Why Is Bookkeeping Important?
HMRC is warning people to be wary of bogus tax refund offers in the wake of the self-assessment deadline.
Bookkeeping is the foundation upon which the rest of your accounting practices are built.
Everything from payroll to tax deductions needs a solid bookkeeping base to work from. Without it, you cannot hope to manage your finances.
Scam referrals rise warn HMRC
HMRC is warning people to be wary of bogus tax refund offers in the wake of the self-assessment deadline.
The January self-assessment deadline may now be a distant memory to many.
However the tax authority says that fraudsters often target self-assessment taxpayers in the months following their self-assessment submission.
More than 11.5 million self-employed people submitted a tax return by the January deadline (though over a million missed it).
Just a third of adults in the UK are confident with self-assessment
Standard Life has recently released findings of research which has found that just 35% of UK adults are not confident completing the self-assessment alone.
Standard Life is a brand that has been trusted to look after people's life savings and retirement needs for nearly 200 years.
The research they carried out concluded that just three in ten UK adults admit they do not feel confident they could complete the form correctly.
VAT Inspections with the Hollies Bookkeeping Services
When it comes to VAT, it’s all about having the paperwork to back it up and here at the Hollies Bookkeeping Services in Shropshire, we undergo regular VAT inspections.
It’s our job to make sure that you are submitting the right paperwork and paying the right amount of VAT. It also ensures that when HMRC comes calling to inspect what are doing everything is in order.
We completely understand that getting all this paperwork together is a massive pain and not something you have the time or even the desire for.
Why completing your Self-Assessment before Christmas is a priority
Every year, over a quarter of people due to file a Self-Assessment tax return complete it in the final 4 days before the 31st January deadline
And 5% of returns are filed in the final 24 hours.
However, leaving it to the last minute isn’t really wise as you never know what may come up to prevent you from completing it in time.
Ensuring we stay compliant for all at The Hollies Bookkeeping
Like all good bookkeepers we expect and are ready for investigations of our procedures and work, we stay compliant for all at The Hollies Bookkeeping.
Earlier this year, two self-assessment tax returns we had worked on were investigated by HMRC, one in February and one in May.
The Hollies Bookkeeping embraces technology to streamline processes.
We are embracing technology here at The Hollies Bookkeeping Services in Shropshire and changing the way we are onboarding clients. We are doing whatever we can to improve our processes to benefit both us as a company and also our clients. We offer all potential new clients an initial call and then either a meeting on the phone or face-to-face.
The Hollies Bookkeeping raise nearly £1500 for the charity Breast Cancer Now
In September 2023 The Hollies Bookkeeping Services held a charity coffee morning to raise funds for the charity Breast Cancer Now.
Earlier this year, our Director Julie Williams’ sister, Rachael, was diagnosed with grade 3 breast cancer.