Management Accounts in Loughborough
Managing your business’ accounts can be a stressful and time-consuming chore that can often leave your wondering if all the effort is worthwhile. It is, of course, but that doesn’t make it any less of a pain to do when you have a million and one things to do running your company. At John F Mould & Co in Loughborough, we can take over the management of your accounts, making sure that they are kept in order in preparation for the end of year reports.
Bookkeeping is a vital part of any business maintenance as it is an up-to-date record of your financial incomings and outgoings. Bookkeeping requires the completion of several tasks including handling invoices, keeping a record of all expenses and incomes, and many other administrative duties.
Your company’s financial performance should be recorded each year and a report created that shows your balance, earnings and expenditure. This is a required government document that is used to calculate the tax that your company owes or is owed.
Whether you charge VAT on your products or not depends on your personal preference or the size of your business. If your company earns over £79,000 each year then you MUST register for VAT, if you earn less than that then it is your decision whether to register and charge for VAT or not.
If you are VAT registered then you will charge an additional 20% on all of your products which is paid to the taxman. Being VAT registered also mean that you can recoup any VAT that you have paid on business expenses.
Any wages that are paid to your staff need to be correctly processed in order to include any Income Tax and National Insurance. Any staff member who earns over £11,500 per year is applicable for these taxes.
For a professional accountancy company that can manage all of your financial accounts, look no further than John F Mould & Co. Give us a call on 01509 237874, or send us a message through our contact page.