If you are running your own business, you will likely be preparing for the new financial year right about now. It takes determination and passion to start your own business and time and energy to keep it afloat.
Most sole traders, SMEs and much larger companies, are hardworking individuals who have had an idea and followed it through to realise their dream. Whether you are a maker of goods, a supplier of services, a repairer or a seller, when you are starting out, the hours are long and there is a lot of work to do.
Outsourcing your financial administration can be a massive relief and it can allow you the time to concentrate on your business. Financial administration is time-consuming and it is easy to make mistakes that can affect your business further down the line.
What can we do for you?
We are your local chartered accountants, and we understand that your business is important to you. We work with small independent businesses and sole traders, right through to large organisations, providing a dedicated, tailored service, no matter what size you are. As your business grows, so will the service we provide.
When you are starting out, it can be so easy to lose money simply by being inexperienced in dealing with business financial affairs. If the correct systems are not in place from the start, it can cost you money and time to organise everything properly.
When you work with us at Gibbons Mannington and Phipps, we create a tailor-made service to ensure that your individual business needs are met. With years of experience supporting local businesses, we will make sure that you take advantage of every Tax break that is available to you to make working with us as cost-effective as possible.
What records do you need to keep?
Sometimes it can be confusing knowing what to keep and what not to! The best advice we can give you is keep everything connected to the business for a minimum of six years.
The things you need to ensure are recorded accurately are as follows:
- Receipts – every bit of expenditure by your business will need to be documented. They can be either paper or electronic but they must be recorded.
- Invoices – every bit of income into your business will also need to be documented. When creating invoices, you should record the amount, date and the type of work for your records.
- Bank statements – these should be reconciled regularly and they should match the receipts and invoices that you have recorded.
- Depending on your type of business, other things may need to be recorded, for example; payroll, vehicle mileage logs, stock takes and credit card statements.
It is also very important to keep your business finances and your personal finances separate. This will ensure things don't get mixed up and it will make is much easier for HMRC to check your records.
Preparing your Accounts
When you are carrying out strategic financial budget planning or creating cash flow statements, we can help. We can create the plan and the documentation to help to manage your business finances.
We will also make sure that you are prepared for all of the events in the tax calendar so that your accounts are prepared correctly and on time to avoid any penalties with HMRC.
VAT Advice and Assistance
Do you need help with VAT? Our team of chartered accountants are fully up to date with the latest VAT laws and litigation. We can offer advice on which VAT scheme is the most suitable for your business and we can even help you to register your business for VAT. We can help you to prepare for your VAT Return and advise on any Partial Exemption calculations if applicable.
It is important to be VAT aware as there are special rules for many different organisations including charities, the supply of second-hand goods, tour operators, buildings & construction and imports & exports. If you are unsure, please get in touch with a member of our team.
HMRC can choose to investigate your company at random, so even if everything is above board, you may find yourself having to go through an extensive investigation. We can prepare reports for investigations including litigation support, fraud and irregularities as well as due diligence and investment objectives.