Who We Are
Kms Accountancy brings more than 20 years expertise to the care of your accounts and offers a wide range of services that help support your business.
Specialising in SMEs, sole traders, partnerships, Limited Companies and new start ups, Kms provides a comprehensive, customised accountancy service explained in plain English, competitively priced so that you know what you are paying right from the start.
Whether you are a sole trader, partnership, Limited company or even just starting out, we can take away the pressure of running your accounts allowing you to fully focus on the progress of your business.
With your Kms Accountant behind you can go and make the most of your new venture knowing your accounts are in safe hands. We’re only ever a phone call or a click away.
Tax, VAT, National Insurance, self-assessment, expenses, allowances…it can seem like a jungle of confusing terms and processes when you first start. But don’t worry; we explain everything so you understand exactly what’s going on.
We know just how important it is to have the kind of support that gives you the freedom to do what you do best. Our aspiration is to give you the highest quality service, especially tailored for you to focus fully on growing your business.
Simple Jargon Free Advice
Here at Kms Accountancy we like to keep things simple. So we sort out all your dealings with Revenue and Customs (HMRC) and Companies House, including VAT returns, annual returns and wages paperwork. Leaving you to run your business. That’s it!
100% Client Focussed
Take a look at our services and find out why we’re both passionate and focused about what we do. We put you first. You can expect us to be 100% client focused, enthusiastic, and there when you need us.
Based in the heart of the West Midlands, Kms can also manage your accounts remotely via email and cloud accounting software, so wherever you are you can benefit from our service.
To give you first rate, personalised service so you can feel confident that your accounts are expertly managed, allowing you to put your energy into growing your business.
What sets us apart?
Your local service – wherever you are:
You don’t have to be down the road to enjoy our service. All UK based clients can use the postal service and enjoy the same meticulous attention to your business accounts.
20 years industry experience:
Our expert team are friendly, dedicated and committed to support your business. You can rest assured that your accounts will be completed to the highest standards and you’ll also gain the benefit of our business advice along the way.
We listen to you and plan for your needs in an affordable, flexible and personalised way. 100% focus on your business: We’ll support your business with total commitment giving you quality and great value as our relationship grows.
On hand when you need us:
Puzzled by tax, VAT, etc? Give us a call whenever you get a tricky moment or when you’re unsure what to do.
Our fees are easy to understand and fixed on day one, so you know exactly what you’re paying for.
Running your own business can be great fun – but setting it up properly can be a bit daunting for most people. But don’t worry, here at Kms Accountancy we can do all that for you, so you can concentrate on finding those important first customers and getting the work done. We’ll help you decide which type of business is best for you, so you pay as little tax as possible, whether it is a sole-trader, partnership or limited company. We’ve been doing this sort of thing for years, so we can give you really first class advice.
If you do start a limited company, we can help you choose the name (so that you can have a website to go with it if you want) we can sort out all the legal requirements and organise the paperwork you need so you can open a bank account. We’ll even be the registered office for you if you like, that way if you work from home you won’t have to put up a sign in your front window. When you’ve got your bank account in place (and ask us if you want an introduction to a bank manager because we know lots of them quite well), we will sort out your VAT registration if you need it. We’ll even advise you on when you should register to make sure you minimise your tax bill and get back as much of the VAT you spend on setting up the business as you can.
Being a sole trader is the simplest way to get started in business. Once you have informed the government agencies of your intentions to go self-employed, you can start trading right away (subject to any specific licenses you might require in your line of work).
As a sole trader, you can quickly adapt to changes in your business with minimal bureaucratic procedures required and you have complete control over your business and accounting affairs. However, a sole trader is also ultimately responsible for any liabilities should anything go wrong. It is worth spending time considering which company set-up format is best for you.
In a partnership, two or more people share the risks, costs and responsibilities of being in business. Each partner is self employed and takes a share of the profits. Usually each partners shares in the decision making and is personally responsible for any debts that the business runs up.
Unlike a limited company, a partnership has no legal existence distinct from the partners themselves. If one of the partners resigns, dies or goes bankrupt, the partnership must be dissolved although the business can still continue.
A partnership is a relatively simple and flexible way for two or more people to own and run a business together. However partners do not enjoy any protection if the business fails.
LIMITED LIABILITY PARTNERSHIP
An LLP is similar to an ordinary partnership in that a number of individuals or limited companies share in the risks, costs, responsibilities and profits of the business.
The difference is that liability is limited to the amount of money they have invested in the business and to any personal guarantees that are given to raise finance. This means that members have some protection if the business runs into trouble.
What We do
It’s not always easy to control the important things in life, but taking control of your finances is surprisingly simple with our help. Careful accountancy and good discipline is the key to avoiding unnecessary hassle with the “tax man”, or even breaking the law.
