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With a wide range of skills, we hope to provide a reliable service and help you to improve your own performance and profitability. Accounting and record keeping can be daunting for a small business or sole trader. Deciding which items and expenses are allowable for tax deduction can be time consuming. Minimise the risk of late filing fines and let us reduce your admin so that you can concentrate on your own business. We can record your accounting transactions to produce a Profit & Loss and Balance sheet plus any other management reports you may require.

Bookkeeping & Accounting

Bookkeeping is a key essential part of any business, from individuals and small sole traders to large corporate organisations.

Recording your business and accounting transactions on a regular basis will help you to understand your business, gain a better understanding of your customers & suppliers and help you to keep on top of your cash flow. Hate all the paperwork? Prefer not to have to purchase expensive software? Then let us look after your bookkeeping entries using our own software. We can also prepare regular reports if required.

Just some of the activities we undertake are:

  • Sales Invoices
  • Purchase Invoices
  • Bank Reconciliations
  • Accruals & pre-payments
  • General Ledger Journals
  • Fixed Assets and Depreciation
  • Petty Cash

Management Accounts

Management accounts are different from the formal statutory financial accounts that Limited Companies are required to file each year at Companies House. The objective of management accounts is to provide timely and key financial and statistical information required by managers to make day-to-day and short term decisions.

Monthly management accounts will include a profit & loss account showing income and expenses for the period plus a balance sheet which will show the assets and liabilities of the Company. Cash flow reports and ledger listings for sales & purchases can also be produced if required.

Payroll

Keeping on top of the latest HMRC regulations and rates can be a time consuming and complex experirnce. At Greenlane Accounting we can run your payroll reports, we will also administer the following:

  • Salary and wages,
  • Overtime, Bonuses and Commission,
  • expenses allowances,
  • Statutory Sick pay (SSP),
  • Statutory Maternity or Paternity pay (SMP/SPP)

We will inform you how much to pay your staff and Inland Revenue for PAYE/NI and submit your monthly payroll to HMRC using our RTI Software

Bank reconciliations

Make sure you really know your correct bank account balance including un-cleared receipts and payments.

Keeping a close eye on your bank statements has never been more important than in today’s age of on-line banking. Make sure all the transactions going into and out of your account are agreed and reconciled for peace of mind.

VAT registration and/or returns

The standard rate of VAT is currently 20%, this is the rate that is charged on most goods and services in the UK unless they are specifically identified as being reduced or zero-rated.

You are likely to have to register for VAT if any of the following apply:

  • The taxable turnover of your business reaches the VAT registration limit (presently £85,000)  in a 12 month period, although you can also register on a voluntary basis if your turnover is below this;
  • You believe your turnover in the next thirty days will exceed the registration limit;
  • You take over a business as a going concern whose turnover meets the conditions of the previous two points;
  • You buy goods from elsewhere in the EU to a value above the registration limit in one calendar year.

*** Please note: There are penalties for failing to register on time. ***

Our VAT service includes:

  • Assistance with VAT registration
  • Use of the most appropriate scheme
  • Recording VAT transactions and reconciliation
  • Help with or completing VAT returns on your behalf