Accounts Management in Isle of Man

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Management Accounts

123 Accountancy Services - Concentrating on your book-keeping needs so that you don’t have to...

Managing Accounts

There are a million and one things that you must do for your business, and this can often get overwhelming, and so when it comes to your company’s finances it is always best to use an accountant due to their qualifications and experience in this field. There are many financial aspects of a business from bookkeeping to taxes to annual returns, and trying to juggle these as well as the day to day running of your business. Denise at 123 Accountancy Services on the Isle of Man, has over 20 years experience handling a variety of accounts - both corporate and personal - and can manage all of your accounts in order to keep your finances up to date, and to make sure that all forms are sent off correctly and in time. This service can be offered on a monthly to quarterly basis, and can help with budgeting and financial control.

Bookkeeping

Bookkeeping can be done manually or through a computer system. Bookkeeping requires that you complete many different tasks, including: dealing with invoices, making a record of all expenses, monitoring outgoings, and paying employees’ wages.

Annual Accounts

How your company performs each year must be recorded and presented in the required government format. You can pretty much choose when your accounting year starts and ends, however, the taxable income for sole traders is calculated from 6th April - 5th April each year. As such it is advisable that you try and keep your company’s accounting year matches this.

Corporation Tax

If you are an Isle of Man Company you must complete and return your tax return within one year and one day of the year end date.

Self-Assessment Income Tax

Each year you will also be required to work out your personal income tax from the income you have received such as employment, self employment, rent, interest, etc. This paperwork must be completed and filed by the 31st January 6th October of that tax year and payment is due no later than 6th January the following year.

VAT

Depending on the size of your business - or your personal preference - you may charge VAT on your products and/or services. If your company earns over £83,000 each year then you MUST register for VAT, anything below that and it is up to you whether you want to register your company or not.

If you are VAT registered then you will charge an additional amount between 5% and 20% on all of your services and products, and pay this added amount to Customs and Excise. Being VAT registered also means that you are then able to reclaim any VAT that you have paid on any business expenses.

PAYE

For each member of your staff you need to work out their income tax and their National Insurance (NI). Whether you pay your staff weekly or monthly you will need to deduct both Income Tax and National Insurance and pay them to Isle of Man Treasury by the 18th of each month together with completing and submitting an online return. You also need to submit an annual return for each year to 5th April by 5th May to avoid a penalty.

Having to handle all of these tasks, as well as running your company, can be a bit of an overload. At 123 Accountancy Services on the Isle of Man, 123 Accountancy have helped local companies with managing their accounts. If you are in need of a professional accountant to manage your accounts, then give us a call on 07624 423970, or send a message through the Contact Page.

Accounts Management in Isle of Man

Get in touch for a friendly and confidential consultation

Do you spend too much of your own time or your staffs time on bookkeeping when you could be focusing on your own business?

Your expertise doesn’t lie with bookkeeping or accountancy so are you confident that everything is correct, accurate and up to date?

Would you like to hand over the bookkeeping and accountancy responsibilities to an expert, taking away your stress and leaving you comfortable in the knowledge that everything is taken care of?

If the answer to any of the questions above is yes then it makes sence to contact us on 07624 423970.

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Accounts Management in Isle of Man