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Bookkeeping and Accounting Services In Shropshire

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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.

Temporary Insolvency Restrictions to End in October

Temporary Insolvency Restrictions to End in October

The Insolvency Service announced that the temporary provisions introduced to protect UK businesses from insolvency will be phased out from 1 October 2021.



These measures, which include restrictions on creditors commencing insolvency proceedings, were introduced in June 2020 as part of the UK Government’s economic response to COVID 19.

What happened in June 2020?
On 25 June 2020, the Corporate Insolvency and Governance Act 2020 (CIGA) came into force.




The UK Parliament passed CIGA to protect otherwise viable businesses from becoming insolvent as a result of the financial tur
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PM announces £12bn-a-year tax hike to fund NHS and social care

PM's £12bn a year tax hike to fund NHS and social care

Prime Minister Boris Johnson has announced that the Government is set to introduce a £12bn a year tax hike from April 2022 to address NHS backlogs and overhaul social care.

The tax rise will consist of a 1.25% jump in National Insurance (NI) contributions, levied on both employers and employees.

The raising NI, which represents a breaking of the Conservative manifesto pledge, is due to be rebranded as a “health and social care levy”.

In total, Johnson claimed that the new levy will raise almost £36bn towards the UK budget across the next three years.

The majority of initial f...

What are Accounting Records

What are Accounting Records?

If you run a small business, you may ask what are accounting records and how do I keep them?


This article will break it down into the different accounting records that a business may need to keep, how long to keep them, and the reports they produce.


The accounting source documents are the basis for all accounting and where the process starts.


What are Accounting Documents


Income


Depending on your business will affect the type of income documents the company will produce. They may consist of the following:




  • Sales Invoices

  • Till receipts

  • Cash receipts

  • Amazon, PayPal or eBay re
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how to claim the fifth SEISS grant

How do you claim the fifth SEISS?

To claim the fifth SEISS grant, you need to find out where to find the turnover figures you’ll need before you claim.

You’ll need to tell HMRC about your turnover if you traded in 2019 to 2020 as well as any of the following tax years:


  • 2018 to 2019

  • 2017 to 2018

  • 2016 to 2017


Turnover includes the takings, fees, sales or money earned or received by your business.

Before you claim

You must:

  1. Work out your April 2020 to April 2021 turnover.

  2. Find your turnover from either 2019 to 2020 or 2018 to 2019 to use as a reference year.


You’ll need to have both figures...

Plans to give landlords more time to pay Capital Gains Tax

Plans to give landlords more time to pay Capital Gains Tax

Landlords could be affected by extra changes being proposed to Capital Gains Tax.

The Office of Tax Simplification (OTS) has made a range of additional suggestions to the government, including an extension of the time allowed to make the payment.

Landlords are required to pay Capital Gains Tax on properties that are not their main residence.

Capital Gains Tax changes – what's being proposed?

The latest proposals come on the back of suggestions already made by the OTS.

Last November, it told the government that Capital Gains Tax should be increased in line with income tax rates....

working from Home Tax Relief

How to claim working from Home Tax Relief 2021/22

Working from home became normality for many people since the beginning of the COVID-19 pandemic in March 2020, and still is one year later.

A recent survey estimates that 60% of us are still working from the confines of our own homes.

Some good news is that if your employer requires you to or has required you to work from home, you can benefit from the working-from-home allowance.

Employers can pay you £6 a week extra tax-free. And if your employer doesn’t add this allowance to your payslip, you can claim it yourself!

Employees can claim tax relief for additional household costs...

ways we support our clients

Ways we support our clients

The last year has been so hard for everyone, but here are some ways we have tried to give our clients the support they are looking for as they tackle challenges due to coronavirus.


  1. Being there for our clients by listening and offering advice:


Our practice as a whole is making sure that we’re talking to all of our clients. We’re finding every single possible way to ensure that their businesses can survive the next 18 months.

Basic and common-sense measures are needed, but it’s not always the case that they’re in place.

So we’ve always ensured our clients have mobile con...

A guide to the Self-Employed Income Support Scheme

SEISS: What you must do to claim the fourth and fifth Self Employed Income Support Scheme grants

In its 2021 Budget, the government announced not only the amount of the fourth grant for the Self-Employed Income Support Scheme (SEISS), but also that a fifth and final grant for the period from May to September 2021.

HMRC is introducing new measures to determine eligibility for those claiming an SEISS grant if they haven’t already claimed.

You need to accept a phone call from HMRC in which they’ll ask you for proof that you’re carrying on a self-employed trade.

This presents risks, as we discuss below.

How are the fourth and fifth SEISS different from previous grants?

C...

Is your SME eligible for Bounce Back Loan?

Is your SME eligible for Bounce Back Loan?

Three Bounce Back Loans were issued every minute since they were launched in May 2020 but how do you know if your SME is eligible for a Bounce Back Loan?

Emergency Government loans have provided almost £180bn in total lending to businesses since last March.

The existing loan structure is set to be replaced in April with a new Coronavirus Recovery Loan Scheme, although application details have still not been released.

Applications will be open from 6 April, the Treasury has confirmed.

The Recovery Loan Scheme will run until 31 December 2021 and will ensure lenders continue to have ...

how will the budget affect your finances

How will the budget affect your finances?

In Parliament this week, Chancellor Rishi Sunak announced the 2021 budget, which he called the ‘budget for recovery’ so we’ve taken a look at how the budget announcement will affect your finances.

Furlough extended and further financial help for low-income households

It was revealed today that there would be a five-month extension to the furlough scheme, with the scheme now ending on the 30 September 2021.

The Chancellor explained to employees on furlough they would see no difference from the scheme and will continue to receive 80% of their wage until the scheme ends.

In addi...