BOOKKEEPING, VAT & PAYROLL SERVICES

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What business records should you keep? How long should you keep them? Can you get rid of your paper receipts and go digital? At Xcountant®, we specialise in providing highly effective bookkeeping services tailored to meet the needs of your small business. Our comprehensive services cover your day-to-day bookkeeping, preparation and submission of VAT returns, as well as your monthly payroll, including managing 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 juggling multiple tasks at once. We understand the challenges of running a business and are committed to offering the support and services you require.

At Xcountant®, we are big fans of Xero! We organise all your business accounting data, including bookkeeping, VAT, and payroll, within this exceptional platform. With Xero, you gain the freedom to work from any location, easily share information with your team, and collaborate in real time with your accountant. 

We categorise your bank transactions as they flow into Xero, allowing you to monitor your cash flow effectively and gain a clearer perspective of your current financial position. You will have access to real-time data, allowing you to generate instant reports that provide a comprehensive snapshot of your business’s overall status.

VAT RETURNS

Making Tax Digital (MTD) is an HMRC initiative that requires VAT-registered businesses to keep digital records and submit VAT returns using compatible software, such as Xero. From April 2022, all VAT-registered businesses, regardless of their taxable turnover, must adhere to MTD rules.

The current VAT registration limit is £90,000. If your business is not currently VAT-registered, we offer monitoring services to track your position. We will promptly inform you when you are required to register for VAT. Moreover, we will provide our expert opinion on the most suitable VAT scheme tailored to your small business’s unique needs.

Online returns and payments are due one calendar month and seven days after the end of the VAT period. You can calculate your VAT payment deadline for your accounting period here.

If you are not already using Xero, speak to us about getting it set up. Our team can guide you through the process and ensure that you are fully compliant with Making Tax Digital (MTD) rules.

MONTHLY PAYROLL

Employers operating Pay As You Earn (PAYE) must complete the following tasks every time they pay their employees:

- Record their pay;

- Calculate deductions from their pay;

- Calculate the employer’s National Insurance (NI) contribution;

- Produce payslips; and

- Report their pay/deductions to HMRC (FPS).

Tax months run from the 6th of one month to the 5th of the next. It is important to note that HMRC may issue a late filing notice if you have paid your employees but failed to send an FPS or sent it late. Be aware that late, missing, or incorrect payroll reports can also affect your employees’ income-related benefits, such as Universal Credit.

We gather your payroll data, produce your payslips, generate your payroll reports, and handle the submission of your FPS and EPS, including managing your pension filing obligations.

By entrusting us with your bookkeeping, VAT, and payroll tasks, you can free up your time and focus your energy on developing and growing your business.

HELP & SUPPORT FOR YOUR SMALL BUSINESS

Xcountant® is a London-based accounting firm dedicated to 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 with your bookkeeping and provide you with ongoing support. Join Xcountant® today!