We offer a comprehensive range of services to support your business.
Welcome to Hermit Business Solutions Service Page. You will see that we offer a comprehensive list of services – if you think of anything that we haven’t listed then please get in touch – we may still be able to help or point you in the right direction. We would so welcome the chance to work with you and your business. Why not get in touch so that we can discuss how together we can make your business stronger whilst also taking care of your statutory needs so that you can concentrate on looking after your customers. We hope that you will be happy to join our team
Our support services including book-keeping and payroll are designed to save you time and allow you to concentrate on running your business.
This is the most time-consuming element of any efficient paperwork process. More and more importance is being placed on accurate record-keeping especially since the introduction of MTD (Making Tax Digital) which means that HMRC are placing more demand on businesses to ensure the completeness of their accounting records.
Accurate inputting of purchase invoices, sales receipts, journals and expenses is extremely important as this is the basis for VAT returns, bank reconciliations, management reports. It is also time-consuming. We will ensure that your costs are allocated to the correct place in the ledger by liaising with your finance staff where necessary.
We can also raise and send sales invoices on your behalf which will be raised in a timely manner to ensure efficient cashflow management in line with information provided to us. We will ensure that income is allocated in such a way as to provide useful management information which will help you to analyse sales and drive efficiencies forward.
Why not let us take the pressure away by dealing with your supplier payments? Timely payment of suppliers is important to ensure good supply chain relationships and good credit ratings. Reconciliation with the supplier statements is also important to ensure that invoice payments aren’t duplicated or missed. Payments will be set up on your banking platform ready for approval and submission.
Bank reconciliations are the mainstay of any accurate financial accounting system. Monthly bank reconciliations ensure that your customer and supplier accounts are always up-to-date so that better control of cashflow is enabled. This also facilitates the production of accurate management accounts so that you can see how your business is doing every month, not just at the end of the year. We’ll log into your accounting system and reconcile without fuss.
We will deal with the headache of registering your business for a PAYE scheme. We will ensure that your payroll scheme is set-up in plenty of time for your payroll to begin operating using Real Time Information (RTI) software systems. We will ensure that you are compliant with current PAYE regulations and also Pensions Auto Enrolment. We will communicate with your employees to provide them with a point of contact should they have any queries so that you will not be bothered by payroll issues.
Then on a weekly or monthly basis we can process your staff wages or salaries. We will ensure that your payroll is run in a timely manner. Payslips will be emailed to employees and payments set up on your banking platform ready for approval and processing at the correct time. We will ensure that all statutory submissions are made in time to avoid penalties. We will also set up the regulatory Payments ready for approval and submission.
We can also process your staff expenses for you. We will ensure that your expenses payments are made in a timely manner using your expenses processing software or our inhouse software. We will ensure that all expenses processed comply with current legislation for allowable expenses. We will also set up the payments ready for approval and submission.
Whether you are working as contractor or a sub-contractor there are various statutory obligations and you will need to be registered under the CIS Scheme. We will take the headache away by ensuring that you are fully compliant and will liaise with relevant contractors or sub-contractors on your behalf. We will ensure that the monthly submissions to HMRC are completed on time and will ensure that we comply with the legal obligation to send CIS supplier statements monthly on your behalf.
We will also take care of any P11D requirements. The work involved in preparing P11D is quite extensive. The main task is to ensure that the company has complied with its legal obligations surrounding benefits in kind. Calculations need to be performed to ensure that the company pays the correct National Insurance on these benefits and that the employee pays the correct tax on these benefits. The rules change constantly and are complex in nature. We ensure that you are fully compliant and that statutory returns are submitted in time to avoid penalties.
Once your turnover goes over £85K (or is expected to go over this limit within the next few months) you will need to be registered for VAT and we can deal with this for you. People think that the submission of a VAT return is as simple as pushing a button – this isn’t the case We will check that all transactions processed have been processed with the correct VAT code to ensure that the correct VAT is reclaimed/paid over. We will check that the correct VAT rules have been applied to your transactions in line with HMRC policies which are open to constant change. We will ensure that the VAT return is submitted on time so that you are not penalised for late submission.
We will send you the details of the VAT amount due three weeks from the end of the period so that you have two weeks to set up the payment/ensure that the funds are available for your direct debit.
Our compliance services ensure that you are compliant with Government legislation.
The preparation and submission of a tax return is a time-consuming process. We have to ensure that all of the relevant information is submitted to avoid tax-avoidance queries. We calculate your tax liability and ensure that you are advised of the amount to pay well before the payment is due. We will provide you with a tax return checklist to ensure that nothing is missed and to ensure that we are having conversations about all of the relevant income lines. Once you are happy with the return and we have received your approval we will submit the return in plenty of time to avoid penalties. By using this service, you will automatically be covered under our tax investigation insurance so that should there be any query about the submission we will undertake the communication with HMRC on your behalf.
