Services - SSP Bookkeeping Services

Bookkeeping Services

Bookkeeping (the recording of financial transactions) is a necessary task to running any business, small or large. Without it you will not be able to keep control over your business finances or know how your business is really performing.

Whether you are a sole trader or a limited company it is a legal requirement for all business owners to keep financial records and retain them for a period of 6 years.

Establishing a sound record-keeping system is important to:

monitor the success of your business.
keep you up to date on how much you owe or how much is owed to you.
to submit accurate VAT & income tax returns and being able to substantiate the figures with backup documentation.

The Bookkeeping services we offer, provides you with the following:

Purchase ledger - Recording the purchases from your suppliers. We can manage the flow of invoices from your suppliers and record the financial transactions into the purchase ledger.
Sales ledger - record the entries in the Sales ledger.
Cash books - The recording of all cash book entries (payments & receipts).
Bank reconciliation - the process of matching your cash book data to your bank statements. We will check all your transactions and ensure they balance.
Petty cash management - the recording and control of your petty cash float, along with the management of vouchers and posting the financial entries.
Credit control - We can generate and/or send out all your sales invoices to your customers and contact debtors regarding late payments of outstanding invoices.

Management Reports

What is it? The provision and use of accounting data to generate meaningful financial statements and reports to business owners with regards to business performance.

With our management reporting service you will receive regular reporting designed to assist you in decision making, planning and control. These include:

Profit and loss account.
Aged debtors report.
Aged creditors report.

Preparation of annual accounts for sole traders

At the end of each year, whether you are self employed or a limited company, you will have to report on the financial performance of your business, representing the profit or loss in that year.

For the self employed, annual accounts form the basis for your income tax computations (self assessment) for that year.

VAT Returns

For VAT registered businesses, you must record all VAT eligible transactions. You must then complete a VAT return every quarter, detailing the VAT that you have charged your customers (referred to as output VAT) and the VAT that you have been charged on purchases (input VAT)

The difference between the output VAT and Input VAT is then payable to HMRC.

Based on current guidelines, you do not have to register or submit a VAT return if your turnover from taxable supplies is less than £73,000 in any 12 month period.

As a registered agent with HMRC we offer a VAT returns service , you will benefit from:

Computerised VAT accounting - our software will manage your VAT administration.
Completion and submission of regular VAT returns.
Dealing with HMRC queries.
Completing the VAT registration (or de-registration) process.

Please contact us for a no obligation quote or to arrange a free initial consultation.