What Accountancy Services Cover

Accounting work that your accountant will do for you and what you get in return.

Table of Contents

Bookkeeping and Transaction Recording

Record all the income and expenses of your business throughout the bookkeeper could create a transaction in your accounting software to record a sales invoice for example. The books are then closed each month and an adjustment made to reflect any errors discovered in the reconciliation of the accounting software with your bank and credit card statements.

Self-Assessment and Company Tax Returns

Your accountant will calculate your taxable profit, claim the correct reliefs and complete your tax return in time for submission to HMRC. This can be for personal self-assessment or for a company as corporation tax.

VAT Registration and Quarterly Returns

Accounting for VAT. Ensuring your business is correctly registered under the correct scheme for your business. Also completing quarterly returns under the new Making Tax Digital rules.

Payroll and PAYE

As a business owner, running the payroll means calculating the gross wages, deducting the tax and National Insurance and submitting the Real Time Information (ROI) to HMRC during the relevant pay period. This also means producing the relevant payslips.

Year-End Accounts Preparation

Prepare and submit Year-end accounts (also known as financial statements) in accordance with accounting standards for individual and for companies, including filing with Companies House where required.

Management Accounts and Cash-Flow Reports

Management accounts and cash-flow reports are shorter and produced on a more regular basis than year-end accounts, allowing management to see how the business really is and make informed business decisions. If you want Accountancy Services, https://bhukgroup.com/accountancy-services/ is a good place to start.

The coverage provided by accountancy services will enable you to make a sound decision as to what functions should be undertaken in-house and what functions should be handed over to your accountants.