Home » Services » Outsourcing Bookkeeping Services & VAT Returns to HMRC

Why is Bookkeeping Outsourcing a necessity for your accounting firm?

While being a very important aspect of accounting in a business, bookkeeping does not actually require an in-house accountant to exclusively handle it. And accountants need to actually use their professional skills elsewhere than focusing on a task that is more manpower intensive. This does virtual bookkeeping a primary mode for bookkeeping activities.

In case you have a small team taking care of the bookkeeping, consider bookkeeping outsourcing to another firm that lets you put additional time into developing the business. Furthermore, in case you're a bigger organisation, it can save you the time expected to recruit, train, and deal with an in-house team of accountants.

Depending on the requirements, outsourced bookkeeping services and processes can be timed to reach the accountant in specific time frames for constantly updating books without interruptions.

 

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Affordable highly trained, certified team

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Focus on growing & developing your firm

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Error-free reports, on time, in whatever format is desired

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Reduce the costs of routine clerical or accounting processes

How can VAT outsource to Outbooks be fruitful for your firm?

Odds are you invest additional time and efforts on your administrative centre activities such as VAT Returns. When you outsource VAT service, you approach a group of qualified bookkeepers that put forth leading practices & insights from across the accounting sector. 

One submits a VAT Return to HM Revenue and Customs (HMRC) every 3 months.

The VAT Return records things for the accounting period like:

  • total sales and purchases
  • amount of VAT one owes
  • amount of VAT one can reclaim
  • amount of VAT refund from HMRC

One must submit a VAT Return even if they have no VAT to pay or reclaim.

One has to submit a final VAT Return when they cancel your VAT registration.

Capabilities

Posting
Allocation
Bank Reconciliation

A bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is to ascertain the differences between the two, and to book changes to the accounting records as appropriate. The information on the bank statement is the bank's record of all transactions impacting the entity's bank account during the past month.

Supplier Reconciliation

Reconciling the supplier account ensures supplier balances are accurate for financial reporting and profits are maximised by ensuring no credit notes are missing or invoices duplicated.

Customer Reconciliation

The reconciliation of accounts receivable is the process of matching the detailed amounts of unpaid customer billings to the accounts receivable total stated in the general ledger. This matching process is important because it proves that the general ledger figure for receivables is justified.

Trial Balance
  • A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns. A company prepares a trial balance periodically, usually at the end of every reporting period. The general purpose of producing a trial balance is to ensure the entries in a company's bookkeeping system are mathematically correct.
  • Outbooks will complete bookkeeping till compilation of trial balance
  • Report help clients in managing business payments and cash flow.
  • Query generation is hassle free

FAQs

What is a VAT Return?

Answer: VAT means 'Value Added Tax'. It is a tax charged by HMRC on the sale of most goods and services. You have to register for VAT returns to stay compliant.

The VAT return shows the estimation of the amount of VAT due on sales and subtracts the amount of VAT reclaimable on buys. if the purchase claiming amount is more than the sales due amount, you will get back the remaining amount from HMRC.

What happens if I file a late VAT Return?

Answer: When you are filing your VAT returns to HMRC after the deadline, you will go into a one year default period which is called the "surcharge period". When you submit any further late returns; you will get a heavy fine and the default period will be continued once again for another year. Trust us, it is not healthy for your firm. You should outsource VAT returns to a proficient bookkeeping services firm that will file VAT returns on time with accurate records.

What do I have to provide after outsourcing my VAT tasks to you?

Answer: You will have to give two major documents: 

  • Bank/credit card statements
  • Sales/purchase invoices
Would you be able to begin the work quickly once we sign the agreement?

Answer: Yes, we keep a pool of adequate assets who are accessible to start working within a sudden announcement. When we sign the agreement and concur with the plan for getting work done and deadline necessities, we start working immediately. We will tell our clients the measure of time any work will take with the goal that they realize when to anticipate the result.

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Services Offered

Remote bookkeeping services that keep clients books in perfect order, updated as per agreed/desired turnaround time, without interrupting routine operations.

High calibre, dynamic resources for secretarial duties, to meet statutory requirements, compliance and services of a transactional nature.

Timely computation of various types of tax, hassle free filing of returns, and expert assistance in making a fully compliant presentation to tax authorities.

Clutter free, cost efficient, and hassle free submission of year end accounts and CT returns to fully avail legitimate exemptions.

Customized payroll to handle complex unique requirements, backed by specialist accounting knowledge for HMRC complaint and BACs approved solutions.

KPIs and crisp real time reports to help clients gain an edge over competition, charting a path to steady growth and expansion across domains.