Bookkeeping Services
As a business owner it is your responsibility to make sure you keep accurate records and accounts. Businesses need accounts for two reasons:
"Track everything. Even small amounts of spending add up." "Develop a system you can work with." "Keep a routine for doing your records and don't let it slip."
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At its simplest you will require a cash book to record all receipts and payments. If you give credit you will need a sales ledger to keep track of all invoices
raised and when you receive payment. If you buy on credit a purchase ledger to keep track of the amounts you owe your suppliers.
There are many simple accounts and software packages available to help keep accounts which are adequate for management and tax purposes.
It is good practice to let an accountant check your accounts and tax return. An accountant will make sure you claim all allowable expenditure and pay
the least amount of tax. If you fail to declare and pay the correct amount of tax you will be committing an offence.
"Penn Accounts has many years of experience of dealing with different software packages and understand their strengths and weaknesses".
Contact the Small Business Team or the SME Unit to help you source and choose the right software for your business.
New businesses can benefit from a variety of tax allowances and relief's which can reduce the tax bill. But you won't automatically receive these tax
advantages, you need to find out what you can claim and then apply for them. Contact us and let us show you how we can help you save tax.
We are here to help.
To enable the owners and managers of the enterprise to manage, control and assess the performance of the business
-To satisfy the tax authorities that they have paid the right amounts for each tax
"Track everything. Even small amounts of spending add up." "Develop a system you can work with." "Keep a routine for doing your records and don't let it slip."