Whether you’re local and have decided to set yourself up in business for the first time or perhaps you are relocating yourself and your business to our lovely Island. Either way the next question to deal with how best to organise the administration?

Let’s look at what’s involved…

Accounting and Administration

Sole traders don’t have too much to worry about as there are usually no companies registry forms to deal with. In this case, it’s really only the accounts that need to be considered. Sole trader accounts generally need to be made up to 5 April and submitted to the tax man before 6 October each year.

The best way to deal with the preparation of the accounts themselves depends on how confident you feel you are at bookkeeping. There is no statutory format so if you feel confident you could prepare them yourself; alternatively you could ask a firm of accountants like us to prepare them for you.

LLC’s and Companies are a bit more involved. Accounts for 1931 Act Companies are required to follow a strict statutory format set out in the 1982 Companies Act- it’s even a criminal offence to circulate a balance sheet unless signed by 2 directors. The 2006 Companies Act and the LLC Act are less rigid but it’s usual for their accounts to follow a Financial Reporting Standard. In all these cases, it is usually necessary to involve an accountant.

As well as the bookkeeping and the accounts preparation, there also are annual returns for the registry to be prepared and filed, minutes for board meetings to be prepared, notifications of changes in ownership or directors to be submitted the registry, and corporate registers to be updated. Of course on the positive side, both Companies and LLCs allow the owners to enjoy limited liability; which is a huge benefit in terms of peace of mind.

Middleton Katz Services

We at Middleton Katz and MK Accounting can help with as much, or as little, as you want with all of these aspects.

Bookkeeping – doing the books of account can be a good way of knowing where you are financially with the business. The only trouble is, it can be time consuming. We can help start you off with an appropriate accounting software tool, or if you prefer, we can set you up manually with accounting books from which accounts can be prepared. Spreadsheets are not generally recommended for bookkeeping as they end up being more trouble than they are worth, although they are useful to use for analysis and many accounting packages will download to Excel. If you choose accounting software, you can download your trial balance at the year end and we can prepare the accounts for you from that. Alternatively, we can provide a complete bookkeeping service – in the “cloud” if necessary so that you can see what is happening. Talk to us about the options and pricing.

Accountancy – sole trader accounts are straightforward, partnerships a little more complicated, LLCs and company accounts more complex still. It’s probably worth getting qualified accountants to prepare your accounts and act as tax agents as their experience and knowledge can save you a lot of time and stress. We offer very competitive rates and can include a full bookkeeping service as well if necessary for a single fixed price.

Payroll – we can provide a simple Excel spreadsheet-based tool for your payroll but if you have several employees, you are better using proper software or utilising a payroll bureau. We can help you find the best solution for your needs or can prepare your payroll for you.

Administration – We provide a full range of administrative services to our diverse range of clients. As well as acting as Registered office and Registered Agent for your company, we can also assist by providing model resolutions for your company minutes, preparing your annual returns, maintaining your corporate registers and even helping you to open your bank account.

©2020 Middleton Katz Chartered Secretaries LLC is licensed by the Isle of Man Financial Services Authority

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