Professional Bookkeeping Services Shropshire

All businesses have to keep accurate records of their financial transactions. At the Hollies Bookkeeping, we understand that bookkeeping, payroll and accounting demands are involved in the running of a business no matter how small or large. We also understand that maintaining your financial accounts and records, supervising accounting staff, dealing with accountants, debtors and creditors all place pressure on the valuable time and monetary resources of your business.

Our services include Bookkeeping, Payroll (including Auto-enrolment), VAT Returns, Self-Assessment Tax Returns, Partnership Tax Returns, Construction Industry Scheme, Limited Company Set-up and filing of Annual Returns. We aim to relieve you of these demands by providing professional and efficient services at competitive rates whist at the same time helping you to avoid paying the high costs involved when engaging accountancy firms over an extended period of time.

Hollies Bookkeeping Shrewsbury have been providing first-class Bookkeeping services to businesses across Shropshire for over 10 years. Our team of professionals work tirelessly to provide Shropshire businesses with the best possible Bookkeeping services. We are proud to be a member of the Institute of Certified Bookkeepers.

National Minimum Wage Increases from April 2020

The government has announced a 6.2% increase in the National Living Wage (NLW), which applies to workers aged 25 and over.

From 1 April 2020 the NLW will rise from the current rate of £8.21 to £8.72 an hour, in the largest raise since it was introduced two decades ago.

New rates from April 2020

The government has confirmed that the new rate will start on 1 April, 2020 and will result in an increase of £930 annually for 2.8 million full-time workers earning the NLW.

Workers aged under 25 earning the National Minimum Wage (NMW) will also see increases of between 4.6% and 6.5%, dep...

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A guide to self-assessment tax returns for the 31 January deadline

Around 11.5 million people filed a self-assessment tax return in the UK last year, and if you’re one, read our guide to tax returns for the 31 January deadline.

Who needs to file?

However, sole traders and self-employed people earning more than £1,000, as well as those in business partnerships, need to file a return every year.

The following people may also need to file a return:

Anyone earning untaxed income over a certain threshold, such as money from: renting out a property; tips or commission; income from savings; investments and dividends; foreign income

People earning mor

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tips to improve your bookkeeping in the new year

Tips for improving your bookkeeping in the new year

If you aren't keeping a good track of your business finances then maybe your 2020 resolution should be to read our top tips for improving your bookkeeping in the new year.

Review bank statements and credit card statements. These statements should always come to the business owner or card holder unopened. Review them thoroughly before passing them to the bookkeeper or other employee, thereby preventing unauthorised checks or credit card usage. These are the biggest losses within a small business.

Set up a petty cash box. Set up a petty cash fun for small purchases rather than char

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Money Laundering – what are the facts?

Accountants are key gatekeepers for the financial system, facilitating vital transactions that underpin the UK economy. So when it comes to money laundering, what are the facts?

Here at The Hollies, Bookkeepers in Shropshire, we have been undertaking an Anti-Money Laundering review for our practice licence and will be doing some further training.

Accountants and bookkeepers have a significant role to play in ensuring their services are not used to further a criminal purpose.

As professionals, we must act with integrity and uphold the law, and must not engage in criminal activity.

M...

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How Do I Retire from My Own Business?

After years and maybe even decades of working hard to build your business up, it’s hardly surprising that business owners might struggle to retire. All that work can translate into some understandable emotional attachment, especially when it’s your name above the door.

So just how do you extract yourself from a business? Hollywood would have us believe that passing the business on to a family member is the ideal solution, though sadly it’s not always realistic. There might not be anyone available, or willing to take on the job.

Fortunately, there are a few options which might help ...

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Charity tax reforms could unlock a wave of giving

An independent commission has come up with a series of charity tax reforms which could unlock a wave of giving.

The reform suggests measures aimed at making giving to charities easier, decreasing spending on unnecessary admin and potentially increasing charity income by hundreds of millions per year.

The Charity Tax Commission, led by Sir Nicholas Montagu who was the former chairman of the Inland Revenue (now HMRC), found that charity tax relief is in much need of a radical overhaul.

Changes to the rules around Gift Aid

HMRC adds 25p to every pound given. Along with other reforms,...

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How much money should I set aside to pay my personal tax bill?

Once you’ve been working for yourself for a while and have started to make a bit of money, you might think to yourself ‘how much money should I set aside to pay my personal tax bill?’

This is a great mindset to be in if you already are! One of the most manageable ways to handle your tax bill is to put some money aside each month, so that you end up with a pot for this very purpose when that tax bill comes in.

Being self-employed often feast or famine. You’re run off your feet, then the next minute you’re drumming your fingers on the table while you watch tumbleweed drifting pas...

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Guidance on how to spot HMRC scammers

We’ve all been there and most of us have even fallen for a scam email or text two, so HMRC just updated its guidance on how to spot HMRC scammers.

Scam emails pretending to be any number of companies to get you to input information, which is then used fraudulently against you, are on the rise.

Official sounding emails

Hackers are clever people who know just how to make their ‘official’ email sound convincing.

The best ones are from ‘companies’ which are really reputable and that you are likely to use, making you even more convinced it’s real – they have your email add...

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Major VAT change for building and construction sector

A major change in the way that VAT is accounted for in the building and construction sector which will take effect later this year may cause chaos.

The warning comes from the Federation of Master Builders (FMB) which says that the VAT domestic reverse charge for building and construction services, which applies from 1 October 2019 is an anti-fraud measure.

Invoicing and VAT returns

It will be an administrative change, impacting invoicing and VAT return procedures. With a reverse charge, a VAT-registered recipient of servicesaccounts for VAT, rather than the supplier.

The rules will...

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Are you eligible for Marriage Allowance?

HMRC has admitted it overestimated the number of people claiming the Marriage Allowance last year so are you eligible?

In a publication released in June 2018, HMRC said more than 3 million couples were benefitting from the tax break.

But revised figures released this month show that the real number is fewer than 2 million, meaning that many are still missing out!

What is the Marriage Allowance?

The government introduced the Marriage Allowance in April 2015 to ease the burden on families, saying at the time that it’s “families who raise our children, look after our old and keep ...

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