Best Bookkeeping Services in London Accredited by Sage and Xero

bookkeeping services london

What is bookkeeping

In simple terms, it is the recording of financial transactions.

Why do I need to keep these records?

It is your legal duty. If you are self employed, you don't send in your workings to HMRC. Instead, you keep the records and must make them available if HMRC want to see proof. If you are a Company director, the record-keeping burden is even greater because in addition to accounting records, you must inform Companies House of any changes to directors, shareholders, debentures, indemnities and charges over the Company.

Which bookkeeping software do you use?

We provide bookkeeping services for small business using market leading software. We use Xero bookking and Sage Bookkeeping software and are proud to say we have been accredited by Sage and Xero. A number of accountants use cheaper alternatives to improve their profit margins but many find they are prone to problems. Ultimately, the responsibility to get things rights sits with you, the taxpayer/Company director.

How do you provide accounting and bookkeeping services?

1) We digitally capture invoices, receipts and expenses into the accounting software. Once we have a record into the software, you no longer need to keep a physical copy.
2) All our bookkeeping in the cloud. This means your financials are saved in a secure environment and you don't need to worry about losing paperwork or wasting money on physical storage space.

Call us on 0203 488 7577 or email us at info@lancingcotswold.com

Business records you must keep if you're self-employed

  • all receipts for goods and stock
  • bank statements, chequebook stubs
  • sales invoices, till rolls and bank slips
  • all sales and income
  • all business expenses
  • VAT records if you're registered for VAT
  • PAYE records if you employ people
  • records about your personal income
  • your grant, if you claimed through the Self-Employment Income Support Scheme because of coronavirus

Records you must keep if your running a limited company

  • all money received and spent by the company, including grants and payments from coronavirus support schemes
  • details of assets owned by the company
  • debts the company owes or is owed
  • stock the company owns at the end of the financial year
  • the stocktakings you used to work out the stock figure
  • all goods bought and sold
  • who you bought and sold them to and from (unless you run a retail business)
  • all money spent by the company, for example receipts, petty cash books, orders and delivery notes
  • all money received by the company, for example invoices, contracts, sales books and till rolls
  • any other relevant documents, for example bank statements and correspondence

You must keep details of:

  • directors, shareholders and company secretaries
  • the results of any shareholder votes and resolutions
  • promises for the company to repay loans at a specific date in the future ('debentures') and who they must be paid back to
  • promises the company makes for payments if something goes wrong and it's the company's fault ('indemnities')
  • transactions when someone buys shares in the company
  • loans or mortgages secured against the company's assets

How long must I keep financial records?

Limited companies - 6 years from the end of the last company financial year they relate to
Self employed - 5 years after the 31 January submission deadline of the relevant tax year