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Save on your Tax Bill and
Accountancy Fees Keep Better Books. |
| Save Money
on your Tax and on your Accountancy fees - Keep Your Books!
By
Julia Winsey
Mention the word accountancy to people
and you can be sure of a response that begins with a frown and a sigh.
Why? Well, you automatically think of boredom, tax, confusion and an
annually escalating bill. Billy Connolly clones we may not be, but we
offer an all-inclusive small business financial service, which if it
doesn’t thrill you, will certainly interest you in its ability to reduce
the perceived and real costs of financial management. |
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Accountancy
is like all other processes in that it works to a format and produces a
finished product from raw materials. Our intention is not to bore you
with the specific details of our job but to work with you to streamline
the overall procedure. The principal we work to is that through
informing the client of our needs and helping you to organise your books
and records, we can very significantly reduce our book- keeping hours
giving us more time to focus on the details of the accounts and advising
you in terms of the implications. The other advantage to this approach
of course relates to your annual fees; our fees are extremely
competitive and because of the relationship we share with our clients we
are now able to offer the possibility of fixed price annual accountancy
at prices that may surprise you.
The five points listed below are examples of procedures that are often
overlooked to the detriment of accountancy bills and illustrate that
manual bookkeeping organisation with a little advice and help is not
difficult to achieve.
1) Enter the cheque number beside the cheque payment in the cashbook.
Cross
Reference the cheque and cash payment with the supplier statements and
invoices and file the paid statements and invoices in date order.
2) Analyse the business payments in the cash book into columns that
correspond
With the financial accounts, do not alter the headings from month to
month and also identify products purchased in the sundries column.
3) Enter into the cashbook all private payments and private direct
debits if paid from a business bank account.
4) If your company is vat registered you should analyse the input vat &
output vat into a separate columns. At the end of the month add up all
the columns,
They should agree to the payment columns.
5) On the income side show the weekly and daily gross income received
split between output vat and the source of the income, into another
column record the banking or bankings that correspond with the gross
income.
The advice above sets the precedent on how to keep your accounts and is
simply a brief generalisation of the methods that if employed will help
lower your fees. If your books are already kept in order then all the
better, if not we can help you organise your financial affairs in a way
that will clarify their purpose and offer you a service that will
personally care for the success and growth of your business.
Growth is important for all business and we are now able to advise you
on
all taxation matters regarding buying and selling of business,
incorporate or not,
and if you do go down the route of incorporation whether to be paid by
salary or dividend. We can also check that you are receiving the correct
amount of tax credits
in the current fiscal year.
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