Online Accounting Services

Features for Sole Traders and Limited Companies

Whether you’re a sole trader or run a limited company, our services are tailored to your specific business structure. For sole traders, we provide self-assessment tax return preparation, income tracking, and expense management tools that make it easy to separate personal and business finances.

Limited companies benefit from our complete compliance package including company accounts, VAT returns, and Corporation Tax filings. We also assist in preparing and submitting annual accounts, which are crucial for staying compliant with tax regulations. We handle director’s payroll and dividends, ensuring you remain compliant with HMRC regulations. Our qualified accountants provide specialised expertise and support, ensuring financial clarity and informed decision-making.

Integration with Business Banking and Payment Providers

Our system seamlessly connects with your business banking accounts to provide a real-time view of your finances. Our bookkeeping software assists businesses in managing their financial transactions efficiently, ensuring compliance with legal obligations and enhancing financial accuracy. Bank feeds automatically import your transactions, eliminating manual data entry and reducing errors. Additionally, the integration with your bank account allows you to automatically track expenses and perform bank reconciliations, simplifying the accounting process and reducing the stress of managing finances.

The platform also supports batch payment processing, allowing you to pay multiple suppliers in one go. Our smart matching system helps identify and categorise recurring transactions, making reconciliation faster and more accurate.

Automations and Real-Time Information with Cloud Accounting Software

Our intelligent automation tools transform time-consuming accounting tasks into simple processes. Invoice generation, expense categorisation, and receipt capturing can all be automated to save you valuable time.

Real-time information means you always know exactly where your business stands financially. View profitability reports, cash flow forecasts, and tax liabilities instantly without waiting for month-end or quarterly updates. Simple online accounting software offers user-friendly features that allow freelancers and small business owners to efficiently manage their finances and receive real-time support from actual professionals.

The system can send automatic reminders for important deadlines and outstanding invoices. You’ll receive alerts when bills need approval or when unusual transactions occur. Our mobile app gives you access to this information anywhere, ensuring you can make informed business decisions even when on the move.

Online Accounting Services for Tax Management and Compliance

Tax compliance is a critical aspect of running any business, and online accounting services offer powerful tools to help you stay on top of your tax responsibilities. These digital solutions simplify complex tax processes while ensuring you meet all HMRC requirements. Online accountants play a crucial role in managing annual accounts and tax returns, providing comprehensive services through online software to ensure compliance and improve financial efficiency.

Understanding VAT Returns and Corporation Tax

VAT returns can be challenging to manage without proper systems in place. Online accounting services automatically track your VAT transactions, calculating exactly what you owe each quarter. Many platforms can directly submit your VAT returns to HMRC with just a few clicks. Additionally, online accountancy software allows both clients and accountants to access financial information easily, making the process efficient and improving financial management.

For limited companies, corporation tax obligations are streamlined through these digital tools. Your online accountant will help calculate your company’s taxable profits and prepare the necessary documentation for HMRC.

Most services offer:

• Real-time VAT tracking to prevent last-minute surprises

• Automated calculations that reduce human error

• Direct HMRC submission capability

• Historical record keeping for potential HMRC inquiries

These features ensure you’re always tax-compliant while minimising your tax bill through legitimate strategies.

Navigating Tax Deadlines and Self Assessment

Online accounting services excel at keeping you on track with important tax deadlines. They typically include reminder systems that alert you weeks before submissions are due. Additionally, online accountants play a crucial role in managing these deadlines by offering comprehensive financial services remotely through secure digital platforms.

For Self Assessment tax returns, these platforms simplify the entire process. They automatically gather income data, calculate allowable expenses, and organise your financial information in HMRC-approved formats.

Key benefits include:

• Calendar alerts for approaching deadlines

• Step-by-step Self Assessment guidance

• Automatic income and expense categorisation

• Tax liability forecasting

You’ll also receive personalised advice on tax-efficient strategies that suit your specific situation. This helps reduce your overall tax burden while staying fully compliant with tax regulations.

Making Tax Digital for Businesses

HMRC’s Making Tax Digital (MTD) initiative requires businesses to maintain digital records and submit tax information electronically. Online accounting services are specifically designed to meet these requirements. They provide online accountancy services that play a crucial role in Making Tax Digital by offering comprehensive solutions for company accounts and tax returns for various entities like sole traders and limited companies.

Most platforms offer MTD-compatible software that seamlessly integrates with HMRC’s systems. This ensures your business remains compliant without adding administrative burden.

Features typically include:

• Digital record-keeping that satisfies HMRC requirements

• Direct API connections to HMRC systems

• Quarterly digital reporting capabilities

• Real-time tax calculations to improve financial planning

These services continually update their systems to reflect the latest MTD regulations. As HMRC expands the MTD programme to cover more taxes, your online accounting service will adapt accordingly, keeping your business ahead of compliance changes.

