Omega Group offers a full accountancy support for small and medium size businesses, including the preparation of annual accounts. Our financial team aims to take the hassle out of running your company while keeping your tax low. We do not mind what type of bookkeeping systems you use as we can adapt our system to suit yours.

Please bear in mind that there are certain exemptions from audit for some companies. To find out whether your company qualifies for exemption from audit please click here.

Annual Accounts for dormant companies

All UK companies - even those that are dormant - must produce annual accounts and submit them to the Inland Revenue and (in the case of Limited Companies) to Companies House. In addition to annual accounts, statutory accounts must be prepared for the purpose of establishing your company's tax liabilities and a return must be filed with the Inspector of Taxes. With the help of our qualified accountants we can assist you with preparation and filing of the necessary forms.

Annual Accounts for active companies

(for companies that do not require statutory audit)

Annual accounts must be prepared and submitted to the Inland Revenue and (in the case of Limited Companies) to Companies House within ten months after the accounting reference date for private companies, and seven months in the case of public companies. Strict fines are imposed for late filing. Various taxes are calculated from the annual accounts and expert knowledge of tax law is essential to minimise tax liabilities. Our qualified accountants can assist you with preparation and filing of the required forms with Companies House and Inland Revenue.

Audited Accounts

The form that an audit takes depends very much on the client that is being audited. The current statutory audit threshold is set at a turnover of £5.6 million per annum. The overall aim of the statutory audit is for the auditors to form an independent opinion regarding the completeness and accuracy of the financial statements for a given period. This involves the examination of the company's financial and other records.

But an annual audit is more than a statutory obligation. There are a number of circumstances under which a business may need its financial statements to be audited. It also offers a fresh insight into your business - an insight which could uncover potential management opportunities. We work alongside our clients and understand their business and the risks facing it, and help them achieve the growth and ultimate goals that they desire.

Whether you're well established or growing we can offer useful advice - advice rooted in experience and advice you can trust. Our aim is to help you boost your internal controls, comply with the tax legislation in these areas and ensure VAT and payroll tax savings are maximised where possible.

We always keep audit costs to a minimum, whilst adding value to the business. Our clients find our fees to be very competitive and at the same time enjoy the professional yet personal service our experienced team delivers.

Payroll

Running a payroll in-house is becoming an increasingly complicated and time consuming task. With minimal input from you, we are able to organize your entire payroll function. With Omega Group, you can step back from the day to day running of payroll and be confident of professional service, accurate calculations and prompt payments. This is a service Omega Group has been providing to a large number of clients for a long time and we would be glad to assist you in all of your payroll needs. Our company will take care of all your payroll requirements and make it easy for you to pay your staff the right amount and on time.

Our comprehensive service includes all manner of payment and deductions including, but not limited to: hourly wages, salaries, weekly, fortnightly, four weekly, monthly and annual payments, bonuses, SSP, SMP, Pensions etc. We also deal with the end of year returns; National Insurance on company cars and all the other paperwork that is required under payroll administration.

We use the latest computer payroll software programs which enable us to run your payroll in a fraction of the time taken to do the job manually.

Please call or e-mail for further information