We are Bookkeepers
What is a bookkeeper?
New copy.
What is the difference between a bookkeeper and an accountant?
New copy.
Why Do I Need Bookkeeping?
Running a business, whether you’re a sole trader or a limited company, isn’t as simple as money in – money out = profit.
There’s all sorts for rules and regs around how that money in and out has to be reported, and we make sure we are up to date with the latest legislation at all times in all the jurisdictions we operate in.
MTD for VAT
Once you hit a certain threshold you must register for VAT and complete returns digitally. We’ll not only get you registered but will ensure your returns are completed on time.
If you’re predicting to reach the threshold mid year we can voluntarily register you in advance.
We’ll also make sure that if you have a reclaim, you get it promptly. And we’ll choose an accounts system that’s right for your sector to ensure your VAT returns are trouble free.
MTD for ITSA
MTD for ITSA is replacing self assessment (SA100 forms) over the next couple of years. By 2024 pretty much all self employed people will need to use MTD.
We’ll make sure you’re ready for MTD for ITSA, and depending on your package complete all your quarterly returns for you.
Year End Compliance
Onlybooks can prepare and submit your annual statutory accounts and CT returns to both HMRC and Companies House.
If you’re using our bookkeeping services this is completely seamless, and if you’re still doing some of the work yourself we make it as pain-free as we can.
As long as you provide us with any information we request promptly, we guarantee no late return fines. We’ll also ensure your Confirmation Statement is up to date as well as your PSC declarations.
IR35 and Off-Payroll Working
If you’re a freelancer, don’t be caught out by IR35. If your contract is deemed to be inside IR35 you’ll pay tax and NICs as if you’re an employee, which will cost you up to 25% more.
We will make sure that your contracting is compliant, and if you are genuinely inside IR35 for any period we’ll make sure you make the correct declarations to avoid surprise tax bills and fines at the end of the year.
Employment
Once you’ve grown to a certain point, you can’t do everything yourself. When you’re ready to take on staff, we’ll make sure you’re fully compliant and setup for PAYE & NI (or ETI and SI in Guernsey, ITIS/CERs in Jersey), as well as any other regulatory requirements like secondary pensions and childcare vouchers. We’ll also handle all your HR admin like contracts, holidays and disciplinaries.
Finally we’ll process your weekly or monthly payroll to make sure your employees get paid correctly and on time.
Guernsey Tax Returns
If you’re Guernsey-based, for a small extra fee we can complete your annual tax return, whether you also have employment income or not. We can also provide evidence to Social Security of your earnings to ensure you are not over- or under-paying contributions, and help set up a payment plan if your tax bill is higher than expected. If you’re working through a Limited Company we can set you up on the ETI scheme as an employee whilst making sure you still only pay self employed social security.
And if you’re in Jersey, don’t worry – we can do the same for Crapauds too.
All Account Reconciliation
So many accountants have you simply record your net income into the bank using automated rules. We know life is more complex than that. We provide an “all account” service where we reconcile not only your bank account, but any platform you are using to receive revenue, be it Youtube, Shopify, Fiverr, Freelancer.com, Onlyfans, Woocommerce, the list is endless. We can ensure cash received via multiple payment methods is accounted for correctly, including any fees. And we can make sure you aren’t over- or under-paying VAT.