BOOKKEEPING | VAT
At The Financial partnership LLP, our experienced team can provide
you an accurate and comprehensive bookkeeping and VAT services tailored
to your business or assist and advice you of the methods
that best suits your business.
BOOKKEEPING
An accurate, reliable and efficient bookkeeping system is essential
for the smooth running of the finances of any business.
It is also a legal responsibility of the business owners to maintain
proper accounting records.
Whether computerised or manual, if your bookkeeping is accurately and
properly maintained, the benefits to your business are immense. To name
a few,
- Understand your business and its working
- Being in control of your business finances will enable you to make
well informed judgements and decisions
- You will be able to react more quickly to the opportunities available
in your business
- Have an early warning system to alert you of any potential problems,
and
- Assist preparation of your VAT returns and statutory financial statements
VAT
VAT refers to “Value Added Tax”. VAT is one of the most
complex forms of taxation and it is the legal responsibility of the
business owners to accurately and timely, calculate and account for
the taxes as and when they fall due. Penalties are severe if the returns
are inaccurately computed or submitted late.
Common facts that a business finds difficult in understanding regarding VAT
legislation are: Should I register for VAT? How and when do I register
for or deregister from VAT? What VAT scheme should I adopt to account
for VAT?
There are different, “Special Schemes” available for businesses
to account for VAT, e.g. Cash or Accrual Accounting, Flat Rate Scheme,
Annual Accounting or Special Schemes for Retailers. These schemes impact
the cash flow of the business and therefore proper planning and professional advice
is needed to get this accurately set-up in a manner that is
beneficial to your business.
A reliable and accurate bookkeeping system assists in accurately
computing the Tax (VAT) as well as complete and submit the VAT return.
With our experience, we can confidently take this laborious and complicated,
bookkeeping & VAT tasks away from you and deliver them accurately on the basis of information provided to us.
We provide an efficient cost effective VAT service, which includes:
- Assistance with VAT registration
- Advice on VAT planning and administration
- Use of the most appropriate scheme
- VAT control and reconciliation
- Help with completing VAT returns
- Planning to minimise future problems with Customs and Excise
- Negotiating with Customs and Excise in disputes and representing you
at VAT tribunals
If you wish to retain control of your bookkeeping, we can assist you
to put in place a system that not only works for your business but also satisfies HM
Revenue & Customs. We can use this information to prepare your
annual statutory accounts as well as regular management accounts
for strategic planning.
We have different packages that suit the size of your business, please
contact us and speak to our friendly team, who are waiting to assist
you further.
Also take a complete tour of our website to find out what more we have
to offer you.
