21 Nov 3 superb book-keeping tips
For any company, a key consideration lies in ensuring accurate accountancy for your business. Registering with HMRC along with making sure you maintain excellent business records to complete your tax return are essential. Most businesses will use an accountancy firm to do this as it takes a lot of the hassle away. Even then, it is worth bearing the below in mind so you keep excellent business records through the year to pass onto your accountant.
1. Keep a detailed record of monthly figures
Whether you submit your tax return annually or more regularly as a VAT registered company, it is important to keep monthly records of your income and expenditure. This will give you or your accountant the accurate figures on which to base your tax return. It is much easier to do this as you go along rather than suddenly having to work it all out in one go at the time you need it!
2. Let technology help you
Although some organisations will still use a book-keeping pad and pen to keep their records up to date, this is a rather time-consuming way of doing it. With the advent of cloud accountancy solutions or even a simple Excel spreadsheet, the digital way of keeping track of your accountancy figures is much quicker and easier. Using technology to your advantage in this way will make it simpler to keep your accounts up to date and also give you more time to spend on the rest of your business.
3. Know what is tax deductible
This is one area that a lot of people will shy away from as they feel it is too complicated to move into. Although this is perfectly sensible as an accountant can sort this out for you, it can still be worth knowing what you can deduct at the point of purchase. Allowable expenses include things like phone costs, internet costs and business bank charges.
Although it is perfectly feasible to look after your own accounts, many will feel it is easier to use an accountant. Here at SQK Accountancy, we are specialists in all aspects of accountancy from general advice on your tax return to VAT registration. Give us a call today if you would like us to help with your accountancy needs.