Professional Accounting With A Personal Touch
There is not much we don’t do when it comes to accounting, if you don’t see a service you require, contact us for a discussion about your needs and we can arrange a free consultation to understand how we can help…
Service Solutions We Offer
Limited Companies Accounts
LIMITED COMPANIES ACCOUNTS
When your company starts trading, it becomes active for Corporation Tax. This means that you will need to register for Corporation Tax online, prepare and file Company Tax Returns and statutory accounts for HMRC, and pay Corporation Tax on all taxable profit.
Tax Planning
TAX PLANNING
We provide the most current and relevant tax advice for businesses and individuals to allow you to plan your affairs before the taxable event takes place. We may be able to suggest a more tax efficient way to handle the taxable event.
Self Assessment Tax Returns
SELF ASSESS. TAX RETURNS
Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.
Tax is usually deducted automatically from wages and pensions. People and businesses with other income must report it in a Tax Return.
If you need to send a Self Assessment Tax Return, we can take all the pain and paperwork away and ensure it is accurate and precise, and importantly within the HMRC stated deadlines.
Sole Trader Accounts
SOLE TRADER ACCOUNTS
Whilst being a sole trader and being your own boss is an exciting way to do business, there are some important responsibilities to take care of each month.
These responsibilities include:
- Keeping records of your business’s sales and expenses
- Sending a Self Assessment Tax Return every year
- Paying Income Tax on your profits and Class 4 National Insurance
VAT Returns
VAT RETURNS
VAT Returns are completed automatically on behalf of our clients who choose our Bookkeeping Service. We can review your data and prepare a VAT Return on your behalf based on the information you provide to us. A Schedule can either be returned to you for your own filing once we have reviewed it or we can file the return on your behalf. Importantly, Dury & Co work with you not against you, with timely communication so that you never fall behind.
Confirmation Statements
CONFIRMATION STATEMENTS
Every company, including dormant and non trading companies, must file a confirmation statement. It confirms the information HMRC hold about your company is up to date. You must file a confirmation statement at least once a year. We can complete this for you whilst checking with you first that there have been no changes before we proceed to submit.
Partnership Accounts
PARTNERSHIP ACCOUNTS
The accounting for a partnership is essentially the same as is used for a sole proprietorship, except that there are more owners. In essence, a separate account tracks each partner’s investment, distributions, and share of gains and losses. Dury & Co ensure to communicate with simplicity and guide you through exactly what needs to be done.
Bookkeeping
BOOKKEEPING
Day to day running of your business can be stressful and time consuming. Here at Dury & Co we offer tailored bookkeeping and account management packages to ensure you are provided with real-time financial information, allowing you to concentrate on other important aspects within your business. If you are VAT Registered, this information enables us to complete your VAT Return. We will discuss your individual requirements with you and suggest the appropriate accounting procedures to ensure your accounts are kept fully up-to-date and compliant with Statutory Regulations.
We can also provide regular Management Accounts to keep you informed on key areas such as Cashflow, Credit Control, Profitability, and budgeting.
Capital Gains Tax
CAPITAL GAINS TAX
This applies to the following:
- Sale of Second Properties & Inherited Properties
- Sale of Shares
- Sale of a Business
- Sale of Land
- Other Investments
Please check with us if in doubt as this list is not meant to be comprehensive.
Tax is due on the difference between the original cost & the selling price after taking into consideration any reliefs e.g. acquisition & disposal costs. There is also an Annual Allowance which is currently £6000 but this is reducing to £3000 from 6th April 2024.
SALE OF SECOND RESIDENTIAL PROPERTIES
The sale must be reported to HMRC on their Property Tax Pages within 60 days of the completion & Capital Gains Tax paid at the same time. We can calculate your liability after taking into account reliefs due to you & deal with the reports to HMRC.
Management Accounts
MANAGEMENT ACCOUNTS
Management accounts are financial reports produced for the business owners and managers if they are required, generally monthly or quarterly, normally a Profit & Loss Report and a Balance Sheet. In principle they are similar to Year End Accounts but are less formal and provide a guide.
