Here's a preview of what we can do for you
This is an essential area for any business but quite often, the most dreaded...
Having accurate records of your financial transactions is extremely important whether it is for tax purposes, preparing year end accounts or just to know how your business is doing on a regular basis.
We can do it for you…
We can take care of this for you and offer the full bookkeeping scope up to and including the production of management accounts and cashflow statements (tailored for you and your business). This is ideal for those of you who do not have the time to worry about your finances and allows you to focus on your business goals. We will be your eyes and ears and consistently keep you updated with results, observations and suggestions.
We can set you up and train you to do it…
During these tough economic times, we have found that some clients prefer to be self-sufficient and do the bookkeeping themselves. We would be happy to set your business up with a bookkeeping / accounting software of your choice, start you off and train you and your staff to maintain your books. We would recommend utilising our supervisory service where we can conduct regular reviews to make sure you are doing things correctly. And of course, we are on the other end of a phone/chat if you need help.
Let’s talk Accounting Software…
At Calico Business Consulting, we are Xero Certified Advisors and use Xero for most of our bookkeeping clients as well as our own accounts. Xero is a cloud based accounting software which is hosted on a safe remote server. Great news, this means that you can store and access all of your accounting records, reports and financial documents from anywhere you have an internet connection.
Although our software of choice is Xero, we are happy to use any system of your choice as we have had plenty of experience with most of the well-known ones.
Give us a call on 0203 773 6613 to see how we can help you ease this burden.
Bookkeeping
Financial Reporting
There are various forms of reporting that you will need to consider for your business (some of which may be a legal requirement).
Management accounts
As the name implies, these are internal reports which allow management to ‘manage’ their business. They form part of the bookkeeping function and we can help you tailor the format and frequency of your reports to highlight and monitor information that is important to you and your business specifically.
The purpose of having these reports is to give you the opportunity to review your business performance and ensure that the business is going in the right direction. If done regularly, it allows you time to take action if the results are not as you expected!
Good to keep an eye on things regularly so that you have no nasty surprises at year end.
Financial statements (also known as year-end accounts)
Whether you are a sole trader, partnership or a limited company, you will need to finalise your annual figures in order to pay the correct amount of tax!
For sole traders and partnerships:-
These accounts are necessary as they provide the figures for your self assessment tax returns (which we can also help you with!). They will also allow you to monitor your business results and growth and are vitally important to get right.
Limited companies:-
When you have incorporated your business, you are legally required to prepare formal financial statements in accordance with the Companies Act and applicable accounting standards and regulations, such as the Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).
These statements must be prepared and reviewed by qualified accountants before being filed at Companies House and also form part of your corporation tax returns filed at HMRC.
To find out more on what we can offer, please complete the contact form or call us directly on 0203 773 6613.
Taxes
We understand that this is not a favourable topic for some but life could be so much easier with a little help.
We can provide support, guidance or simply take care of all of your tax responsibilities leaving you to deal with your business.
VAT
All businesses with sales of more than £90,000 over a 12 month period need to register for VAT. Even though your sales may be below this figure, they could easily creep up and you would need to register for VAT within 30 days. We can monitor your turnover and help you register for VAT when you approach this threshold.
For businesses that are already VAT registered, we can prepare and submit your VAT returns ensuring that your transactions and records are well maintained and complete. We would set up your MTD (Making Tax Digital) account enabling you to submit VAT returns through your accounting software (such as Xero) and ensure you are fully compliant.
Income Tax and Self-Assessment
Whether you are a sole trader or a partnership*, you will need to submit self assessment tax returns each year. Calico Business Consulting can assist you with setting up your online tax accounts and act as your agents ensuring that you have the necessary guidance and knowledge to submit your tax returns on time.
*As a partnership, you are required to submit not only individual returns for each partner but also a partnership tax return so worth planning ahead!
Making Tax Digital (MTD) as a service offers businesses a seamless way to comply with HMRC's digital tax reporting requirements. Our MTD service simplifies the transition to digital tax management by integrating accounting software with HMRC systems, ensuring accurate and timely submission of VAT returns, income tax, and corporation tax data.
We provide end-to-end support, from initial setup and training to ongoing digital record keeping and submissions. This service reduces the risk of errors, penalties, and missed deadlines, while freeing business owners to focus on core operations. Tailored to fit various industries and business sizes, our MTD as a service also includes continuous monitoring and updates aligned with HMRC’s evolving standards.
Corporation Tax
Once a limited company has finalised its annual accounts, these figures are used to compute your tax liability and submit your corporation tax return with HMRC. It is not as straightforward as it sounds as HMRC have their own rules and therefore adjustments are often necessary to ensure you are adhering to the tax rules and regulations. We can prepare these and discuss them with you before submission.
