Prenton Bookkeeping Services

Prenton Bookkeeping Services Prenton Bookkeeping Services provides self employed and small businesses services from a one off 't I am AAT Level 4 qualified.

My name is Lindsay and I am a self employed bookkeeper and accounts assistant. I have 9 years experience in preparing sole trader accounts, payroll, self assessment tax returns, VAT. So if you need help in monthly accounts, reconciliations or just a one off 'tidy up' of your books then call me.

01/01/2024

Don't forget the self assessment deadline is approaching - 31st January 2024.......
We're here to help you.....
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28/11/2023

Top 5 Accounting Challenges for Business Owners:
1. Managing Cash Flow: Cash flow is the lifeblood of any business, and managing it effectively is crucial to its success. Business owners need to keep track of their cash inflows and outflows, forecast future cash needs, and ensure they have enough cash on hand to meet their obligations.
2. Maintaining Accurate Records: Accurate and up-to-date record-keeping is essential for any business. This includes tracking income and expenses, maintaining proper documentation, and preparing financial statements. Business owners who fail to keep accurate records can face serious legal and financial consequences.
3. Meeting Tax Obligations: Tax compliance is a significant challenge for many business owners.
From determining what taxes they are required to pay to filing returns and making payments, the tax landscape can be complex and confusing. Failure to comply with tax laws can result in penalties and fines.
4. Managing Payroll: Payroll can be a significant burden for small business owners, particularly those who have limited resources.
Managing payroll requires keeping accurate records of employee hours, calculating taxes and deductions, and ensuring timely payment. Any errors or delays can result in dissatisfied employees and potential legal issues.
5. Understanding Financial Statements: Financial statements provide valuable insights into a business's financial health and performance. However, interpreting financial statements can be challenging for business owners who lack a background in accounting. Understanding financial statements is critical for making informed decisions about the business's future.
By addressing these accounting challenges head-on, business owners can improve their financial management practices and position their businesses for long-term success.
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28/11/2023

Advantages of payrolling benefits:
Benefits received by employees are reported within relevant pay periods throughout the year, at the time of receiving the benefit.
Tax is collected at source at the same time, rather than being collected over a year later in one lumpsum.
This means PAYE codes don’t change at year end to reflect benefits and no tax is withheld at source.
Therefore, take home pay is correctly reported and received each month.
Employers will no longer have to complete P11Ds for each employee. They will however, still need to submit a P11D(b) to declare Class 1A NICs for all expenses and benefits provided in the tax year.
Disadvantages of payrolling benefits:
Not all benefits can be payrolled. Benefits such as living accommodation, beneficial loans, vouchers and credit cards still need to be reported in the usual way at year end on a P11D form.
The value of benefits must be accurately reported and taxed in the year, with any changes in value tracked and amended in real time. HMRC penalties can apply for incorrect submissions.
Opting into this scheme is voluntary.
Contact Prenton Bookkeeping Services today to find out more information…

28/11/2023

It's possible for your business to make a profit, but have no cash.
How can that happen?
The short answer is that profit is an accounting concept, while cash, is the amount of money held.
Profit doesn't pay the bills.
You can have assets, like debtors (money owed to you by customers) but if you can't collect on what's owed, you won't have cash.
Contact Prenton Bookkeeping Services today to find out more information…

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Birkenhead
CH428

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