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 – RTI and Auto-enrolment, VAT returns, Self-Assessments, 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.

Mistakes small businesses and the self-employed should avoid

Even though it’s important to make sure your financial records are accurate, it’s not often the most exciting part of working for yourself so here are some mistakes small businesses and the self-employed should avoid.
It’s easy to focus on the more enjoyable aspects of running your business, but pushing bookkeeping to the back of your mind – and letting the documents pile up – really can cause you issues down the line.

Leaving it until the last minute

Putting bookkeeping off is one of the biggest – and ea...

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Updating Bookkeeping and Accounting Records

Every business should be regularly updating bookkeeping and accounting records, so business leaders can make the right decision with the figures and future of the business.
Without updated books, any decision regarding product lines, pricing or customer capacity is really just a guess!
Here are some big benefits of updating bookkeeping and accounting records on a regular basis and some tips to get you started with your bookkeeping for your business.
Strategically ladder-up your revenue
One of your biggest goals should be finding the...

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Making Tax Digital for Business: VAT

HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the new rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional compatible software.
The new rules will have effect from 1 April 2019 where a taxpayer has a 'prescribed accounting period' which begins on that date, or otherwise from the first day of a taxpay...

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New company car fuel rates

New company car fuel rates, which took effect from 1 March 2019, have been published. The guidance states: “You can use the previous rates for up to one month from the date the new rates apply” – so you must have ensured you change your company car rates by 1 April. The rates only apply to employees using a company car.

The advisory company car fuel rates for journeys undertaken on or after 1 March 2019 are:

Engine size - Petrol

1400cc or less - 11p

1401cc - 2000cc - 14p

Over 2000cc - 21p

Engine size - LPG

1400cc or less - 7p

1401...

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National Minimum Wage changing in April 2019

The National Minimum Wage (NMW) and National Living Wage (NLW) are changing in April 2019. They are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules.

There are different levels of NMW and NLW, depending on age and whether the employee is an apprentice. The rates are due to increase from 1 April 2019 as detailed below:

From 1 April 2019 (£)

NLW for workers aged 25 and over - 8.21

NMW main rate for workers aged 21-24 - 7...

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Self employed or contractor the tax rules

Whether you are self employed or a contractor you may wonder just what are the tax rules applicable to each one?

A person is self-employed if they run their business for themselves and take responsibility for its success or failure.

Self-employed workers aren’t paid through PAYE, and they don’t have the employment rights and responsibilities of employees.

Someone can be both employed and self-employed at the same time, for ...

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Tax self-assessment deadline 31 January 2019

The deadline for submitting your 2017/18 self-assessment return is 31 January 2019. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High-Income Child Benefit Charge liabilities.

There is a penalty of £100 if a taxpayer's return is not submitted on time, even if there is no tax due or the return shows that they are due a tax refund.

The balance of any outstanding income tax, Classes 2 and 4 NIC, capital gains tax and High-Incom...

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Increase of automatic enrolment pension contributions April 2019

From 6 April, 2019, the minimum pension contributions you and your staff pay into your automatic enrolment workplace pension scheme will increase.

This is also sometimes known as ‘phasing’. It is your responsibility to make sure these increases are implemented.

Who does this apply to?
All employers with staff in a pension scheme for automatic enrolment must take action to make sure at least the minimum amounts are being paid into their pension scheme. This applies to you whether you set up a pension scheme for automatic enrolment or you decided to use an existing scheme.

However...

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Get ahead and invest in an accountant

A challenging task for start-ups and new business owners in the first year is the annual and rather scary prospect – the self-assessment tax return so get ahead and invest in an accountant. It’s a challenge which often results in a mad rush to meet the taxman’s end of January deadline.

As daunting as the self-assessment process is, getting your return filed on time (and paying what you owe) is crucial for avoiding the late filing fees that are automatically incurred if you miss the January 31st deadline.

You’ll get an initial £100 fixed penalty, (applies even if there is no tax ...

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Autumn Budget 2018: a summary for landlords

Following Philip Hammond’s Autumn Budget announcement, we’ve taken a look at what it could mean for landlords in the UK – including changes to the income tax personal allowance and higher rate thresholds.

Even though the 2018 Budget was relatively light on announcements for landlords and the private rented sectors - the most important announcements were around personal tax, including the changes to the personal allowance and higher rate income tax thresholds.

Landlords have been at the sharp end of taxation changes in recent years. So, what does today’s announcement mean for land...

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