We can advise you on the best way to keep your business records – it does not have to be too complicated. If needed we can also do your bookkeeping on a monthly or quarterly basis, so there really is no need to stress!
You need to be responsible for very basic bookkeeping which requires you to keep details of your daily transactions - your purchases, sales, receipts and any payments you make. Beyond this you can hand the information over to us and we will take it from there. Certainly when you are new to the process we are more than happy to help and advise until you are confident to take over more of this task yourself.
Alongside undertaking the bookkeeping, or reviewing your records, we can prepare and submit your monthly, quarterly or annual VAT returns and advise what VAT is payable or repayable.
We can also advise on the implications of becoming VAT registered if you are unsure – is it something that is right for you? We can help you understand the different types of VAT schemes (standard scheme and flat rate scheme) and we can handle the VAT registration process for you if required.
If you decide you should be registered for VAT then you will need to regularly file a VAT return to HMRC. This shows the amount of VAT due on sales you have made as well as what VAT you have paid on purchases. If you have paid more VAT on purchases than that due on your sale you will get the difference back – always a good feeling!
You need to keep accurate records of sales and purchases and keep a separate summary of VAT. You will need to keep these records for six years.
Make sure any advice you are given is up-to-date – if in doubt then give us a call. We promise we won’t confuse you!