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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.

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.


 

About The Author

Tax–U-Save Limited “Accounting for All Your Financial Needs” If any of the above interests you give me a ring or an e mail at jwinseybanff@aol.com or ring Julia on 01888 562406

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Last Update: 14-Mar-2009

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You are here: Save on your Tax Bill & Accountants Fees