including fines and potential legal consequences. Therefore, it’s crucial to ensure timely submission to avoid any unnecessary complications.
As your trusted accounting partner, we are here to assist you every step of the way, from preparing your annual accounts to filing them with Companies House. Our team will work diligently to ensure that your accounts are accurate, compliant, and submitted on time, relieving you of the administrative burden and allowing you to focus on your core business activities.
Corporation Tax Return Deadline: 12 months after the end of the company's financial year
A corporation tax return is a document that must be submitted annually to HMRC by UK registered companies, including limited companies and certain other entities liable for corporation tax. This return provides details of the company’s taxable profits, gains, and other relevant financial information for the accounting period.
Key components of a corporation tax return typically include:
Details of the company’s income and expenses
Calculations of taxable profits or losses
Adjustments for tax reliefs, allowances, and deductions
Capital gains or losses
Other relevant tax-related information
The corporation tax return must be filed electronically using HMRC’s online filing service or through accredited software. It’s essential to ensure accuracy and compliance with HMRC regulations when completing and submitting the return to avoid penalties and legal consequences.
The due dates for filing a corporation tax return vary depending on several factors, including the company’s accounting period, size, and financial year-end. Generally, companies must file their corporation tax returns within twelve months after the end of their accounting period.
It’s essential to be aware of these deadlines and ensure timely compliance with HMRC requirements to avoid penalties and interest charges for late filing or payment.
As your trusted accounting partner, we are here to assist you in preparing and filing your corporation tax return, as well as managing your corporation tax payments efficiently and accurately. Please feel free to reach out to us if you have any questions or need assistance with your tax obligations.
Corporation Tax Payment Deadline: 9 months and 1 day after the end of the company's financial year
Corporation tax payment refers to the payment of tax owed to HMRC based on the company’s taxable profits for the accounting period. The amount of corporation tax payable is calculated based on the company’s profits after adjustments for allowable expenses, reliefs, and deductions.
For corporation tax payments, companies are usually required to pay their tax liabilities by specific deadlines set by HMRC. These deadlines may vary depending on whether the company is classified as a small or large corporation, and whether they pay their tax liabilities quarterly or annually.
It’s essential to be aware of these deadlines and ensure timely compliance with HMRC requirements to avoid penalties and interest charges for late filing or payment.
As your trusted accounting partner, we are here to assist you in preparing and filing your corporation tax return, as well as managing your corporation tax payments efficiently and accurately. Please feel free to reach out to us if you have any questions or need assistance with your tax obligations.
Self Assessment Tax Return and tax payment Deadline: 31st January following the end of the tax year
Self-Assessment Tax Return:
- A self-assessment tax return is a form completed by individuals, sole traders, partnerships, and directors of companies to report their income, capital gains, and claim any reliefs or allowances to HM Revenue and Customs (HMRC).
- It’s used to calculate the amount of tax owed by the individual or entity for a specific tax year.
- The tax year in the UK runs from April 6th of one year to April 5th of the following year.
- Self-assessment tax returns must be submitted annually to HMRC by the relevant deadlines.
Deadline for Self-Assessment Tax Return:
- The deadline for submitting a self-assessment tax return online is usually January 31st following the end of the tax year.
- For example, for the tax year ending 5 April 2024, the deadline for submitting the self-assessment tax return online would be 31 January 2025.
- If submitting a paper tax return, the deadline is earlier, typically October 31st following the end of the tax year.
Deadline for Tax Payment:
- Any tax owed as a result of the self-assessment tax return must be paid to HMRC by January 31st following the end of the tax year.
- For example, for the tax year ending 5 April 2024, any tax owed must be paid by 31 January 2025.
- It’s important to ensure that tax payments are made on time to avoid penalties and interest charges from HMRC.
In summary, the self-assessment tax return is used to report income and calculate tax liabilities, and it must be submitted annually to HMRC by the relevant deadline. Any tax owed as a result of the tax return must also be paid to HMRC by the same deadline to avoid penalties.
Payment on Account Deadline: 31st January and 31st July
Payments on account are a way for taxpayers in the UK to spread the cost of their tax bill by making two advance payments towards their tax bill for the following tax year. These payments are based on the previous year’s tax liability and are due in two installments: one in January and the other in July. Here’s a breakdown of payments on account:
Calculation: Payments on account are calculated based on the tax liability for the previous tax year. Each payment is typically 50% of the previous year’s tax bill.
Due Dates:
- The first payment on account is due by January 31st of the current tax year.
- The second payment on account is due by July 31st of the current tax year.
Adjustments: When making payments on account, taxpayers should consider any changes in their circumstances that might affect their tax liability for the current tax year. If they expect their tax bill to be lower in the current year compared to the previous year, they can request to reduce their payments on account.
Balancing Payment: After the end of the tax year, taxpayers must submit their Self Assessment tax return, which includes their actual tax liability for the year. If the payments on account made during the year are more than the final tax liability, the taxpayer will receive a refund. If the payments on account are less than the final tax liability, the taxpayer will need to make a balancing payment by January 31st following the end of the tax year.
