In days gone by, accountants have requested boxes full of receipts of their clients, saved up for months at a time.
Apart from being an awful way of keeping record of your finances, it also means your accounts are only ever accurate once the receipts are and invoices are reconciled. So if your accountant only ever asks for them once a year let’s say, how can you expect to have an understanding of your balance sheet in the months leading up? With Daily Bookkeeping, you simply take a picture of a receipt using the Dext app, send it to us, and we reconcile them everyday so your figures are up to date on Xero. So that client lunch you went on yesterday? Once you send the receipt over you’ll be able to see if reflected in your Xero as soon as the next day. Real time data = real time business decisions. THAT is why we do daily bookkeeping….
If you're a Limited Company operating in the UK, you'll have to pay Corporation Tax.
Not only will you have to pay it on any profits you make, but it’ll also be on any money made on the sale of assets such as land, property or shares. As of April 2023, businesses with profits of £50,000 or less will continue to pay corporation tax at 19 per cent, however businesses with profits above £250,000 will pay corporation tax at 25 per cent. Any business with profits between £50,000 and £250,000 will also pay corporation tax at 19 per cent. Tax rates are something that change often, which means its important to keep on top of things…. Or, you could let us do it for you and not have to worry, your choice!
In short, yes.
Taxes unfortunately are inevitable, but there are lots of ways you can lessen the amount you’ll have to pay. That’s where a good accountant comes in. Trivial benefits, business expenses, capital allowances, pensions contributions ya-da, ya-da. We won’t bore you with the jargon but there are plenty of options that allow you to reduce the bill you pay to HMRC. A good tax advisor will make you aware of these way ahead of time and help you put in the necessary steps so you can take advantage of them proactively rather than letting the opportunity pass. We’ll also explain it in simple terms that a real life person can understand so you don’t have to be a HMRC-created automaton.
Blowing our own trumpet
I’ve been with Accounts and Legal for just under a year and it’s true to say they’ve helped my business in a huge way. I was recommended them by my business coach which really says a...