Bookkeeping Services / Tax Agent Services

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Bookkeeping Services to Trial Balance

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The Chalfont Bookkeeping Service Limited (Thecbsltd) in Chalfont St Peter, Gerrards Cross provides bookkeeping services that will ensure that the day to day accounts of your business are kept up to date. Regardless of whether you use a manual or accounting software system to do your bookkeeping. Outsourcing your bookkeeping services to Thecbsltd gives you the advantages of using certified and regulated bookkeepers and saves you hiring additional staff with the extra employment costs and purchase of additional office equipment. If you have accounting software that is cloud based, then you could reduce the need of having a bookkeeper on your premises. This is achievable if you can input your invoices into your accounting software or by scanning or taking photos of your invoices and sending to your bookkeeper or into a software such as Hubdoc. The second stage is to retrain your suppliers to redirect your bills via the same process as your invoices.

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Below is a list of bookkeeping services we provide, more detail regarding each activity is provided on our Bookkeeping Guide page.

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Cash Management

Accounts Receivable

Record Transactions

File Documents and Receipts

Accounts Payable

Payroll

Bank Reconciliations

Inventory

Cost of Goods

Reconcile Monthly Bank Statement

Review Accounts Receivable

Review Accounts Payable

Review Monthly turnover/profit

VAT Tax Return Payments

VAT Tax Return

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Costing and Budgeting

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Once a business management have decided the objectives of the company the following methods of accounting are used in its long-term and short-term planning to select the appropriate strategy to achieve its objectives.

 

Costing and budgeting are both vital to a business in controlling its finances and reducing the risk of making unrecoverable losses. Costing is used to work out the cost to produce a unit of output. Budgeting is used to pre-plan future costs.

 

Financial Accounting

This is collecting and classifying historic data to provide relevant information of financial statements therefore complying with the provisions of the Companies Act and accounting standards.

Management Accounting

Are to provide relevant information and are prepared for internal use only for management in planning, controlling and decision making. Management accounts are not a legal requirement for businesses therefore there is no statutory format so a business can produce its own management system and format of reports. Like Financial Accounting Management Accounting also uses historic data along with current and future trends therefore allowing it to be used as a future planning tool for forecasting

Cost Accounting

This is collecting and recording data, applying costs to inventory, products and services to prepare statements and budgets for management accounting.

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Computerised Accounting Systems

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For a small business, the use of manual accounting systems can be cost effective but Manual systems require more man hours to complete tasks. Errors such as incorrect information being entered, transposing figures or recording information backwards can occur in both manual accounting and computerised accounting systems. With manual systems there is no internal checks or balances so more time is spent on manual systems looking for and correcting errors.

You can minimize errors by using the so-called "one write" systems, which copy your entries onto the underlying pages so you do not have to re-enter them, but mistakes will still creep in. Manual systems have no backup records in case of loss or damage and lack of security could be an issue. As a small business starts to grow and is still using a manual system along with more than one bookkeeper/accountant, time may not be used efficiently if there is only journal for accounts payable, accounts receivable etc.

Even if a manual system makes the most sense for you today, you should keep one eye on the future and have a plan in place to transition to a computerized system when the time comes. There are some free accounting software packages available which may suit your business requirements if you intend to keep your bookkeeping services in-house.

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Final Accounts for a FRS 105 Micro Entity

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Following the Small Companies (Micro-Entities’ Accounts) Regulations were approved by the government which became effective for financial years ending on or after 30 September 2013 a simpler reporting regime was introduced.

Companies qualify as micro-entities and able to report under FRS 105 if they meet two or more of the following requirements within a year.

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• a turnover of £632,000 or less

• £316,000 or less on its balance sheet

• 10 employees or less

 

Annual accounts for micro companies under FRS 105 can be filed with Companies House in a simpler format, they must contain the balance sheet and the minimum disclosure notes.

The first Annual accounts for New companies must be filed within 21 months from the day of incorporation. After the first-year private limited companies accounts must be filed within 9 months from the end of the accounting reference period.

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See accountancy important dates for additional information relevant to a Limited Company.

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Corporation Tax

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UK Limited companies are subject to Corporation Tax on any generated Total Taxable Profits (TTP). Filing of CT600 Corporation Tax return with HMRC must be submitted within 12 months of the end of accounting period. Payment is payable within 9 months and 1 day after the end of the accounting period.

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Our Bookkeeping service is qualified to produce Final Accounts for a small business under FRS 105 Micro Entity, does your Limited company qualify as a FRS 105 Micro Entity?

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Payroll Management

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See our Payroll Guide for New Business Owners for a detailed insight to the payroll process

Payroll can be processed weekly, fortnightly or monthly. We reconcile your PAYE and notify you of payments due. We can process all Employers Annual Returns online and will submit by due date of 19th May, subsequently providing your employees with P60’s and P11D’s where appropriate.

The software used to complete these tasks is Brightpay.

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Final Accounts for Sole Traders

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For full details on setting up as a sole trader go to our blog page and check out the posts 11 Steps to setting up as a sole trader, for sections relevant to the final accounts see the following sections.

