Philip M Collis, FFA
Incorporated Financial Accountant
Qualified and Registered Freelance Bookkeeper and Accountant offering bookkeeping and accounting
services in East London, Essex and South Suffolk, including Colchester, Ipswich, Manningtree, Harwich, Dovercourt, Clacton, Felixstowe and surrounding areas.
We all need to keep financial records for various reasons. If you fill in a tax return,
VAT return or claim benefits or tax credits, there are some special rules.
Click here to load the HM Revenue and Customs guide to record keeping.
Compulsory Online VAT Return Submission
Since April 2010 most VAT-registered businesses have been required to submit their VAT Returns online and pay any VAT due electronically. HM Revenue & Customs (HMRC) has, from 1 April 2012, extended this requirement to virtually all VAT-registered businesses, apart from a very small number who are exempt from submitting their VAT Returns online.
There are various ways to pay including by Direct Debit, internet/telephone banking, Faster Payments or debit and credit cards over the internet. You can also pay by cheque at a bank or building society using a Bank Giro paying-in slip which should be obtained from HMRC (these are pre-printed with your unique details). Since some of these methods can take a little time to set up, you should choose which method you want to use, and set it up, well in advance of the filing and payment deadline.
We can keep a full set of manual books if required, although it would be far more cost
effective to keep records on a computer with appropriate accounting software.
Manual books may include books of Prime Entry such as Purchases Book, Sales Book, Cash Book, Wages Book, Petty Cash Book and Journal.
In addition it would be necessary to post periodic totals from these books to the ledgers, which include Sales Ledger, Purchase Ledger and Nominal Ledger.
|If you do not have a computer, then we can visit with a laptop and printer and enter your transactions
into our system. We use VT Transaction+
We then print out your records and file them for you on site.
Now that most people have to submit their VAT returns electronically, we can submit your return for you on your premises using our mobile broadband facility.
|If you want to keep your own cash book but would still like me to prepare your accounts and submit your tax return then you can use
FREE software from VT Software, called VT Cash Book. You would then send me your backup copy and I would prepare
accounts from your data.
It is very easy to use and similar to using a spreadsheet.
You can download the free software by clicking their logo on the left.
You do NOT need to activate the VT Transaction+ module, as this is extra and chargeable. The VT Cash Book is enough to
record your transactions and calculate your VAT Returns.
Also, using VT Cashbook alone means you would be on the VAT cash accounting scheme (see VAT Cash Accounting)
VT Cash Book is not compatible with Apple Mac.