Bookkeeping Services in Wolverhampton
Why is bookkeeping so important within an business?
Bookkeeping is an advantage when running a business. Keeping your income and expenses up to date enables you to keep track on how your business is performing. Having a bookkeeping procedure can assist in keeping a track of the potential business profits and potential tax liabilities. It helps to prepare for the future and also can help to assess how businesses can move forward and in which direction.
Another main advantage of bookkeeping, it helps you to maintain and adhere to certain filing responsibilities. VAT Returns, CIS Returns, Self-Assessment Tax Returns are all prepared using the bookkeeping records. Late or incorrect submissions of these returns result in penalties being charged, so having a suitable bookkeeping method helps to avoid penalties arising.
Do I have to use bookkeeping software?
This currently depends if you are a VAT registered business.
If you are not a VAT registered business then the answer is No. You can choose how to process your bookkeeping whether it be manually, computerized or using software. There are advantages to using softwares even if VAT is not applicable.
If you are a VAT registered business, then the answer is Yes. It is no longer a choice how to keep your records. H M Revenue and Customs require all VAT registered businesses to process, bookkeep and submit VAT returns through MTD Making Tax Digital compliant accounting software.
Contact Hollingsworth&Co for Bookkeeping Services in Wolverhampton
Why choose us?
Bookkeeping can be a long and timely process. Hollingsworth and Co, provides a computerised bureau service using the latest accountancy software and dedicated full time personnel in Wolverhampton. The information is processed in an efficient, timely, confidential manner which enables you to focus on other key aspects of your business.
We can relieve you and your staff of an enormous burden by taking care of all your bookkeeping and accounting requirements, then leading to the preparation of your annual accounts.
Our first step is to work with you in order that we can gain a full understanding of your business. We then tailor our approach to your specific requirements to ensure that we provide exactly the service you need.
Our Book-keeping Services include:
- Bank reports
- Credit analysis
- Credit reporting
- Customer reports
- Debtor reports
- Supplier reports
- Month End Reporting for financial requirements
- Value Added Tax (VAT) responsibilities
- Construction Industry Scheme (CIS) responsibilities