Telephone: 07811 380267 / 01749 600066

barry@bmgaccountancy.com

anna@bmgaccountancy.com

 

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Our Services

We have helped many of our clients to grow and develop their businesses over the years

 

Supplying a comprehensive range of financial and business support services and ongoing strategic advice.

 

Our aim is to provide a professional, personal, effective solution to all of your day-to-day accounting, auditing and taxation needs. We use our expertise to complete this work quickly and accurately, and our experience to explore opportunities and identify potential problems before they arise.

Year End Compliance Services

 

Supporting all aspects of business administration...

We provide a range of compliance services to support all aspects of business administration.

 

We can help you by making sure accounts are prepared in the correct format, statutory books and other company secretarial records are kept up-to-date and that all statutory returns are prepared.

 

Our experienced team will relieve you of the regulatory burden and leave you more time to concentrate on your core business activities. In short, we will make sure everything is in the right format, in the right place and at the right time.

 

Our range of compliance services includes:

 

    Annual accounts.

    Specialist/niche accounts.

    Company secretarial services.

    Payroll procedures including real-time Information and Pensions, Auto Enrolment compliance.

    Tax returns and Grant claims.

 

Support Services

 

Helping your business to grow and increase profitability...

Get in touch

Services

Consultancy & Systems Advice

Taking time to get to know you better so we can offer the best advice...

Business Start Up 

Bring us your business ideas and we will help you to make them a reality...

Taxation

Taking time to get to know you better so we can offer the best advice...

The combination of your business knowledge and our support services will help your business to grow and increase profitability.

 

Management Accounts and Information

 

Obtaining regular reliable management information is vital to the continued success of any business. Let us work closely with you to get to know your business so we can make suggestions to help improve profits or to develop and grow your business. We can prepare your monthly or quarterly management accounts to ensure you always have reliable and accurate information on which to base your business decisions.

 

Payroll

 

Running a payroll can be time consuming and complicated and divert resources from the core activities of your business. With the implementation of Real Time Information, HMRC require information generally on or before the date of payment to the employee. We can help by installing payroll software and training your staff. Outsourcing this activity also helps relieve the pressure and we can offer cost-effective solutions. We are able to provide the complete service, whatever the size or complexity of your business, or simply provide support when needed.

 

Bookkeeping

 

We can help you with all your general bookkeeping requirements. Maybe you need help writing up the books or just want us to add the finishing touches to the information in order to create your own management information. If you do not employ a bookkeeper then we can take up the role or help you recruit the right person for your business.

 

Business Planning and Forecasts

 

Every business should plan ahead to ensure success but daily business pressures often conspire to delay the strategic planning process. Financial forecasts are a crucial part of any business plan and we will ensure these are both meaningful and robust.

 

Liaising with Banks and Institutions

 

We offer support when liaising with banks and other financial institutions. Drawing on our wealth of experience we can support our clients through this often daunting experience.

 

Consultancy and Systems Advice

 

Taking time to get to know you better so we can offer the best advice...

Your professional and personal goals are central to our consulting services; we take the time to get to know you better so we can offer the best advice.

 

Management Consultancy

 

Our management consultancy service can review your credit control, stock control, budgeting and financial reporting systems and allow you to take full control of these key areas of your business. We can also help you address specific problem areas in your business such as gross profit, cost control and stock valuation.

 

Effective management information will allow you to seize opportunities when they arise or identify problems quickly so you can take effective corrective action.

 

Software Training

 

We can provide training and help you to obtain the best from your chosen system.

Our expertise enables a complete range of services to be offered, including:

 

    Software selection.

    Training.

    Management reporting solutions and payroll systems.

 

If you are spending too much time writing up books, typing invoices and chasing debts we help to take control by computerising your accounts 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.

Compliance services

Supporting all aspects of business administration...

Support Services

Supporting all aspects of business administration...

Taxation

 

Working closely with you to ensure you pay the minimum tax...

Get in touch

As tax advisers based in Shepton Mallet, Somerset, our objective is to work closely with you to ensure you pay the minimum tax required by law.

 

We will help you to understand the tax implications of your actions, in order that you can plan ahead and conduct your affairs in a tax efficient way.

 

Corporation Tax Services

 

Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We understand the issues facing owner-managed businesses and can prepare tax returns in a timely and efficient manner. We will also calculate your company's tax liability and assist with the calculation of any quarterly instalment payments due.

 

The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Effective corporate tax planning can also result in significant improvements in your bottom line.

 

Personal Tax Services (including sole-traders and partnerships)

 

We are specialists in income tax, capital gains tax and inheritance tax.

