Blog, Limited Companies, Online Accounting, Tax

Online Accounting Services for Small Businesses

CloudCo Accountancy Group have been providing online accounting services for small businesses since 2006. As an award-winning firm of experienced accountants, we can help small business owners become big business owners as we assist them on their financial journey to success.

How Do Online Accountants Work?

Online accountants work just like any other accountants and CloudCo do everything other accountants do but with one important difference – we do everything online.

This means, for example, that you no longer have to travel to an office for face-to-face meetings – after all we are sure you have better ways to spend your time. Of course, you still get personal service and can talk to us by phone, by email or by online contact.

When you choose CloudCo the service you receive is all about flexibility – because we appreciate that no two businesses are ever the same. With over 200 corporate clients, we work hand in hand with each and every one to develop a bespoke accountancy service that will help to drive their business forward.

What Services Do Our Online Accountants Offer?

Bookkeeping

Being in business comes with the legal obligation to maintain accurate financial reporting and failure to maintain accurate records could result in you being fined close to £3,000 by HMRC.

Moreover, in cases where discrepancies are found in the records that lead to incorrect tax returns being filed, you may incur an additional penalty along with the fine.

To relieve our clients of the burden of running their business and to save them valuable time too, CloudCo offers comprehensive bookkeeping services, especially designed for contractors, start-ups and SMEs.

Our accountants and bookkeepers ensure comprehensive statutory compliance services enabling you to get on with growing your business. And, because every business is different, there is no set format for record keeping so CloudCo manages your requirements according to the size of your organisation.

We take you step-by-step through the process, defining your requirements, and then set up an accounting procedure, so that service we provide is uniquely designed around you and your business.

VAT

VAT compliance can be a challenging administration process for any kind of business both big and small.

The growing demands of HMRC and ever-changing regulations can make preparing VAT returns in compliance with current legislation, accurately accounting for them and submitting those returns to HMRC, a painful and tedious task.

At CloudCo we can help you manage your VAT returns and make certain that they are completely in line with regulations using our online software.

Keeping on top of your business accounts can be time consuming. At CloudCo we have the industry’s best VAT return professionals who can help you in preparing all the VAT returns as per the law, accurately account them in the book, and submit them to HMRC – on time, every time. This means less worry, less stress and more time to spend on the important things in your business.

Corporate Tax

The aim of every business is to make profits and that is what you, as a small business owner, directs your energy towards. But a large part of your trading costs constitutes Corporate Taxes.

Tax planning is important for your business, but you might not want to spend a large proportion of your time on Corporation Tax returns and forget about your core business activities. This is where CloudCo can assist.

Tax Planning on Your Behalf

The success of your business is your first priority. Filing returns, calculating the taxation you owe to HMRC while looking to reduce your tax and gain tax relief, can become tedious and time-consuming on top of your management duties.

Moreover, taxation legislation can be complicated and often undergoes changes you might not be aware of. CloudCo can help make and manage your company plans.

After all, managing your corporation taxes correctly is crucial in ensuring the financial success of your business. We specialise in helping business owners discharge their financial responsibilities in the most tax-efficient way.

As part of our service to small business owners you can obtain help from our expert professionals. We can help with: –

Advising on the most tax effective business structure
Establishing payroll and benefits
Assisting in VAT planning
Making the most of tax saving opportunities and reliefs
Optimising capital or revenue tax
Capitalising on relief on acquisitions
Reducing tax on disposals
Assisting with doing business overseas
Maximising tax benefits relevant to your industry
Helping your business comply with all legislations including corporation tax self-assessment
Interacting and acting on tax discussions on your behalf (if required)

Payroll

Payroll can be a real challenge for a business of any size but, as an online service, we offer payroll services for your complete peace of mind.

We will make sure that your employees are paid accurately and on time and that any deductions – National Insurance, PAYE etc – are made. Whether you have a small business or a large one, you should consider outsourcing payroll if you find you are unable to manage all the particulars of the different specifics that come with having multiple employees.

Having access to online qualified accountants ensures this part of your business finances is in the hands of experts. Our software offers a comprehensive range of payroll services: –

Change of code number
Starters and leavers
Tailor-made and generic payslips
Student loan recovery
Child maintenance orders
P11Ds and taxable benefits
Pension schemes for company, personal and stakeholders
WFTC and DPTC
Give as you earn
SMP, SPP, SSP, and SAP
Expert advice on tax and NIC payable
Handling employee queries
Standard payroll reports
Pay in lieu of notice redundancy
Processing payments through BACS
Preparation and electronic filing of forms P35 & P14
Production of year-end P60s

Business Planning

Business planning is vitally important to any business enterprise – sole trader, medium sized limited company or huge multi-national. It reflects your vision for the business while establishing your current position and helps you determine the way ahead.