All Other Taxes
There are many other taxes that are in force in the UK (Capital Gains Tax, Inheritance Tax etc) and we have experts on standby to help you plan and manage your liabilities whenever you need them.
Get in touch now to discuss how we can help you on 0203 773 6613 or email us at info@calicoconsult.co.uk.
Business Guidance
Sometimes, just having a professional at the other end of a phone is priceless. Running a business in these uncertain times is hard and at Calico Business Consulting, our goal is to provide business owners with all the help and support that they need.
This may take many forms and not necessarily the usual areas such as bookkeeping, accounting and taxes.
Are you interested in setting up businesses in the UK or abroad and don’t know where to start?
Are you considering expanding your business?
Do you need advice on opening a business bank account?
Are you confused about the different legal entities available for start ups?
Should you remain a sole trader or trade as a limited company?
Are you behind on your bookkeeping and you need help to get back up to speed?
Perhaps your finance staff are overwhelmed and you need support during your busy periods?
Would it help to have a spare set of eyes on your accounts and financials to give you peace of mind?
Cash flow management is incredibly important for businesses as it tracks money coming in and going out ensuring that you are able to pay your bills and your staff!
At Calico Business Consulting, we can provide guidance on different strategies whether it is optimising payment terms with your customers or suppliers, streamlining receivables and debts or implementing cashflow forecasting tools.
We will work closely with you and tailor our services to suit your unique business needs so that you maximise profitability and lay a solid foundation for your long-term success.
With over 70 years of experience between us, we are ready to help you. We are just a phone call away….. 0203 773 6613 or email us at info@calicoconsult.co.uk.
People Operations
The greatest asset—and often the most valuable resource—any organisation possesses is its people. For this reason, it is essential to invest time and care into supporting both your current workforce and those who may join your company in the future.
With extensive experience in the HR field, Calico Business Consulting is well-equipped to provide comprehensive support and expert guidance across the entire employee lifecycle. This includes helping you attract and recruit the right talent, implementing effective onboarding and retention strategies, navigating employee relations, and advising on performance management. When necessary, we can also provide sensitive and professional support with employee exits or terminations.
Our goal is to help you build a positive, compliant, and high-performing working environment where both your business and your employees can thrive
Whilst on the subject of training, we also offer Xero training for your accounts staff allowing you to focus on running your business!
Drop us a line at info@calicoconsult.co.uk or call us now on 0203 773 6613.
Payroll
Establishing and managing payroll within a UK business involves a series of essential steps to ensure compliance with HMRC regulations and efficient employee payments. Our payroll service encompasses the following key components:
1. Payroll Setup
Employee Data Collection: Gather comprehensive information including National Insurance numbers, tax codes, salary details, and contractual terms.
Registration with HMRC: Register as an employer and obtain a PAYE reference to facilitate tax and National Insurance contributions.
Software Configuration: Implement and configure payroll software compliant with HMRC Real Time Information (RTI) requirements.
Define Pay Schedules: Establish pay periods (weekly, monthly, etc.) and specify methods of payment.
2. Payroll Processing
Accurate Calculation: Compute gross pay, tax deductions, National Insurance contributions, pension auto-enrolment contributions, and any statutory payments (maternity, paternity, sick pay).
Deductions Handling: Manage deductions such as student loans, salary sacrifice schemes, and voluntary contributions.
Payslip Generation: Produce detailed payslips for employees that outline earnings and deductions.
3. HMRC Reporting and Compliance
Real Time Information (RTI) Submissions: Submit payroll data to HMRC every pay period to ensure accurate tax and NI records.
Payment of PAYE and NIC: Arrange timely payments to HMRC to avoid penalties.
Year-End Reporting: Complete P60s for employees and P11Ds for expenses and benefits.
4. Payroll Maintenance
Updates and Adjustments: Reflect changes in employee status, salaries, tax codes, or legislation promptly.
Record Keeping: Maintain accurate payroll records for the required statutory period.
Advisory Services: Provide guidance on statutory pay changes, tax rates, and compliance updates.
Benefits of Outsourcing Payroll to Our Consultancy
Accuracy and Compliance: Minimise risk of errors and penalties through expert management.
Time and Cost Efficiency: Free internal resources by delegating complex payroll tasks.
Tailored Support: Receive customised service aligned with specific business needs and workforce size.
Data Security: Ensure confidentiality and secure handling of sensitive employee information.
Our service is suitable for start-ups and SMEs seeking reliable, stress-free payroll solutions. Partnering with us guarantees your payroll operations remain compliant, efficient, and aligned with your overall business objectives.
Get in touch now to discuss how we can help you on 0203 773 6613 or email us at info@calicoconsult.co.uk.