9th January 2025
Why do I need management accounts?
How Can You Reduce Your Tax Bill? It’s January, you have just been to your accountant to sign of your accounts and...
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At Spence Accounting, we understand that bookkeeping is the foundation of any well-managed business. Accurate and up-to-date financial records provide the clarity you need to make informed decisions and ensure compliance with tax regulations. Our collaborative approach to bookkeeping gives you the flexibility to choose a solution that works best for you – whether that’s taking charge of your records with our guidance or leaving the day-to-day tasks to our expert team.
We believe in teamwork. Our bookkeeping services are designed to help you save time, money, and stress:
With Spence Accounting, you’ll benefit from fixed monthly fees based on the number of transactions we process. No surprises, no hidden costs – just clear, predictable pricing that helps you plan your finances with confidence.
Our professional bookkeeping services are tailored to meet your business’s unique needs. Here’s what we offer:
Working with Spence Accounting for your bookkeeping services offers tangible advantages:
From 2026 Sole traders will be required to report there records quarterly to HMRC. In order to do this quickly and accurately we need have a system in place where your records are kept up to date. No longer will we be able to process 12 months of records in one go for certain businesses.
The first businesses going through will be sole traders and property income with a turnover of £50,000 per year combined income.
At Spence Accounting, we take the stress out of bookkeeping. With our support, you can focus on running and growing your business, knowing that your financial records are in safe hands. Contact us today to learn more about our bookkeeping services and how we can help you manage your finances effectively.
Get Started with Stress-Free BookkeepingNo, you need to set up and operate a proper payroll scheme to pay your employee. When processing payroll we submit the income for each employee to HMRC and this helps HMRC advise employers what tax the individuals should pay. HMRC also use this information to identify if someone is entitled to Universal Credits so that individuals are paid accurately. We can help give you advice on employing new staff.
Although yes you can, currently, we recommend paying your staff by electronic transfer. It will help with your record keeping. If you do pay your employees by cash we recommend that you ask your employees to sign for the wages to confirm you have paid them.
This will depend on your employee’s age. You have to by law pay national minimum wage. This does change each year. If you would like advice on what to pay your employee, please contact one of our advisors.
It is likely that your employee or someone else will report you to HMRC. If you are found to not pay your employee National Minimum Wage you will be required to make any settlement payments and any tax or national insurance owed to HMRC. Penalties can also be applied by HMRC. We recommend taking advice from our team to avoid this.
We can help you do this by using our payroll service. We will be able to advise you on what your employee has earned and what tax and national insurance needs to be paid.
