Contact: Christine Harwood

Tel: 07528 780985

Email: [email protected]

Bookkeeping

Bookkeeping is the the management and recording of the day to day financial transactions of your business.

All businesses are required to keep up to date records of their business transactions. This enables them to meet their legal obligations including the preparation and submission of self assessment tax returns, corporation tax returns, company accounts and/or vat returns.

The basis for recording a businesses transactions will depend on the type of legal entity and the accounting method appropriate to that business structure. The more complex the business the more need there is to have a suitable software solution in place.

Irrespective of the accounting method, bookkeeping is basically the recording of a businesses sales, purchases, receipts and expenses in other words its income and expenditure and the assets and liabilities of the business - cash, bank, equipment, debtors (owe money to the business) and creditors (who the business owes money to).

It is essential that the records maintained are accurate as they are the basis for all financial reporting and compliance requirements.

LA1 Accounting Services can do your bookkeeping on your behalf and free up your time to focus on your own businesses needs.

Financial Accounting


Financial accounting is the reporting on the financial position and performance of a business in the form of financial statements prepared primarily for external users of the business.  These statements consist of an income statement which records the businesses income and expenditure, a balance sheet which shows the assets and liabilities of the business and a cashflow statement which records the cash inflows and outflows of the business.

Key characteristics of financial accounting are that they are:-

  • based on historical data extracted from the companies transactional records.

  • prepared after the accounting period has ended and cover a 12 month period.

  • prepared in accordance with the latest accounting rules / regulations and are presented in a format prescribed for the size and type of entity.

  • produced primarily for external stakeholders of the business eg. shareholders, creditors, banks and regulatory bodies and give a snapshot of the businesses peformance for the accounting period ended.

  • prepared within 9 months of the accounting period end and are required to be filed with Companies House by this deadline.

  • used as a basis for tax calculation and compliance (HMRC).

Management Accounting

Management accounting is a method of accounting which is used internally by a business to enable informed decisions to be made with regards to activities of the business. Unlike financial accounting is it not governed by regulation and can be tailored according to the individual's businesses needs.

Key characteristics of management accounting are:-

  • It is forward looking and involves modelling financial data to support decision making. This could include assessing the financial viability of a potential project, provide evidence and support for an application for funding or forecasting the future profits or cashflows of the company.

  •  The purpose of management accounting is to identify, analyse, record and present financial data in such a way that will help a business with their internal planning, budgeting, forecasting, and performance improvement.

  • It provides the tools and techniques to measure and increase profitability, manage costs and cashflows, establish sales targets and pricing strategies.

  • Management accounting is a vital resource for any business. It enables you to manage your performance against a predetermined plan and investigate any deviations so that timely corrective action can be taken.

VAT and Tax Compliance

VAT

Are you VAT registered, considering registering or need some advice on whether to register? If so we can help.  Our services include:-​

  • Vat registration
  • HMRC Agent services so we can deal with them on your behalf
  • Vat return preparation and submission

Self assessment

Whether you are a sole trader, a director or a shareholder you will be required to submit a tax return to HMRC based on any wages, salary or dividend income you receive from self employment.

LA1 Accounting Services can do the calculations and deal with the filing of these returns on your behalf by acting as your agent with HMRC.

Corporation Tax

If you are a registered company you will be required to submit a corporation tax return annually to HMRC for the taxable profits of your business.  

We can work through your finances to establish what your taxable profits are and prepare and file the return on your behalf.