Some clients have got everything in hand, can keep on top of the monthly bookkeeping (or have someone in house looking after this for them) and just want us to check through their final VAT return figures before they press the button and submit to HMRC.
Other clients would rather we took control of the whole process for them, from entering up invoices within their software right through to the final submission, which then frees them up to concentrate on their business.
Whichever type of client you are, we will be able to help you, and ensure that you don’t commit some of the most common VAT errors e.g.
Duplicating VAT on sales by entering a customer invoice and then allocating the bank receipt to sales rather than matching it against the customer invoice. Two lots of output VAT on the return and potentially twice the amount of sales in the accounts
We prefer to work with what our clients want, and for this reason, every VAT and bookkeeping service that we provide to a client is completely bespoke. If you’d like us to take over any aspect of your VAT and bookkeeping, then we would set up a call or meeting to run through exactly what you want from us and can advise on ways to streamline the process for you.
We’ll then provide you with a quote and a checklist of things which we need from you each month or quarter to ensure we can provide you with the service expected.
If you’re unsure of whether you need to register for VAT or not, then we can also discuss this with you and submit the registration to HMRC on your behalf. The current VAT registration limit is £90,000 but if your turnover is all zero rated then there may be benefits to registering even if your turnover is below this.
Our team will also be able to discuss the different schemes with you such as Cash Accounting or the Flat Rate Scheme.
We use Xero to complete all our clients VAT and bookkeeping work as it is the software which our staff are most familiar with, and we have successfully migrated several clients from other software such as Sage and QuickBooks over to Xero. We provide full training if you did want to undertake anything yourself and are always on hand if there’s something you’re unsure of.
For clients who wish to operate a purchase ledger (so keeping track of purchase invoices from suppliers and when they are due) there is an option to integrate Hubdoc with Xero, and this is free of charge if you use one of their business edition plans (Ignite and upwards). Hubdoc essentially operates as a document management system for all your bills and purchase invoices, which we both have access to, and we can then push the information across into Xero.
If you do use alternative software, then we would be happy to provide a check and review service but would not be able to carry out a full bookkeeping service unless you were looking to migrate over to Xero.
Another service which we offer alongside our VAT and bookkeeping services is the opportunity to have a quarterly management account review with a director, and we are able to offer this service even if you take control of your own VAT and bookkeeping in house.
Even directors running slightly larger businesses can be heavily involved in the actual day to day running of the business. They might have a team supporting them with the more mundane aspects of the bookkeeping and might not have to worry about submitting the VAT returns each quarter, but this can lead to them not keeping tabs on the bigger picture.
They might have their own in house records recording income and expenses for various jobs or projects, but they might not be cross checking these with what is actually going on in the bank account or keeping tabs on their sales ledger as much as they should be.
By allowing us to review your accounts quarterly, we can tailor management reports to support your needs, so that they become a useful tool, rather than something you glance at quickly and then discard.
These reviews can take place in person at our Newport office or via a Teams meeting and can cover any aspect of your business. We can provide quarterly tax planning advice, general business advice or, if we think it would be useful, we can provide you with an introduction to one of our professional partners (solicitors, financial advisors, insurance brokers and more!)
If you’d like to see how we can help you with your VAT and Bookkeeping, then contact us now.
