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Bookkeeping

During the course of your day, you will create accounting transactions that require recording in your accounts. This will be lots of different things, for example a Sales Invoice, a Cash Expense for Milk and Tea etc. Or you will receive an invoice from your Supplier or you may wish to pay a Supplier. If you are VAT Registered, then the VAT element of what you have just generated will need to be recorded in the correct manner.

CIS

The Construction Industry Scheme (CIS) sets out the rules for how payments to subcontractors for construction work must be handled by contractors in the construction industry

The scheme applies mainly to contractors and subcontractors in mainstream construction work, however businesses or organisations whose core activity isn't construction but have a high annual spend on construction may also count as contractors and fall under the scheme.

VAT

Value Added Tax is a tax that is charged on most goods and services that VAT registered businesses provide in the UK.

There are 3 rates of VAT, depending on the goods or services the business provides. The rates are, Standard – 20%, reduced – 5% or Zero Rated – 0%

Payroll

PAYE (Pay As You Earn) is the system that HM Revenue & Customs (HMRC) uses to collect Income Tax and National Insurance contributions (NICs) from employees' pay as they earn it. The term 'employee' in this guide includes directors of limited companies.

As an employer, you'll have to deduct tax and NICs from your employees' pay each pay period and pay Employer's Class 1 NICs if they earn above a certain threshold. You pay these amounts to HMRC monthly or quarterly.

Bookkeeping should not be confused with Accounting. A Bookkeeper is a person who records the day-to-day financial transactions of a business trade. The Bookkeeper is responsible for ensuring that all transactions are recorded in the correct Ledger, Customer Ledger, Suppliers Ledger and General Ledger. The Bookkeeper brings the books to the Trial Balance Stage.

The Accountant creates reports from the recorded Financial Statements recorded by the Bookkeeper and file forms with Government Agencies. An Accountant may prepare the Income Statement and Balance Sheet using the Trial Balance and Ledgers prepared by the Bookkeeper.

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