FAQs
Below you will find answers to the most frequently asked bookkeeping, tax and operation questions.
Bookkeeping
Why bookkeeping service is important for your business?
The service is important for your business, as it consists of a lot more than just entering the receipts. We will be checking whether or not the receipts sent are viable business expense and whether they are tax allowable. We also will be making sure they are allocated properly within the accounts, so you won’t have to worry where each expense needs to go. The service also includes matching the receipts with the bank transactions, entering the transactions, which don’t need any receipts and performing bank reconciliation. Additionally, the bookkeeping also involves the communication between us to make sure that we receive all the missing receipts as per bank transactions.
Which items counts towards the monthly allowance?
As items we include: sales invoices, purchase invoices, expenses and the items on the bank statement i.e. bank charges, which you will have not paperwork for.
I don’t know how many items I have per month. How can I choose the right package?
If you have not started trading yet, we appreciate that it may be difficult to know the number of sales invoices or purchases you have got, so it not a problem to just start with the starter package and move up if necessary. If you already have a trading business, but you are not sure about the number of transactions, it is easy to just send us your bank statement and spreadsheet (if you are using spreadsheet at the moment for your accounting) and we help you to assess, which package is the most applicable to start with.
What happens if I am already on the package and had more transactions this month as one of event?
If you only had a couple more transactions in previous month, we won’t require you to move to different package, instead we just move those transactions to count as your next month allowance.
What happens if I am already on the package and had more transactions each month?
If you use up the allowance for one month and then the same will continue for the next couple of months, we will ask you to move up the package.
I found the receipts relating to previous month. Can I submit it this month? Will it count towards this month allowance or last month’s one?
Yes, you can submit it this month without any problem. The receipts will count towards this month’s allowance, however if those transactions will put you over the threshold we will start using the following months allowance. We won’t be able to use the previous month allowance any more.
Can I change a package at any time?
Yes, you can change the plan at any time, as it will depends on the transactions you have per month. We will also keep an eye on the limits and advise if it will be more beneficial to increase it or decrease it.
How shall I send the invoices and receipts?
The preferable method will be electronically, by email or through shared folder as it is as easy as taking photo with your phone and send the copy to us. However, if you would prefer to send us the paper copies we will charge £50 +VAT for every 150 invoices or receipts, which will be scanned and stored in your software. If you choose to send us the paper copies, you have to post it at your own expense and risk, as we cannot be hold responsible for lost items in the post. However, you could drop the paperwork at our office or if locally we would be able to pick it up, all options can be agreed beforehand.
How often shall I send the paperwork?
We will aim for monthly updates, so sending the paperwork monthly would be perfect. However, if you require any other frequency i.e. weekly, fortnightly or quarterly, please just let us know.
What if I do not have receipt or lost it?
You are required by law to keep receipts for 6 years after the year end either electronically or paper copies, therefore if you have lost the receipts and have not been able to obtain the copy you won’t be able to include the transactions as business expense.