At SourceBookkeeping we offer a variety of services from either our office or on site at your premises.
We work with all types and size of business, Sole Traders, Partnerships and Limited Companies.
As a sole trader there is no legal distinction between you as an individual and your business. As a sole trader, you must register with HMRC as self-
It is important that you keep up to date and accurate accounting records for taxation purposes and these records will allow you to run your business as profitably as possible. It is important to produce and review these records regularly. A sole trader will also need to produce a Self Assessment tax return.
If you are currently a sole trader or you are thinking of setting up a new business, please contact us to discuss how we can help.
A partnership is a business that is run by two or more individuals who share responsibility and profit. Unless a partnership agreement stipulates otherwise, each partner is equal. A partnership will be registered with HMRC and should keep up to date and accurate accounting records. Having up to date records will allow you to run your business as profitably as possible and these records should be produced and reviewed regularly. A partnership will need to submit a Partnership tax return and each partner will submit a Self Assessment tax return.
If you are currently in a business partnership or are thinking of setting one up, please contact us to discuss how we can help.
A Limited Company is a company that has been set up and registered with Companies House (http://www.companieshouse.gov.uk). It is essentially an organisation that you set up to run your business. A Limited company will have a Director(s), a Company Secretary and Shareholders. The Directors ‘run’ the company while the Shareholders ‘own’ it. The Shareholders have limited liability meaning that they are not personally responsible for the business and any debts it may accrue. A Limited Company is responsible for its own finances, it pays Corporation Tax and profits are owned by the company. Directors can be paid a salary and, if they are also shareholders, may receive dividends.
Limited Company accounts are complicated and will need to be finalised by an accountant. At SourceBookkeeping, we can prepare these accounts to a ‘draft’ format which you can then submit to your accountant. Please contact us to discuss your requirements.
SourceBookeeping is licensed by the Institute of Certified Bookkeepers to work on Sole Trader, Partnership, Limited Company and Charity accounts.