Our Bookkeeping service records, on a day-today basis of the financial transactions and information pertaining to a business. It is concerned with ensuring that records of those individual financial transactions are accurate, up-to-date and comprehensive. Accuracy is therefore vital to the process.
We provide the information from which accounts are prepared but is a distinct process, preliminary to accounting.
Each transaction, whether it is a question of purchase or sale, or change of loans, has to be recorded in the books.
If you are VAT registered, you would usually submit a VAT Return to HM Revenue and Customs (HMRC) every 3 months. This period of time is known as your ‘accounting period.’
The VAT Return records things for the accounting period like:
- your total sales and purchases
- the amount of VAT you owe
- the amount of VAT you can reclaim
- what your VAT refund from HMRC is
You must submit a VAT Return even if you have no VAT to pay or reclaim.