If you would like some training on doing your own bookkeeping, we also are qualified trainers and have a separate company JDH Training & Consultancy Services Ltd. We offer classroom training and one on one support to help you learn the necessary skills. Visit www.jdhtraining.co.uk for more details.
Click on the links above to find more information on specific areas of interest and when you are ready, contact us for a chat about the solutions we can provide that will help your business flourish.
Use Your Accounts!
Most people see their accounts as a necessary evil – something to do to keep the tax man at bay. We see your accounts as an opportunity to make improvements in your business. This can be done year on year (or more often, if need be) by comparison analysis. Compare your sales figures, your cost of sales figures and your overheads to see where you are doing well and where you need to make improvements. One client we did comparisons for, had his sales double. That was good – but when we looked at his advertising costs – they had quintupled! Some of his advertising was working but he could have saved a lot of money if he had kept track of which advertising actually resulted in sales and which didn’t. But simply knowing that, helped him next year to spend less on advertising and keep track of where sales were coming from.
It has been said that cash flow is the life blood of your business. It’s not enough to make a sale. You need to get paid too! But if you don’t keep track of who owes you money and how old the debt is, how will you get paid? One business I dealt with missed £18,000 in sales because he didn’t put checks in place with his drivers to match their time sheets to signed sales orders. By the time he realised this, it was nine months past and he had great difficulty getting paid. His drivers had been paid but the business hadn’t. Your customers won’t tell you when they owe you money!
Another aspect to cash flow is forward planning – every business needs to know what money they have coming in and how much they need to pay out to suppliers on a monthly basis. In addition, though, businesses need to be setting aside money for quarterly vat returns and yearly (or 6 monthly for sole traders and partnerships) tax bills. If you don’t know how much profit you are making, how can you plan this? Knowing and planning can make the difference between staying in business and becoming a statistic in this difficult economic situation.
We are chartered accountants based near Pontypridd. Providing accounting services throughout the Rhondda Valleys, Wales
Having an accountant is necessary to all businesses but having a good accountant is vital, not just to keep the tax man at bay but to know what is happening in your business.
Every business has to have accounts prepared at least on a yearly basis, in order to calculate how much tax is owed. For many businesses, this is enough. We can provide this service but if your looking for more from your accountant then we can do that too
No one wants to pay tax. That’s human nature. It’s a hard fact in business though, that if you are making money, generally you will owe tax. (Unless you have invested heavily in plant and machinery during the period.) Accountants, contrary to popular belief, don’t have magic wands. But we do have tax planning strategies to ensure that you pay as little tax as possible. We will do our best for your business if you can provide the information in plenty of time for the deadline.
3Construction Industry Scheme Tax
Builders are notorious for being disorganised with paperwork – at least, that’s our experience, anyway! (Sorry guys but it’s true!) That’s one reason why HMRC wants tax deducted on a monthly basis from contractors and sub-contractors in the building industry. This can be a headache for many small businesses. It also attracts significant fines from HMRC if not submitted on a monthly basis. The penalties are £100 per period per month.
JDH can prepare your vat returns, either on your premises, or you can drop the paperwork to our office. These will always be done on time, as long as you provide us with the necessary information at the beginning of the month. We will ensure that the vat returns are calculated correctly and that you will pay only the vat that is due. We can be on hand for HMRC vat inspections and work with HMRC on any queries.
JDH has years of experience in running payroll. We can either train you to do your own payroll or you can simply call or email us the hours on a weekly, fortnightly or monthly basis and we run it for you. Once the Payroll has been done We can either post or email the wage slips back to you with a minimum of fuss.
JDH recommends Sage. (We are also certified trainers of Sage 50 and Sage Instant). The value of using a software product like Sage, is that once data has been entered, a variety of reports can be produced of great value to a business.
see examples below:
- Customer statements can be emailed or posted regularly, to ensure your customers know exactly how much they owe you and when they need to pay you
- Debt chasing letters can be posted or emailed – depending on how old the debt is
- You can match your supplier statements with your own statements to make sure you aren’t being charged too much
- Profit and loss reports can be generated – to help you have an idea of what tax you need to save for
- Vat returns can be produced and filed online with HMRC