Team of Fully Trained Accountants Available

Look no further than B S Panesar & Associates Ltd in Hull, East Yorkshire, for a full range of accounting services that can help to get rid of all the financial jargon and difficulties with the financial aspects of running a business. With over 17 years’ experience within HMRC, our accountants also have more than 40 years of experience in all aspects of accounts preparation, corporate tax returns, and other types of taxation.

Accounts Preparation

B S Panesar & Associates Ltd can provide many businesses throughout the UK with the preparation of financial accounts.

It is important to submit to the inland revenue accurate accounting information. The major reasons for having your accounts professionally prepared are:

  1. The Inland Revenue expects accounts to be prepared in accordance with IFRS (International Financial Reporting Standards). These are protocols for dealing with different types of accounting entries. Preparing your accounts also enables us to apply other areas of expertise in identifying tax planning opportunities, making bookkeeping recommendations, or spotting PAYE or TAX issues of which you may not have been aware.
  2. Accounts measure the profitability of your business. Knowing that they have been prepared to the above standards give you confidence in using them as the basis for future planning. Outsourcing your accounts preparation frees up your time to allow you to concentrate on running and developing your business.

We will prepare your accounts, which will have creditability for your bank manager, your mortgage broker, or when building relationships with important customers and suppliers in any ongoing business deals.

Self-Assessment Tax Returns

According to HMRC, about 10.9 million people need to submit a self-assessment form. If you miss the January deadline and haven't already filed a self-assessment tax return, contact us now to avoid a hefty fine.

Do I Need to File a Return?

If you received a notification since last April saying that you need to submit a self-assessment form, then you must do it. If you fall into one of the following categories, it's likely you'll need to file a return even if you have not received a notification:

  • You Are Self-Employed
  • You Are a Company Director
  • Your Annual Income is £100,000 or More
  • You Have an Income from Savings, Investment, or Property
  • You Need to Claim Expenses or Relief
  • You or Your Partner Receive Child Benefit and Your Income is Over £50,000
  • You Get Income from Overseas
  • You Have Income from Trusts, Settlements, and Estates
  • You Have Capital Gains Tax to Pay
  • You've Lived or Worked Abroad or Don't Live in the UK Permanently
  • You Are a Trustee

Contact us now to submit the correct forms and information on time and avoid penalties!

Corporation Tax Returns

All companies in the UK are required by law to submit a company tax return to HMRC and file company accounts with Companies House.

If a personal self-assessment tax return is required, we'll also complete and submit this for the directors. To enable you to grow your business, it is very important to monitor and control every area of the business in which you could minimise costs. We can help you in achieving this objective by working closely with you.

We can assist with all the following corporation tax requirements, such as:

  • Preparing Your Company Accounts and Corporation Tax Returns
  • Filing with HMRC and Companies House
  • IXBRL Tagging
  • Directors’ Self-Assessment Tax Returns
  • Maintaining Tax Records
  • Meeting Deadlines with HMRC and Companies House

Whatever the size of your business, we at B S Panesar & Associates Ltd will provide you with a personal yet professional service that will help you with all your tax matters by delivering accurate and timely advice. As your professional tax accountants, we offer you sensible tax solutions explained in plain English and a great service at a fixed (and affordable) price.

VAT Returns

Any business that exceeds the minimum turnover limit set by HMRC (which varies on a time-to-time basis) is required to be registered for VAT.

VAT is a constantly changing tax in the industry, with ever harsher penalties being introduced. In today's business environment, it is essential to use a professional accountancy firm. Looking after our clients’ VAT affairs is fundamental to the overall service we provide.

Many clients like us to assist them with preparing and filing their VAT returns, which we can offer as a cost-effective add-on service. Whether you operate normal VAT, cash accounting, or are registered for the flat rate scheme, we are on hand to help. Our team can help and offer our expertise in the following areas:

  • VAT Registration
  • VAT Returns
  • VAT Planning

Payroll

Our professional payroll services enable you to keep up-to-date with the ever-changing regulations and legislation that affect the operation of your payroll function.

We understand that managing this can be a time-consuming and costly operation, and having an outsourced payroll service allows you more time to concentrate on the growth of your business, safe in the knowledge that you are fully compliant with HMRC requirements.

Our payroll services include:

  • Issuing of Payslips
  • Calculation of Periodic PAYE Liabilities
  • Real-Time Information Reporting
  • Payroll Year-End Compliance (for Example, P60s)
  • Statutory Maternity and Paternity Pay
  • Statutory Sick Pay
  • Holiday Pay
  • Redundancies
  • Registration and Operation of Auto Enrolment

Simply provide us with details of how you wish us to manage this important area of your business and then leave us to deal with the rest on your behalf, safe in the knowledge that you are fully compliant.

All Aspects of Taxation

When you need independent help or advice in putting your tax affairs in order, B S Panesar & Associates Ltd can help you. Our aim is to help you in paying the right amount of tax by helping you manage and control your business affairs more efficiently and help you make savings to further invest in your business growth.

Regular tax planning reviews are important for any business. There are various allowances and tax relief available and as circumstances change, one or more may apply. Our taxation specialists will be able to highlight what you are entitled to and advise on how you can mitigate your tax liabilities.

We will manage your corporate tax affairs to ensure you meet all your filing deadlines, and avoid paying any penalties. We are also available to handle correspondence with HMRC on your behalf and assist you with all aspects of tax investigation. 

Tax Investigations

CONTACT OUR qualified accountants in Hull, EAST YORKSHIRE, for seamless accounts preparation as well as covering all other aspects of taxation.