Services
Bookkeeping and VAT
Includes Bookkeeping & VAT Services, Different Types of Bookkeeping & VAT Scheme, FAQ
What’s Bookeeping Service?
- Recording Transactions
- Organizing Records
- Tracking Income and Expenses
- Reconciliation
- Financial Reporting
- Payroll Processing
- Budgeting Assistance
- Audit Preparation:
What’s VAT Service?
- Assisting businesses with the process of registering for VAT.
- Calculating the correct amount of VAT owed on sales and purchases.
- Preparing and submitting VAT returns to the tax authorities.
- Ensuring businesses comply with VAT laws and regulations.
- Providing expert guidance on VAT matters and available schemes.
Different types of Bookkeeping & VAT Scheme
- Records transactions once, either as income or expense.
- Suitable for small businesses with straightforward transactions.
- Records transactions in two accounts: debit and credit.
- Provides a more comprehensive view of financial health.
- Standard for most businesses due to accuracy and reliability.
- Transactions are recorded by hand in physical books or ledgers.
- Suitable for very small businesses with minimal transactions.
- Utilizes accounting software to record and manage transactions.
- Increases accuracy, efficiency, and ease of generating reports.
- Conducted online by professional bookkeepers or firms.
- Offers flexibility and access to expert services remotely.
- Hiring external firms or professionals to handle bookkeeping tasks.
- Allows businesses to focus on core activities while ensuring financial accuracy.
- The most common scheme where VAT is calculated on all sales and purchases.
- Businesses file VAT returns quarterly, detailing all transactions.
- Simplifies VAT calculations for small businesses.
- Businesses pay a fixed percentage of their turnover as VAT, without claiming back VAT on purchases.
- Intended for businesses with an annual turnover below a certain threshold.
- VAT is accounted for based on when payments are received or made rather than when invoices are issued.
- Beneficial for businesses with cash flow concerns.
- Allows businesses to file a single VAT return annually instead of quarterly.
- Businesses make advance payments throughout the year based on estimated VAT liabilities.
- For businesses supplying digital services to consumers in the EU.
- Allows businesses to account for VAT in a single member state rather than registering for VAT in each EU country.
- Adjusts VAT recovery on large capital assets over several years to reflect changes in use.
- Typically applies to properties and expensive equipment.
Our Value-added Service
Our qualified team of experts is here to assist you with all your bookkeeping and VAT needs. With just one phone call, we can assess what information your company needs to provide to HMRC and ensure compliance with all VAT regulations.
Our fast delivery Service
At FAZ Accountancy Services, we take pride in our prompt and efficient bookkeeping and VAT services. Our job is to gather all the essential paperwork, handle the necessary number crunching, and prepare comprehensive reports quickly and accurately.
Never Miss a Deadline
With our expertise in bookkeeping and VAT services, you will never have to worry about last-minute preparations for HMRC or risk forgetting vital paperwork and incurring fines.
FAQ
Bookkeeping helps in maintaining accurate financial records, tracking income and expenses, ensuring compliance with laws, and aiding in financial decision-making.
Accurate bookkeeping provides insights into financial health, helps in budgeting, tax preparation, and identifies areas for cost savings and growth.
We use various accounting software like QuickBooks, Xero, and Sage, depending on the client's needs and preferences.
You must register for VAT if your business’s taxable turnover exceeds the threshold set by the tax authorities.
VAT is calculated as a percentage of the sales price of goods and services. The rate varies depending on the type of product or service.
VAT returns are periodic reports submitted to the tax authorities detailing the amount of VAT collected and paid by the business.