SK Bookkeepers

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" “SK bookkeepers are very professional. They offer amazing service and are always there to support and encourage the growth of my business. They are the best bookkeepers I have had looking after my accounts. I would be lost without them”. "
Sheena Jhummun – Director of Treat and Revive Spa Limited
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It’s not just good business to have accurate bookkeeping

 Sometimes it is difficult to see the wood for the trees, and as long as your business is ‘thriving’ then the accounts can sort themselves out when needed. You may feel that as long as you submit a tax return that is pretty accurate at the end of the financial year and include an appropriate payment with it, then all will be well. OK, it may give you an overall idea of how well the business performed last year, but are you sure you included everything in the return and that you made the appropriate deductions and write-offs? Here at SK Bookkeepers, London, we have had too many clients turn to us in a panic and to help them get out of a sticky situation. The taxman has decided to audit their accounts, to investigate not just last year’s trading figures, but the figures for the previous three years. The taxman has woken up and those who are self-employed, who run an SME or who freelance are now common ‘targets’ for HM Revenue and Customs.

Now up until then these clients had felt they were saving money that needn’t be spent. None were deliberately trying to avoid paying tax, they just weren’t keeping wholly accurate accounts, which is basically a legal requirement. The reason it is a legal requirement is because it is against the law to falsify a tax return. However if your bookkeeping hasn’t been accurate, then your tax return will be incorrect. So you are now faced with paying a bookkeeper over the odds because they have to sort out four years’ worth of accounts that are in a complete shambles, but you are likely to be fined quite heavily for each instance where the tax return is inaccurate, particularly if there is a shortfall in the amount of tax paid versus what was actually due. Here at SK Bookkeepers, London, we recommend two things. Outsource your bookkeeping to a reputable business like ourselves and take out insurance against a tax investigation. These policies are very popular and the combination of both can give you immense peace of mind. Do please call us and we’ll be delighted to give you a clear idea of how much our fixed and agreed costs for doing your bookkeeping will be – we think you’ll be pleasantly surprised at just how affordable we are.

Last Updated on Friday, 29 May 2015 12:17

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Why hire an expensive accountant when all you need is an affordable bookkeeper?

 There is a temptation to be overcautious when running a new business. Certainly you are well advised to ensure that the financial aspects of running the business are in safe hands, in the hands of someone who understands numbers and who can deal with all the donkey work such as bills, invoices VAT returns and PAYE. However if you are an SME – the size of business we at SK Bookkeepers, London, specialize in helping – then you have a budget and a costly accountant doesn’t quite fit in with that budget. That is where our professional, qualified and highly-experienced London bookkeepers come to the fore. Basically we do everything you would want your accountant to do where your books are concerned and we will provide you with monthly reports which means you will always know what the current trading position of your business is. 

Now you may be worried about costs – if you run your own business watching every penny becomes second nature, so we understand. Yes, there is accounting software available, but the time it takes to work out how to use if could be better spent, and by the time you have grasped how it works, a new and up-to-date version gets released and you have to start all over again. The problem with any computer-based accounting system is that its accuracy depends wholly on the knowledge of the person inputting the data. Computers don’t make mistakes, but humans do, and they can be costly. As an example, do you remember the NASA Mars Climate Orbiter which reached Mars and performed a 16 minute 23 second principal engine burn on 23rd September 1999 to settle it into orbit around Mars at 150km? In fact it orbited behind Mars and was never heard from again as the Lockheed Martin engineering team used Imperial measurements, while the JPL (Jet Propulsion Lab) team used a metric system. As a consequence the wrong navigation information was transmitted to the Mars Climate Orbiter, which then burnt up in outer space. The error was estimated to have cost £68million! So before you make any costly mistakes with your bookkeeping, London SMEs are our favourite clients and we’ really appreciate it if you give us a call so we can make it crustal clear how we can help you and your business run more smoothly.

Last Updated on Friday, 29 May 2015 12:17

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There are many advantages to outsourcing your bookkeeping work

  If you are an SME (small to medium sized enterprise) then you will probably spend much of your time performing a tightrope act. There comes a point in every business where you know you are big enough to need a bookkeeper, but the business isn’t successful enough yet to be able to afford an extra employee. Taking on ‘backroom staff’ is totally different to front of house staff. Backroom staff don’t bring in any income, they are solely another outgoing and so their wages come out of your profit. So how do you solve the dilemma? The answer is quite simple really, you outsource your work to specialist bookkeepers. London is a metropolis for SMEs and here at SK Bookkeepers, London, we have identified this sector as the one needing the most assistance in minimizing overheads, but maximizing financial control of the business.

It is very difficult to be master of all trades. How can you be boss of a business and employ your time wisely when you spend half of your time dealing with paperwork, invoices, VAT and PAYE? The simple truth is you can’t. Even worse, if you are too bogged down in paperwork you can’t keep your finger on the pulse of your business either. It is only when it is too late that you discover you’ve got a cash flow problem. You have just learned a costly lesson that you can’t afford to spread yourself too thin. Instead, where bookkeeping London is concerned, here at SK Bookkeepers, London, we are able to tailor our bookkeeping services to fit in with the current position of your company. We look to charge a fixed monthly fee so you can budget accurately, provide you with monthly reports, do your payroll for up to five employees, and fees are based on your turnover and whether or not you are VAT registered. Every business relationship starts with an email or phone call, so why not contact us to discuss where your needs lie, and let us see if we can rescue you from underneath that pile of paperwork in your office, leaving you free to do what you do best.

Last Updated on Friday, 29 May 2015 12:16

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Preparing to operate PAYE in real time

From 6 April 2013 employers will have to start reporting PAYE information to HM Revenue & Customs (HMRC) in real time. You may see this referred to as Real Time Information - or RTI.

This means that employers (or their accountant, bookkeeper or payroll bureau) will have to:

  • send details to HMRC every time they pay an employee, at the time they pay them
  • use payroll software to send this information electronically as part of their routine payroll process

You will need to take several actions to prepare for operating PAYE in real time, which are set out below. Decide which actions apply to your business - you can use the checklist provided to tick them off as you go.

http://www.hmrc.gov.uk/payerti/getting-started/business-readiness-checklist.pdf

Last Updated on Thursday, 04 April 2013 18:49

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Why SK Bookkeepers

1 Free initial and subsequent consultations
2 Fixed fees, no surprises
3 No fixed term contracts, no tie in periods
4 Dedicated email team for general accounting advice
5 Quarterly income and expenditure reports including estimated tax liabilities
So many others have chosen SK Bookkeepers, why not you?
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