Which accounting services do I need?
Here are the core accounting services UK ecommerce businesses and individuals typically need (you'll notice these match exactly with the services listed on our Instant Quote page). If you're a non-UK business looking for UK VAT services look here instead.
Our accounting service is slightly different depending on your business structure, e.g. Limited Company/Sole Trader. Regardless of structure, it always includes everything to keep your business fully compliant with both HMRC and Companies House. We will become your authorised agent and point of contact for the tax authorities, we will actively monitor and keep you updated of all filing and tax payment deadlines, and we will be there to provide any support and advice when you need it. Typically we have same day turnaround times for anything urgent, and c. 48 hour responses for non-urgent queries.
For UK Limited Companies this service includes your Corporation Tax return, your annual statements prepared and submitted to Companies House and HMRC, as well as your yearly Confirmation Statement. We calculate your Corporation Tax liability and advise you how and when to pay it.
Please note: for a Limited Company, your bookkeeping must be completed to an acceptable standard in order for us prepare your accounts. If you want to guarantee this standard, we recommend using our in-house bookkeeping service (see below). However, if you are able to do your bookkeeping yourself and/or would prefer to use your own external bookkeeper, then is not usually a problem.
For UK Sole Traders this service includes the preparation and filing of both your sole trading accounts and self assessment tax return to HMRC. We calculate your Income Tax liability and advise you how and when to pay it.
Sole trading accounts require a lower level of bookkeeping in comparison to Limited Company accounts, and this service is included as part of the Accounting service. We require that you to provide us with a breakdown of all business bank transactions (we will provide you with a template spreadsheet) and will ask for secondary user access to each marketplace so that we can process sales data ourselves efficient using our tried and tested processes.
Bookkeeping is the process of reconciling and categorising each and every transaction that occurs in your business. Our in-house bookkeeping service includes the setup of your bookkeeping solution on both Xero and Receipt Bank. Our friendly team make set-up easy and will explain how everything works over an initial video-call. For each marketplace that your business operates in, we will ask you to create a secondary user for us, this way we are able to grab sales data when we need it without having to disturb or bother you, saving you as much time and effort as humanly possible.
For ecommerce sellers, if you are a Sole Trader we are able to complete your Accounting without you taking up the bookkeeping service, so this service is optional (you can still take it if you need to have a complete picture of your business financials on a monthly basis).
For Limited Companies bookkeeping has to be completed in order to prepare a Corporation Tax return. If we are not handling your bookkeeping, we can work with the trial balance from any bookkeeping software you choose to use.
For the VAT service we will prepare and submit VAT returns on your behalf. We will grab sales data directly from your seller platforms and/or payment gateways without you lifting a finger. There is a discount for bookkeeping clients due to the overlapping work as we will already have handled the invoices we need for reclaiming your input VAT. If you are a VAT-only customer you will be able to upload your invoices to our online platform.
Note, we specialise in UK VAT returns and registrations, and do not offer non-UK VAT services, however, we are happy to refer you to the VAT-houses that have the most consistently positive feedback amongst our client-base. For more on VAT services for global sellers feel free to get in touch.
If you need to become VAT registered, we will help you decide whether the Flat Rate Scheme or Standard Scheme is appropriate for you business, and register you accordingly.
If you pay an employee a salary you need to report to HMRC on a monthly basis. We can handle this for you, as well as any pension auto-enrolment reporting (which arises if you pay certain employees over the auto-enrolment threshold).
We will handle your annual Self-Assessment obligations for Directors and Individuals. If you are unsure if you have an obligation to file, you can use HMRC's checker.