What business records should you keep? How long should you keep them? Can you get rid of your paper receipts and go digital? We provide effective small business bookkeeping services along with accounting support and tax advice.
Our bookkeeping services for small business cover your day-to-day bookkeeping, preparation and submission of your VAT returns as well as your monthly payroll, including managing your auto-enrolment.
BOOKKEEPING SERVICES FOR SMALL BUSINESS
Keeping track of your finances can be tedious and time-consuming. As a small business owner, you are likely to be juggling multiple tasks at once. We understand that running a business can be difficult, but we are here to support you and provide you with the services you need.
At Xcountant® we are big fans of Xero! We will organise all your business information, including your bookkeeping, VAT, and payroll in this brilliant accounting software. With Xero, you can work from anywhere, share with your employees, and collaborate with your accountants in real-time. It is the cloud that makes data and software accessible online, anytime, anywhere, from any device.
We will categorise your bank transactions as they flow into Xero, allowing you to track your cash flow and have a greater idea of your current financial position. You will be able to view up-to-date information and generate reports for an immediate overview of your business.
Making Tax Digital (MTD) is an HMRC initiative that requires VAT-registered businesses above the £85,000 threshold to keep digital records and submit VAT returns using compatible software such as Xero. If you are below the VAT threshold you can voluntarily join the MTD. From April 2022, VAT-registered businesses with a taxable turnover below £85,000 will also be required to follow MTD rules.
The current VAT registration limit is £85,000. If you are not VAT registered, we can monitor your position and let you know when you must register for the VAT as well as our opinion on which VAT scheme would be the best option for your business.
Online returns and online payments are due one calendar month and seven days after the end of the VAT period. Here you can work out the VAT payment deadline for your accounting period.
The current VAT rates are as follows:
- Standard rate of VAT is 20% and it applies to most goods and services;
- Reduced rate of VAT is 5% and it applies to some goods and services;
- Zero rate of VAT is 0% and it applies to zero-rated goods and services.
If you are not already using Xero, speak to us about getting it set up. We will be able to help you make sure you are compliant for MTD. Once we register you for online VAT filing with HMRC, we simply prepare and file your VAT returns directly from Xero online accounting software.
Pay As You Earn (PAYE) operating employers have to complete the following tasks every time they pay their employees:
- Record their pay;
- Calculate deductions from their pay;
- Calculate the employer’s NI contribution;
- Produce payslips;
- Report their pay and deductions to HMRC (FPS).
Tax months run from the 6th of one month to the 5th of the next. HMRC will send you a late filing notice if you have paid any employees and do not send an FPS or send it late. Be aware late, missing, or incorrect payroll reports can also affect your employees’ income-related benefits, such as Universal Credit.
- We collect your payroll data, produce your payslips and payroll reports;
- Send your submissions (FPS/EPS) including your pensions filing.
Our accountants will streamline your operations and take care of your bookkeeping, VAT and payroll. You can get time back to focus on building your business.
GET HELP & SUPPORT FOR YOUR SMALL BUSINESS
Xcountant® | Small business accountants are a London based accounting firm helping business owners save time and money while complying with rules and regulations. Did you know that the tax filing process can be more efficient simply by having an effective bookkeeping process in place? Get in touch to find out how we can assist you and provide you with ongoing support.
Any questions about the bookkeeping services? Our small business accountants offer a full range of accounting services with no hidden fees and charges. Xcountant's highly personalised services are designed to improve business efficiency and profitability.
DISCLAIMER The information and opinions provided on this website are for general information purposes only and are not intended to constitute professional advice. Xcountant Company Ltd T/A Xcountant® | Small Business Accountants - London is a company registered in England and Wales under the registration number 12966530.
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