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 get left behind. That's where we come in. These FAQs are a great place to start, whether you're a totally new company or have been in business for a while. Call us for your bookkeeping needs, we're always 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 uses financial statements such as balance sheet, income statement, cash flow statement, and shareholders' equity statement to provide information to external parties
Yes! By law, you must keep your records for 6 years, plus the tax year that you're currently in. This is so they are available for inspection by HMRC but you can store records from previous years securely and just leave the current year to hand, until HMRC comes calling. If they can't be inspected, you'll be fined and maybe even jailed, 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!