What is bookkeeping?
Bookkeeping is the practice of recording all financial transactions, undertaken by an individual or organisation. A bookkeeper will keep records of what is bought, sold, owed, owned and the movement of money in and out of the organisation in question. Basically, it is keeping track of income and expenditure.
What is the difference between bookkeeping and accounting?
Bookkeeping involves recording transactions and keeping books in good order to produce financial figures. Accounting uses the figures produced by the bookkeeper to perform detailed analysis which then allows informed business decisions to be made.
Do I need an accountant to deal with my tax affairs?
A qualified bookkeeper is normally in a position to deal with your personal tax returns and also with your VAT returns. However they may not get involved with all the taxation concerns.
What records need to be kept?
You need to keep all the receipts that relate directly or indirectly to the running of your business: sales invoices, purchase invoices, utility bills, payment receipts and bank statements.
How much will it cost?
It will all depend on the time involved in completing all the returns and creating reports. Cost is dependent on the type of services you require with different services requiring different skill sets therefore incurring different costs. Please contact me for a detailed quote tailored to your exact needs.
How do I get a document SA302 for my mortgage application?
To obtain your document you can call HMRC Self Employmnet help line and they send it by post in usually 3 weeks another and quicker option is to log in to you online account, if you have one and follow the steps:
- Log in to your online account at HMRC – www.hmrc.gov.uk
- Chose option at the bottom of the page ‘View your personal tax account’
- Then Click on ‘Self Assessment’
- Then towards the bottom of the page there will be an option ‘Get your SA302 tax calculation’
If you don’t have an account, you can open one by going to Links in our Resources section.
FIND US AT:
Suite 310, 3rd Floor, Broadstone Mill, Broadstone Road, Reddish
Stockport, SK5 7DL
0770 988 9612
0161 443 4144