HR Services | Bid & Policy Writing
It is true, with the right training, you can keep your own accounting records, but there comes a time when bookkeeping tasks become too and start to distract business owners from pursuing business growth and success. This is one of the times you will want to bring on board a bookkeeper.
Sometimes little. An ICB Qualified Bookkeeper can keep charity, partnership, and sole trader bookkeeping records, submit VAT returns, prepare end of year accounts and with the relevant qualification submit the business owner’s self-assessment tax return. At Priority Business Services Ltd, we are also able to deliver bookkeeping including VAT returns for limited companies, and work with accountants to enable them to submit limited company accounts and corporation tax returns.
But for a large corporation or limited company, a accountant will be vital as their qualifications enable them to offer wider services.
If you are happy with the service provided and the cost to your business – absolutely NOT. Good professional relationships can be hard to find. You know the saying – if it’s not broke don’t mend it.
If you do decide to switch, it is a simple process. Firstly, you need to let your current accountant or bookkeeper know that you will be leaving them. Secondly, we them a letter and ask for something known as ‘professional clearance’ which covers all parties to ensure a smooth transition. In this letter, we ask for your records to be forwarded to ourselves and if there is any reason why we should not accept you as a client at our practice.
Here are some examples of people who usually do have to carry out self-assessment:
- Self-employed people
- People with more than one job
- People drawing a pension while continuing to work and earn
- Directors and partners of limited companies
- Anyone earning a certain amount from investments (including property)
- Ministers of religion
- People claiming child benefits who have earned above a certain amount
- Anyone who receives a P800 form (this comes from HMRC and explains that you didn’t pay enough tax)
Check on the government’s website if you’re unsure about whether you need to fill one in.
NB: If you are paid through a PAYE payroll system or you’re only drawing a pension, you do not need to register for self-assesment as your income tax is already deducted at source.
Self-assessment can be time-consuming, and you may end up paying more tax than necessary if you aren’t sure about all the expenses and allowances you can claim. In the worst cases, you may make mistakes that result in penalties.
This is why it’s often more economical to engage a professional to take care of your self assessment tax returns. Best of all, the cost of getting a professional to do it is a tax-deductible expense! Which can make it even better value for money.
You will need to register online (website below) before you can submit a self-assessment tax form. The deadline for registration is 5 October (after the end of the tax year).
One way is to register with gov.uk Verify. This creates an account that you can use for multiple gov.uk services. You’ll need to prove who you are with a government-approved organisation, such as the Post Office, Barclays, Experian and a few others.
When you register for self-assessment you’ll receive a Unique Taxpayer Reference (UTR) number, which you will need for every tax return.
No, you don’t need to be. We can advise and provide you with the best software for your business, We will can also train you up on how to use it.
For clients taking our full bookkeeping service, you will need to understand very little. And for those wanting to do their own books, you can pay a small amount for a monthly support package which includes unlimited queries from you, and a once a month check over your books from me.
Some people think they can pick up a software package like QuickBooks or Xero, connect their bank feed and their accounts will appear. If you don’t set up your software correctly, or you don’t what type of expenses are allowable, or, you don’t understand how your balance sheet works, you can find yourself in sticky water if HMRC audit your accounts. And they do! If you are subject to an HMRC enquiry you can incur thousands of pounds in professional fees or many hours of your own time, even if at the conclusion it is found that there is no additional tax to pay.
Of course. We offer coaching to help you get your records in order. If substantial work is needed, we can provide a clean-up service and then ongoing support to enable you to continue to do your own bookkeeping.
Because they are based on each client’s needs and our service is tailored, we will give you a quote specifically to cover your organisations requirements.
Part of our pricing is that we offer discounted software, software plus support or full bookkeeping services. Because we do not like to clock watch, we prefer to set a fixed monthly fee based on client requirements We can start on an hourly rate to enable both our clients and us get a feel for ongoing costs if preferred.
Our HR services are pay-as- you- go, and Payroll and Pensions are fixed based on the number of employees and the frequency with which your payroll is run.
Discounts are given to charities, start-ups, and businesses needing ongoing and substantial bookkeeping.
Priority Business Services Ltd are not VAT registered and have no plans to be in the future, unless of course the government changes the £85,000 VAT threshold. For small business owners who are not VAT registered, choosing a non-VAT registered service provider such as ourselves saves a lot of money – 20% of the bill in fact!