Navigating the accounting landscape can feel like walking through a minefield. With so many things to consider and constant changes to the rules, it can be easy to get bogged down in and feel left behind. That's where we come in. These FAQs are a great place to start, whether you're a totally new trader or have been in business for a while. Call us for your bookkeeping needs, we're here to help.
Bookkeeping is day to day financial record keeping - it's as simple as that!
In detail, Bookkeeping is the practice of organizing, classifying and maintaining a business's financial records. It involves recording transactions and storing financial documentation to manage the overall financial health of an organization.
It includes records for your Cash Book, your Bank, your Purchase and Sales Ledgers, your Expenses, your Fixed Assets and your Tax.
Financial accounting is the process of recording, summarizing, and reporting business transactions over a period of time. It can involve submitting Self Assessment Tax Returns for Sole Traders or Partnerships or financial statements such as Balance Sheet, Profit and Loss statement, Cash Flow statement and Equity statement to provide information to external parties.
Yes! By law, you must keep your trading records for 6 years (3 years for Payroll records) plus the tax year that you're currently in. This is so they are available for inspection by HMRC. If your records can't be inspected, you can be fined, or even prosecuted and HMRC will make their own assessment of tax due so all those expenses you could claim back will be lost - so DON'T LOSE THEM!
Due Diligence is a check we have to make, by Law, to make sure all our clients comply with Anti Money Laundering Legislation - but don't worry, it's quite painless. We just need to establish who you are and where your money comes from, and we have to do it, too.
that, when you sign a 12-month contract with us, we do your Self-Assessment submission free of charge?
Don't miss out! Get in touch on 07754 758 740 or queries@northstaffsaccounting.co.uk and take advantage of this offer!