Bookkeeping and VAT

At CTT Accountancy, we provide unrivaled bookkeeping services for various businesses across the United Kingdom. Our UK bookkeeping services include:

Record keeping

It is becoming increasingly important to keep your records in a tidy and efficient manner, not only in order to comply with the latest HMRC guidelines for Making Tax Digital (MTD) but also for your own benefit in terms of having readily available information about your business.

VAT

VAT is very a complex tax regime and often businesses find themselves underpaying or overpaying VAT. We can provide as much or as little support as necessary with this service from a quick review to avoid careless errors or the entire VAT reporting process.

Software

CTT Accountancy work with a range of different software providers from Sage, Xero and Quickbooks to basic bridging tools compatible with Excel. Not only can we offer you discounted subscription prices but also provide you with software training in order to maximise your available time to focus on your business rather than the burden of the finance function.

Readily available information

Disorganised record-keeping presents multiple business problems, including missed deadlines, costly errors, and non-compliance issues that can result in fines.

Well-kept books are an essential asset for every business owner. They allow you instant access to valuable information on your business and its dealings.

Professional bookkeepers present this information in an organised way, so you can source the exact figures you need, as and when you need them.

Whether it’s a recent transaction or those going back several months or years, keeping accurate records means you’re always ready to make timely business decisions based on your books and demonstrate compliance in the event of an audit.

Be tax ready

Filing tax returns at the end of the financial year is something all businesses have to do.

Whether it’s for self-assessment purposes, VAT, or corporation tax, filing taxes is far easier when you have all your financial information to hand, presented in a clear and organised way.

Regular bookkeeping will ensure you’re tax ready at the end of the financial year. We maintain your balance sheets, removing time spent completing tax returns and forecasting financial performance.

Demonstrate HMRC compliance

Making Tax Digital (MTD) is part of the government’s Tax Administration Strategy. It aims to reduce the tax gap by encouraging businesses to keep digital records using compatible software such as QuickBooks and Sage and submit quarterly updates to bring the tax system closer to real-time.

If your business is VAT registered, submitting digital returns via MTD is now mandatory.

A professional bookkeeper will ensure that your digital record-keeping complies with HMRC guidelines and you file quarterly updates promptly.

Access to software and training

A basic understanding of bookkeeping is essential in running a business. At CTT Accountancy, we provide as much or as little support as you need.

We work with various HMRC-compliant digital software platforms, including Sage, Xero, and QuickBooks. We also offer basic bridging tools compatible with Excel to support businesses and individuals with their in-house bookkeeping.

As a CTT Accountancy client, we can provide you with access to discounted software subscription prices and offer training, so you can manage your bookkeeping while maintaining focus on your business.

Track business growth

Keeping accurate books is the best way to monitor and track your business’ growth. With the help of your accountant, you can use these records to set financial targets and ensure you take the necessary action to meet them.

Spot trends and reduce costs

There are numerous inherent costs involved in running a business. Sometimes, these regular expenses can increase unnoticed and unchecked, which hurts your overall profit margin.

When your books are kept digitally and up to date, it’s easy to use the collective data to spot trends in your business expenses and find ways to reduce unnecessary spending. It also allows you to set budgets and provides you with the financial insight to stick to them.

Secure loans and investments

When it comes to working with outside investors, having well-kept, accurate books is essential in demonstrating your business’s health over a set period.

Whether you’re planning to partner with another business or secure a bank loan to aid growth and expansion, presenting clear records that testify to the financial stability of your business will smooth the process and help you achieve the desired outcome.

Peace of mind

As a business owner, your priority is to run your business. But the time-consuming complexities of managing company finances can become overwhelming, especially when unhandled bookkeeping tasks build up. This all amounts to unnecessary stress, both with running the company and meeting immovable financial deadlines.

A professional bookkeeper ensures your records are up to date and compliant, helping you spot areas for improvement and opportunities for growth, all of which contributes to greater peace of mind allowing you to focus on other areas of your business.

Contact CTT Accountancy to find out more about our professional bookkeeping service.