Welcome to MSA Accountants - Your Trusted Accounting Partner in Fleet, Hampshire

Our Accounting Services

At MSA Accountants, we offer a wide range of professional accounting services tailored to meet the unique needs of small businesses in Fleet, Hampshire. Whether you require assistance with tax preparation, payroll management, or bookkeeping, our team of licensed experts is here to help.

Bookkeeping services

Bookkeeping services

Financial transactions recordkeeping

  • Recording financial transactions
  • Accounts payable and receivable management
  • Bank reconciliation and general ledger maintenance

Operational and Strategic Financial Management

  • Payroll processing and financial reporting
  • Expense tracking, budgeting, and forecasting
  • Cash flow and inventory management

Compliance and Support

  • Tax preparation support and compliance monitoring
  • Audit preparation and software setup
  • Financial data entry and periodic review/clean up

Statutory accounts production services

Statutory accounts

UK Companies Filing Requirements

  • File accounts with Companies House annually, including profit and loss account, balance sheet, and other financial statements.
  • Submit corporate tax return to HM Revenue and Customs (HMRC) to report taxable profits and pay corporation tax.
  • Ensures transparency, accountability, and legal compliance.

Management accounts

Management accounts

Key Services for Management Accounts

Here’s a summarized list of services specific to management accounts:

  • Financial Statements
  • (Monthly/Quarterly) Variance Analysis
  • (Budget vs. Actual)
  • KPIs Reporting
  • Departmental/Project Reporting
  • Cash Flow Forecasting
  • Profitability & Break-Even Analysis
  • Cost Control
  • Financial Projections
  • Trend & Ratio Analysis
  • Customized Management Reports
  • Scenario & Sensitivity Analysis
  • Decision Support
  • Financial Dashboards

Who Needs Accounting Services?

Accounting services are essential for a wide array of entities, including:

  • Sole Traders: Sole proprietors require precise accounting to manage their personal and business finances separately, ensuring tax efficiency.
  • Small and Medium Enterprises (SMEs): SMEs need robust accounting practices to handle bookkeeping, tax preparation, payroll, and financial planning.
  • Corporations: Large businesses need comprehensive accounting services to manage complex financial operations, compliance, and reporting requirements.
  • Non-Profit Organizations: Charities and non-profit organizations must maintain transparent financial records to satisfy regulatory requirements and secure funding.
  • Startups: Startups benefit from early-stage financial planning, budgeting, and guidance to build a solid foundation for growth.

Regulatory Authority for Accounts in the UK

In the UK, the preparation and filing of company accounts are governed by the Companies House and the HM Revenue & Customs (HMRC).

  • Companies House: This is the official registrar of companies in the UK. All limited companies must file annual accounts and confirmation statements with Companies House.
  • HMRC: HMRC is responsible for tax collection and enforcing compliance with tax laws. Businesses must submit their tax returns, including Corporation Tax, VAT, and other relevant taxes, to HMRC.

Filing Requirements and Deadlines

  • Annual Accounts or Statutory Accounts:

    • Who Needs to File: All limited companies registered in the UK.
    • Deadline: Accounts must be filed within nine months after the end of the company’s financial year.
    • Requirements: The accounts must include a balance sheet, profit and loss account, and notes about the accounts, depending on the size of the company.

  • Confirmation Statement:

    • Who Needs to File: All limited companies.
    • Deadline: Filed annually, within 14 days of the due date, which is the anniversary of the company’s incorporation or the date of the last confirmation statement.
    • Requirements: The confirmation statement provides a snapshot of general information about the company, such as directors, registered office address, and share capital.

  • Corporation Tax Return:

    • Who Needs to File: All companies liable to pay Corporation Tax.
    • Deadline: Due 12 months after the end of the accounting period, but any tax owed must be paid within nine months and one day after the end of the accounting period.
    • Requirements: The return must be filed using HMRC's online service, accompanied by supporting documentation including financial statements and computations.

VAT Returns

  • Who Needs to File: Businesses registered for VAT.
  • Deadline: Typically quarterly, with each VAT return and payment due one month and seven days after the end of the VAT period.
  • Requirements: VAT returns must report the amount of VAT the business has charged and the amount of VAT the business has paid to other businesses.

Payroll (PAYE) Returns

  • Who Needs to File: Employers who operate Pay As You Earn (PAYE) schemes.
  • Deadline: Monthly or quarterly, depending on the size of the payroll.
  • Requirements: Employers must submit Real Time Information (RTI) to HMRC every time they pay their employees.

Penalties for Non-Compliance

Failing to comply with accounting and filing requirements can result in significant penalties:

  1. Late Filing of Accounts:

    • Companies House imposes automatic fines for late submission, ranging from £150 (for being one day late) to £1,500 (if more than six months late) for private companies. Penalties for public companies are even higher.

  2. Late Filing of Corporation Tax Return:

    • HMRC fines start at £100 for being one day late, with escalating penalties for further delays. Continuous delays can lead to penalties of up to 20% of the tax due.

  3. Late VAT Returns:

    • Businesses that submit VAT returns late can incur a surcharge based on their annual turnover and the frequency of late submissions.

  4. Non-Submission of PAYE Returns:

    • Employers may face penalties starting at £100 per month for late PAYE returns, with additional charges depending on the number of employees.

  5. Failure to File a Confirmation Statement:

    • Companies House can strike off a company from the register if it fails to file a confirmation statement, leading to its dissolution and potential loss of the company’s assets.

Why Choose MSA Accountants?

When you partner with MSA Accountants, you can rest assured that your financial matters are in safe hands. Our team is licensed by the Institute of Accountants and Bookkeepers, ensuring the highest level of professionalism and expertise.

We are committed to providing affordable services without compromising on quality. With professional indemnity insurance and strict compliance with anti-money laundering regulations, your financial data is secure with us.

Transform Your Accounting Experience Today!

Get in touch with MSA Accountants to streamline your accounting processes and achieve financial success for your business.