FAQ's

What is bookkeeping?
What are your fees?
Do you offer advice about additional expenses I can claim for, or tax credits?
What are my responsibities of being self employed (Sole Trader)?
 

What is bookkeeping?

Bookkeeping is the recording of financial transactions, it’s part of the process of accounting in business, and needs to be done ‘by law’ whether you are a Freelancer, Sole trader, and if you are a Limited Company.

Bookkeeping is a regulated profession following the establishment of the Money Laundering Regulations (MLR) in 2007.  If you are providing a bookkeeping service to clients or are seen as carrying out bookkeeping 'by way of business' you must be Qualified, regulated and insured.

What are your fees?

Our hourly rate is currently £25. However, all bookkeeping is priced according to your requirements, so please call for a free consultation to see how we can help you.

Do you offer advice about additional expenses I can claim for, or tax credits?

We are not qualified to offer advice in these areas, however please see the ‘useful links’ for HMRC links. Alternatively we would be happy to supply details of local excellent accountants.

What are my responsibilities of being self employed (Sole Trader)?

You must register with HM Revenue & Customs (HMRC) as soon as you can after starting your business, or you may face high penalties.

You must also:

• send a Self Assessment tax return every year
• pay Income Tax on the profits your business makes
• pay National Insurance

You will need to register for VAT if you expect your business’ takings to be more than £85,000 a year