Payroll
PAYROLL
We offer a full Payroll service to all our clients who fall within the requirement to operate a payroll scheme. This can vary from employing a nanny to part-time or full-time staff within an un-incorporated and incorporated business. Our Payroll team ensure that you remain compliant with the National Minimum / Living Wage, Statutory Payments, and general HR Queries. We also deal with your requirement to enrol your staff into auto-enrolment and carry out up-dates for those who opt in. RTI Submissions are sent on time in the required format directly to HMRC. Our service operates seamlessly with the requirements of the CIS Industry so, should you fall under the scope of CIS this can be operated under the payroll service.
Software Training
SOFTWARE TRAINING
Dury & Co excel not only in managing financial records but also in empowering businesses through comprehensive accounting software training, ensuring efficient and streamlined financial operations. If you or anyone in your business feels it would be beneficial to enhance their software knowledge, we can arrange a training package to suit the individual needs so that you are accustomed with the basics and beyond if necessary.
Rentals & Landlords
RENTALS & LANDLORDS
For Landlords, we can prepare accounts and can advise you on the expenses and loan interest that is allowable against Rents Received. If you are thinking of disposing of a property we would be pleased to give you an estimate on the likely Capital Gains Tax that will be due and if there is any way to reduce the amount payable.
Registered Office Facility
REGISTERED OFFICE FACILITY
When establishing a limited company, you’ll need to designate an address for your registered office. While many contractors opt for their home address, choosing Dury & Co as your registered office provides a distinct advantage. We can manage all correspondence directly from H M Revenue & Customs and Companies House on your behalf.
Handling business correspondence is a crucial aspect of effectively managing a company, especially when dealing with official documents. At Dury & Co, we provide a service that allows you to utilise our premises as your registered office address. We’ll receive all company mail and handle the processing, promptly informing you of any urgent information via telephone or email. Furthermore, our service enables your accountant to directly manage HMRC and Companies House documents, freeing you from the burdens of postal administration.
Not only do we provide valuable business advice in-person consultations, but we also extend an invitation to contact us today. Remember, we offer free, no-obligation consultations to all new clients.
Tax & Aspect Enquiry
TAX & ASPECT ENQUIRY
Tax Enquiry means any written communication or notice from any Governmental Authority of any enquiry, including any request for information, notice to produce documents, audit, review or request for a meeting or claim. This area of enquiry can be extremely daunting and stressful for anyone. Rest assured Dury & Co will diligently and systematically work with you and the authorities to provide all the information they require. Please don’t hesitate to contact us and take advantage of a free consultation so that we can understand the situation in full.
Consultancy & Advice
CONSULTANCY & ADVICE
Consultancy and advice from an accountant play a pivotal role in guiding individuals and businesses towards financial success and compliance with regulatory standards. Dury & Co are financial experts who provide valuable insights, analysis, and strategic recommendations to help our clients make informed decisions and achieve their financial goals. Here are some key aspects of consultancy and advice from us:
Financial Planning, Tax Planning and Compliance, Business Advisory Service, Risk Management, Financial Reporting and Analysis, Technology Integration, Succession Planning, Education across Accounting Principles.
CIS
(Construction Industry Scheme)
CIS
Whether you are a Contractor or Sub-Contractor it is your responsibility to ensure the correct tax treatment is applied and deducted against your earnings. If you are a contractor who engages sub-contractors under the scope CIS then it is your responsibility to ensure tax is deducted and paid to HMRC in conjunction with a monthly CIS Return. We can offer a complete CIS Package delivered to you by our Payroll Team.
Cash Flow & Budgeting
CASH FLOW & BUDGETING
We will work alongside you to produce budget reports and cash flows to assist you should you be looking to obtain Credit or a Business Loan. Our services include working with the underwriter, or loan company to ensure you achieve the best results. Additionally, we stress the significance of building reserves for unforeseen circumstances and reinforcing the resilience of a financial plan. With our expertise, we not only assist in navigating the complexities of cash flow management but also empower clients to make informed decisions that align with their financial objectives.
Company Formation
COMPANY FORMATION
Company formation refers to the process of creating a new legal entity that can engage in business activities. This entity can take various forms, such as a corporation, limited liability company (LLC), partnership, or sole proprietorship, depending on the jurisdiction and the goals of the individuals involved. The process of forming a company involves several key steps, and it’s important to understand the requirements and implications before embarking on this journey.
