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? 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 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 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 your 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 engage in real-time collaboration with your accountant. This cloud-based solution ensures online data and software accessibility, anytime, and from any device, offering you unparalleled convenience and flexibility.

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 be able to access 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, like Xero. From April 2022, all VAT-registered businesses regardless of their taxable turnover, must adhere to the MTD rules.

The current VAT registration limit is £85,000. If your business is not currently VAT registered, we offer monitoring services to keep track of your position. We will promptly inform you when you are required to register for VAT. Moreover, we will provide our expert opinion regarding the most suitable VAT scheme tailored to your small business's unique needs.

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. Our team can guide you through the process and ensure that you are fully compliant with Making Tax Digital (MTD) rules. 

MONTHLY PAYROLL

Pay As You Earn (PAYE) operating employers must 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; 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 and did 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 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 redirect your energy towards the development and advancement of 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® now!