Streamline Your Finances
Why choose OV?
Accountant-Led Expertise
Client-centric approach
Security and compliance
Have questions?
What is bookkeeping, and why is it important for my UK-based business?
Bookkeeping involves systematically recording, organising, and tracking financial transactions in your business. It's essential for UK businesses because accurate bookkeeping helps you monitor your financial health, comply with HMRC requirements, make informed decisions, and prepare for tax returns.
What qualifications and certifications do your bookkeepers hold in the UK?
Our bookkeepers are certified professionals with expertise in UK tax laws, regulations, and accounting standards. We are an accountant-led practice, Our team holds qualifications such as ACCA & CIMA.
Do you offer advisory services in addition to basic bookkeeping?
Yes, we offer financial and tax advisory services to help you make informed decisions, optimise your tax strategies, and plan for the future.
How can I keep my financial information secure while outsourcing bookkeeping services in the UK?
We prioritise data security and confidentiality. We use secure, encrypted software and follow industry best practices to protect your financial information adhering to UK & EU GDPR, SOC II, and Cloud Security Alliance standards.
Do I need to hire a professional bookkeeper for my small business in the UK, or can I handle it myself?
Whether to hire a bookkeeper depends on your business's size and complexity. While some small businesses manage bookkeeping in-house, hiring a professional can save you time, reduce errors, and ensure compliance with UK tax laws and regulations.
How often should I update my financial records?
Most businesses update financial records monthly. However, some may do so weekly or even daily, depending on the volume of transactions. Regular updates help maintain accuracy and facilitate timely decision-making.
What documents and records should I keep for bookkeeping purposes in the UK?
Essential records include sales invoices, purchase receipts, bank statements, payroll records, expense reports, and VAT records. Proper record-keeping is vital for HMRC audits and tax filings.
How can bookkeeping help me with my UK tax obligations?
Accurate bookkeeping ensures you report income and expenses correctly, claim eligible deductions, and meet tax deadlines. It also provides a clear financial trail for HMRC audits, reducing the risk of penalties.
What software or tools do you recommend for bookkeeping in the UK?
We recommend and advise using Xero which is included in our fee. If you are using Sage, Quickbooks or FreeAgent we offer a transfer service. If you don't use a cloud-based software then we will set this up for you.
Can you help me set up a chart of accounts tailored to my UK business?
Yes, we can create a custom chart of accounts to suit your business needs, ensuring that income and expenses are properly categorised for accurate reporting and analysis.
What is Making Tax Digital (MTD), and how does it affect my business's bookkeeping in the UK?
MTD is a UK government initiative requiring businesses to maintain digital records and submit VAT returns electronically. We can assist you in transitioning to MTD-compliant bookkeeping software and processes.
