Services

Service as a solution from Zen Finance Solutions provides you with the complete finance package. Our business growth packages offer solutions for your limited company at each stage of its journey. Should these not suit your immediate needs, why not personalise your package and build your own?

As with all our packages, services can be added or removed at any time to accommodate the changing environment in which your business finds itself.

Our services are divided into three target areas; operations, tax and payroll, and advisory.

Operations

Tax and payroll

Advisory

Operations

Limited company year-end accounts and filing

Limited company accounting for year-end accounts and filing is provided as standard with all our packages to ensure full compliance. Following your company’s financial year end, we prepare a set of statutory annual accounts.

With Zen Finance Solutions managing accounts for your company, on completion, we present these company accounts to you for your understanding and acceptance along with answering any questions that may arise. After this, we file these company accounts on your behalf with Companies House before any due deadlines.

We can assist you with your company formation by paying the Companies House fee and providing Certificate of Incorporation, Company Memorandum, Articles of Association, Share Certificates, Company Register, alongside company secretarial services, to include: U.K. registered office address, Director’s service address, U.K. business trading address, VAT, PAYE and Corporation Tax registration. Please contact us and quote a one-fee of £295 plus VAT. Address services can be renewed annually.

Confirmation statement submission

We provide this service as standard with all our packages to ensure full compliance. In every 12-month period Companies House request confirmation of the details they hold about your company.

We check with you prior to the annual submission to ensure all the information held is current. This includes the details of your registered office, directors, secretary, the address where you keep your records, your statement of capital, shareholder information if your company has shares, your SIC code (the number that identifies what your company does) and your register of ‘people with significant control’ (PSC).

We pay the fee and submit your up-to-date details before the due deadline.

We can assist you with a Registered Office address. Please contact your dedicated account manager and quote an annual fee of £30 plus VAT.

XERO cloud accounting software

We provide this service as standard with all our packages. Xero is easy to use online accounting software, available on all platforms, designed specifically for small businesses – including invoicing, paying bills, payroll, inventory and more.

It has everything you need to run and scale your business.  Xero is an HMRC-recognised VAT software provider and Making Tax Digital (MTD) compliant.

For further information see our partners’ section.

Free XERO training session

We provide this service as standard with all our packages, and use Zoom as our partner to provide this service.

Should you require training, we offer a 1 hour-long introductory session to teach you all the basics of Xero by a certified advisor and how to get the best out of this powerful and dynamic tool.

Scheduling can be arranged through the MyZen client portal on purchasing one of our packages. Further information can be found at Xero.com.

Additional 1 hour-long bespoke 1-2-1 training can be scheduled. Please contact your dedicated account manager and quote a fee of £195 plus VAT.

Hubdoc bookkeeping software

We provide this service as standard with all our packages. Hubdoc’s seamless integration with Xero, provides simple document management and automation, all in one place.

Recurring bills can be automatically fetched, receipts snapped and sent, documents scanned-in and other emailed bills forwarded to your personal secure hub with bank-level security.

For further information see our partners’ section.

Free Hubdoc training session

We provide this service as standard with all our packages, and use Zoom as our partner to provide this service.

Should you require training, we offer a 1 hour-long introductory session to teach you all the basics of Hubdoc by a qualified specialist to fully realise the potential of the many simple time-saving processes.

Scheduling can be arranged through the MyZen client portal on purchasing one of our packages. Further information can be found at Hubdoc.com.

Additional 1 hour-long bespoke 1-2-1 training can be scheduled. Please contact your dedicated account manager and quote a fee of £195 plus VAT.

Credit control function

The Zen credit control function utilises forward-thinking cash management software that makes getting paid on time easy.

Included within this service are 3 premium credit checks per year (with additional checks for a small fee), providing timely and relevant information for your decision making when it comes to offering terms, unlimited credit summaries on existing and potential clients to keep you informed of any changes, a risk overview and analysis of your creditors with customisable notifications, all wrapped up with unlimited invoice chasing and escalated emails as and when required from your company’s chosen email address.

To complement this service, flexible finance is provided to give you access to cash when you need it most.