Not only does keeping your accounts in order help with legalities, it also makes sound business sense and helps you stay on track. Your business deserves the best chance to survive and prosper and if you don’t know how to balance the books, it’s highly likely you’ll struggle to succeed.
Perhaps we can help with organising your records for your annual accounts and tax, or provide training to your staff so they can produce accurate and routine management accounts. With these things place, your position is clearer and your issues front of mind. Then we can help you plan more effectively and deal with your tax and commercial issues.
Whatever your need, we can help. In line with our promise to give ‘value to all’, we won’t just get the job done; we’ll explain the importance of what we do and how we do it to give the control back to you.
At Kms Accountancy, we will take the stress and strain of trying to juggle your accounting function along with you trying to make more sales for your company. Our Bookkeeping Service is highly professional and serviced by experienced staff offering differing levels of support for all types of businesses, from sole traders to busy companies.
This service is available at terms on a monthly fee basis, guaranteed to provide our clients with a virtual accounts department, thus ensuring that at all times your finances are fully up to date. This assists you, the client, in maintaining more prime time to concentrate on running and maintaining your business.
We can help you to monitor your cash flow, set up budgets so that you can compare variables against actual cost, and also help you to forecast any predictions you may need.
We offer our business and individual clients the benefit of complementary holistic Financial Planning advice. This ensures the business and the individual assets are protected against risk, and their assets are working towards their goals. This includes advice in the following key areas:
- Pensions and Retirement
- Tax & Trust Planning
- Insurance and protection services
- Business profit extraction
- Wills & Probate
Buying a one-size fits all company is not always a good idea. It may be easy to purchase a ready-made company, however it is much wiser to choose a tailor made company that has been specially created for you and on your behalf.
There are many choices relating to company formation. Choosing between a Limited Company, Limited Liability Partnership, PLC formation or even an Offshore Company in low tax jurisdictions can be confusing. There are reams and reams of information relating to the different structures that are available. We differ in our approach to helping clients.
We are able to fast track services by ensuring companies are formed in as little as one working day. In order to assist clients we can assist with the following:
– Appointment to the roles of company directors or secretaries
– Issue subscriber shares
– We can supply registered office services
– We can also act as Company Secretar
– We can recommend and assist with the opening of business bank accounts
– We can also carry out PAYE and VAT registrations
This list is by no means exhaustive and is only an indication of what Kms Accountancy can do for you. Using our distinctive style to start your business is sure to set your business apart from its competitors. Starting your business on a sound footing involves attention to detail and forward planning. These are all skills which Kms Accountancy possesses – so why not let them assist you. Please contact us to start the process of forming your company or simply to seek advice
Corporation tax represents a substantial part of your trading costs. Moreover, the increased reporting obligations, robust investigation policies on the part of the tax authorities, and harsher penalties for non-compliance mean that an undue amount of your time and resources can be taken up collecting revenue for the Government. We offer a range of services to help you minimise your corporate tax exposure and relieve you of the administrative burden of complying with tax legislation.
Keeping track of your finances is crucial to the well-being of your business because making informed decisions is impossible without up to date financial data. Timely management accounts, prepared by experienced professionals, provide one key source of the financial information you need.
We can provide monthly, quarterly or annual reviews of your accounts, to best meet your particular needs, and use these to help you set financial budgets and targets. Monitoring your business performance against these targets assists us in identifying ways to further improve your internal processes and management, while timely accounts are also a valuable tool in sourcing business finance. To find out more about how we can help you, please contact us.
For many businesses, payroll management and staying up to date with ever-changing payroll regulations takes up valuable in-house time and resources that could be better used elsewhere.
By using our payroll service, you can be sure that your payroll will be prepared quickly, efficiently and accurately, keeping you compliant with HM Revenue & Customs requirements and deadlines.
We’ll produce your payroll at the desired frequency, calculating tax and national insurance deductions from your staff, as well dealing with issues including bonuses, holiday pay, pension deductions, statutory sick pay, statutory maternity pay and student loan deductions.
We’ll also prepare all the statutory forms required, including the employer’s P35 annual return, the employee’s annual P60 tax and pay summary and P11Ds, detailing benefits in kind.
Remote service – How it works many of you may be asking “I’m in xxx so how can a firm in Birmingham service us?”. We get asked this a lot. Before the introduction of modern technology we focused our attention on the local small business market. However, over the years we have introduced new systems and, much like us, businesses have moved on.
Through the use of email and cloud accounting software we can service clients all of the UK. We have a good number of non-Birmingham clients. This is a two way option and clients have to be comfortable with the non “hands on” approach. Fortunately many clients are and you can see by viewing our testimonials page. Some of these are non-local clients – we can always supply further references if required.
The remote service we offer works as any accountancy service would. We offer the same services that your local accountant does. As well as our fees being competitive and fixed we also offer a very reliable service. Clients like the fixed fee idea so that they are not given a nasty shock at the year end! We are also able to keep our fees down due to our slick systems. Why not contact us to see how this could work for you.