Most businesses only receive their accounts at the end of the year when their accountant advises them of their tax liability. The accountant will go through their balance sheet and profit and loss accounts with you and you will pretend to understand and then the accounts will disappear into a drawer/filing cabinet never to be seen again. What a waste of a most valuable resource ☹ The information which is contained in these reports is invaluable to your continued business performance. By receiving these reports on a monthly basis, you can begin to harness the information contained therein and utilise it to your advantage. We will provide you with a detailed report which will show you how much profit you have made to date and how that profit has been achieved e.g. if you sell food and drinks which is making you more money? If your work is seasonal where are the peaks and troughs so that you can better manage your cashflow? We will analyse this data and can provide this information in whatever format you wish – graphs, charts, data sets.
We will work with you to analyse where cost-savings might be possible or how streamlining your product lines may improve your business.
Within the monthly fee is included time for you to discuss with us anything that you don’t understand or that you want to change – we can then help you to begin to implement those changes. Basically, any question that you want to ask about your business performance can be answered on a monthly basis. How can you afford NOT to take advantage of this service 😊
These are charges that will only apply once/once a year and are generally charges for setting up services.
You’ve got a great business idea but where do you start?
The first step is to prepare a business plan. This will put everything into perspective and will help you to see on paper how you will create a successful business. Your bank loves your business plan and you’re ready to go but…….how will you cope with the financial and legal aspects of running your new business? How will you find the time to commit to your new venture AND deal with paperwork?
Fear not 😊 we will help you to:
- prepare your business plan
- decide on the most suitable structure for your business – do you want to be limited or not?
- assess your cashflow and ensure that you have sufficient funding in place to support your new venture
- deal with statutory registration procedures with Companies House and HMRC
- deal with company secretarial issues
- set up a recording system for your internal use and for complying with statutory requirements
- help with the installation of accountancy software
- provide all support services that you could ever need for a monthly fee
Software & Subscriptions
As Quickbooks ProAdvisors and Sage experts, we offer software subscriptions and ongoing support for these packages.
Here are additional services that we offer which you may want to consider. They will add value to your business by providing that extra layer of information which can be the difference between success and failure. Most of these services are performed in larger companies to help them to keep a step ahead of the game so why shouldn’t you use them?
Once you get to grips with how your business is performing on a monthly basis it may be useful to adopt a longer-term view of where you want the business to be and what you can achieve.
By preparing a two-year budget you can visually put your plans into numbers and see what is achievable. By having a plan in place, you create goals and goals are always good for driving a business forward. If you have various departments or sales personnel, they can also become involved and soon the forecast becomes a tool for ensuring that everyone is onboard with what needs to be achieved and how it is going to be achieved. The forecast will be three-way e.g. Profit and Loss forecast, Balance Sheet Forecast and Cashflow Forecast.
Once we have set this up for you and have automated the population of the forecast, we will train your staff so that the tool is properly utilised and the goals achieved. At any point, should deviations from the forecast appear then we can work with you to develop strategies to bring the plan back into line.
How many times do you hear yourself/your staff say ‘that’s just the way that it has always been done’? This is not a good thing 😊 In order for a business to grow and evolve, processes need to grow and develop in line with changing operating processes. Using an external resource to take a fresh look at your processes can dramatically change your view of how your business is doing/ where your business is going. We guarantee that you will see improvement within your processes – if not then we will refund your fee 😊
You know the things I’m talking about – the balance sheet account that makes no sense, the stock difference and you can’t figure out why it’s wrong, the cash differences that occur randomly and how to take control of the process to prevent them.
It’s not easy to find the resources to commit to resolving such issues so this is where we come in. We will assess the problem and provide a ball-park figure of how long we think that the task will take. We will establish parameters so that you know what outcome to expect and we will know how long it is likely to take. At every stage of the reconciliation you will be kept informed as to our progress and at the end of the process …… problem solved 😊
There are many decision-making tools available, both financial and non-financial, which can help you to better manage your business. Examples are :-
KPIs (key performance indicators)
Make or Buy Decisions
Supply Chain Controls
SWOT and PEST Analysis
PLEASE ASK FOR FURTHER INFORMATION – YOU WON’T REGRET IT 😊
There may be occasions when an extra pair of hands may be needed, maybe just for a day or a week. It may be because :-
- specialist assistance is required where employee skillsets are insufficient
- tasks may need performing that require external resources due to sensitivity
- an extra pair of hands may be needed where budgets for employee costs will not support the added expense long-term
- there may be business partnering requirements which need to be external to assist with continuous improvement planning and support
Whatever your management or financial accounting need may be, we can help.