Bookkeeping - VAT Returns - CIS Returns
Cloud based Service using:
Why outsource your bookkeeping?
Every business has a legal obligation to keep records of their transactions. There is no set format that must be adhered to but at the very least records of all sales, expenses and purchases should be kept.
Unfortunately if a business fails to keep adequate records then they can be fined up to £3,000 by HMRC along with an additional tax bill if the inadequate records resulted in an incorrect tax return being filed.
Aside from the obligations, keeping good records is an essential part of running a successful business. When good records are kept the business owner knows at any given time, how much is owed from customers, is owed to suppliers, how profitable the business is and how much cash is available. This means better decisions can be made and improvements in cash flow anticipated leading to profitability.
Outsourcing your bookkeeping to professionals such as Logical Results LLP not only removes one of the biggest headaches involved with managing a companies financial affairs, but also offers a multitude of benefits such as:
Peace of mind. As a bookkeeping practice, our staff have many years bookkeeping experience to ensure fast and accurate data entry, resulting in a correct and complete set of accounts, VAT and tax returns at the end of the financial period. This is even more important if HMRC were to select your business for an investigation as there is a much less chance of discrepancies being found provided the records given to us have been accurate.
Tax savings. As we complete your bookkeeping your dedicated bookkeeper will constantly be looking for any potential efficiencies which may result in less tax being owed to HMRC. Spotting these inefficiencies and making changes early on can result in significant savings for you.
If not already reviewed, we will assist with choosing the most appropriate bookkeeping system. We will review your business type, circumstances and requirements and then select the best bookkeeping software package to suit. Logical Results LLP are a cloud based bookkeeping practice therefore a cloud based system or reliable remote access to an in-house system is required.
How does the process work?
We have gone to great lengths to make the process as easy as possible for our clients. Paper records can be sent to us using our pre-paid mailbags that we can provide. Simply deliver the mailbag to any Post Office and it will be sent to us fully insured and trackable via Special Delivery and arrive with us before 1pm the next day:
For electronic records simply scan them in or send them to our mobile app or website service and the records will then be available for reconciliation.
Once you have decided to appoint us as your bookkeeper we will ask you to send us your records at a suitable frequency. So for example, if we complete monthly management accounts for you then we would ask for your records monthly. If we take care of your quarterly VAT returns, then we would ask for your records quarterly. If you are not VAT registered then we may only need to ask for records annually.
Why does a business need VAT returns?
If your turnover is more than the current VAT threshold then you may have to register for VAT. If this is the case then you will have to complete and submit a VAT return to HMRC, usually each quarter. However, even if you are not required to register it can sometimes be beneficial to register voluntarily. Your accountant can help you decide on this.
Completing your VAT returns
When we complete your VAT Returns we do not just take the figures from your bookkeeping and submit them to HRMC. We start by talking to your accountant, because if there are any inaccuracies then this will mean that the VAT Return may also be incorrect. This allows us to make sure that we are claiming for all VAT your business has incurred, ensuring you pay as little VAT as possible to HMRC.
Another great benefit to asking us to complete your VAT Returns is that we will assist should HMRC decide to investigate your VAT affairs.
HMRC can launch an investigation into your VAT affairs either at random or because figures you have submitted to them do not look correct. They also conduct VAT inspections more frequently for industries that are more likely to to submit inaccurate or late returns or for industries that tend to have complex VAT affairs.
By appointing Logical Results to handle your VAT Return calculations and submissions you will have peace of mind and confidence in your figures in the event you receive that dreaded letter through the mail!
ACCOUNTS RECEIVABLE (OPTIONAL)
Logical Results can manage all of your invoicing and customer interactions so that you get paid on time for your work. Our job is to shorten your cash cycle and provide exceptional customer service. Tell us how much to invoice for and we can invoice for you. We will also send out statements after a 30 or 60 day period.
If no payment is received we will call customers that are avoiding you.
ACCOUNTS PAYABLE (OPTIONAL)
Provide cash flow projections
You may have some questions before you consider switching your company over to our online bookkeeping services. Feel free to contact us and ask as many questions as you like. We're happy to help.