Navigating the accounting landscape can feel like walking through a minefield. With so many things to consider and constant changes to the rules, it can be easy to get bogged down in and get left behind. That’s where we come in. These FAQs are a great place to start, whether you’re a totally new company or have been in business for a while. Call us for your bookkeeping needs, we’re always here to help.
Did you know that, when you sign up to a 12-month contract with us, we offer free self-assessment submission in January.
Don’t miss out! Get in touch on 07754 758 740 or queries@northstaffsaccounting.co.uk and take advantage of this offer!
Bookkeeping is day to day financial record keeping - it's as simple as that!
It includes records for your Cash Book, your Bank, your Purchase and Sales Ledgers, your Expenses, your Fixed Assets and your Tax.
Financial accounting involves extracting information from your bookkeeping records and turning them into reports that show you how your business is doing; it also shows the tax man! Your accounting reports are for you, HMRC and if trading as a Limited Company, also Companies House.
Yes! By law, you must keep your records for 6 years, plus the tax year that you’re currently in. This is so they are available for inspection by HMRC but you can store records from previous years securely and just leave the current year to hand, until HMRC comes calling. If they can't be inspected, you'll be fined and maybe even jailed, and HMRC will make their own assessment of tax due, so all those expenses you could claim back will be lost - so DON'T LOSE THEM!
Due Diligence is a check we have to make, by Law, to make sure all our clients comply with Anti Money Laundering Legislation - but don't worry, it's quite painless. We just need to establish who you are and where your money comes from, and we have to do it, too.
For advice and assistance in managing your books and compiling records that make your relationship with the tax man that much easier, just get in touch with us for bookkeeping in Newcastle-under-Lyme, by calling us on 07754 758 740 or emailing us at queries@northstaffsaccounting.co.uk.