Our clients include private individuals, individual companies, business partnerships and limited companies in various sectors. To find out more about the services we provide, please see the sections below.
Finance and Accounting
- Setting up and developing an efficient bookkeeping system for Small and Medium Enterprises (SMEs)
- Keeping accounting records on behalf of clients
- Variance analysis
- Financial and results planning
- Cost and activity accounting
- Internal reporting
Years End Accounts
All businesses are required to keep accurate records for both taxation and VAT purposes. Good bookkeeping practices also benefit the business by helping you manage and control your finances, plan for future growth and ensure that your accounts are completed more efficiently, which should in turn avoid late filing penalties. MIK will explain what records are required and consider what your accounting information needs are, all in relation to the resources you have available; to ensure you have a bookkeeping service that suits you and your requirements. MIK can also prepare regular management accounts to help you manage your finances, your customer account balances, your supplier account balances, stock levels and if you are trading as a company, they will allow you to plan your dividends. Management accounts can also identify slow-moving or unprofitable goods or services, bad debt and surpluses or deficiencies in resources, so they can be a powerful aid in decision making.
All businesses are required to keep accurate records for both taxation and VAT purposes. Good bookkeeping practices also benefit the business by helping you manage and control your finances, plan for future growth and ensure that your accounts are completed more efficiently, which should in turn avoid late filing penalties.
There are various deadlines and responsibilities for taxpayers to be aware of. The most common reasons that a tax return may be required are as follows:
- You are self employed or a partner in a partnership
- You are a company director
- You have large amounts of savings or investment income
- You have untaxed savings or investment income
- You own land or property that is being let
- Your household receives Child Benefit and you have income in excess of £50,000
- You have income from overseas
- You have sold or given an asset away (such as a holiday home or some shares)
- You’ve lived or worked abroad or aren’t domiciled in the UK
Whether you’re just starting out or have been in business for a long time, our Financial Controller can help you meet your VAT responsibilities.
If you’re just starting out, we can help you decide whether you need to be VAT registered from the outset or not. And we will continue to monitor your situation, so that should it become obligatory for you to register for VAT, we can deal with all of the paperwork for you. In contrast, we will also monitor your position for when we think you are able to and would benefit from deregistering.
Cash Flow Projection
We can assist individuals and businesses with the preparation of their cash flow projections, budgets and business projections as and when required. A cash flow projection is probably one of the most important management reports as it shows how cash is expected to flow in and out of the business and how much capital investment your business needs. These reports are typically required by lenders when you want to borrow money and can assist in the successful running of your business.
MIK Enterprise Ltd can provide an accurate and comprehensive service specifically tailored to suit your business’ and/ or lenders’ requirements. A cash flow projection is probably one of the most important management reports as it shows how cash is expected to flow in and out of the business and how much capital investment your business needs. These reports are typically required by lenders when you want to borrow money and can assist in the successful running of your business.
We would be happy to discuss the implications of employing someone. Employment red tape can be intimidating, but we can guide you through the processes, costs, calculations and deadlines- or take care of everything for you! Meeting your obligations as an employer can be incredibly daunting but our Financial Controller can take away the hassle. We can set up an Employers’ Scheme with HMRC for you and we can advise you of whether employees should be added to the payroll or not and deal with the relevant forms for you. Throughout the year, we will calculate your employees’ net pay and provide you with payslips to pass on to your staff. We can calculate the tax and National Insurance deductions applicable using HMRC-approved software, even if your employees are on sick, paternity or maternity leave. We can also help you to keep track of their holiday entitlement and can file all the starters and leavers forms on your behalf. Late payments of employers’ deductions can now lead to hefty penalties, so we can help you avoid incurring these. We can also prepare your benefits and expenses forms and advice you of any filing requirements or National Insurance that falls due. Benefits and expenses can be a very complicated area and knowing what and where to report can be tricky, but we can relieve you of the burden. We can file all of your year end returns for you with HMRC and provide you with P60s to distribute to your employees.
Managing, on behalf of clients, their relationships with their key creditors and debtors by establishing and maintaining strong client relationships through regular close contact account management. This will include regular face-to-face meetings, telephone and email communication.
Identifying Additional Revenue Streams
Generate and implement ideas for increasing the services provided to key account holders. This is possible because Mr. Muhammad Israr Khan will diligently undertake to research and understand the industry within which his clients operate, their business operations, their product/service offering as well as the needs of their key account holders.
Contractual Negotiations and Agreement
Mr. Muhammad Israr Khan will negotiate contractual payment plans that improve the year-round cash flow of Mr. Muhammad Israr Khan’s clients and ensure that key account holders pay on time, remain satisfied with the products and services they receive. He will then ensure that these agreements are adhered to. He will also lobby with defaulting account holders to ensure that they pay up and remain privileged account holders of his clients.
Produce detailed weekly, monthly and quarterly management status reports about each key account holder.