Payments to suppliers and staff

Payments to suppliers and staff by Zen Finance Solutions will ease the burden on you and your team, enabling you to focus on other activities that drive profitability.

No client monies are held by Zen Finance Solutions and no additional software is required as the service is accessed through a secure web portal.

Workflow management puts you in control of the payment cycle, we just do the heavy lifting!

Bookkeeping provided

We offer stratified bookkeeping services based on the number of transactions you encounter in a standard month. Transactions are counted as any bookkeeping entries, for example, one sales invoice and the payment of that invoice make a total of two transactions.

Should you have a backlog of “clean up” work on your accounts, we can offer this as a service based on your chosen package and the quantity of work required. Please ask your dedicated account manager for further details.

We continue to monitor the suitability of your chosen package with our 3-6-1 appraisal. This means we review how well your selections meet your existing business needs on a 3 monthly, 6 monthly and 1 yearly basis to ensure you are on the best package for you, enabling you to fulfil your potential as a business and assisting us in providing you with superior financial support.

Zen Reporting Suite

The frequency of this add-on reporting service can be chosen to be weekly, monthly, quarterly, or annually.

Whilst other accountancy practices offer standardised management accounts, the Zen Reporting Suite encompasses the profit and loss, balance sheet, cash flow and statement of equity, but with the difference being that they can be personalised to suit your business’ requirements and changing individual needs at any given time.

Should you have prior periods’ data available for comparison, or budgets and forecasts that you wish to track against, these can all be included to provide powerful insights for driving your business forward.

Analyses with commentary and a KPI’s dashboard

This service complements the Zen Reporting Suite, and as such the frequency of this add-on service can be chosen to be weekly, monthly, quarterly, or annually, and provides analyses, commentary, and a dashboard service of key predictive indicators (KPI’s).

All areas of your business are reviewed, and the key areas called out with processes suggested for action to resolve issues or any opportunities highlighted.

If there is an area of the business you want to focus on, this can be incorporated into the analyses and highlighted in the KPI dashboard, but if you want us to review your business and create a bespoke dashboard, we can do this as well.

Tax & Payroll

Corporation tax return preparation and filing

We provide this service as standard with all our packages to ensure full compliance.  You must pay Corporation Tax on profits from doing business as a limited company, any foreign company with a UK branch or office, a club, co-operative or other unincorporated association, for example, a community group or sports club.

Following your company’s financial year end, we prepare your company’s tax return to determine how much tax is due. On completion, we present this to you for your understanding and acceptance along with answering any questions that may arise.

After this, we arrange your payment, or if you have nothing to pay, submit a report to that effect. This is usually 9 months and 1 day after the end of your ‘accounting period’.

We file this tax return on your behalf with HM Revenue and Customs (HMRC) before any due deadlines. This is usually 12 months after the end of your accounting period.

Your accounting period is normally the same 12 months as the financial year covered by your annual accounts.

We can assist you with registering for Corporation Tax. Please contact your dedicated account manager and quote a one-off fee of £25 plus VAT.

VAT review and submission

You usually submit a VAT Return to HM Revenue and Customs (HMRC) every 3 months. For the purposes of VAT, this period is known as your ‘accounting period’. The VAT Return records your total sales and purchases, the amount of VAT you owe, the amount of VAT you can reclaim or what is your VAT refund from HMRC.

If you are registered for VAT, you must submit a VAT Return even if you have no VAT to pay or reclaim.

We fill in your return and work out what you can claim. On completion, we present this to you for your understanding and acceptance along with answering any questions that may arise. After this, by using government approved compatible accounting software (Xero) for Making Tax Digital (MTD), we submit your return to HMRC and inform you of any amounts due before any deadlines.

Dependent on the VAT scheme you are using, the deadline for submitting the return online and paying HMRC are usually the same – 1 calendar month and 7 days after the end of an accounting period. You need to allow time for the payment to reach HMRC’s account.

If required, we can assist you with registering for VAT. Please contact your dedicated account manager and quote a one-off fee of £25 plus VAT.

Monthly payroll & RTI filing per employee

We ensure complete, accurate and timely reporting of your payroll to HMRC.

