Bookkeeping, Payroll, & VAT Services
Businesspeople that are successful concentrate on their key initiatives and long-term goals while delegating time-consuming, boring, and technical tasks to professionals. One of those things is bookkeeping and accounting. Our goal at K&N Accountants is to support our clients’ business growth by providing them with a full range of accounting services, such as bookkeeping, payroll, VAT, and corporation tax, among others. For the purpose of keeping our client informed about their financial success, we utilise reputable online cloud-based accounting software.
What is Bookkeeping?
Organisations organise and execute daily transactions through bookkeeping. For a firm, it entails managing payroll, bank reconciliation, maintaining fixed asset registers, and maintaining sales and purchase ledgers. If you try to conduct the bookkeeping yourself and are unfamiliar with double-entry bookkeeping and technical understanding of debits and credits in accounting, it may result in accounting errors in the financial statements, which could lead to penalties and stress.
We retain our clients’ accounting and bookkeeping records electronically using award-winning software as part of our futuristic focus, all at no additional cost to you.
What is PAYE?
Pay As You Earn is known by the acronym PAYE. It is a technique for making payments to HMRC for national insurance and income tax. Before the employees receive their earnings, the company withholds the appropriate amount of tax. Each payday must have a report submitted to HMRC regarding this. You must include any changes in monthly payroll, such as “new employee joins,” “Sick pay,” “change in salary,” “change in employee’s pension,” or even “maternity & paternity pay calculation,” in your routine reports. In addition to regular payroll compliances, you must also report to HMRC annually on all costs and benefits.
What we Provide?
- We provide full payroll services, as well as PAYE registration.
- Weekly, monthly, and yearly customised payslips are produced by our company.
- In order to prevent fines, we make sure that your Real Time Information (RTI), Full Payment Submission (FPS), and Employer Payment Summary (EPS) submissions are current.
- For your employees, we provide finished payroll forms including the P45, P46, P11D, and P60.
- We evaluate and determine your employer’s contribution (if you are entitled to this).
- The employee’s statutory sick pay (SSP), statutory maternity pay (SMP), student loan deductions, pension contributions, etc. are calculated and submitted by us.
What is VAT?
Value Added Tax, sometimes known as VAT, is a “consumption tax” that is imposed on goods and services at all points along the supply chain, from the moment of initial production to the point of sale. The user’s portion of the VAT is paid straight to HMRC. For various goods and services, different VAT rates are used. Along with the EU and the UK, the system is valid in more than 160 nations worldwide. The VAT system makes a significant contribution to the economy and generates significant cash for the state.
How Do I Become VAT-Registered?
If a company’s VAT taxable turnover exceeds £85,000, or the “VAT Threshold,” they must register with HMRC, however optional registration may be advised. A business must fill out a VAT Form to register for VAT and request a VAT registration certificate. You will obtain your VAT Certificate in four to eight weeks after we register you for VAT online. A certificate of VAT registration attests to the following:
- Your VAT ID.
- The day on which you must submit your initial VAT return and payment.
- The registration’s start date (it will be subjected to whether you willingly registered or went over the threshold and registered upon receiving a notice).
Through our software, we can submit your VAT return in accordance with MTD, or Making Tax Digital. Unless you are utilising the Annual Accounting Scheme, you must submit the VAT return to HMRC within one calendar month and seven days of the end of the period or quarter.