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Section 8 Self-employed business records

Section 9 Self-employed allowable expenses

Section 11. Bookkeeper, Accountant or do your own accounts

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Documents required to produce Final Accounts for a Sole Trader start with the Trial Balance, all figures within the trial Balance are used in the Final Accounts. Also produced are a Profit and Loss Account and a Balance Sheet

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See accountancy important dates for additional information relevant to a sole trader.

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Final Accounts for Non Profit Organisations

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Not for profit organisations are local sports club or society who are run by a committee with a treasurer designated to produce a set of accounts. As the name suggests any surplus profit generated by the organisation goes back into the club or society. The bookkeeping for these organisation tend to be in a simpler format but the highest standards of recording is still required.

 

Documents required to produce Final Accounts for a Non profit organisation Receipts and Payments Account, Statement of Assets and Liabilities and Subscriptions Account. The Final Accounts are made up of an Income and Expenditure Account and a Balance Sheet.

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Final Accounts for Partnerships

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The Partnership Act 1890 defines a Partnership as ‘The relation which subsists between persons carrying on a business in common with a view of profit’. Anyone looking to create a partnership should look to creating a partnership agreement governing their business, if no such partnership agreement is in place all partners are bound by the Partnership Act 1890.

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Every Partnership will have a ‘nominated partner’, this person is responsible for keeping business records and managing the partnerships tax returns. The ‘nominated partner’ is also responsible for registering the partnership for Self-Assessment with HMRC along with sending then partnership tax return. All other partners need to register separately usually after the partnership is registered.

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It is not a legal requirement to submit a set of accounts, but your records must be accurate as they are required for taxation purposes and so partnership agreements should provide for a balance sheet and profit and loss account to be drawn up for each accounting year. Another reason you must keep records is so that you can fill in your tax returns fully and accurately.

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The bookkeeping services required for partnerships to trial balance is the same as that for a sole trader, with the addition each partner have their own capital account, current account and drawings account.

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See accountancy important dates for additional information relevant to a partnership.

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Self-Assessment Tax Return

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For full details on setting up as a sole trader go to our blog page and check out the posts 11 Steps to setting up as a sole trader, for sections relevant to Self-assessment see the following sections:

 

Section 6 Register for Self-assessment tax return

 

Contains:

• Who must send a tax return

• Register if you are self-employed

• Registering for the first time

• Sent a return online previously

• Lost Unique taxpayer reference (UTR)

 

Section 10. Complete a Self-assessment tax return

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Self-assessment Deadlines 

Paper tax returns Midnight 31st October

Online tax returns Midnight 31st January

Payment Midnight 31st January

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These may be the deadline dates but once you have all the information required to complete a self-assessment tax return getting processed earlier allows you to budget before for any payment due by the deadline date.

  

We can provide advice on matters regarding self-assessment

We can take care of your book-keeping and file your self-assessment tax return online.

We look after your tax return whilst you get on with running your business

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VAT Tax Returns

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Go to our blog page and check out the posts 11 Steps to setting up as a sole trader, for the section relevant to VAT Tax Returns see the following section.

Section 7 VAT Registration

  

VAT schemes consist of the Annual Accounting, Cash Accounting, Flat Scheme, Margin Scheme, Retail Schemes consisting of Point of Sale, Apportionment and Direct Calculation.

 

To complete a VAT Return you must keep the following records:

 

• Invoices you issue

• Invoices you receive

• Credit Notes

• Import and Export records

• Items you are unable to reclaim VAT on

• Goods you take from stock for private use

• All Zero-rated, reduced or VAT exempt items you buy or sell

• General business records

 

Most VAT tax returns schemes require a return on a quarterly basis (every 3 months) except the Annual accounting scheme.

 

VAT-registered businesses are now required to use the Making Tax Digital (MTD) service meaning they have to keep records digitally and use accounting software to submit their VAT tax returns for VAT periods that started on or after 1st April 2019.

 

VAT Returns and payment must be submitted by 1 calendar month and 7 days after the end of an accounting period.

 

We can process all paperwork and prepare and submit the return online, notify you of amounts to pay and relevant deadlines.

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Management Accounting

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Purpose of management information is for an organisation to make planning decisions for the long term or shorter-term, or control decisions for monitoring what is actually happening.

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Qualities of useful management information it should have a purpose and relevant for that purpose. Therefore it should be timely, understandable, as accurate as it needs to be, as complete as it needs to be but not be excessive. Once compiled it should be communicated to the right person and communicated by an appropriate channel.

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The Value of management information should be the value of the information to management should exceed the cost of producing it.

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Drafting Financial Statements

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Purpose of financial statements is to provide information on financial performance and financial position of a business. This information allows users to access the business management on their economic decisions.

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Limited companies must produce financial statements along with groups of companies under common control are required to produce group financial statements.

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Qualities of useful financial statements are that they need to be relevant and reliable they also need to be comparable and understandable.

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Sample of Our Rates

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Although we provide a range of bookkeeping services every client has different accounting requirement’s so each quote is bespoke.

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Bookkeeping services rates start at £23.00 per hour

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Self-Assessment rates start at £135.00

This does not include year end trading accounts or property accounts.

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Sole Trader Accounts start at £250.00

Includes completion of year end accounts and submission of Self-assessment

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