The answer? We all have to pay some kind of tax. Whether you are a sole trader, a company, employed or a self-employed individual a part of your income will be taxable. It is likely that you’ll be asked to prepare a self assessment tax return.
Personal tax is always an ongoing reality for many people. No matter how hard we try it remains a legal compliance that has to be adhered to. At Kms Accountancy we believe in being proactive in our relationship with tax.
Receiving advice and support about tax liabilities often leads to the saving of money. And it doesn’t have to cost you a fortune!
Kms Accountancy has extensive expertise and experience of saving our clients from paying more tax than is necessary. There are many ways of saving tax that we continually use on a daily basis for the benefit of our clients.
One of the factors of our success is that we are always providing ongoing tax planning for our clients. Whether you require help with:
– Your personal taxation – self assessment tax return
– Company corporation tax
– Employee remuneration
– Capital Gains
– Profit extraction
– Oversea income
We are aware that adhering to statutory taxation is always a significant component of individual lives. As such we do our utmost to ensure that they never pay a penny more in tax than they have to. Legally saving money can well be the difference in running a successful business that goes from strength to strength or running a floundering business. Crisis management is never a strategy for saving tax. Hence we like individuals to approach us as early as is possible. The initial consultation is FREE so why not contact us and see what we can do for you?
Kms Accountancy can assist you with VAT registration and VAT deregistration. We can complete your VAT returns as part of our bookkeeping services or we can simply check your figures each quarter.
VAT – So what’s it all about?
VAT! The dreaded tax that everyone seems to hate and tries to avoid like the plague.
VAT is the tax that applies to most business transactions that involve a supply of goods or a service.
You must register your business for VAT once the level of turnover reaches a certain amount. Currently £85,000. So once your turnover exceeds £85,000 in any rolling 12 month period you must complete a VAT1 form (this is the VAT registration form).
Even if your turnover is below these levels you may consider a voluntary registration.
So how does the VAT system work?
Once you have registered you will be given a VAT number. In simple terms the VAT you charge on your sales (output VAT) is paid to HMRC and the VAT you pay on goods and services (input VAT) is reclaimed from HMRC. This is all summarised on a quarterly VAT return – there are monthly and annual returns too.
The VAT return itself will be due one month after the return period it relates to. So, for example, the return covering the three month period June, July and August will be due at the end of September. The payment will also be due at this time. HMRC accept all methods of payment and even grant you an additional 7 days grace for online payments – although the payment has to have cleared – so in theory this is only the equivalent of an additional 3 days.
Whatever the problem or requirement Kms Accountancy can assist with your VAT. Please contact us for more details.
What Our clients say?
An excellent and friendly personal service, with full value for money and good advice given.
PJC Construction (Midlands) Ltd
KMS have been very keen and helpful in giving advice to my company’s best interests. The presentation of yearly accounts have been professional and very clear.
Very professional, friendly and efficient service, would strongly recommend for filling Tax Returns etc.
Dr Vijoy Kumar
I wish to put on record how pleased both Sue and I are with your accountancy service you have provided us. We really appreciate the professional and timely manner our books have been prepared, saving us both the headache of doing it all ourselves.
Gerald & Susan Austin
iclick4art and OFA Products Ltd.
I run a small software business and using Kms Accountancy for my accountancy has allowed me to concentrate on what I do best comfortable in the knowledge that all the accounting jobs are being looked after in a trustful and timely manner.
Incontrol Marketing Ltd
Kms accountancy ,they are the most flexible , friendly, company. They are always on the end of the phone no matter what day it is. The best move I made, is moving my accounts to KMS.
Kaman Engineering Ltd
My least favourite subject has to be accounts and Tax! KMS have not only taken all the stress and worry away, but have taken the time to explain everything to me in plain english. Thank you…
Midland Elite Trade Solutions Ltd
I found Kms Accountancy very helpful, they always fully explained my year end of accounts to me. Also felt a real one on one experience, rated 10/10.
Wilson Cleaning Services
Kms Accountancy are a very professional firm of accountants that are always a phone call away for any day to day issues we may have….Would recommend them to any business looking for a new accountant.
Forever Living Products
I have always found Kms Accountancy a most professional and courteous company and would commend them on the excellent quality of service I have received. I would not hesitate to recommend them to others.
Kelly is a pleasure to do business with – the first accountant I’ve had that didn’t make me feel like an idiot. Clear, impeccable and friendly – she makes getting the numbers right just seem like the natural to do …
Illuminated Word Ltd
Get In Touch
We are here to help with any Accountancy question/query. If your enquiry is of an urgent nature, contact us by telephone.
Working Hours: 9am – 5pm (Mon – Fri)