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.

What should small businesses know about bookkeeping?

Bookkeeping is essential for any business, but if you are a small business you might be wondering what you really need to know about bookkeeping?

Through bookkeeping, an owner can identify if a business is generating profits or losses.

What are bookkeeping services?

Bookkeeping is the recording, storing, and retrieving of financial transactions for a company, non-profit organization, individual person, etc.

Bookkeeping can include common financial transactions

paying suppliers

billing for services provided or goods sold to clients

documenting receipts from customers

...

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5 ways to avoid financial horror this Halloween

Halloween is fast approaching and everywhere you look has orange pumpkins, ghosts and zombies.

It’s also the time of the year that many SMEs and Directors are submitting their year-end accounts to Revenue. It can be a daunting time for some.

However, let’s not get spooked. Here are five top tips for managing your finances as you come closer to Halloween time and beyond.

Know your Breakeven Point

Every business has a break even point. This is the point at which your total revenue equals total costs or expenses.

At this point there is no profit or loss, in other words your...

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what to do if you do business with EU Hollies Bookkeeping

What you need to do if you do business with the EU

If you do business across the borders of Europe, you need to consider how you structure your business from 1 January 2021.

Spending time now considering how your border business operations and European specific corporate entities will be affected from 1 January 2021, is important.

Incase you hadn’t noticed (!!) the UK has left the EU, and the transition period after Brexit comes to an end this year.

The changes will affect:

UK citizens who currently own, manage or direct a company registered in the EU

businesses who are legal entities operating across the UK-EU border

...

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Job Support Scheme November Hollies Bookkeeping

Job Support Scheme: What is changing after furlough?

Workers at firms told to shut because of coronavirus rules over the winter will receive at least 67% of their pay from the government under the Job Support Scheme.

The scheme replaces furlough at the start of November.

Until then, workers are in line for up to 80% of their pay - 20% from their employer and 60% from the government.

Will you be paid under the Job Support Scheme?

From 1 November, the extended Job Support Scheme will pay people who can't go to work because their business is closed under ''very high'' Tier Three coronavirus restrictions.

The government will pay 67% of wag...

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Are landlords being targeted in the government’s tax clampdown?

If you’re a landlord and are unsure about current changes, The Hollies Bookkeeping can help.

Landlords are being warned that a clampdown on unpaid tax from rental properties is expected to intensify.

Experts point out that the government is looking to boost its funds following coronavirus spending – and that landlords who have failed to disclose their rental income may now be in their sights.

Morag Ofili, of law firm Harbottle and Lewis, said: “HMRC will be looking to claw back funds post coronavi

...

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What is the job retention bonus?

The government is introducing a new Job Retention Bonus to provide additional support to employers who keep on their furloughed employees in meaningful employment.

This will kick in after the government’s Coronavirus Job Retention Scheme ends on 31 October 2020.

The Job Retention Bonus is a one-off payment to employers of £1,000 for every employee who they previously claimed for under the scheme, and who remains continuously employed through to 31 January 2021.

Eligible employees must earn at least £520 a month on average between the 1 November 2020 and 31 January 2021.

Employe...

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What is VAT and how does it work?

The rate of value added tax (VAT) on hospitality and tourism from 20% to 5% has now started – but what isVAT and how does it work?

The cut by the chancellor started last month and it will last until 12 January 2021. It applies to food and non-alcoholic drinks as well as accommodation and admission to attractions across the UK.

Mr Sunak said the move is designed to "get the sectors moving and to protect jobs", but what is VAT and how does it work?

What is VAT?

Value added tax, or VAT, is the tax you have to pay when you buy goods or services.

The standard rate of VAT in the UK ...

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Corporate Insolvency and Governance Act 2020

How will measures introduced by the Corporate Insolvency and Governance Act will affect your filings at Companies House?

On 25 June 2020, the Corporate Insolvency and Governance Act 2020 (the Act) received royal assent. It came into force on 26 June 2020.

The measures introduced by the Act are to relieve the burden on businesses during the coronavirus (COVID-19) outbreak and allow them to focus all their efforts on continuing to operate.

Accounts

Companies and other types of business registered at Companies House will get more time to file account, under the act.

If your company...

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SEISS (Self-Employment Income Support Scheme

Second SEISS grant explained

To qualify for the second SEISS grant the business must be adversely affected by the coronavirus pandemic on or after 14 July 2020. So, what will this mean in practice?

The Chancellor’s announcement on 29 May told us the SEISS (Self-Employment Income Support Scheme) would be extended with a second tranche of money available from 17 August.

Further details on this second grant were released on 2 July, but there are still outstanding questions.

We don’t know when the online portal will open for the second SEISS grants. But we do know the amount of the grant will be calculated at 70%...

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Coronavirus Job Retention Scheme the facts

As part of its response to the COVID-19 pandemic the government introduced the Coronavirus Job Retention Scheme and here are some facts.

The scheme allows all UK employers with employees on a PAYE scheme to designate those employees as ‘furloughed workers’.

Employers have access to Government support to continue paying part of these furloughed employees’ salaries and potentially protect the employees from redundancy.

The first phase of the scheme finishes at the end of June and will close completely at the end of October.

What is furlough?

The word ‘furlough’ generall...

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