Accounting & Tax

Our services:

  • Annual accounts and returns
  • Self-Assessment Contractors & Subcontractors (CIS)
  • VAT returns
  • Corporation tax and Tax Planning services
  • Personal tax (including sole-traders and partnership)
  • Self- assessment
  • Company Secretarial Services
  • Payroll procedures
  • Tax returns
  • HMRC investigations
We help you to concentrate more on managing your business rather trying to do all by yourself?

We are here to help you with your day-to-day paperwork. Let us take the worry off your shoulders.

We produce accounts for

  • Individuals
  • Sole traders
  • Partnerships
  • Limited companies of varying sizes

We work with you to comprehend your business and then tailor our best possible quality approach to meet your needs. Our staffs are expert in preparing profit & loss, balance sheet and other schedules as required by the specific needs of clients.

Contractors Accounting (CIS)

Services we provide for contractors:

  • Register you with HMRC as a contractor
  • Verify your subcontractors with HMRC
  • Ensure you pay your subcontractors correctly within the scheme
  • Supply deduction statements to the subcontractors
  • Keep your records in good order and supply HMRC with monthly returns
  • We provide an Immediate Construction Industry Scheme (CIS) tax return service for construction contractors who are registered on the Construction industry scheme. We will complete your CIS tax return, informing you of how much tax you owe HMRC or how much money HMRC may owe you, ensuring that you pay the correct amount of tax

Contractors:

As a contractor, you are required to meet specific obligations under the scheme, including:

  • Registering with HM Revenue and Customs (HMRC)
  • Checking whether your subcontractors are registered with HMRC
  • Paying subcontractors, deducting tax and submitting monthly statements confirming these payments
  • We provide anImmediate Construction Industry Scheme (CIS) tax return service for construction contractors who are registered on the Construction industry scheme. We will complete your CIS tax return, informing you of how much tax you owe HMRC or how much money HMRC may owe you, ensuring that you pay the correct amount of tax


Make sure you do not incur penalties by failing to submit your monthly returns to HMRC. Success Masters Accountants work with numerous contractors and subcontractors. By making sure we are always up to date with any changes to the CIS regulations we can notify our clients quickly of any changes that may affect them.



Subcontractors:

If you are a subcontractor, your main obligation is to register with HMRC. You must also keep HMRC informed of any changes to your business such as changes to your business address, business name, business partners and other relevant information.


Services we provide for subcontractors:

  • Determine your status as a subcontractor or employee, (or both) and register you with HMRC accordingly
  • Verify you with HMRC on behalf of your contractor
  • Manage and organise your business records
  • Prepare your end of year self-assessment tax return and calculate your tax liability/ refund where applicable

Any contractor that you work for must determine whether or not you are employed or Self-employed for each and every contract. If you are an employee, the contractor will need to operate a PAYE scheme.

If you are self-employed, HMRC will register you as a subcontractor under the CIS scheme and they will set you up to receive payments 'under deduction'. This means contractors must make a deduction of tax at 20 per cent (30 per cent for unverified subcontractors) from the labour element of your invoices and pay it over to HMRC.

Whether you are the contractor or the sub-contractor, your local SUCCESS MASTERS Accountants can help you keep your CIS affairs in order. We have 4 offices across the UK, making us easily accessible to you.

We educate you to understand which expenses can be claimed as a contractor working through a limited company.

Note! You must keep your evidence for the expenses if in case HM Revenue and Customs ever ask you; this is usually achieved by keeping receipts.


Annual Return, Self-assessment and Personal Tax


We help our clients to meet all deadlines especially in regards to statuary requirements. Directors of the companies are responsible for sending the annual return to the Registrar of Companies. Late filings penalties would be payable if these are not submitted on time.

If you are self-employed, a director or sole trader you have to fill in the self-assessment tax return and send it to HMRC in time otherwise you are charged heavy penalties.

We offer both self-assessment and sole trader's compliance and advice. This will include preparation of:

  • Sole trader annual accounts
  • Establishing the income tax liability after claiming all available tax reliefs

We also provide compliance and advisory services to the following areas
  • Inheritance tax
  • Capital Gains tax
  • Property Business profits
  • Self-employment and benefits in kind
  • Employment income and national insurance contributions
  • VAT
  • Filing the partnership tax return - SA800
  • Preparation of annual accounts

Corporation Tax& Tax Planning

Corporation tax is the tax paid by the corporations/companies on their income less allowable deductions. Many clients unnecessarily pay higher corporation tax liability. In this area we offer the following:

  • Effective corporate tax planning
  • Minimising the corporate tax liability through our range of services
  • Corporate tax relief though the optimum utilisation of the tax reliefs
  • Corporate tax compliance and liaising with HMRC on your behalf

VAT&VAT Representation


We help our clients to prepare VAT Returns as well as we advise them in the rule and regulations and record keepings. We can also represent your organisation when VAT officer makes a routine visit to your office.

Payroll

We have expert colleagues to assist our clients with all payroll matters including Employer PAYE registration, running of weekly/monthly payroll including tax and national insurance calculations and production of payslips, P45, P60 together with all year end filing requirements.


