Annual Accounts are one of the most important financial documents for a business. The Accounts are made up of two parts, a profit & loss & a balance sheet. Year-end accounts summarise the businesses overall performance for the accounting year. The accounts are filed once a year & it is a legal obligation to do so for every business. Accounts years & tax years have different end dates, so it’s important to be aware of the specific dates to ensure the necessary deadline is met.
The self-assessment tax return is an annual requirement & can apply to anyone that doesn’t pay tax at source. The self-assessment tax return summarises your income from all sources & calculates the amount of tax due. Whether your income is PAYE, self-employed, directorship, landlord or investments, it all needs to be accounted for & taxed correctly. You have to do this by a certain deadline each year otherwise you may face a late submission penalty from HMRC. HMRC give two deadlines to file your tax return;
VAT (value added tax) is a requirement of any business with an annual turnover over the VAT threshold. Businesses who earn under the threshold have the choice to register for VAT if they wish. Generally, VAT returns are to be submitted 4 times a year. The return will include both the VAT you have charged your customers & the VAT you have incurred. However, due to being VAT registered you are able to claim the VAT you have incurred back as a refund. Returns are now submitted digitally under the making tax digital rule.
The Construction Industry Scheme is a scheme for self-employed contractors within the construction industry. It is a requirement that Contractors register with HMRC & submit monthly CIS returns, detailing the deductions made from their sub-contractors payments & CIS activities. The scheme helps to regulate payments contractors make to the subcontractors who carry out work for them. Sub-contractors are not required to register for the scheme, however deductions are taken from their payments at a higher rate of 30% if they are not registered.
Payroll involves the calculation & distribution of employees’ wages & taxes & collating employee information & their hours. It also includes the record keeping of such payments.
Bookkeeping is the foundation of every business. Its critical to maintain all financial records to ensure order & accuracy, which makes records more accessible & precise. Without bookkeeping, it becomes difficult to meet other legal duties such as filing Vat Returns & completing Year-End Accounts. Depending on the size of the business & the amount of records regularly acquired, bookkeeping can be regular, such as daily or weekly, or less often, such as fortnightly or monthly.
What Is Xero?
Xero is one of the most innovative cloud-based accounting software’s on the market. With the ability to bring bank feeds directly into the system, they have created a simple way for your business to comply with its bookkeeping regulations. The software is accessible via Mac, PC, tablet & smartphone, which provides you with the ability to control & manage financial data online from any internet-connected device. Free online expert help & support is offered, 24/7, so there’s no need to worry if you need that little extra guidance. Xero gives you the insights you need to plan for the future of your business.
What Is QuickBooks?
QuickBooks is an accounting software program for small businesses to manage income & expenses & keep track of their financial data for the business. It is used to invoice customers, pay bills, generate reports & prepare for taxes. You can save around 8 hours a month managing your accounts with QuickBooks, whether you’re a small business owner, or self-employed, QuickBooks makes it easy to manage your business finances from anywhere.
What Is Receipt Bank?
Receipt Bank is an automated bookkeeping & data entry solution that is available on desktop & as a mobile app. It captures receipts & invoices & then extracts the data before integrating into the accounting solution. With this software you can reduce on paper receipts as well as being able to easily track your business expenses. It also helps you to save time because it eliminates the majority of manual data entry. Receipt Bank will the best view of your business finances, which can give you the insights you need to make data-backed business decisions.
What Is BrightPay Connect?
BrightPay Connect allows you to access payroll information. It gives you the ability to manage all annual leave in one place, provide digital pay slips, check payments due to HMRC, upload documents to employees, view reports & allow the access of figures to us. Payroll data is linked to the cloud so information can be viewed, backed up & restored. BrightPay Connect will save you time by reducing your administration responsibilities.
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