FAQS about Accounting Services

Frequently Asked Questions about accounting services

Here you will find answers to some of the frequently asked questions about small business accounting.

Please reach us at info@las-accounting.co.uk if you cannot find an answer to your question.

Not necessarily. At LAS Accounting we believe in charging fairly for the high quality work we perform and level of service we support you with. Also, we frequently identify money saving opportunities for our clients. We believe in supporting our clients in a way that makes them consider our services an asset and not an overhead. Our pricing philosophy is transparent and we offer fixed fees for our ongoing accounting support as well as upfront transparent quotes for other services. Our clients never receive surprise bills! We believe that you get a whole lot more from us, as travel specialists, compared to similar fees charged by generalist practices.

Firstly, travel business accounting should have thorough bookkeeping, as a strong foundation for producing accurate accounting reports, needed both for the shareholders to make informed decisions about the progress of the business, and for compliance with HMRC regulations. Secondly, but equally important, at least three accounting reports are very relevant to travel businesses: 1. the statement of financial position (also known as the balance sheet), 2. the statement of profit or loss, and 3. the statement of cashflows.

In case you have reached the VAT threshold, then you must be assessed for TOMS registration. Once you register for TOMS, you have to submit the TOMS report to HMRC annually.

The majority of small businesses rely on the services of an accountant to make sure they have an accurate assessment of their business at all times as well as to keep HMRC happy.

As soon as you start to think about launching your business, an accountant can help you take the next steps. We can discuss your business’s organisation, tax compliance, logistics and operations, along with target pricing and profit margins.  

Though in theory you could do your own bookkeeping, especially so that big name accounting software companies are advertising how simple and straightforward this is, in practice you may actually find that this is not really so. Accurate and thorough bookkeeping is essential not only for calculating the tax liability, but also for serving as a solid foundation for management accounts and cashflow forecast that are vital for managing your finances well and eventually running a profitable and successful business.

No, we can provide a catch-up service for you, which will be priced per number of months to catch up.

Does your accountant specialise in accounting for travel businesses ?

Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard?

With the right accountant, the answers should be a resounding “Yes!”

The cost of hiring an accountant will always vary from business to business. There are several ways to establish a rough price of how much an accountant will cost:

  • Decide what services you actually need, for example: Bookkeeping, VAT returns, Payroll, End of Year Accounts, Taxes, Advisory
  • Bear in mind your current level of transactions
  • Assess what state your accounts are in

The cost of employing in-house staff to carry out your bookkeeping and accounting can be expensive, especially that there is often no requirement for full-time staff. Bookkeeping and accounting tasks can regularly prove a distraction for business owners and managers away from their daily operations.

An outsourced service can provide all your bookkeeping services and accounting requirements at great value. You will have the comfort of knowing that your records are up to date and comply with all regulations. You will receive reports on performance promptly and much time can be saved in the preparation of your annual accounts.

All businesses, no matter what size, require someone to manage their finances and highlight any issues as soon as they arise to ensure the company continues to be profitable. A bookkeeper will often be the first to spot signs that a company is heading into difficulties by flagging up late paying debtors and cash flow issues. The bookkeeper is a valuable asset, especially as one of the most common reasons for businesses failing in the first year is due to poorly managed finances.

Get some impartial advice from an accountant before you consult the bank. A bank will want to see a strong business plan and organised records. Let us help you get ready for your business’s next step!  

Yes, we can set up Sage accounting software or Quickbooks accounting software for you if you currently use spreadsheets or we can transfer all your data from your existing accounting software to either Sage or Quickbooks, depending on which one we assess that best suits the needs of your business. If you are already on Sage or on Quickbooks, we will not move you to a different accounting software.

Following our introductory meeting, where we discuss the exact services you require and the cost of those services, we will send a proposal to you by email with our letter of engagement. Once this is signed, we will book in another call with you to go through our onboarding process. This will include you providing two forms of identification, required under Money Laundering Regulations 2017.

For our annual self-assessment tax return service and for our annual corporation tax return service, we will invoice you when we have completed the work and sent it to you for sign off. You can pay by bank transfer and then we will submit the return to HMRC for you.

Our corporation tax service, if signed up for together with the bookkeeping service, can have its cost spread over monthly payments.

All our other services are paid monthly in advance by direct debit.

LAS Accounting Ltd partners with accountants that are registered with the ATOL ARA scheme; usually these accountants are only involved with businesses in the travel industry at the level of compliance with ATOL and do not offer any of the other accounting services you need. These accountants collaborate with accountants like me in order to offer the ATOL compliance to those businesses that need it.

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