Exceptions: Certain taxpayers, such as those whose tax bill is less than £1,000, or those who have already paid more than 80% of their tax through Pay As You Earn (PAYE) withholding, may not be required to make payments on account.
In summary, payments on account are advance payments towards the next tax year’s tax liability, based on the previous year’s tax bill. Taxpayers should be aware of the due dates for these payments and consider any adjustments based on changes in their circumstances. Failure to make payments on account on time may result in interest and penalties from HM Revenue and Customs (HMRC).
Capital Gains Tax Payment Deadline: 31st January following the end of the tax year
Capital Gains Tax (CGT) is a tax levied on the profit made from the sale or disposal of certain assets, such as property, investments, or businesses. Here’s an explanation for your clients:
What it covers: CGT applies to the gains made when selling or disposing of assets that have increased in value since they were acquired. This includes:
- Property that is not your main residence (such as buy-to-let properties)
- Shares and investments
- Business assets
Calculating CGT: The amount of CGT payable is calculated by subtracting the original purchase price (known as the ‘base cost’) from the selling price, then deducting any allowable expenses or reliefs. The remaining gain is then subject to CGT at the applicable rates.
Rates: The rate of CGT depends on the individual’s total taxable income and the type of asset sold. For the tax year 2023/24, the standard CGT rates are:
- 10% for basic rate taxpayers
- 20% for higher and additional rate taxpayers
- 18% and 28% for residential property (depending on income)
Due Dates: The deadline for paying CGT depends on when the disposal occurred:
- For disposals made between April 6th and October 5th, the deadline for paying CGT is January 31st of the following tax year.
- For disposals made between October 6th and April 5th, the deadline is January 31st of the tax year after that.
Reporting: CGT must be reported to HM Revenue and Customs (HMRC) via a Self Assessment tax return. This involves declaring any gains made during the tax year and calculating the tax owed.
Allowances and reliefs: Individuals are entitled to an annual tax-free allowance called the Annual Exempt Amount (£12,300 for the tax year 2022/23). There are also certain reliefs and exemptions available, such as Entrepreneur’s Relief or Private Residence Relief, which can reduce the amount of CGT payable.
Inheritance Tax Payment Deadline: 6 months after the end of the month in which the deceased passed away
Inheritance Tax (IHT) is a tax on the estate (the property, money, and possessions) of someone who has passed away. Here’s an explanation for your clients:
What it covers: Inheritance Tax is typically payable on estates above a certain threshold when someone dies. The value of the estate includes everything owned by the deceased, including property, investments, savings, vehicles, and personal possessions.
Thresholds: There is usually a tax-free threshold, known as the “nil-rate band,” below which no Inheritance Tax is due. For the tax year 2022/23, the nil-rate band in the UK is £325,000. Estates valued above this threshold are subject to Inheritance Tax.
Rates: Inheritance Tax is typically charged at a rate of 40% on the portion of the estate that exceeds the nil-rate band. However, if the deceased left at least 10% of their estate to charity, the rate may be reduced to 36%.
Exemptions and reliefs: Some assets are exempt from Inheritance Tax or qualify for reliefs, such as gifts to spouses or civil partners, gifts to charity, or certain types of business or agricultural property.
Payment Deadline: Inheritance Tax is usually due for payment six months after the end of the month in which the deceased passed away. For example, if someone passed away in May, Inheritance Tax would typically be due by the end of November of the same year.
Reporting: The executor or administrator of the deceased’s estate is responsible for reporting the estate’s value to HM Revenue and Customs (HMRC) and paying any Inheritance Tax due. This involves completing and submitting an Inheritance Tax return, even if no tax is payable.
RESOURCE LIST
Your Accounting Hub
We make it our mission to make the client experience easy and intuitive, one in which you can access everything in one unified hub for all interactions with our firm. From completing e-signatures to secure messaging to accepting proposals and more, the intuitive interface and convenient dashboard ensures that you stay in the loop and easily access what you need them to action.
We will send you a separate email containing your unique login credentials and instructions on how to access the portal. Please keep an eye out for this email and feel free to reach out if you encounter any difficulties.
Your Business Support Hub
We have tailored a dedicated hub exclusively for your business growth needs, encompassing a comprehensive array of tutorials and expert advice. This hub serves as a repository for various business planning tools and tax calculators, spanning from cash flow projections and budgeting aids to intricate financial forecasting models.
Expect to receive an email shortly, featuring your personalized login credentials along with detailed instructions on accessing our business support portal. Within this portal, you’ll find an abundance of educational resources aimed at enhancing your financial acumen, including insightful articles, informative guides, engaging webinars, and instructive videos.
Cloud-based accounting software
We highly recommend cloud-based accounting software, which allows you to access your financial information from anywhere, anytime. We can provide recommendations based on your specific needs.
We will send you a separate email containing your unique login credentials and instructions on how to access the portal. Please keep an eye out for this email and feel free to reach out if you encounter any difficulties.
