Bookkeeping: Digital Accounts Will Be Compulsory!
HMRC are to make digital records compulsory. Businesses that are unincorporated and with an income of more than £10,000 per year will be forced to keep digital records.
All financial records will have to be kept using software and this will include landlords who have a rental income of more than £10,000 per annum. It seems that all businesses will be compelled to keep digital records no matter what level of their income. The deadline is to be set for 2020 but some businesses will have to comply by April 2018, which is really just round the corner.
The government will provide free apps to help businesses but these may not be sufficient and businesses may have to buy commercial software. Although this can be cheap (about £100 per year) it assumes a working knowledge of basic accounting. Employing a bookkeeper just to do this may not be practical for many businesses as they will then have to deal with additional PAYE work including payroll, national insurance, tax, pensions, holidays, sick pay etc.
So what is the solution?
Bergen Associates can provide an efficient and cost-effective bookkeeping service on an extremely flexible basis allowing you to do what you do best - looking after your business. Good bookkeeping gives you management control of your business. Bergen are professionals in helping businesses of all sizes and this is what we can do for you:
• Bookkeeping prepared quarterly
• Records balanced and reconciled
• Quarterly management accounts
• Vat Returns
• Documents submitted to HM Revenue & Customs (Limited Companies)
• Documents submitted to Companies House (Limited Companies)
• Company tax return prepared
• Tax advice to minimise tax
Maintaining accurate reliable records is essential if you wish to effectively manage your business. If you want quality up-to-date information you can rely upon, you require a monthly bookkeeping service.
For professional bookkeeping talk to us.
Call BERGEN on 01224 635616.