Every business owner needs to keep a record of their income and expenditure and it is important that this is done from day one – it’s no good waiting until HMRC are knocking at your door for tax returns! Delaying setting up and keeping proper records will only lead to unnecessary panic, stress and increased expense further down the line.
This can be avoided by hiring a book-keeper who will manage your record keeping for you on a monthly basis and notify you of any issues that may arise. It is also important for you to be able to monitor the performance of your business by viewing a monthly breakdown of your income generated and expenses incurred. You will also need projections based on past and current performance in order to plan and make any necessary adjustments to future activities.
It may be that you are brilliant at what you do but don’t have a clue about the paperwork, or perhaps you are able to do it but don’t seem to have the time (or just don’t want to do it!). Whatever the reason, Baynton Services Limited can step into the breech and leave you with extra time and energy to do what you do best – even if that’s simply relaxing with a well-earned drink in the evening instead of being chained to a desk after a hard day’s work!
Every business owner needs to keep a record of their income and expenditure
A regular review of your financial position will highlight any potential problems
A summary of financial needs and whether you are on target to meet them
If you employ someone you must register with HMRC and withhold tax & NIC
You must register as soon as you reach the threshold - £82,000 for 2015/16
Streamlined procedures and clear paperwork aid business management
Making sure everything is done in the right way at the right time is crucial
Just because it isn’t listed on this website doesn’t mean we can’t do it!