Book-keeping, Payroll and VAT
If you value your time, you may wish to spend it building your business or having fun. Why not let us do your book-keeping, payroll and VAT for you? We can also look after your invoicing and credit control by running your sales ledger, control your bills payable function by running your purchase ledger and other financial administration matters.
We provide book-keeping, payroll and VAT services for a large number of our clients. We offer a fully flexible service using some of the most popular and modern software packages, including online/cloud software where our clients have full access to their data for review and reports.
Instead of using separate book-keepers and accountants, with us, it’s all “in house”, which means that there is a seamless integration between the book-keeping, payroll and VAT processes and the annual accounts preparation. Not only does this make it a quicker “year end” process, it also means the year end is more efficient and cheaper for our clients. It also enables us to monitor our clients’ business during the year which gives us an opportunity to flag up any problems or opportunities that would otherwise be missed until after the year end.
We have found from experience that total fees (book-keeping and year end accounts) are usually cheaper when we do it all “in house” than when clients use a book-keeping firm and then a separate accountant for the year end work.
We work with our clients to make payroll & PAYE as painless and simple as possible. You tell us, each month, who you want to pay and how much (i.e. number of hours etc), and we do the rest. We provide you with payslips and summaries, we make the obligatory submissions to HMRC, we tell you how much to pay to HMRC each month, we produce P45 forms for leavers and P60 year end forms for current employees.
Value Added Tax can literally make or break a business. Get it wrong and you risk paying too much to HMRC, charging your customers too little, not reclaiming the right amount of VAT on your expenses, incurring fines for late submission or payment to HMRC, and also the risk of not being registered when you have to be, or not being registered when it would be beneficial to you.
In addition to helping you deciding whether to register for VAT, we can also help you by preparing and submitting your VAT returns to HMRC every three months as they fall due. You’ll benefit from piece of mind of knowing that you’re charging the right amount of VAT to customers, claiming the right amount on your expenses, and submitting/paying the VAT due on time.
The law requires all businesses, however small, to keep complete and accurate accounting records and failing to comply with the law, including the submission of VAT and Payroll return. HM Revenue & Customs can issue penalties for inadequate record keeping and missing submission deadlines. Poor book-keeping will usually mean higher accountancy fees, loss of tax planning opportunities, and maybe even duplicated payments to suppliers or non collection of monies owed to you by customers.
HM Revenue & Customs’ new initiative “making tax digital” will lead to businesses being forced to use book-keeping software instead of spreadsheets or hand written records so it’s a good time to hand over your book-keeping to us as we shall be using MTD compliant software well in advance of it’s introduction. Employers already have to submit payroll returns online (RTI) every pay day, and VAT registered businesses have to submit VAT returns online to HMRC. Therefore, online (or cloud) will very soon become the “norm” for all businesses.
If you are struggling with your book-keeping, payroll and VAT or just want more time to spend on more interesting things, get in touch with us.