Accounting & Tax Services

Lincoln: 01522 244310

Grimsby: 01472 286400

At Spence Accounting, we offer comprehensive accounting and tax services designed to meet the diverse needs of businesses and individuals. From annual accounts preparation to tax compliance and planning, our experienced team ensures your financial affairs are handled efficiently and in line with current regulations.

Whether you're a start up, a growing SME, or an established enterprise, our tailored solutions help you stay on top of your finances and focus on growing your business.

Our Accounting & Tax Services

Annual Accounts Preparation
If you are a limited company you have a legal obligation to file accounts with Companies House and HMRC. We will prepare your accounts in accordance with the necessary legislation. These accounts are useful for you to look back on to see how you have done, and to help you plan for the future.
Management Accounts
Why wait until six months after the end of your tax year to find out how you performed? What decisions can you make from something that is out of date? With management accounts, we will report your company performance on a monthly or quarterly basis to help you make the decisions when they matter and need to be made. Whether it is cutting costs or planning for growth and expansions, we are here to support you.

Calculating Tax and Planning
Whether personal tax, business tax or corporation tax we will take care of filing your tax return, as well as helping you plan for future tax liabilities, or looking at ways to reduce your liability and how this can be achieved.
Making Tax Digital (MTD) Compliance
This was brought into force by HMRC to help businesses report their finances more sustainably. Currently, only VAT-registered businesses have to do this but changes are coming to ensure that all businesses over a certain size report their tax affairs quarterly to HMRC. We have solutions to suit you and your business to help you achieve this and work alongside you to ensure you are fully compliant.

Why Choose Spence Accounting?

Experienced Accountants: With years of experience, we understand the challenges businesses face and provide solutions tailored to your needs.
Comprehensive Services: From bookkeeping to advanced tax planning, we cover all aspects of accounting services under one roof.
Technology-Driven Solutions: Our use of leading software like Xero and QuickBooks ensures accuracy, efficiency, and compliance.
Personalised Support: We take the time to understand your unique circumstances, providing advice that aligns with your goals.

Key Benefits of Our Services

Ready to Simplify Your Accounting and Tax Needs?

If you're looking for expert accountants who deliver comprehensive accounting services and practical tax advice, get in touch with Spence Accounting. Call us today or book a consultation to get started.

Get Expert Accounting Help Now

Thinking of employing staff

No, you need to set up and operate a proper payroll scheme to pay your employee. When processing payroll we submit the income for each employee to HMRC and this helps HMRC advise employers what tax the individuals should pay. HMRC also use this information to identify if someone is entitled to Universal Credits so that individuals are paid accurately. We can help give you advice on employing new staff.
Although yes you can, currently, we recommend paying your staff by electronic transfer. It will help with your record keeping. If you do pay your employees by cash we recommend that you ask your employees to sign for the wages to confirm you have paid them.
This will depend on your employee’s age. You have to by law pay national minimum wage. This does change each year. If you would like advice on what to pay your employee, please contact one of our advisors.
It is likely that your employee or someone else will report you to HMRC. If you are found to not pay your employee National Minimum Wage you will be required to make any settlement payments and any tax or national insurance owed to HMRC. Penalties can also be applied by HMRC. We recommend taking advice from our team to avoid this.
We can help you do this by using our payroll service. We will be able to advise you on what your employee has earned and what tax and national insurance needs to be paid.