Tax Return Accountants in London

Accounting Services

PBS will offer a bookkeeping service and will process the work either on the client’s premises or ours. PBS way of working is that each bookkeeper will be allocated to the same jobs

each week each month so for instance one bookkeeper will look after client A every Monday , client B every tue  etc and this will apply whether PBS does the work on your premises

or outsourced to us on our premises.  PBS will always as have done in the past and will continue to do in the future , keep improving the process to be more efficient and take the least amount of time. PBS will always strive to complete the work to a very high standard.  PBS will not milk the job and take more time than necessary , we are always busy and have many jobs to jump into.

PBS have been servicing many clients over many many years, Some clients currently have been with us for over 20 years , a service we are providing 2 days a week. Others

for over 25 years , 1 day a week , the director now retired so the account has ended.  There are many different combinations.

PBS has been called in many times to help and clear up the mess of the client’s accountant/bookkeeper work.  We had the pleasure to do that several years ago to a much larger client that we normally deal with and successfully achieve the result. Please see our testimonial of a very famous and important director.

Sales and Purchase ledgers maintenance

This is a very time-consuming process and PBS have developed systems and method of working to reduce the workload as much as possible. If it normally takes 2 minutes and we can do it in 1 minute, we can do the job in half the day. Thus saving money for the client.

Our average client, we will input approx.. 100 purchase invoices a month. We use Sage line 50, our preferred accounting software .

The continuation is to sage all the payments made to reach a creditors ledger at the month end. Quite often in practice , there will be missing invoices , payment made but no invoice to match , thus showing a minus bal on the aged creditors report. Some payments not matching to the exact amount of the invoice. All these oddities will be cleared up by PBS. We will produce an aged creditors report every month , as part of our monthly checklist. PBS will check suppliers statements to agree to the client’s balance.

Th same will be done on the sales side and in the case of the debtors, an aged debtors report will be produced to highlight older debt that needs chasing.

VAT

Vat returns are normally prepared quarterly and as an extension to the monthly bookkeeping update, PBS will complete the Vat returns for submission to HMRC.

Only recently from 1^st April 2019, HMRC has introduced a new method of submitting the information.

All VAT registered businesses with a turnover exceeding the £85,000 Vat threshold will be required to file the VAT returns through Making Tax Digital compliant software.

Up to now, we were all using the HMRC portal.

What this means is that HMRC will have more control of the business activity from afar. The likelihood is that in the future there will be further stipulations to insist on having more in-depth information provided. This will make many businesses more nervous, in particular, the cash businesses,  restaurants, coffee shops etc.

In the past, a business would expect a visit from HMRC every 3 or 4 years to check if the correct amount of VAT has been paid over. This was then reduced to the exchange of questions and reports to be submitted by way of correspondence.

Maintaining paper records has ceased to meet the legal requirements in tax legislation.

PBS over the years have set up many a client with Sage accounting, not only to obtain the software but more importantly to set it up and to customise the software by editing the chart of accounts for the benefit to the client in heading meaningful to the client and then to use headings in accounting jargon  to match the last set of published accounts.

PBS can do all that.