Bookkeeping


We help our clients with day to day accounting in our office or we do offer bookkeeping services at your premises. The bookkeeping and accounting can be a headache for any business.
Our well trained and qualified book keepers also help our clients to educate their staff to complete simple spreadsheet methods to keep clients books in order.

Management Consultancy


Summary of our services:

  • Business plan
  • Personal tax (including sole-traders and partnership)
  • Cash flow projections
  • Business health check
  • Feasibility study and analysis
  • Business procedures and manuals
  • Internal audit sourcing
  • Risk management
  • Liaising with banks and financial institutions

Management Accounts, Profit & Cash-flow Forecasts, and Budgets

As your business grows, so does your need for sound financial advice and control. This fundamental requirement is often neglected and as a result many talented people see their businesses fail. Many small businesses just are not in a position to retain a full-time finance professional. Hence we are here to help you.
Businesses have different needs depending on the size and complexity of their operation, but a set of management accounts can include any or all of the following:

  • Profit & loss accounts and Balance sheet, possibly analysed by department / division / subsidiary
  • Actual performance measured against budget
  • Cash-flow projections, and future profit projections
  • Key performance indicators/li>
  • Other information such as debtor turnaround times and staff absence levels

Business Start-Ups


Our services:

If you are thinking to start your business we can be of great help. We advise our clients the best possible route to start with, as Ltd, sole trader or self-employed. Our other services in related to start up entrepreneur are as follows:

  • Company Incorporation
  • Self-Employment registration
  • Business Bank Account
  • Sole trader
  • Partnership
  • Business cards
  • Payroll procedures
  • Enhancement of existing business and search for new markets
  • Flyers, advertising material
  • Company emails
  • Day to day support
  • Your products and services can be placed in Europe and Asia
  • You can reach diverse communities in the UK

Start-ups and Business Plans

  • Prepare business plans that bank managers and investors like.
  • Prepare marketing plans that help you achieve your goals.
  • Raise money - even that elusive seed capital - from the best mix of business angels, venture capitalists, banks and government grants.
  • Create the business structure that gives you the control you want whilst minimising tax.
  • Control your finances from day one.
  • Set up and run systems that make it easy to manage your business, staff and finances.
  • Employment income and national insurance contributions.
  • Company setup, Self-Employment, Sole trader and partnership.

Business Development


There are 3 core areas where we can assist you:

  • Marketing strategy
  • Business development and growth strategy
  • Arrangement of Business Loan for expansion

Business Development:

While there is much activity carried out under the umbrella of "business development", there is not a consistent picture to guide business practitioners and other stakeholders in the understanding of what effective business development actually is. This may hamper effective management of business development and, critically, it does not enable scientific scrutiny and tests of when and where business development activities actually contribute to superior performance across firm types and across industries. Hence the Business Development service is important. By providing this service we will work with you to develop a coherent and sustainable new business strategy that reaches across not just the "cold" channel but across all of your new business activity.

You might be working as an individual and have aspirations to setup your own company or in the process of starting up a new business. Therefore we are there to help you with:

  • Developing a marketing strategy and implementation plan
  • Enhancement of existing business and search for new markets
  • Advertising material including flyers, business cards
  • Company emails
  • Day to day support
  • Your products and services can be placed in Europe and Asia
  • Reaching diverse communities in the UK

Work Experience


If lack of UK practical work experience in accountancy is stopping you from getting your ideal accountancy job, Success Masters Ltd can help you get the right experience.

IT & Web development Services


Summary of our services:

  • Website designing, management & hosting
  • Networking
  • Hardware selection
  • Software selection
  • Installation and training
  • Management reporting solutions
  • Accounting and bookkeeping system
  • Payroll system

Information technology (IT) is one of the key resources available to every business to achieve its short and long-term objectives in a smart way. Our IT team has rich experience of systems and is capable of providing effective IT solutions. We can install software, provide training and help you to obtain the best from your chosen system. Using the knowledge gained from our own systems and those designed for other clients. We are able to advise on IT related matters with first-hand experience. We can help you to obtain the best from your chosen system.

If you are spending too much time writing up books, typing invoices and chasing debts we help to take control by computerising your accounting system. We can help you to make the best use of IT resource to produce financial information that is accurate and appropriate for running your business effectively. With the correct accounting software you will save hours of hard work leaving you more time to deal with the more important areas of the business.

In short, whether you are investing in new technology, reviewing existing systems or have simply outgrown your current resource, we can help.


Education Sector Consultancy


  • QAA Consultancy
  • HEFCE Financial Tables
  • Financial Commentary
  • Sensitivity Analysis
  • Liquidity Analysis

Success Masters Limited

    Accountants and Business Advisors


       +44 (0) 7583 008082
      +44 (0) 208 2265 894

     info@success-masters.co.uk


    Head Office:
     Office 3, Unit 17-18 Silicon Business Centre
    28 Wadsworth Road, Perivale, London, UB6 7JZ

    Luton Office:
     2b Crystal House, New Bedford Road,
    Luton, LU1 1HS