Ilyas Patel Accountants in Preston
Bookkeeping
Making sense of your documents!
Bookkeeping
Have you run out of arms to manage your own accounting? Maybe it’s time to save you some valuable time by using a professional bookkeeper. This can not only save you money, but it also allows you to make your company a lot more organised.
We have been working with clients for over 25 years, making sure they never miss their tax deadlines. We have experts at your disposal to guide you through what can be a tricky process.
What we offer:
• We offer full support in a wide range of cloud accounting apps that can help you on the go.
• By using the cloud accounting apps you can track your businesses analytics to help you understand where your sales are generated from.
• You will always remain in control and we will contact you with any changes in your bookkeeping.
• We will help you become more efficient and organised.
• Tax experts at the end of a phone call or in person.
• We notify you of potential changes in the tax system and any deadline changes To ensure you never get fined.
It is also worth noting that the way we submit our taxes is changing and becoming digital.
We offer support on all the major cloud accounting apps below:
SAGE
Organise your books like a boss. Start today by taking control of your business with Sage Accounting
FREE AGENT
Run your entire business from anywhere Snap an expense, fire off an invoice, check your cash flow.
Quick Books
Automatically organise, calculate and prepare your Self Assessment, VAT and Construction Industry Scheme tax.
XERO
Xero makes small business accounting easy, saving you time
We make sure all your books are in place and ready every day, not just the end of the month
Vat Returns
Due to the complexity and the sheer amount of work involved in completing a VAT return, with considerations such as which services are exempt, how much VAT should be reclaimed and all the rules surrounding it so you should probably leave it to the tax experts. Here at Ilyas Patel accountants we always act in your best interest by striving to provide excellent advice and unparalleled service.
In order to begin completing a VAT return you must first consider which of the 3 options best applies to you.
option 1 – Standard VAT Accounting
• Ideal for small businesses
• Bases on the date of an invoice rather than when payment is completed
• Remains at a rate of 20% with returns submitted every quarter
• Allows reclamation of VAT for any invoice raised within the quarter
option 2 – Flat Rate VAT Scheme
• Only available for business with turnover of ≤ £150,000
• In most cases your businesses activities will determine the rate of VAT you would pay
• However, this scheme can become complex with variables such as %’ge of turnover spent on goods determining VAT rate
• Therefore, before entering this scheme it would be advisable to consult a professional
option 3 – Cash Accounting Scheme
• Only available for business with turnover of ≤ £1.35m
• Intended for businesses where VAT is only paid after a good / service has been purchased by a client
• Unlike option 1, VAT is on able to be reclaimed after the invoice has been paid
• This option is useful in aiding cashflow as VAT as only payable once payment has been received
Let us take away the hassle of bookkeeping, so you can focus on growing your business. Get in contact below and speak to one of our experts today!
Joining us is as easy as 1-2-3
Contact Us
You're not going to get a ridiculously long phone menu when you call us. Your email isn't going to the inbox abyss, never to be seen or heard from again.
Meet Us
Come meet our team receives specialized training regularly to ensure you're receiving the best information possible. From basic questions to complex compliance inquiries, we're here to help!
Help You
Interested in learning more about our services? Our Account Executives take the time to discuss your existing business background and help you make smart decisions that best meet your needs.