Almost every company needs bookkeeping and payroll services.
Keeping accurate accounting and payroll records are important to the successful operation of a company. Some companies don’t have the capacity for a bookkeeping department, so they employ the services of an external bookkeeper.
With K.A.Farr & Co you don’t need to worry about all the ins and outs of bookkeeping systems and methods. We are fully trained in bookkeeping and the preparation of accounts. Drawing information from all types of records, including manually produced ledgers through to more sophisticated and computerised accounts systems. In addition, we can also offer advice on many different types of accounting software. We are members of the Sage Accountants’ Club and can obtain discounts for our clients on Sage products.
With KA Farr & Co Chartered Accountants, you can be confident that you have a professional team balancing your books and meeting deadlines. Consistency, continuity and personal service are values that we pride ourselves on. We guide businesses through every stage of their development by providing top-notch accountancy, tax and bookkeeping services.
2019 is also the year that the legislation for Making Tax Digital (MTD) for VAT comes into effect.
As of 1st April 2019, most businesses with a turnover above the VAT registration threshold of £85,000 will need to keep records online and submit VAT returns digitally using compatible software. This means that businesses that have ordinarily kept manual records and submitted them once a year will no longer be able to do so.
So how does it work?
- Accounting records will have to be kept in a digital format and filed via accounting software approved by HMRC.
- The accounting software will communicate with HMRC in real-time, so both you and HMRC will have access to up-to-date figures at any time. This should make end-of-year reconciliations much easier and avoid any unexpected surprises.
- The HMRC online VAT service will close once your business is MTD ready so it won’t be possible to submit VAT returns directly to HMRC.
- Eventually, MTD will be ‘rolled out’ to all businesses, for all taxes, so for income tax and corporation tax, not just VAT. Tax Returns will become an ‘all year round’ affair: income and expenses will be submitted to HMRC quarterly, followed by an ‘End of Year’ statement.
You can find a list of approved software here
Making Tax Digital should, in theory, make VAT returns and keeping financial records less time consuming and create a way to view your companies income and expenditure with more clarity.
Take a look at what the industry experts at Accounting Web have to say here
However, many businesses are unsure of how Making Tax Digital will affect their business and find the new process confusing and overwhelming.
If you would like some advice on how to implement MTD within your business, or you’d like to find out how K.A.Farr & Co. can provide you with everything you need to become MTD compliant, please get in touch. We can offer you anything from help and advice re software implementation right through to carrying out your bookkeeping for you.