OUR SERVICES
Start up or business growth support
Starting a business is exciting but can also be a little scary as you wonder if you have thought of everything.
New and start-up business owners have lots of financial questions and Assisi Bookkeeping can very much a part of helping answer them. For example, we can offer advice to businesses who need help to establish their organisation in the right way, right from the beginning. we can provide knowledge about taxes, how to keep a business financially organised, and which expenses are allowable. Receiving this important advice early on in your venture, can save you money!
Lots of people have a business idea, but most don't know what to do or how to get started.
- Perhaps you want to know what records you should keep, what paperwork is relevant and how long you must keep it for.
- It could be you need some tips on raising invoices and managing your credit control - very important if you want your business to grow.
- Or maybe you need to know what expenses are allowable through your business.
The Importance of having a business bank account
When you start in business you should have a separate bank account for your business expenses and income, rather than using your personal bank account for your business needs. Business expenses must be wholly and exclusively for the purpose of running the business and enables you to identify whether your business expenditure is exceeding your business income.
Should you not have enough money in your business account to pay for your business needs, you can transfer money from your personal account. This is then classified as a personal loan to the business, and not an expense when you repay it back.
If you cannot provide receipts for business purchases, they will be recorded as a personal expense as there is no evidence to prove they are a business expense. Consequently, having a business account and using it for only business spending, means there will never be a question over whether your purchase is business or personal. It should be noted that limited companies must have a separate bank account because a limited company is not an extension of you. A limited company is a separate entity to you and its income and expenses must be kept separate. In addition, when HMRC does a records check, you will only need to give them access to your business bank account records rather than all your personal account too.
This is unlike being a sole trader where it is only advisable to have separate accounts. Not having both accounts may require HMRC to have access to all your personal bank accounts to justify your financial transactions.
Bookkeeping
To most business owners’ book-keeping is a time-consuming chore which doesn't result in any income. However, it is a vital part of your business success and allows you to keep track of all your financial transactions.
The keeping of accurate financial records reflects the day to day running of your company, and the ongoing performance of your business as a whole.
Assisi Bookkeeping services include:
- Ensuring your day-to-day income and expenses are recorded accurately in an appropriate accounting system, this produces exact and regular reports for business planning.
- Bank reconciliation is the matching up of the bank statements to the invoices paid out and the receipts received.
Payroll,VAT & Making Tax Digital
- Outsourcing your payroll to Assisi Bookkeeping is an efficient use of your time whilst lightening the burden of dealing with PAYE or CIS. It can ensure you are complying with legislation and submit information to HMRC on your behalf.
- With the information your business provides, Assisi Bookkeeping can calculate hours worked, holidays taken and sickness periods. It can generate all aspects of payroll, gross wage, PAYE tax, National Insurance, and payslips, as requested.
- Assisi Bookkeeping can complete and submit all your payroll obligations online such as PAYE, National Insurance, employee forms, forms such as P45 or P60's RTI filing, pensions & auto-enrolment to HMRC.
- We can calculate the A good bookkeeper can only add value to your business enabling you to spend your time doing what you do best. It is cost effective too particularly when your business is developing because you only pay for what you Payrol
VAT
- If you are VAT registered, Assisi Bookkeeping can help keep accurate records, and therefore safeguard you against any nasty HMRC fines. This is done through completing VAT requirements on time and ensuring VAT is claimed on your purchases and declared on your sales appropriately.
Making Tax Digital
- Making Tax Digital is the new tax system requirement for HMRC. With everything being completed and submitted
- Let Assisi Bookkeeping help you avoid the stress!
Tax Returns, Self Assessment and Account Preparation
Not everyone needs to complete a tax return.
If you pay tax through PAYE, you may not need to pay additional income tax. However, if you have additional income such as self-employment, personal rentals, dividends or more complex revenue you will need to complete a tax return, even if you already pay tax through your tax code. Assisi Bookkeeping can help you navigate through the complexities of what you may or may not need to do.
Self-Assessment Tax Returns submitted by paper are required to be with HMRC by 31st October, following the 5th April of that year. Online Submissions need to be completed, submitted and Tax Bill paid, by the following 31st January. Sometimes dealing with Self-Assessment can feel like a heavy weight on your shoulders. Assisi Bookkeeping can help and would encourage you to do your Tax Returns early in the year, as this has both the benefits of leaving you feeling less troubled whilst also not requiring you to pay the tax bill at an earlier date than 31st January.
ACCOUNT PREPARATION
It is always important to maintain accurate accounting records, which can take time and sufficient knowledge of the business accounts to provide appropriate and accurate information to HMRC.
Some businesses have very little paperwork and are not VAT registered so will only require a yearly tax return. In this situation we can sort through your invoices and receipts and compile a record of transactions for completing and submitting your Tax Return.
For those who have a comprehensive set of books, we can compile their financial statements and submit their tax returns to HMRC.