Online Services for Payroll and Employee Management

Modern payroll systems make managing your employees easier than ever. These online tools handle everything from tax calculations to document generation, saving you time and money. Additionally, having your own dedicated accountant ensures personalised support and continuous availability, deeply understanding your business needs and financial duties.

Processing Payslips and Tax Codes

Online payroll services automate the creation and distribution of payslips. You can generate digital payslips that employees access through secure portals. This reduces paper waste and ensures documents are always available.

These systems automatically calculate PAYE, National Insurance contributions, and other deductions based on current tax codes. When tax rules change, the software updates to stay compliant with HMRC regulations.

Most platforms like Sage Payroll and QuickBooks offer real-time tax calculations that adjust to each employee’s circumstances. This helps you avoid costly mistakes and penalties.

You can set up recurring payments and manage one-off adjustments such as bonuses or overtime. The software tracks holiday pay, sick leave, and other statutory payments with minimal input required.

Managing P45 and P60 Documents

P45 and P60 documents are critical employment records. Online payroll services generate these documents automatically, ensuring they meet HMRC requirements.

When an employee leaves, the system produces a P45 showing:

• Earnings to date

• Tax paid

• Current tax code

P60 certificates are created at the end of each tax year, summarising an employee’s total pay and deductions. Digital systems store these securely and allow easy distribution.

With cloud-based services, you and your employees can access these important documents anytime. This proves invaluable during tax season or when staff need proof of earnings.

Most services archive these documents for the legally required period, helping you stay compliant without managing paper files.

Outsourcing Payroll Services

Outsourced providers employ payroll specialists who stay current with changing regulations. They ensure your business remains compliant with HMRC requirements and deadlines.

These services typically offer:

• Complete payroll processing

• Tax calculations and submissions

• Pension administration

• Statutory payment management

• Year-end reporting

The cost of outsourcing usually depends on your employee count and the complexity of your payroll needs. For many small businesses, the expense is offset by time savings and reduced errors.

Financial Reporting and Analysis

Online accounting services offer powerful tools for financial reporting and analysis that help you make informed business decisions. These digital solutions transform raw financial data into clear, actionable insights through automated reports, forecasting, and expense tracking. Additionally, online accounting software plays a crucial role in financial reporting by providing real-time bookkeeping, ease of use, and dedicated accountant support.

Generating Reports for Business Finances

Most online accounting platforms provide customisable financial reports that give you a complete picture of your business health. You can easily generate profit and loss statements, balance sheets, and cash flow statements with just a few clicks.

These reports are created in real-time, meaning you always have access to the most current financial information.

Many services allow you to:

• Schedule regular reports to be delivered directly to your inbox

• Customise reports to focus on specific business areas

• Share reports with stakeholders or your accountant

• Export data in various formats (PDF, Excel, CSV)

You’ll also benefit from visual representations like graphs and charts that make complex financial information easier to understand.

Forecasting Cash flow and Business Spending

Cash flow forecasting is essential for planning future business activities. Fathom and similar online accounting services provide fast cash flow forecasting tools that help you predict future financial positions.

These forecasting tools allow you to:

• Create what-if scenarios to test different business decisions

• Project revenue based on historical data and growth patterns

• Plan for seasonal fluctuations in income and expenses

• Identify potential cash flow gaps before they become problems

You can set up alerts for when cash flow might dip below certain thresholds. This gives you time to arrange additional funding or adjust spending plans.

Many services offer dashboard views where you can see projected cash flow alongside actual performance, helping you stay on track with your business goals.

Monitoring Expenses and Bank Transactions

Online accounting services make expense tracking and bank transaction monitoring simple and efficient. Most platforms connect directly to your bank accounts and automatically import transactions, categorising them based on rules you set.

You can track expenses by:

• Department or project to understand where money is being spent

• Vendor or supplier to identify opportunities for negotiation

• Time period to spot seasonal trends or unusual spending patterns

Mobile apps let you capture receipts on the go, eliminating the need to keep physical copies of out-of-pocket expenses. Simply take a photo, and the app will extract key information and store it securely.

Many services include approval workflows for expenses, helping you maintain spending controls. This feature is particularly useful for nonprofits and voluntary organisations using solutions like ApprovalMax to manage their financial controls.

Utilise our Online Accounting Services

Our cloud accounting solutions are perfect for small business owners in Newcastle and across the UK. Property owners benefit from our specialised services for landlords. Whether you’re an unincorporated landlord or manage multiple properties, we help organise your property finances efficiently.

We understand that admin tasks can be overwhelming. Our digital accounting solutions automate invoicing, expense tracking, and tax calculations to free up your valuable time.

Let’s take the stress out of your finances – speak to our online accounting team today.