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.

How to become self-employed

If you are wondering how to become self-employed, here are six questions to ask before you take the freelancing plunge.

Becoming self-employed is a dream for many of us – even us here at The Hollies Bookkeeping in Shropshire! The benefits include working your own hours, fitting your job around your lifestyle and being your own boss. Generally, it’s a lot more flexible than working for someone else.

Here are six questions you should ask yourself before you quit the day job in favour of creating your dream role:

Have you got the right support system in place?

It ...

Read more?

Cloud based software for accounting and bookkeeping

Many people now choose to use cloud based software for accounting and bookkeeping.

With Making Tax Digital on the way (launched from April 19), now is the best time to look into using such software.

Making Tax Digital (MTD) means you can't now keep and submit manual records. Instead, HMRC will only accept VAT returns sent using software that supports Making Tax Digital for VAT.

The programmes can scan your receipts, input information about your cash flow and even generate invoices. You ...

Read more?

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...

Read more?

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...

Read more?

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...

Read more?

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...

Read more?

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...

Read more?

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 ...

Read more?

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...

Read more?

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...

Read more?