Friendly & Professional Bookkeeping services in and around Thanet
AATQB Certified and AAT Licensed
Bookkeeping, VAT Returns, Financial Accounts and Accounts Preparation – Sole Traders, Payroll & CIS, PAYE,
Thanet, Margate, Broadstairs, Westgate, Ramsgate, Birchington, Herne Bay, Manston, Minster, Acol
Why do you need a bookkeeper?
Trying to do your own bookkeeping can be very time consuming and without the necessary skills or experience, it can also be very daunting and complicated and prone to mistakes. As a business owner or director, you want to focus your energy on growing your business, getting new clients promoting and selling your services. Bookkeeping is an essential part of your business to record all financial transactions and to provide you with up to date accounts so you always know how your business is performing whilst also meeting deadlines for VAT, CIS and tax returns etc.
What is Bookkeeping?
- Sales – Are you keeping records of all your sales, do you know who owes you money?
- Purchases – Are you sure you are not over spending on materials for jobs? Are your suppliers paid up to date? Are you claiming back the correct amount VAT?
- Bank Reconciliations – is everything in your Bank Correct? if these accounts need reconcilling at Year End, expect a bill from your Accountant for doing this.
- Are you surpised at the amount of Corporation Tax you have to pay and do not have the funds to pay it? With the correct bookkeeping records you can ensure you don’t get a shocking bill, and make sure you budget for your Taxes.
- Need to purchase some much needed equipment, or transport. Up To Date Monthly accounts can help you get the finance, and also provide you with the budget you have for this.
Unfortunately, if a business fails to keep adequate records then they can be fined up to £3,000 by HMRC along with an additional tax bill if the inadequate records resulted in an incorrect tax return being filed. You can also end up with a hefty Accountants Bill at your Year End if they have to do all the groundwork on your books, or sort out errors made from poor bookkeeping.
Reconciling an account often means proving or documenting that an account balance is correct. For example, I reconcile the bank balance in your accounts to the balance shown on the bank statement. This ensures that you are not overstating your Income or expenses by duplicating entries, and ensure that what has claimed to have come in and gone out of the company finances is correct.
Need your Year End Accounts prepared for your Accountant? This process can begin from bringing in a bag of invoices and bank statements or granting me access to a fully reconciled cloud hosted computerised book-keeping data set, or anywhere in between.
Accountants can charge a high premium for sorting your accounts from a bag full of reciepts or fixing errors.
I can provide you with Monthly or quarterly Management Reports which will give you a snap shot of how your business is performing. These can be customised to your requirements and can be as detailed or as basic as you need. They do help as a good indication of if you need to register for VAT, for example, or if you have enough capital to invest. These reports also ensure your Books are as up to date as they can be, which in turn, makes your Year End accounts much easier to produce, therefore lessening the risk of filing Company Tax Returns late and incurring HMRC Fines!
If your turnover is £85,000 or more per year, you must be VAT Registered. You must submit a VAT Return to HM Revenue and Customs (HMRC) every 3 months.
The VAT Return records the VAT Element of your Sales and Purchases and determines how much VAT you owe to HMRC
You must submit a VAT Return if you are VAT Registered even if you have no VAT to pay or reclaim.
Payroll & CIS
I can run your Payroll for you and ensure you are paying the correct amount of PAYE, and deal with HMRC on your behalf should any issues arise! I can submit your CIS Returns for your Sub-Contractor Payments, and Verify them to ensure you are paying the correct amount, and ensure the CIS Suffered amount reclaimed is correct and done at the correct time. I will even produce the CIS Payment Statements for you to forward to your Contractors. This is essential as HMRC do charge fines for late submissions and payments relating to CIS, RTI Information & PAYE Payments.