BookkeepingBookkeeping is a critical process that entails much more than recording the financial affairs of your business. It also involves establishing a robust digital accounting system, analysing financial data, and making sound financial decisions that can significantly impact the growth of your business. Get in touch
Every bank transaction needs posting in your records, yes that’s right EVERY SINGLE ONE!
We utilise accounting software with bank feeds and bank rules while applying our own bit of magic to accurately match your bank statement.
But it’s just VAT off the receipts isn’t it? Not quite, VAT is one of the most complex area of your company bookkeeping.
We will make sure all VAT rules are followed correctly while updating you with timings, deadlines and payments.
Budgets & Projections
Where will your business be in 3 years time? It’s sometimes hard to even understand where you’ll be in 3 months time!
With our book keeping model we can accurately set this up plus periodically review and update as needed.
What is a Bank Reconciliation?
The basis of your business books and records are formed from your Bank Reconciliation. If the bank doesn’t reconcile, you’re accounts won’t make sense!
Efficiently posting and analysing all your bank transactions into an online software is a key starting point to understanding your financial position.
There can be a large number of transactions going through your company bank statement so appointing a bookkeeper will not only help keep you up to date with your accounts, but will also delegate the arduous task of all that data entry/analysis.
What’s the difference between a bookkeeper and accountant?
The primary difference between a bookkeeper and an accountant is their roles and responsibilities. Bookkeepers are responsible for recording and organizing daily financial transactions such as accounts payable and receivable, payroll, and bank deposits, whereas accountants’ responsibilities are more focused on analysing financial data and advising businesses on their financial health, including preparing financial statements, tax returns, and offering financial guidance.
Businesses should ensure that they have both a bookkeeper and an accountant, to ensure that their financial transactions are accurate and properly accounted for while also ensuring that they are taking the right steps to manage their financial health.
What are the VAT rate in the UK?
There are currently three rates of VAT in the UK – standard rate (20%), reduced rate (5%) and zero rate (0%). The standard rate is charged on most goods and services, while the reduced rate is charged on some specific items like domestic fuel and children’s car seats. The zero rate is charged on certain goods, such as books, newspapers, and some foods.
Where can I keep my digital records for my accounts?
To comply with Making Tax Digital (MTD) we suggest investing in a cloud-based accounting software, such as QuickBooks, Xero, and FreshBooks, allow you to store and access digital records securely. These software offer backup and high-levels of security, with multi-factor authentication.
Can I still use spreadsheets for MTD?
Spreadsheets won’t work for Making Tax Digital (MTD). This is because Excel or Google Docs lacks the capability to directly submit updates and submissions to HMRC, as is required. Instead, you’ll need to utilise HMRC-recognised accounting software options.
How do you project the future?
We have a time machine in the office … well kind of!
Our model is setup to provide key insight into what the future holds for your business. This alongside with over a decade of experience from our specialists can show a scarily accurate picture of what to expect.
The secret is using key data from your history so we can understand your trends, seasonal variances and add that detail to our thorough fact finding method to give you an incredible view of where you’re headed. Then we periodically review to aide your key business decisions.
Why do I need to keep digital copies of my invoices?
Keeping digital copies of your invoices is important for several reasons. Most importantly, in the UK, businesses must adhere to the HM Revenue and Customs (HMRC) requirements under the Making Tax Digital (MTD) initiative. MTD requires businesses to maintain records digitally in order to submit VAT returns.
What are the VAT rate in the UK?
VAT registration threshold: A business must register for VAT if its annual turnover is more than £85,000. Businesses that expect to reach this threshold must register within 30 days, while an existing business must register if the taxable turnover of the last 12 months exceeds the threshold.
What is the VAT registration threshold?
A business must register for VAT if its annual turnover is more than £85,000. Businesses that expect to reach this threshold must register within 30 days, while an existing business must register if the taxable turnover of the last 12 months exceeds the threshold.
What is a bookkeepers role in Making Tax Digital (MTD)?
In the UK, Making Tax Digital (MTD) is a government initiative that requires businesses to submit their tax returns digitally. A bookkeeper’s role in MTD is to ensure that a business’s financial records are fully digital, up-to-date, and reconciled frequently. They must also ensure that tax records are accurately categorised, making it easier for businesses to submit accurate tax returns on time, which could potentially reduce any errors and avoid late filing fees and penalties. Bookkeepers are responsible for supervising and overseeing the MTD process, ensuring that it is being followed correctly and that data is compliant with government policies. They play a critical role in helping businesses to remain compliant with the government’s digital tax reforms.