There are many benefits to excellent, punctual bookkeeping (in addition to the fact it’s a legal requirement!)
Those who keep on top of their books (or employ us to do so) will benefit from easier monitoring of your business’s performance, slicker submission of VAT returns and a more accurate and timely estimation of tax liabilities.
Sadly organisations that don’t keep on top of their financial record keeping often find income and expenses are over or under declared resulting in incorrect tax payments and frustrating adjustments. HMRC can also penalise
organisations for late submissions, errors or poor record keeping.
iLex is on hand to ensure your financial records are accurate and up to date.
VAT thresholds are a complicated business and we can support you to register for VAT and submit returns and for those who aren’t clear where they stand in relation to thresholds, we can help you decide if it’s not an issue, if you’re rapidly approaching the threshold or if a voluntary registration might be in your business’s interest.
We regularly support our clients to prepare for how to manage incorporating VAT into their business model and when the time is right we can take care of your registration and submissions.
The Construction Industry Scheme (or CIS as it’s often referred as) is a special system HMRC has in place for the construction industry and means that businesses in this industry must adhere to a special set of rules.
The scheme applies to sole traders, partnerships and limited companies and comes into effect when contractors handle payment to subcontractors.
At iLex we’re skilled and experienced in supporting businesses in this sector in all aspects of accountancy and will ensure we adhere to the rules.
A monthly chore such as running the payroll can be a real source of stress to busy business owners. iLex is pleased to have specialists in house to take care of all of this for you from as little as £15+vat a month.
We work with the most up to date software and comply with all HMRC legislation.
We can tailor the service to tie in with your needs and can arrange weekly, fortnightly, monthly or annual payroll as well as year end electronic filing to suit your business.
Confidentiality is a given and outsourcing your payroll to iLex will ensure that staff are paid accurately and on time.
Technology in the form of software and mobile apps can be a busy business owner’s best friend, but only if you’re using it effectively.
We can offer you and your staff training in most software providers which will allow you to send invoices on the move, record expenses as they occur and are updated in real-time. Businesses who use systems such as this effectively save huge amounts of time collecting misplaced or forgotten information at year-end.
We want to support you to do what works for your business so we can train you on whichever systems you’d like to work with and these include Quickbooks, Sage, Kashflow, Xero, VT and the ever-dependable Excel spreadsheet.
In house training is a great investment in both time and money. You’ll save time at the end of the year and by keeping your bookkeeping in house you’ll lower your outsourcing spend.