Bookkeeping

Bookkeeping

Probably one of the most time consuming roles but also the most important a business owner has to carry out. It is vital to ensure good accurate information is obtained to ensure financial statements show a true & fair view of the performance and financial position of the business. Inaccurate financial statements generally result in inaccurate tax liabilities.

In order to keep costs to a minimum, many owner-managed businesses carry out this task themselves and request guidance to help them get started.

Many owners start to outsource this task when their time becomes more valuable working in the business than working on compliance.

Whatever your requirements, we are here to help.

VAT registration/de-registration

We can assist you with VAT applications and will deal with HM Revenue & Customs on your behalf until registration/de-registration is complete. Advice will be provided on the number of VAT schemes available and we will assist you in identifying the most appropriate scheme for your business.

We aim to get a quick response from HM Revenue & Customs so you can update your stationery, website and documentation.

Bookkeeping & VAT preparation

A bookkeeping service is available to clients who wish to utilise more of their time developing the business.

VAT is commonly seen to be one of the most complicated taxes in force. Identifying disallowable items, VAT rates of supplies made, place of supply rules, partial exemption rules, scale charge adjustments along with many others result in a high risk of over/under payments. International transactions and customs requirements can also become very complicated.

We are here to assist you with meeting compliance requirements and to take away the hassle of record keeping.

HM Revenue & Customs are taking greater interest in smaller businesses and their records. Greater care needs to be taken in this area.

Bookkeeping training

Many clients find it cost effective to either learn how to use an off-the-shelf bookkeeping program or to create a spreadsheet on excel to carry out the bookkeeping. We can assist clients in creating the spreadsheets to record all the necessary financial transactions.

Despite using a number of bookkeeping packages on the market, we can only offer training on QuickBooks or Sage.

Purchasing bookkeeping software

The partnership is registered accountants with both QuickBooks and Sage. We can arrange the purchase of these products at great prices you will not find in the shops.

If you are looking to change your bookkeeping systems to these products or would like to start recording transactions electronically, feel free to give us a call.

VAT examination

Many businesses who carry out the bookkeeping and VAT compliance internally may wish to a have a review of their systems and processes regarding VAT. This review not only looks at historical transactions but also assesses and recommends procedures to be in place to limit potential errors in the future.

This service provides peace of mind that controls and procedures are being followed and that any under/overpayment's of VAT are identified at the earliest opportunity.

The results of the examination can be provided to the Inspector to assist in his duties should the business be selected for a VAT inspection. The benefits of this are as follows:-

  • Inspection will be completed quicker resulting in less aggravation to the owner
  • Demonstrates that the owner takes compliance seriously potentially reducing number of investigations in the future
  • Can be used to reduce any tax geared penalties resulting from underpayment
  • Gives clients peace of mind that an external party has reviewed their records in detail focusing on VAT matters.

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