XERO BOOKKEEPING SERVICES
Keeping track of your finances can be tedious and time-consuming. As a small business owner, you are likely to be juggling multiple tasks at once. Did you know that the tax filing process can be more efficient simply by having an effective bookkeeping process in place?
We understand that running a business can be difficult, but we are here to support you and provide you with the services you need. We are Xero advisor certified accountants and we use Xero for everything, from bookkeeping to payroll. Our job is to keep your books accurate and up to date, leaving you free to run your business.
In order to streamline your operations and help your business grow, we will start by setting it up on our cloud based accounting system Xero. Xero's secure online accounting software lets you work anywhere, share with your employees and collaborate with your accountants in real-time.
The cloud makes data and software accessible online – anytime, anywhere, from any device. Your hard drive is no longer the central hub, everyone’s working from the same information meaning fewer errors. No more spreadsheets shared by email.
We categorise your bank transactions as they flow in to Xero so you can track cash flow and have a greater idea of your current financial position. You will be able to view up-to-date information and generate reports for an immediate overview of your business - everyone stays connected.
XERO VAT RETURN SERVICES
The current VAT registration limit is: £85,000. If you are not VAT registered, we can monitor your position and let you know when you must register for the VAT as well as our opinion on which VAT scheme would be the best option for your business.
Online returns and online payments are due one calendar month and seven days after the end of the VAT period. Go to https://www.gov.uk/vat-payment-deadlines to work out the VAT payment deadline for your accounting period.
The current VAT rates are as follows:
- Standard rate of VAT is 20% and it applies to most goods and services,
- Reduced rate of VAT is 5% and it applies to some goods and services,
- Zero rate of VAT is 0% and it applies to zero-rated goods and services.
Making Tax Digital (MTD VAT Returns)
Making Tax Digital is an HMRC initiative that requires VAT-registered businesses above the £85,000 threshold to keep digital records and submit VAT returns using compatible software such as Xero. Xero has worked closely with HMRC since the announcement of Making Tax Digital for VAT so, we can keep digital records and file your returns directly online, quickly and easily.
If you are not already using Xero, speak to us about getting it set up. We will be able to help you make sure you are compliant for Making Tax Digital. Once we register you for online VAT filing with HMRC, we simply prepare and file your VAT returns directly from Xero.
XERO PAYROLL & AUTO ENROLMENT SERVICES
Pay As You Earn (PAYE) operating employers have to complete the following tasks every time they pay their employees:
- Record their pay,
- Calculate deductions from their pay,
- Calculate the employer’s NI contribution,
- Produce payslips,
- Report their pay and deductions to HMRC (FPS).
Tax months run from the 6th of one month to the 5th of the next. HMRC will send you a late filing notice if you have paid any employees and do not send an FPS or send it late. Be aware late, missing or incorrect payroll reports can also affect your employees’ income-related benefits, such as Universal Credit.
We collect your payroll data, produce your payslips and payroll reports. We send your submissions (FPS/EPS) including your pensions filing. We take care of your payroll, so you get time back to focus on building your business.
We are highly skilled and experienced serving clients in a wide variety of industries. We can organise all your business information, including your bookkeeping, VAT and payroll in one handy place: Xero. With effective bookkeeping and payroll processes in place, we will have everything we need to prepare your company’s statutory accounts (annual accounts) at the end of the financial year.
Get in touch to find out how we can assist you and provide you with ongoing support.
We are small business accountants with the big picture in mind. Our cost-effective accounting services are designed to help your business reach its full potential.
DISCLAIMER The information and opinions provided on this website are for general information purposes only and are not intended to constitute professional advice.
Xero-Accountant Co. Ltd is a company registered in England & Wales (12966530)
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