All businesses and individuals are required to keep accurate records for both taxation and VAT purposes. Good bookkeeping practices benefit the business by helping you manage and control your finances, plan for future growth and ensure that your accounts are completed more efficiently, which should in turn avoid late filing penalties.
H M Revenue & Customs are strict on keeping proper accounting records and there are fines/penalties when improper records are kept. For individuals filing self-assessment tax return, records must be kept for at least 5 years after the 31 January submission deadline of the relevant tax year. For companies, directors must keep accounting records for 6 years from the end of the last company financial year they relate to. Otherwise directors could be disqualified or fined £3,000 by HMRC.
As your accountants and tax adviser, we will determine what your accounting information needs are and explain what records are required in relation to the resources you have available; to ensure you have a bookkeeping service that suits you and your requirements.
Clients who do not have the internal resources to carry out the book keeping function themselves, or who prefer to outsource such services, can be fully confident that your records are being taken care of and all relevant regulations are being complied with.
We can also prepare regular management accounts to help you manage your finances, your customer account balances, your supplier account balances and stock levels. Management accounts can help you identify slow-moving or unprofitable goods or services, bad debt and surpluses or deficiencies in resources, so they can be a powerful aid in decision making. If you are a trading company, regular management accounts will also allow you to plan your dividends ensuring your tax liability is minimised.
Our book-keeping service is cost effective and efficient and allows clients to choose from a monthly, quarterly or annual service.