We create and issue a monthly payslip to each employee selected in your package. Under Real Time Information (RTI), the information about tax and other deductions under the PAYE system is transmitted to HMRC every time an employee is paid.

We send a Full Payment Submission (FPS) to HM Revenue and Customs (HMRC) each tax month for the number of employees selected in your package to inform them of the payments made to your employees and any deductions that have been made.

Additional employees can be added at any time, or should an employee leave, please inform your dedicated account manager in either circumstance. Should there be a change to your services, an updated engagement letter will be made available for your signature in the MyZen client portal and the direct debit mandate will be amended accordingly. 

We can assist you with registering as an employer. It usually takes up to 5 days to receive your PAYE reference number, and then the setting up of a PAYE Online account. You cannot register more than 2 months before you start paying people. Please contact your dedicated account manager and quote a one-off fee of £25 plus VAT.

We can also assist you with the setting up of a NEST pension or The People’s Pension should you require one. Please contact your dedicated account manager and quote a one-off fee of £50 plus VAT.

Director’s tax returns (excl. CGT and IHT)

If this will be your first submission, we can assist in obtaining your Unique Taxpayer Reference (UTR), usually within 10 working days (21 if you are abroad), and with your permission, set up a government gateway account and sign you up for the self-assessment service to process your personal tax accounts, which can take a further 7 working days (21 if you are abroad). Please contact your dedicated account manager and quote a one-off fee of £25 plus VAT.

We assess if a tax return is required, and if so, prepare personal tax accounts for the number of Directors selected in your package. On completion, we present these accounts to those Directors selected for their understanding and acceptance along with answering any questions that may arise. Due to the potential for large variations in workload when calculating capital gains tax (CGT) and inheritance tax (IHT), these are excluded from our fixed fee services. After this, we file these accounts on the behalf of the Directors with HM Revenue and Customs (HMRC) before any due deadlines.

Additional Directors can be added at any time, or should a Director no longer be involved in the business, please inform your dedicated account manager in either circumstance. Should there be a change to your services, an updated engagement letter will be made available for your signature in the MyZen client portal and the direct debit mandate will be amended accordingly. 

Advisory

Dedicated account support

We provide this service as standard with all our packages. You will be assigned a fully qualified chartered accountant who will be your point of contact at Zen Finance Solutions and will be able to answer your queries and support your business as it grows.

Annual accounts review meeting

We provide this service as standard with all our packages, and use Zoom as our partner to provide all our review meetings and consultation sessions.

Following the close of your financial year end, a 1 hour-long annual review meeting can be scheduled at a time convenient for you to keep you informed and updated on your company’s progress with feedback on performance to date.

Key items for discussion can be agreed ahead of time.

Future-focused meetings

These 1-hour long meetings can be scheduled bi-annually, quarterly, monthly, or weekly, enabling conversations around the future direction of your business.

Following a review of the results and drivers of the key predictive indicators for your business, we can discuss and identify measurable goals for you and your business over the coming period. Call out any risks or obstacles and formulate solutions to overcome them.

Based on a balanced and holistic approach to your goals, these meetings energise you and your team with action plans for tangible results.

Basic annual tax planning consultation session

We work with you throughout the year to ensure efficiencies of profit extraction from your business by clearly understanding your individual and business’ circumstances.

Further to this and prior to the close of the financial year end, we hold a 1 hour-long annual meeting which identifies key areas of over exposure to tax and how we aim to minimise this exposure, thereby reducing your tax burden.

Preparation of annual budget and quarterly forecasts

In conjunction with your team, we prepare a line by line plan of your company’s profit and loss accounts, balance sheet items and cash flow for the coming year.

This assists not only in the planning and allocation of resources to meet the necessary goals outlined in the budget but enables benchmarking of performance throughout the year.

Following the close of each quarter, we communicate the results achieved and work together to formulate an updated forecast for the balance of the financial year. We identify any gaps and offer solutions to close them. We highlight successes and how to build on them for sustaining incremental profits and growth.

Please note, the preparation of the annual budget and quarterly forecasts are dependent on the level of detail available.