Our services
Company incorporation and registration with HMRC
To allow you to start your healthcare business, you need to incorporate a company with Companies House. This means forming and registering a limited company, having identified shareholders (those who own the business) and directors (those who are responsible for its management).
We will work with you to obtain the required information and then incorporate the company on your behalf.
As a limited company, you are required to pay corporation tax. We will register you for corporation tax with HMRC as part of your initial company incorporation.
Once the company is set up, a Certificate of Incorporation will be provided by Companies House. Then, you are on your way: once you’re registered, you can begin the crucial process of getting regulatory body approval.
PAYE and workplace pension scheme setup
As an employer you are required to register for PAYE with HMRC and for a workplace pension scheme with an approved scheme provider. We will take care of both of these registrations.
Accounting software and direct debit payment system setup
We will set both of these up for you and ensure that you are trained in using the systems confidently – and we will provide support in using them and answering your questions.
No need to be an IT genius or call software provider helplines staffed by people you don’t know
Accounting software (such as Xero, which is especially designed for SMEs) stores your company accounting records, including your sales invoices, purchase bills, and records of your company bank account(s). Your software should allow transactions to be pulled through directly from the bank, which helps streamline your bookkeeping.
A direct debit system (such as GoCardless) should link to your accounting software and your business bank account. It should recognise new sales invoices being raised and take payment of these invoices within a specified time frame, linking back to your accounting software to reconcile the payments.
This all helps speed up your cash flow, meaning you waste less of your valuable time chasing customers for payment, and streamlines your bookkeeping, leaving you more time to concentrate on delivering high quality healthcare
Let’s talk about how we can help your business thrive!
Get in touch today and let’s make your finances work for you.
Annual accounts and corporation tax returns
As a limited company, you are required to prepare and file statutory accounts annually with Companies House and a corporation tax return to HMRC.
We will:
- Gather the necessary data and using your financial records, prepare your statutory accounts and corporation tax return
- Meet you to discuss the annual accounts and performance of your business, and obtain director approval for the statements to be filed
- Ensure that you know how much corporation tax is due and the date by which the payment must be made
- Ensure they are filed on time
Confirmation statement
Each year a company must file a confirmation statement with Companies House, which confirms that the company information held at Companies House is correct.
This includes the registered office address, persons involved in the running of the company, persons who own the company, and the business description (SIC code). The Companies House fee is included in our price for completing the service.
Payroll services
Healthcare is a people business, and the biggest cost in most healthcare companies is staff, accounting for about 50% of your costs. That’s why it’s vital that your payroll is efficient and carers, clinicians or healthcare staff are paid on time, every time. It’s not something to struggle with, or to get wrong due to inexperience.
We take care of almost everything related to the payroll, so you just have to pay your staff their take-home pay (based on reports that we will provide), plus the PAYE due to HMRC.
Payroll services are charged in two ways:
1. The payroll running fee. This includes the payroll running system, filing a monthly RTI (real-time information to be reported under PAYE) to HMRC, making a monthly submission of workplace pension details to your pension provider, posting monthly payroll journals to your in-house software system, and filing an annual FPS (final full payment submission) to HMRC.
2. The second payroll charge is a charge per employee on the payroll for that month. This charge includes the cost of processing the payroll as well as providing the payslip to the employee.
We will also review the mileage paid to employees at the end of the tax year and advise on whether employees can receive tax relief, or require HMRC to be notified, depending on whether they have been paid mileage below or above HMRC approved mileage (AMAP) rates. We will explain more about this process after we review your needs and provide a fee proposal where P11D’s need to be filed to HMRC for employees paid above AMAP rates.
Use of address as head office
Every company must have a registered office address which is displayed on Companies House, where all written communication must be sent. If your company is registered in England you can use our head office as your address. This is useful in the start up-phase of your business, when you are a registered company but may not yet have premises.
We will deal with all queries at this address, passing them to you as appropriate. This can be amended at any time.
Director’s tax return
As a company director you must complete and file a self-assessment tax return with HMRC each tax year, and it is used to calculate your tax bill. This may well be new to you, but we can take the headache out of the task by preparing your self-assessment tax return, explaining how much tax you have to pay and the deadlines for payment.
As you are likely to own the business, and therefore be a shareholder as well as a director, you can pay yourself dividends from the distributable earnings of the company – which is good news and provides tax-saving possibilities.
We will discuss the earnings you need and how you can withdraw the money from the business in the most tax-efficient way, whilst complying with the relevant laws.
We charge a standard fee for this service, but if you have any other income, such as rental or foreign income, we can provide a bespoke proposal to help you with this.
Bookkeeping
Bookkeeping is the process of recording the financial transactions of your company, including raising invoices, processing purchase bills, and reconciling your bank account(s), all on your accounting software program.
You can tailor this service to suit yourself, so you can be as hands-on as you like – or you can give us total responsibility for this, so we only come to you with any questions or queries. There is a fixed hourly charge for bookkeeping.
Quarterly or monthly management accounts meeting
Management accounts provide a key insight into the financial performance of your business, including looking at how the business is growing, what your gross profit is and how this is made up, what your overheads are, and how to keep them consistent. Between us we will identify areas to focus on, as well as looking at ways to grow your business to achieve success.
We will meet with you quarterly or monthly to review and discuss the performance of your business and present reports such as profit and loss statements and a balance sheet, plus aged receivables summaries, to help explain exactly how your business is doing.
Management accounts are an essential tool in developing your business – we explain how
Reviewing management accounts regularly means we can help you identify areas for improvement and recognise the parts of the business that are going well – and to see and celebrate your achievements! Management accounts are also a great forecasting tool, so you can plan ahead.
Regular management accounts also help with efficient tax planning – the more you know about the finances of your business, the easier it is to forecast what your tax bill may be and to look at ways of mitigating some of it.
Management accounts may also be needed if you want to approach lenders for funds, for expansion, for instance. Having these already prepared will put you in the best position.
If you choose to use our regular management accounts service, we can reduce the fee for the annual accounts and corporation tax return because we will be reviewing the data that feed into these with you on a regular basis.
Personal consultations
We are available for personal consultations, free of charge, for queries taking up to 15 minutes, regularly or when you have questions. If the issue is likely to take longer than that, we can provide a separate fee proposal and we can discuss it. We can be contacted on the phone or by email, and are always happy to jump onto a Zoom meeting. We’ll help you understand and grow your business and cut down time spent puzzling over numbers, or wondering what they mean. And because we understand the healthcare business, you won’t have to educate us in what your business involves.
What and when will I pay you?
We have a simple charging system: you pay a monthly fee for our services over the forthcoming 12 months. That means, when you want to talk about something in depth you don’t feel pressured by fears of hourly fees.
Your annual fee is billed monthly and covers all of our services above, except for bookkeeping and payroll services, which are charged on a per hour and per employee basis each month. For more complex services outside of the arrangement that we have in place, extra charges can be discussed.
Thrive Finch Accounting understands your healthcare business. We can take the hassle out of setting the business up, running the accounting elements, and doing everything we can to help you make it a financial success.
