At Spence Accounting, we believe in providing flexible and cost-effective solutions that cater to the evolving needs of your business. Our Subscription Services offer a comprehensive suite of accounting and financial management tools on a predictable, fixed-fee basis. This allows you to access professional expertise and essential services without the worry of unexpected costs.
As part of our subscription services, you gain access to our team of accounting professionals who are available to assist you with any questions or concerns. We offer regular consultations and proactive advice to help you make informed decisions and keep your business on track.
Transform the way you manage your finances with Spence Accounting's Subscription Services. Let us handle the complexities of accounting while you focus on growing your business. Contact us today to learn more about our subscription plans and how they can benefit your business.
Simplify Your FinancesNo, your turnover needs to exceed, or you know your turnover will exceed £85,000. This is over a rolling 12-month basis so it is important to keep an eye on your income.
You need to register for VAT within 30 days of going over or knowing you are going to go over the VAT threshold.
Yes, you can. It will depend on your business whether or not this is the best decision for you, please speak to our advisors or will be able to advise on the pro’s and con’s of being VAT registered.
Most items are rated at 20% for VAT. There are some exemptions to the rule and we would suggest speaking to one of our advisors to make sure you are charging the correct amount for your business.
Your VAT return has to be submitted electronically to HMRC. If you have exceeded the VAT threshold you will need to do this using software such as Quick Books or Xero.
You can now keep your records electronically. There are some exemptions to this like finance agreements that you will need to keep a paper copy. We do recommend that you keep copies of all receipts for purchases whether electronic or paper.
No, you do not have to keep your accounts using software. There are advantages to using software and as your business grows, being in good habits from the beginning will help you progress faster as you will already be well organised. If you want to talk through our software solutions one of our advisors can help you make the best decision for your business.
