From the start up of any business to running one, all organizations and individuals need to keep proper accounting record because of two reasons:
- For the business itself because if you keep full record of your sales and purchases or receipts and payments then one would be able to take care of cash flow of the company which is the life blood for all.
- For tax or government or banks or other outside suppliers, because if you keep proper records then you would be able to show government or tax authorities that you are responsible business man who is taking care of all of his responsibilities. And this record is also beneficial in case of applying for a loan or getting a favourable credit terms with the suppliers.
Explanation of our Book keeping/Management Accounts service:
- Keeping books for receipts and payments up to date based on the information provided;
- Reconciling accounts on weekly and monthly basis;
- Providing monthly management accounts ;
- Registering for VAT, PAYE and CIS where required;
- Submitting VAT, Payroll and CIS returns on time;
- Monthly cash flow snap shot as to how much take home money is available.
Wages or salaries have to be paid to your employees on time, normally on weekly, fortnightly or monthly basis.
Explanation of our Payroll service:
- On hiring of an employee, keeping HMRC informed on time as per RTI;
- Calculation of the wages/salary per period where making sure all deductions of income tax and national insurance are taken accurately;
- Providing wages/salary slips by the end of the required period;
- Providing exact amount of income tax, employee notational insurance and employer national insurance figure on time so that the payment to HMRC can be made
- If employee is leaving then updating HMRC on time;
- Preparing and submitting yearly return on employer’s behalf every year and also providing P60 so that this could be given to your employee
- Taking care of P11d’s where required
- Dealing with HMRC being your agent
- Taking care of changing rules and keeping employer up to date