Company formation is a complex process that involves legal, financial, and strategic considerations. Seeking professional advice and thoroughly researching the requirements in your jurisdiction will help ensure a smooth and legally sound establishment of your business.
MTD
(Making Tax Digital)
(MTD) MAKING TAX DIGITAL
Making Tax Digital (MTD) is a fundamental change to the administration of the UK tax system. It affects how businesses and other organisations, agents and individuals maintain their accounting and tax records and how they transact and communicate with HMRC. MTD has two key elements, MTD for VAT and MTD for income tax self assessment (ITSA) which will be introduced from 6 April 2026. Since April 2019 VAT registered businesses and organisations with taxable turnover above the VAT threshold of £85,000 have been required to:
- Maintain their accounting records digitally in a software product or spreadsheet. Maintaining paper records no longer meets the requirements of the tax legislation.
- Submit their VAT returns to HMRC using a functional compatible software product that can access HMRC’s API (Application Program Interface) platform.
You must utilise an accredited and approved MTD software programme. Our experienced staff will advise and guide to the most appropriate software programme for you.
Final Tax Returns
(Date of death/deceased)
FINAL TAX RETURNS
Returns for someone who has died: In the unfortunate circumstance of someone having to deal with this area of accounting; Dury & Co will support and help with every aspect of the HMRC requirements.
You must complete a Self Assessment Tax Return for someone who’s died if HM Revenue and Customs (HMRC) has asked you to and sent you a form.
If you have not already told HMRC about a death you must do this as soon as possible. If you’re a personal representative (an executor or administrator) of an estate you may also need to both:
- Register with HMRC
- Send a separate Tax Return on behalf of the estate
Final Tax Returns
(Date of death/deceased)
FINAL TAX RETURNS
Returns for someone who has died: In the unfortunate circumstance of someone having to deal with this area of accounting; Dury & Co will support and help with every aspect of the HMRC requirements.
You must complete a Self Assessment Tax Return for someone who’s died if HM Revenue and Customs (HMRC) has asked you to and sent you a form.
If you have not already told HMRC about a death you must do this as soon as possible. If you’re a personal representative (an executor or administrator) of an estate you may also need to both:
- Register with HMRC
- Send a separate Tax Return on behalf of the estate
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Frequently asked questions
When do I need to register for VAT?
The turnover threshold for any 12 month period is £85,000. If your business turnover exceeds or is likely to exceed this amount, you will need to register with HMRC within 30 days.
When do I start paying higher rate tax?
The basic rate band (the point at which higher rate tax becomes payable) is £50,270.
How much do A R Dury charge?
Every client we see has varied needs; we can tailor a package that suits you. If you feel we suit your needs, please contact us today.
What are payments on account?
Payments on account are an assessment of the tax due for the preceding year, usually paid in advance. These are then deducted from the total tax due in the preceding year.
Am I claiming the correct expenses?
When we take on new clients, we offer to take a look at the expenses you are currently claiming through your business, and offer suggestions as to any additional expense areas you may be missing out on.
When are my accounts due at Companies House?
Limited Company accounts are due at Companies House 9 months preceding the year end. For example, if your year end is 31 March, the requirement to file is 31 December.
What are Dividends?
Dividends are monies paid out of Company profits to shareholders. The amount paid can depend on the structure of the shareholdings within the company.
What is the filing date for my tax return?
The filing date for Self Assessment Tax Returns is 31 October if filing by paper, and 31 January if filing online.
Can I take the money I've paid into the Company out, tax free?
Yes. If you have ‘Loaned’ the Company money through a ‘Directors Loan’ the money can be paid back to the Director whenever, as long as the Company can afford to do so.
What is Real-time Information
Real-time Information is the new way to file Payroll information with HMRC. It means information filed with HMRC on monthly returns is bang up to date.
Do I have to pay Statutory Sick Pay to my employees?
If your employee is under contract with you, yes you will have to pay them SSP. There are circumstances in which SSP is not payable, and please contact us if you wish to know more.
See us as an extension of your business…
We Are More Than Just Your Accountant, We Are Your Competitive Edge
Our Values
Our Promise
Dury & Co - Big Firm Capability. Small Firm Personality.
"We are dedicated to providing our client with unwavering integrity, precision, and personalised financial solutions, ensuring their confidence in our commitment to excellence as trusted accountants."