It also gives an important insight for potential investors into the goals you have and how serious you are about reaching them. It will also influence their decision on whether to invest.

Every business is unique and so every business plan will be unique too. As chartered accountants with extensive experience and expertise, CloudCo have helped hundreds of owners, managers and start-ups to draw up successful business plans.

We understand what works for each industry and service and can help you match your business plan to your goals to maximise your profits.

Limited Company Formation

Our team of chartered accountants has years of industry experience and in-depth knowledge, helping thousands of clients throughout the world.

We not only specialise in online limited company formation, (Limited by Shares, Limited by Guarantee and Limited Liability Partnerships), but we can also offer you a wide range of other formation services.

Services we offer include:

Prompt and efficient company registration
Online ltd formation application at Companies House
Affordable business services with guaranteed banking in the UK and worldwide

We can also provide Business Credit reports that are specifically designed to provide prompt and simple access to important business information, including turnover, accounts formation or company credit rating.

You can have complete peace of mind as every part of our system is secure, ensuring that all your data is secured and protected. We also provide full documentation of all Incorporation Documents.

Business Start-ups

You’ve come up with an innovative new idea or spotted a gap in your local market and you’ve decided to start up a new business. Before you go ahead there are many things you need to do.

The first step is to draw up a Business Plan and for that you need the services of an accountancy firm, preferable one that provides small business accounting services.

Unless you are well versed in doing accounts, have started a business before or have a good understanding of taxation law, then you really need to hire a professional accountant – one who is an expert in small business accounting.

Investing in the right support and advice at the start will make life a lot easier as your business develops in the future.

At CloudCo, we can support you by doing all the important background work while you concentrate on establishing your new venture. We are experts in supporting start-ups, our charted accountants work with them as partners and watching them grow into successful, profit-making organisations.

Here’s how we can help you:

Preparation of a business plan
Assistance with business structuring; sole trader, partnership, limited liability or limited company
Help with company secretarial duties
Research and review cash-flow projections
Evaluate the finance requirements of the enterprise
Help with Tax Return Planning
Provide bookkeeping services, quality software, Payroll support, and manage VAT returns
Conduct annual audit
Prepare annual accounts

Company Secretarial

Company secretarial services are vitally important to your business because, as a director of the company, you have a legal liability to ensure that the company meets certain obligations and non-compliance will lead to severe penalties.

But there are many other important functions of a Company Secretary. For example, creating and maintaining company registers, and making filings at Companies House within the given time limit.

Organisational compliance is becoming more important with each passing day and the penalties for non-compliance are serious. There are many factors making each company’s position and needs unique – the company structure, complexity etc.

CloudCo Accountancy Group’s company secretarial team can offer secretarial support for such things – from statutory registers and transactional support to solicitors, to the essential and main company secretarial team duties expected of both secretaries and accountants.

FAQs

Is QuickBooks Online Software Good for a Small Business?

QuickBooks has been an accounting solution for small businesses for many years – proof of its value. Here at CloudCo we also use Xero and QuickBooks and even have our own online software. Our online accountancy services are tailored to you and whichever software is best for your needs and preferences.

Do Our Online Accountants Know What They’re Doing?

CloudCo have over 200 corporate clients and 15 years of experience of providing bespoke solutions to businesses of all sizes, so our depth of experience and knowledge is second to none.

What Accounting Services Do Small Businesses Need?

First and foremost, every small business needs an accountancy firm with a team of chartered accountants who can provide a comprehensive bookkeeping service. There are so many services CloudCo can offer – from Payroll administration to advice on tax efficiency.

Every business is different and every business will have different needs. This is where CloudCo can help with a dedicated accountant team for every eventuality – be it invoicing software, financial reports, monthly bookkeeping, maximising tax efficiency of business expenses or any other area where our accounting service can be of value.

How Much Should a Small Business Pay for Accounting Services?

We at CloudCo offer a range of online accounting packages for contractors, freelancers, limited companies and small business. We can let you know how much you will pay depending on your needs. Then compare our price with your existing accountant if you have one but remember – CloudCo can offer all the advantages of an online accounting service with our software.

What Is Making Tax Digital?

“Making Tax Digital” is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. In essence it means that most tax returns – VAT, Income Tax, Corporation Tax etc – will be filed online. CloudCo, as online accountants and bespoke online accounting software, are the ideal people to help you with this.

Online Accountancy Services for Small Businesses. Why Choose CloudCo?

CloudCo can be your dedicated accountant, giving you a bespoke service, keeping track of your monthly transactions and, when tax season comes around, we can take care of your annual filing of accounts and promise that they will be presented in plenty of time, with our “no penalty” guarantee.