Complete Guide for Bookkeeping Services in UK

Bookkeeping is one of the important tasks for any business that helps to understand the transactions done in it. A bookkeeper must record the transactions immediately and it must be done in the proper place in the relevant book. Generally, the bookkeeping standards are the same all over the world, they differ slightly from one nation to another and with some special provisions. If you have a business in the UK then there are some slightly different bookkeeping standards. The bookkeeping services in UK are drafted as per the standards provided by the government there.

What activities are included in bookkeeping services for small business?

One of the primary tasks of the bookkeeping activities is managing the finances on the day-to-day basis of the business.

Some of the important tasks involved in the bookkeeping services for small business in the UK are:

– Tracking the payments of the customers and clients.

– Making the payments to the external entity before the given duration.

– Maintaining the tax aspects correctly.

– Claiming the tax for the business wherever applicable.

– Managing the payroll of the business and complying with the HMRC guidelines properly.

The bookkeeping tracks the financial records of all the cash flow in the business.

Three major ways where the financial records are kept are:

1. Sales Invoice – It records all the things that are sold, including the invoices.
2. Cashbook – It keeps track of all the cash flow in the business.
3. Purchase Invoice – It records all the purchases made and the payment made for it.

How are accounting and bookkeeping services in UK?

The tax year for the businesses in the UK starts from the 1st April. The accounting reporting for the businesses in the UK comes in the five possible frameworks of financial reporting. These financial frameworks are made on the basis of IFRS for small businesses. The bookkeeping for the businesses in the UK is made as per the professional accountancy bodies here. Some of the major bodies include The Association of Chartered Certified Accountants, The Institute of Chartered Accountants in England and Wales, Chartered Institute of Public Finance and Accountancy, Institute of Chartered Accountants of Scotland, and a few more.

Can I outsource bookkeeping services?

As a business owner, you can find it difficult to handle complex bookkeeping activities. So, it is always better to outsource the bookkeeping activities. It can relieve the business from bookkeeping activities and focus more on growing the business. The bookkeeping services in the UK outsourced can increase the efficiency of the business. It can help to take constructive steps to grow the business.

Meru Accounting provides bookkeeping services for small businesses in the UK. They are working with various small businesses in the UK and are well aware of the standards required for maintaining bookkeeping in the UK.

Meru Accounting is a well-known accounting firm. They provide different accounting services across the world.

Why Meru Accounting for bookkeeping services in UK?

Meru Accounting is well aware of the bookkeeping standards in the UK and has years of experience working on bookkeeping with different business here.

Here are important reasons for Meru Accounting being a better agency for outsourcing UK bookkeeping services:

– Setting up the related accounting software to the existing system.

– Proper day-to-day bookkeeping.

– Payroll maintenance as per the HRMC guidelines.

– Providing proper monthly reports.

– Maintaining proper tax-related aspects.

– Financial data security using cloud-based software.

FAQs

1. What tasks are part of UK bookkeeping?
   UK bookkeeping tasks include logging cash in and out. This means tracking funds from sales, paying bills, and handling staff payroll. It also means you must file tax forms with care.
2. How does UK law affect my firm’s books?
   UK law sets the rules for all firm books. You must track all money moves with care. You also must save all forms and bills for a set time. This helps with tax and other checks.
3. Why is it key to use a UK bookkeeper?
   A UK bookkeeper knows the local rules. They can help your firm stay in line with tax laws. This saves you from fees and fines. It also frees up your time to run the firm.
4. What is the main aim of keeping good books?
   The main aim is to show a true view of your firm’s health. This lets you make smart calls. It also helps you get loans or funds. Good books are a must.
5. Do I need a bookkeeper if I have an accountant?
   Yes, you do. A bookkeeper logs daily deals. An account checks those logs to see trends. They work as a team. This helps your firm in many ways.
6. What if I am a small firm? Do I still need to track my money?
   Yes, all firms must track cash flow. It is a must for all firms, no matter their size. It helps to watch your growth and to plan for the future.
7. Can a bookkeeper help me claim tax back?
   Yes, they can. A bookkeeper knows what tax a firm can claim. This helps a firm to get cash back that it is owed. It can be a huge gain for a small firm.