Case Study 1: High Street Family Retailer Monthly Fee: £95

The Client: Retail partnership

Status: Partnership
Turnover: £240,000 per annum
Partners: Husband and wife
Staff: 4 employees

Service provided by MAAP

MAAP Fee: £95 fee per month
Monthly: Payroll (RTI) & PAYE/NI
Quarterly: VAT & trading reports
Annually Partnership accounts & tax

Summary

We have been servicing this particular business for over ten years and with two different successive owners, which has to say something positive about us as a service provider. Most people change accountants when they buy a business.

We work closely with the owners of this very successful Christchurch retailer essentially taking care of all of their accounting and tax return obligations for payroll, VAT, partnership and personal self assessment tax returns.

This frees them up to concentrate on keeping the business running smoothly and efficiently, in the knowledge we are looking after the tax planning and compliance side of things.

We have streamlined and rationalised the book-keeping processes so that it involves the minimum of intervention for both parties, which also serves to keep the annual accounting bill down. A recent HMRC VAT compliance visit also proved that the system is working as intended as the inspector found every thing to their satisfaction, which is unusual for a cash-taking business.

More Detail/Less detail
  • The client prepares a simple weekly reconciliation sheet (provided by MAAP) that accounts for the cash taken through the till and the amount eventually banked, after incidental purchases, wages and drawings. Keeping tabs on till cash is vital for both security and tax compliance.
  • The client keeps all their suppliers’ invoices in either a ‘paid’ or ‘unpaid’ lever-arch file. All we require from the client is to annotate each invoice or batch of invoices as they pay them with the date of payment and the method of payment (cash, cheque, debit or credit card).
  • The client rings through the wages for the month and is provided with payslips and detailed summaries in good time for pay day on the last Saturday of the month.
  • The client delivers their accounting records on a quarterly basis so we can prepare their VAT quarter return.
  • The client is in constant contact with MAAP during the year, seeking advice and keeping us informed of any new developments such as the purchase of new equipment, the taking out of loans, capital injection, etc.
  • MAAP prepares the monthly payroll records and emails through payslips and reports in good time for the end of month pay day.
  • We deal with the online filing of annual payroll returns, leavers and joiners with the HMRC, as well as offering first-level employee management advice.
  • Upon receipt of the quarterly paperwork, MAAP writes up the Sales Day Books (SDB), Purchase Day Book (PDB) and prepares and reconciles the bank records to date. We then calculate the VAT and return the records to the client in good time for the client to approve the figures and allow us to e-file the VAT return with the HMRC.
  • The quarterly reports we supply allows the client to review turnover and expenditure to date as well as the estimated bottom line profit for the year to date.
  • At the end of the year we collate the information we have already processed to produce the annual partnership financial statements, and then prepare and e-file the HMRC partnership tax return and the partners’ self assessment tax returns.
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Client Case Studies

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MAAP Accountants
Sigma House, 44 Willow Way
Christchurch, Dorset, BH23 1LA
Tel: 01202 482121
info@maap.co.uk