Bookkeeping

Bookkeeping is the backbone of accounting and is fundamental to the running of your Limited Company’s accounts.

It entails the monthly allocation of each line of your bank statement to various income or expense categories in a cashbook, as well as keeping track of any discrepancies that may occur in your company’s bank account.

It is vital to have your bookkeeping records and your company cashbook up to date. Without these you would not be able to prepare your annual accounts, your VAT Return (if you are VAT registered or intending to be), and your Year End returns (P35, P14 and P11d). These are all statutory obligations that need to be filed to HMRC if you intend to run a Limited Company.

1st Contact offers a bookkeeping service and can take the hassle of bookkeeping off your hands. We will also be able to identify if you are ever underpaid by a client when we perform our reconciliations.

Additionally, if 1st Contact takes care of your bookkeeping we will be able to respond to reference requests for mortgages, tenancy agreements or if you are applying for your Tier 1 Visa (HSMP).

If you are contracting and earning through a Limited Company it is important that you are able to provide references for any third party that requires verification of your full earnings.

If you take up our bookkeeping service you will pay a lower fee for the preparation of your Annual Accounts.