Best Bookkeeping Services in Dagenham

Some businesses do this just to look larger than they are! Also, if you do not have to charge VAT because what you produce is zero-rated, then you may want to register in order to reclaim the VAT on what you have purchased.

The major reasons why costs are in excess of those we estimate are as follows: We receive incomplete records, which necessitate time spent in chasing the missing papers (often bank statements) and then returning to the accounts at a later time, which makes for inefficient working. Major issues are introduced at a late stage which lead to a revision of the accounts already largely prepared. Purchase invoices are not marked with method of payment which necessitate time spent on matching with cheque payments, credit cards payments or cash. By all means ask us for advice on how we can help you keep your records more efficiently.

With this scheme, you pay a flat rate to HMRC at a fixed percentage of turnover according to your business sector, but without deducting VAT on purchases and services. This can be beneficial in some industries but you need to be aware of the facts before you decide.

We must have: -All records of invoices and receipts for the period in question, including items received or paid for by cash. -A full set of bank statements for the period. -Similar statements for any credit cards. It will work out cheaper for you if we have any or more of the following: -All information required relevant to your business for the period under consideration. -Everything properly sorted and recorded. -Monthly bank reconciliation completed. -A trial balance completed.