- We provide book-keeping and payroll services to clients. No job is too small or big for us to take on.
- We specialise in new start up, freelancers and individuals and small to medium companies.
- We work with these companies/individuals to offer the best cost effective service so that they meet their deadlines and accounts information in time for them to make managerial decisions going forward.
- We aim to streamline their accounts and work hand in hand with each client so that they can work on the easier tasks and save on costs. We can then work on the more advance tasks if clients wish.
- If clients wish for us to do every aspect of the accounting this is not a problem. Again we work with them so they know what we require on each visit so that we are able to produce their accounts in a timely and cost effective way, while they concentrate on the other aspects of their company.
- We are able to work on site or in most cases collect the paperwork which we take away and process on various accounting software. Once done the paperwork is brought back and filed away and then next batch is picked up again in order to be processed.
- We try to explain your accounts in plain English and simple terms. We try not to talk to you in accountancy jargon, that can be confusing.
- We use various software, Sage, Sage One, Quickbooks, Xero, Kashflow, Myob to name a few as well as producing accounts in excel if clients wish.
We are also able to provide bespoke training on various accounting software to you and your employee’s if you wish to manage all your bookkeeping in house and on your choice of software. We can help with the set up process of this and training for all staff. Again we can discuss this and your requirements in full when we meet for our “Getting to know you, and your business” discussion.
How we can help your business
- Bookkeeping & Accountancy – When you are running your own business, you don’t always have the time or resources to do your own bookkeeping & accounting. We can help with this either at your office or our offices. We can work out your requirements and set up appropriate accounting procedures and controls to ensure your accounts are kept fully up to date.
- Annual Accounts – Annual accounts are compulsory whether you are self-employed, freelancer or have a limited company. These can be a timely process if you have hundreds of transactions going through each year. This can be a painful process if you try to do this yourself without the correct knowledge. If done wrong this can result in late filing and you pick up fines and penalty charges from HMRC & Companies House. By letting VAT Ltd take care of this process you won’t have the worries and able to concentrate on your business while we make sure your accounts are correct and on time.
- Vat Returns & Services – We can help you with registering for VAT and explain the various vat schemes. Some of the schemes are standard vat, cash accounting vat and flat rate scheme to name a few. We can take over your vat return processing and make sure they are done correctly. Failure to correctly calculate your vat liability can lead to an unwanted inspection, along with penalties, surcharges and interest charges, and potentially significant VAT arrears.
- Business Start Ups – We can help you at the beginning when you start up your business with registering at HMRC, Companies House. We can then provide assistance with the business plan and cash flow forecasts that will be needed if seeking finance. Also put in procedures at the beginning so that your bookkeeping starts off with the correct processes from day one.
- Payroll – We can set up your payroll process and run the payslips each month for you and your staff. The reports and payslips will then be emailed to you or sent in the post. We can help with administration of PAYE, national insurance, statutory sick pay and statutory maternity pay. Also submit your year-end returns to HMRC (P45 , P46,P35 & P60).
- Business Plans – It is often said that “Failing to plan, is planning to fail”. At VAT Limited we can discuss your business in full and help you proceed forward with your plans on how your business will run. By setting up requirements and processes at the beginning this should help your company grow in the future. No bank or government agency will provide you with funding without one.
- Management Accounts – Will help you see how your business is performing each month or quarter. It will compare each costs and report any variances to the budget/forecast you have produced previously. You get detailed reports so that you can drill down on individual ledgers and highlight any problems early before they get out of control and costs your company money moving forward.
- Training/Software – We can provide training to your staff so that you can run the bookkeeping in house. Also we can provide training on the accounting software that you choose to run your accounts on. Our training is different from other providers in that we don’t run the training to a structured course. We can train you on certain areas that you feel you need experience on and leave arrears that you feel ok with. Again this can be discussed at our initial meeting and if you want a structured training course we can provide this too on the software you choose to process your accounts on.
- Audit Preparation – We can prepare your accounts ready for the year end process that your auditors do before submitting this to Companies house. We will produce a working papers file for them and reconcile all your Profit & loss and balance sheets accounts. From this they can produce statutory accounts and your corporation tax calculation. By VAT Ltd doing this process this should save time and costs with your auditors when they come to do your year-end accounts.
- Bank Receipts & Payments and Reconciliations – We can process all your bank transactions that go through your business account and enter them onto your accounting software that you use. We will then reconcile your bank account so that all errors or double postings are highlighted and corrected, before the bank account is reconciled and agreed at either month or year-end.
- Sales Ledger – We will raise your sales invoices to go out to customers. We then enter all sales invoices and credit notes onto the relevant customer ledger. When money is received from the customer we will then allocate the receipt to the correct customer and invoice. Also we can produce customer statements to send out to customers and also work as credit control in chasing any unpaid debt from your customers.
- Purchase Ledger – We will post all your purchase invoices and credit notes to the correct supplier ledger. We will then allocate all purchase payments to the correct supplier and agree the balances with the supplier statements. We also make sure all purchases invoices and credit notes are coded correctly to the right nominal ledger code (Correct category of expenses).
- Accruals & Prepayments – We make these adjustments so that the correct costs/expenses are in the correct year that they are incurred. These are done before they are sent to your accountants/auditors so that they can complete your financial statements and submit these too companies house along with your corporation tax return to HMRC.
- Depreciation & Journals – We calculate the depreciation charges on all fixed assets for the year and post the journal to your accounts. We also make any other journal adjustments that are needed before these are sent to your auditors in order for them to complete your year-end accounts for Companies house and HMRC.