Accountomatic Automated Accounting

BOOKKEEPING, ACCOUNTS AND TAX RETURNS FOR PROPERTY INVESTORS AND DEVELOPERS

Bookkeeping and accounts

As well as accountants and business and tax consultants, we are property investors and developers - so we know what property investors require from their accountant.

We also know that you have only a minimal amount of time available for bookkeeping and accounting, so we have 'automated' the whole process, to the extent that all you do is scan in invoices, receipts and statements and we do the rest,

Our software and system is based upon a single, central database of your transactions, from which are automatically produced all reports, accounts and returns. The central database both keeps processing time to the minimum and provides you with every confidence that the reports, accounts and returns produced are absolutely consistent. You can be have full confidence in the accuracy of the data, as we rigorously control and review processing and apply additional analytical techniques to further confirm its integrity - and that it actually makes sense!

In addition, we provide full supporting schedules, allocating assets, liabilities, income and expenses between properties, so that you have all of the information you may require to run your business efficiently and profitably.

In addition, we set up reports providing the key financial information you require for taking day to day decisions and for planning your business in the longer term. The reports are available to you in real time - as up to date as the transactions that have been processed. They are not 'set in stone' and can be amended or additional information can be included at any time. The great thing for you is is that you have reliable, current information available on demand.

Tax compliance

The two important aspects of tax compliance are ensuring returns are submitted and payments made on time and ensuring that the returns are correct band the payments for the amounts properly due.

That's all there is to it!

Why, then, do most services charge the earth for what is essentially a straightforward service?

Our automated software and system, produces the returns and any supporting schedules, reports or accounts required, at the touch of a button. It highlights any errors, inconsistencies or compliance failures and checks that the correct documents are attached. Following detailed review and up[on receipt of your approval, at the further press of a button submits the returns to HMRC.

That is the case for all applicable returns and submissions, such as VAT, income tax, corporation tax and payroll.

Due to efficiency of our automated our software and system, for you it means that there is no unnecessary time applied to what is, after all, somewhat basic tax compliance, helping us to keep our fees to the most competitive and value for money level possible.

Corporate compliance

If you operate through a limited company or limited liability partnership (LLP), you have additional regulations that you must comp[y with, such as:

Preparation of statutory accounts, in accordance with company law, regulations and accounting standards, for presentation to the members and HMRC.
If required, either by statute, regulation or the members, to arrange for the accounts to be audited.
If eligible (due to the size of the company), prepare abridged or filleted accounts, containing a reduced amount of information, for submission to Companies House - and ensure that they, or the full accounts if a larger company, are submitted by the due date each year - usually nine months after the end of the accounting period.
To file the confirmation statement at Companies House by its due date each year.
To ensure that all resolutions, changes in information or other filings required by Companies House are made by their due dates..
To maintain the statutory books of the company.

Our automated software and system produces all required reports and accounts, again at the touch of a button. Should any errors or inconsistencies arise or should the accounts or reports in some way fail our rigorous compliance checks (rare), these are highlighted and dealt with. When approved by you, a further press of a button submits the documents to Companies House.

You can see again that, due to our software and system automating the process, there is no unnecessary time applied to this basic compliance service, further helping us keep our fees to the most competitive and value for money level possible.

Business information

All businesses owners need accurate and up to date information to help them with both the day to day running of the business and longer term planning.

From the central database of your transactions we are able to produce the exact information you need, at exactly the time that you need it. In fact, the tailored reports that we produce are available to you at any time - and as up to date as the transactions that have been processed.

The reports may be by exception - for instance, arrears of rent - or by unit - each property, or even down to each room in serviced accommodation!

We can also assist you with the preparation of budgets, monitoring and analysing variances.

At the risk of repetition, you can see our automated system allows reports to be generated at a fraction of the cost you may expect from more traditional accountants.

Business and tax planning

Business and tax planning really cannot be separated, particularly planning the structure of your business - whether to operate as a sole trader (or investor) partnership (either an 1890 Partnership Act partnership or a limited liability partnership) or a limited company.

The consequences for both short and longer term tax must be considered when determining the best structure under which to operate. What may be right to reduce tax on income in the short term may be disastrous for longer term taxation of capital gains or for passing your portfolio to the next generation.

Planning is also an essential aspect in the investment decision - when or how to invest.

Of course, you cannot plan your business unless you know what you want to achieve with it - unless you have set goals for the business, so that is the first and most important step - to set your goals.

When you plan, you should begin at the end, then plan each step you need to take to achieve the end.. By doing this, planning the small steps you will take to achieve your goals, you will both avoid overwhelm and provide your self with a way of monitoring progress.

Let's say you are looking for an income of, in current terms, £20,000 each month in ten years time, from a portfolio  of single let buy to let houses. You know that the houses you intend investing in, in the area you have chose, produce on average a profit of £200 per month each, so for £20,000 profit each month you would need a portfolio of 100 houses.

Got that?

100 houses!

Does that seem a lot?

Does it seem overwhelming - to go out and acquire 100 houses?

If so, you need to look at it a different way.

In the next three months, you acquire a single property. How does that sound? Far from impossible, I hope.

Then, in the following three months you acquire another property. So, six months down the road and you have two properties.

You've been working on this for six months now and developed a network of contacts who can see that you are serious. That enables you to acquire two properties in each of the next two three month periods - a further four properties.

At the end of the first year you have six properties.

From that point you step it up a little - you acquire three properties in each three month period or, if you prefer, a property each month.

If you continue to do that, by the end of the tenth year you'd have 114 properties.

How doers that sound?

Even allowing for voids you should be ahead of the £20,000 per month profit target!

A little off track here, but I promise you that if you are determined and apply your energy to this you can do it, even if you have little or no money of your own to invest. Here we're considering the services that you need, so exactly how you could do it is outside the scope of this article.

The secret is to break down the plan into small, manageable steps. as you grow in experience and grow your network it all becomes much easier and quicker. You grow in experience and stature with your business.

You will find it much easier to grow your portfolio by having a plan, for both growth and tax efficiency - by sticking to it. and using it to monitor your progress.

We are able to assist you with creating your business plan, using it to raise funds and monitoring your progress. We can also assist with assessing each property or project and whether it fits your criteria to  produce the results you require.

accountomatic automated accounting

What do our standard services include?

Bookkeeping.
Value added tax (VAT) returns - if relevant.
Sole trader (investor) accounts.
Partnership accounts - limited liability partnerships (LLPs) and 1890 Partnership Act partnerships - both full statutory accounts and abridged or filleted accounts for filing at Companies House for LLPs.
Limited company accounts - full statutory accounts for the members and HMRC and abridged or filleted accounts for filing at Companies House.
Self assessment tax returns for individuals.
Self assessment tax returns for partnerships.
Corporation tax returns.

Bonus services

Companies House submissions - accounts and confirmation statement.
Payroll processing and administration.
Construction Industry Scheme (CIS) processing and administration.
Bespoke management reports.

Add on services

Business structure and incorporation.
Tax planning - value added tax, income tax, corporation tax, capital gains tax, inheritance tax, stamp duty land tax.
Business plans.
Budget setting and monitoring.
Project analysis and assessment.
Funding proposals.
Capital gains tax computations and returns.
Provision of registered office and related services.
Business succession.
Estate planning and trusts.

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