Tax Assistant and Accountants in Swindon

In the past decade, we have seen accountants taking up additional responsibilities like the strategy formation, systems development, organizational redesign and much more. However, this colossal shift has been favoured and critiqued alike. In this 21st century, we have seen accountants devoting much less of time in the usual routine auditing, financial statement analysis, and transaction reporting. The entire role of an accountant has become more business oriented. Nevertheless, accountants are facing a dilemma as they are expected to perform two crucial roles at the same time. First, they are watchdogs for top management and second, they are expected to suggest ways and solutions for the management. The latter one has become as impetus for the organisation’s development. The growing importance of the second one, is a proof of the afore mentioned fact.

Traditionally, an accountant is expected to perform the following functions. Auditing, managerial accounting, and tax accounting. Auditing is theoretically the most basic and important role of an accountant. Though the importance of auditing is decreasing due to the computerization of financial transactions, the role of an accountant as an auditor is to check the organisation's estimate is in accordance with the formulas that are used consistently every year and suggest ways to improve the financial position of the organization. Managerial accounting or in house accounting is the process of creating an honest report about the economic status of the organization at regular intervals of time and keep it consistent throughout. The tax accounting is another crucial role of an accountant, which mainly includes tax preparation and book keeping. The accountants have taken the shift with grace and continue to provide service ranging from auto enrolment to even business relief investment.

The Economy of Swindon:

Swindon, the ceremonial town, is situated in the county of Wiltshire, England, and houses a number of tourist attractions and manufacturing plants. Located at the junction of two roads, the town has evolved into a great transport hub over the years. The Swindon Railway station, which is one of the oldest rail services in England, boasts of being the first railway station to have refreshment rooms and facilities. The town is also renowned for the innovative ideas like the car share that links people who are willing to share their transport. Swindon houses the Bodleian library which has a recorded 153 miles of book shelves and has the English Heritage National Monument Record center, and a great many heritage sites that attract tourists from across the globe. With a multitude of opportunities and ventures, the economy of Swindon has strengthened over the years. The large number of small and big organizations and companies, the accountants in Swindon has a lot of opportunities.

What Is Director’s Loan Account or DLA?

The Director’s Loan Account is an account on the company’s financial records that report all transactions between the director and the company. Amounts that are due to the director from the company are recorded as the creditor while the amounts due from the director are recorded as a debtor. It can be one of the trickiest things in a limited business organization. The Director’s Loan Account, however, is not a real bank account like the one you have or the one your company has. It is a virtual bank account that exists only in the accounting records, as a way to keep track of the flow of money between you as an individual and the limited company. Here, the company is assumed as a separate legal entity.

An important thing about the Director’s Loan Account that should be kept in mind is that it is not a real bank account from which you can take in money whether or not the business is in profit and give in money. While taking the money you should make sure that you take only what you can repay using the dividends, and any extra cash may end you up in paying more tax.

Why Director’s Loan Account?

Taking money from a personal business while trading as a sole trader or partnership is not painful or offensive as long as this does not cause a major loss of business. However, a company is a separate legal entity and making withdrawals from a company requires far more consideration. This is when DLA comes to play. Overall, the key is to keep accurate records to maintain the transactions of the two separate entities intact and up to date. Every company must have a director’s loan account irrespective of its size or kind. Every company is expected to set up a DLA before starting to function legally. This is one field where the help of accountants come handy.

Services Offered by DNS Accountants in Swindon:

With a group of ACCA and CIMA guaranteed staff, DNS Accountants are constantly prepared to help you out at whatever point the help is required. To upgrade the emphasis on trust and straightforwardness between government, business, and society, DNS Accountants offer a diverse array of services.

• Payroll RTI: Dealing with Payroll RTI and keeping it updated with the constantly changing enactments and tax rules can be a tedious and time-consuming process. An ideal way to get rid of the burden is to outsource the same to DNS Accountants where the accountants in Swindon will guarantee precision and consistency at all times, that can spare your time as well as money.
• Tax Investigation Cover: Tax investigation in simple terms is an in depth investigation processed by a tax authority in order to recover tax of previous years of assessment. DNS Accountants offer protection against the tax investigation by keeping track of the tax payments and ensuring the timely payment of taxes.

Another important service offered by DNS Accountants include the setting up and establishment of a Director’s Loan Account.

Moreover, in order for an accounting firm to be useful, it should possess certain qualities at least on a minimum level. Understanding ability is a key feature to look for in an accounting firm; the accounting should be understandable and comprehensive. Reliability is another important qualification of an accounting firm. The information and data produced by the accounting firm should be reliable, or all the effort would go vain. Verifiability and comparability are also key features of an accounting firm. The data should be easily verifiable by the user to ensure it is error free and does not contain any bias. All the above factors add to the quality of service provided by an accounting firm. Another factor to look for in an accounting firm is their experience and expertise.

DNS Accountants is a highly respected, an award winning national accountings firm of UK and with us you get the Guranteed of high quality. At DNS you get the finest services at nominal charges as we are highly respected contractor accountants.