Bookkeeping Services

Bookkeeping (i.e. the recording of financial transactions) is a necessary task to running any business, small or large.

Without it you will not be able to keep control over your business finances or know how your business is really performing.

In addition, whether you are self-employed or incorporated at Companies House, it is a legal requirement for all business owners to keep financial records and retain them for 6 years.

It is inevitable that someone within your business must take responsibility for keeping an accurate set of financial records and update them on a regular basis.

Establishing a sound record-keeping system is important for the main reasons below:

  • monitor the success or failure of your business
  • keeps you up-to-date on how much you owe & how much you are owed
  • submit accurate VAT & Income tax returns and being able to substantiate the figures with backup documentation
  • therefore, you can be confident that you are paying the correct tax you owe

 The bookkeeping service we offer, provides you with the following:

  • Purchase ledger - recording the purchases from your suppliers. We can manage the flow of invoices from your suppliers & record the financial transactions in the purchase ledger.
  • Sales ledger - we can generate and/or send out all your sales invoices (billings) to your customers and record the entries in your sales ledger.
  • Cash book - the recording of all cash book entries: payments and receipts.
  • Bank reconciliations - the process of matching the cash book data to bank statements. We will check all your transactions and ensure they balance.
  • Petty cash management - the recording  and control of your petty cash float, along with the management of vouchers and posting the financial entries.

 

Management Accounts / Reporting

What is it? The provision and use of accounting data to generate meaningful financial statements and reports to business decision makers (& other stakeholders) with regards to business performance.

With our management accounting service - you will receive regular reporting designed to assist management in decision-making, planning and control - to include:

  • Profit and Loss account
  • Balance Sheet
  • Aged debtors report
  • Aged creditors report
  • Journals into the nominal (general) ledger
  • Fixed asset management & depreciation

 

Payroll Service

Payroll is a series of accounting transactions dealing with the process of paying employee's for services rendered. In summary, payroll is the sum of all financial records relating to salaries, wages, bonuses and deductions.

With our computerised payroll service you can be rest assured that your payroll will be run efficiently and accurately throughout the year. With our fully administered service, you will have complete peace of mind and no worries about staff payments or PAYE returns.

With our service, your payroll will be recorded for each employee - including National Insurance and PAYE (income tax), benefits, allowances, holidays and recording statutory payments (SSP, SMP, SPP).

Our payroll service covers the following:

  • New Starter forms
  • Calculating and recording National Insurance Contributions (NIC)
  • Calculating and recording Pay As You Earn (PAYE) income tax
  • Recording statutory payments: Statutory Sick Pay (SSP), Statutory Maternity Pay (SMP),Statutory Paternity Pay (SPP).
  • Payroll for hourly employees (timesheet based), salaried employee's and commission payments.
  • Preparing & posting the Payroll journal in the nominal ledger
  • Producing, printing and sending payslips - to your premises or employee's directly
  • Calculate the amount to be paid to each member of staff
  • Calculate the amount to be paid to the Inland Revenue (HMRC)
  • Provide to you payroll calculation reports
  • HMRC submissions: Annual P35, P14's and P60's.
  • Dealing with HMRC queries

 

Preparation of Annual Accounts

At the end of each year, whether you are self employed or a limited company, you will have to report on the financial performance of your business, representing the profit or loss in that year.

For limited companies, statutory accounts need to be prepared and filed with Companies House.

For the Self Employed, annual accounts form the basis for your income tax computations (self assessment) for that year.

 

VAT Returns

For VAT registered businesses, you must record all VAT eligible transactions. You must then complete a VAT return every quarter, detailing the VAT you have charged customers (referred to as output VAT) and you have been charged on purchases (referred to as input VAT).

The difference between the output VAT and input VAT is payable to HMRC.

Based on current guidelines, you do not have to register or submit a VAT return if your turnover from taxable supplies is less than £67,000 in any 12 months.

With our VAT return service, you will benefit from:

  • Computerised VAT accounting - our software will manage your VAT administration
  • Completion & submission of regular VAT returns
  • Dealing with HMRC queries
  • Completing the VAT registration (and de-registration) process