Finance and Management Support

Finance function

As a director/shareholder in a business (especially if business operations are not domiciled in the same country as the shareholder) it is often difficult to deal with the day to day running and management of a finance function. This function usually involves invoicing, paying suppliers, debt collection and maintaining a bank account etc.

By law companies have to keep financial records so that at any given point in time they can give a snapshot financial picture.

Jordans has in-house expertise to provide a service that allows the directors/shareholders a full overview of the finance function, but which takes away the burden of the day to day maintenance of the financial records. We can offer a bespoke package to suit the individual needs of the client. This can be as complex or as simple as the client requires ranging from just banking services to keeping the books and records on behalf of the company and preparing a set of management accounts at the end of the month.

Management Accounts

The provision of monthly management accounts is a useful tool in any business and can provide the stakeholders with a snapshot of the financial health of the business.  Jordans can provide a service to prepare and submit monthly/quarterly management accounts on a timely basis. The benefit of this to the client is twofold.  Firstly the shareholder can get a picture of how well the business is doing and secondly the directors/shareholders are fulfilling their statutory obligations by maintaining proper company records, and ensuring that appropriate and accurate statutory accounts can be prepared each year as required by law.

VAT registration and returns

If a UK company makes taxable supplies of over £70,000 per year the company will need to be VAT registered and file VAT returns periodically. A company can become voluntarily registered before it reaches the turnover limits. Jordans can provide a VAT return service for the company and register, prepare and submit VAT returns on its behalf.

Payroll

If a company employs people within the UK the company is required to set up a payroll for individuals. This means that the employees need to be paid net of UK income tax and national insurance and the company will need to pay employer’s national insurance for all of its employees. HMRC has a banding system for different levels of pay and this determines the level of tax and national insurance that is due to be paid on a monthly basis. At the year end a company has to submit a P35, P14 and P60 for each of the employees noting income tax and national insurance paid. The company is also required to keep adequate payroll records for each of its employees. Jordans offer a complete and comprehensive payroll package for employers.

Banking

Most companies will need a bank account through which to trade. We can open bank accounts on behalf of UK or offshore companies in the UK or overseas. At Jordans we have a good relationship with a number of banks which enable us to have the account operational in good time particularly where our bank signatory service is utilised.   Our in-house bank signatories ensure rapid turnaround of transactions, using on-line banking systems.