Bookkeeping services

Bookkeeping is important for all businesses; basically it is a record of what has come in (income) and what has gone out (expenditure).

Anyone, from company owners and self-employed sole traders to those earning through PAYE, rentals, or shares, must complete a self-assessment tax return. Bookkeeping is crucial for this process, ensuring accurate records of income and expenses, regardless of how you earn.

Bookkeeping is best done on a monthly basis. It's important for cash flow, performance, and security. Keep track of money coming in and going out to understand your business better.

Not doing bookkeeping makes it tough to create accurate accounts on time, risking penalties. Check our knowledge base/tax tips for HMRC penalties on late payments or inaccurate accounts. Stay ahead by keeping your records straight and avoiding costly mistakes.

Keeping your books is ongoing. If you're a contractor, it takes around 15 mins a month with dns online accounting. How complex it gets depends on transactions and your business. Though your company or self-assessment tax return is yearly, monthly accounts help with the best tax advice.