Essentials – Bookkeeping

VAT, Payroll and Accounts

Financial analysis.This stuff is not glamorous or exciting but has to be done.

Vat returns have to be submitted on time and online, RTI payroll submissions have to be made online and you need books to give you information to run your business and to enable the preparation of annual accounts and returns for your bank, HMRC and others.

 

 

Don’t do these properly and it will impact severely on your ability to continue in business. In the last resort HMRC could stop you dead in your tracks.  Make sure you keep all your accounts, vat and payroll records up to date and file all returns on time, otherwise it could cost you your business.

Bookkeeping – Manual, spreadsheet or accounting software? If you want to use accounting software, consider using a Cloud based option to enable your accountant to have online access to extract data, correct errors and perform functions you do not have time to perform.

VAT – Value added tax is one of the most complex and onerous tax regimes imposed on business leading to many inadvertent errors. There is a constant stream of detailed changes to the regulations, and the ever-growing demands of HMRC.

Things to consider about VAT:

When to register for VAT or de-registration
VAT planning and administration
Completing VAT returns and online submission
Issues and disputes with HMRC

Payroll can be simple or complex depending on the profile of your staff. If you have a large payroll with a significant churn as for example with hotel seasonal staff, the payroll can be time consuming with a high risk of inadvertent error.

There have been a lot of changes in recent years including the requirement to make RTI online submissions before each payment to staff. More changes to benefits in kind also appear to be on the horizon and there have always been stiff penalties for late submissions or late paid tax.