We discuss your specific requirements with you and then we set up appropriate accounting procedures and controls.
These ensure your accounts are kept fully up-to-date and in compliance with statutory regulations. This can include VAT, which is one of the most onerous and complicated tax systems.
Root Accountants provide a comprehensive bookkeeping service as follows:
- Cash Books and Ledgers - the systems range from full double entry with sales and purchase ledgers to single entry cash books.
- Computerised Systems - records are maintained using computer software and we advise our clients on the best form of bookkeeping system for them. We use the latest bookkeeping programs including Sage, Xero, Quickbooks and Clearbooks. We are also happy to work with your own bespoke systems, or allow you to use our own MTD compliance spreadsheets.
- VAT Returns - these are prepared on our client's behalf and we can provide advice and assistance on all aspects of VAT.
Making Tax Digital (MTD)
Currently, businesses above the VAT threshold of £85,000 are required to comply with Making Tax Digital for VAT (MTD for VAT).
From April 2022, this will be extended to all VAT-registered businesses including those with turnover below the VAT threshold.
VAT registered businesses with turnover over the VAT registration threshold are required to submit their VAT return digitally using software. You must: -
- keep your records digitally (for VAT purposes only) and
- provide your VAT return information to HMRC through Making Tax Digital (MTD) functional compatible software.
Here at Root Accountants Ltd, we have all the software required to ensure you remain compliant. So don’t worry, we’ve got you sorted.