 

Self Assessment

 

We have the expertise and software to take the headache out of the form filling and compliance aspect of Self Assessment. We can provide you with practical advice on personal tax and the planning opportunities available to you. Over recent years HMRC have increased the penalties for failing to file a return on time and for errors. We can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay.

 

Personal Tax Planning

 

Everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet the compliance requirements. Our specialist tax team can provide you with year-round advice on all aspects of personal taxation.

 

Trusts

 

We also have expertise in dealing with trusts; a very tax efficient way to set aside assets for future beneficiaries outside the inheritance tax net. We can advise on the most suitable type of trust to fulfil your wishes, assist in setting up the trust and provide the full range of accounting services required for trust management.

 

VAT

 

Ever changing regulations and the growing demands of HMRC mean VAT compliance can be a difficult administrative process. We can help to ensure that you comply with the regulations and that overpayments are not made. To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes:

 

    Assistance with VAT registration.

    Advice on VAT planning and administration.

    Use of the most appropriate scheme.

    VAT control and reconciliation.

    Help with completing VAT returns.

    Planning to minimise future problems with HMRC.

    Negotiating with HMRC in disputes and representing you at VAT tribunals if necessary.

 

HMRC Investigations and Enquiries

 

Being the subject of a tax investigation or enquiry by HMRC can be a stressful and worrying experience. We have a Wealth of experience in dealing with HMRC investigations, whether they are enquiries into an individual’s Tax Return, more detailed enquiries into a company’s affairs or employer-related investigations into PAYE and P11d compliance. If you're the subject of an investigation, we can provide expert help and support.

 

Tax Protection

 

With the increased risk of such investigations it may be worth considering taking out our annual insurance policy to protect you and your business from unexpected costs; an investigation will undoubtedly result in additional accountancy work being undertaken. The amount of work will depend upon the complexity of the case but the cost could be substantial.

 

Business Start Up

 

Bring us your business ideas and we will help you to make them a reality...

Most people starting up in business in Somerset do so because they have a good business proposition and the enterprise and commitment to see it through.

 

Most however are not experts in the legal and financial aspects of running a business and such matters can appear daunting. Fortunately you do not need to be an expert in these fields to succeed in business, but you do need the support of a team of trained experts.

 

We can help. Just bring us your business ideas and we will help you to make them a reality!

 

We will help you to:

 

    Decide on the most suitable structure for your business - sole trader, partnership, limited liability partnership or

    limited company.

    Prepare a business plan, cashflow projections, budgets, and trading forecasts.

    Assess the finance requirements, advise on the best sources of finance and draw up the necessary proposals.

    Establish a good working relationship with your bank.

    Complete any registration procedures with Companies House and HMRC.

    Deal with company secretarial issues.

    Set up a recording system for your internal use and for complying with statutory requirements.

    Decide on what computer hardware to buy and help with the installation of accountancy software.

    Keep on top of bookkeeping, VAT, payroll and other accounting requirements and help with all aspects of  

    business compliance and administration.

 

Get in touch

Get in touch

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Get in touch

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Tax Digital

Supporting and setting up digital software for Tax Digital.

Tax Digital

 

Working with you to setup your digital accounting software ready for the new HMRC digital inititive.

Making Tax Digital is a HMRC initiative announced in the 2015 Budget that aims to simplify and modernise the tax system for both individuals and businesses. The Making Tax Digital roadmap sets out an ambitious vision on how the tax system will be transformed for the digital age.

 

When will Making Tax Digital be implemented?

 

The rollout of Making Tax Digital (MTD) is set to follow a period of consultation and commence from April 2018, the implementation will be staged over a 2 year period.

 

Making Tax Digital key points?

Here are the key points in regards to how MTD will work.

 

Businesses will be required to file ‘Summary Data’ on a quarterly basis, this is not as complex as a full tax return and something more akin to a VAT return.

 

The Summary Data will consist of total income and total expenditure divided into categories, e.g. advertising, rent, travel etc.

 

Businesses will be required to use digital tools software to maintain records of their income and expenditure. HMRC will not be providing their own software.

 

Businesses will have the option to report more than quarterly if they choose to do so.

 

An ‘End of Year Declaration’ will be filed 9 months following the year end date.

 

Businesses that are VAT registered will be able to file just one report with their VAT figures and summary data combined.

 

We are specialists in income tax, capital gains tax and inheritance tax.

 

We Can Help

 

BMG Accountancy are accredited advisors with Quickbooks and Xero online accounting software. We have the expertise and experience, to train you and your team to ensure all your business accounting is online 'cloudbased' and easily accessable to work with the new HMRC Digital inititive.

 

 

 

 

 

 

 

 

 

 

Further Information on HMRC Tax Digital

 

HM Revenue and Customs - Making Tax easier

HM Revenue and Customs - Making Tax Digital

 

 

 

 

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