Bookkeeping in Bracknell
Bookkeeping involves the recording of the financial transactions and information of your business. It is a job that should be done on a daily basis so that your business financial records are up to date. This is important because if your bookkeeping is not current, you may miss some registration deadlines. For example, your taxable turnover may have already reached or exceeded the VAT registration threshold. This may result in your business not notifying HMRC and registering the business for VAT by the deadline, and you can expect penalties from HMRC. So your time may be best spent on growing your business and leave bookkeeping job in our hands.
Our bookkeeping in Bracknell team is a collective of amazing people to provide professional services. We are also very reliable and experienced and can help all types of businesses with their bookkeeping needs, either manual or computerised one. Talk to us today to see how we can help.
Bookkeeping
As a business, you must record both your business income and expenses (bookkeeping). In other words, bookkeeping is compulsory for every UK business. Good bookkeeping will help make the accounts preparation much easier, and so is the self assessment tax return.
While every business must do their bookkeeping, but it is only a company that has to prepare and file its statutory accounts. It is therefore important that income and expenses (bookkeeping) are correctly categorised and recorded or the accounts and tax return are incorrect (and so is the tax due). Contact our experienced team of bookkeeping in Bracknell today to see the benefits we can make to your business.
Records keeping
In addition, there are legal requirements for your business to keep your business records for a certain period or you may have to pay a penalty.
Sole trader & partnership
As a sole trader and a partner in a business partnership, you must keep records of your business income and expenses (records keeping) for at least 5 years after the 31 January filing deadline of the relevant tax year. In addition, if you are vat registered, you must keep your VAT records as well. Further, your PAYE records must be kept too if you employ a member of staff.
Besides, the authorities will require you to also keep records of your own personal income. And a nominated partner in a business partnership must keep records of the partnership as well.
Private limited company
Similarly, a company must keep their business records too. However, the period it has to keep these records is for 6 years from the end of its financial year to which it relates. Besides, the company must also keep the details of its shareholders and directors. In addition to above, it will have to keep company financial and accounting records as well. These include, for instance, goods that it buys or debts that it owes or is owed. HMRC, however, can fine a company £3,000 and disqualify its directors if they fail to keep the company accounting records.
Reliable team of bookkeeping in Bracknell
Bookkeeping is time-consuming and If your bookkeeping is not correctly done, then as a result, you could end up either over- or underpaying your tax. And your tax returns will likely be wrong too. If you file an incorrect tax return, you may also be penalised.
We are not only highly qualified but we are also very experienced with the bookkeeping services. So you can rest assured that your income & expenses will be correctly recorded and your financial transaction records are always up to date. Besides, you will always receive our unlimited support and prompt response.
So if you are looking for bookkeeping in Bracknell services, MW Accounting Services is one of the best providers in the area.