NexGen Bookkeeping Services
Bookkeeping
Bank Reconciliation: We will regularly reconcile your bank statements with your internal records to ensure complete matches and no transactions missed.
Transaction Recording: We make and maintain accurate records of all your financial transactions, including sales, purchases, receipts, and payments.
MTD Compliance: we maintain your digital records and can submit quarterly updates to HNRC using Making Tax Digital (MTD) compatible software, keeping you on the right side of regulations.
Sales Ledger & Credit Control: We can manage your sales invoices, track payments, and follow up on overdue accounts to help improve your cashflow.
VAT Services
Preparing and submitting VAT returns. We calculate the VAT you’ve charged on sales and the sevices you provide.
VAT Advice: We advise on the applicable rates of VAT for your goods or services (standard, reduced, or zero rated) and explain the principles of VAT to help you to understand your obligations.
Scheme Management: We can help you manage your VAT affairs under HMRC schemes like the Flat Rate Scheme or Cash Accounting Scheme, ensuring you’re on the most beneficial arrangement for your business.
HMRC Representation: Should HMRC ever have questions about your returns, we can deal with them on your behalf.
Computerised Accountancy Systems
Setting up, installing, or configuring accountancy software (e.g Xero, Sage, Quickbooks etc.)
Training clients on their staff in the use of accountancy or bookkeeping systems.
Demonstrating functions of these systems so that their clients can understand how their financial date is managed.
Payroll
Payroll Processing: We calculate net pay for your employees, taking into account all deductions, including PAYE, National Insurance, pension contributions (including auto-enrolment), and student loan repayments.
RTI submissions: We submit all required Real Time Information (RTI) returns to HMRC on your behalf, including Full Payment Submissions (FPS) and Employer Payment Summaries (EPS) etc).
Payslips & Reporting: We provide you with detailed payroll reports and generate payslips for your employees.
Year-End Compliance: We handle all year end tasks, including the production of P60s and P45s
Statutory Payments: We calculate and manage statutory payments like Sick Pay (SSP), Maternity Pay (SMP) and Paternity Pay (SPP).
Financial Accounts and Accounts Preparation for Sole Traders & Partnerships
For sole traders and partnerships, we prepare clear, comprehensive financial accounts based on the accurate records kept throughout the year. This involves compiling your income and expenditure into formal format, ready for you to use to submit your self-assessment tax return or to simply review year ends profitability.
NexGen Bookkeeping FAQ
What do our bookkeeping clients typically look like?
At NexGen Bookkeeping & PA Services, we primarily support small to medium sized businesses and self-employed professionals who want their finances organised without the stress of managing the records themselves.
Our bookkeeping clients typically include:
Sole Traders and Freelancers
Independent professionals who need reliable support to keep their income and expenses organised throughout the year.
Small to Medium Business Owners
Businesses that are growing and require regular bookkeeping support to maintain accurate records and keep their finances under control.
Consultants and Service-Based Businesses
Professionals who want to focus on delivering their services while leaving the financial record-keeping to a trusted professional.
Start-Ups and New Businesses
Businesses that want to start off with organised financial systems and good bookkeeping habits from the beginning.
By working with businesses in these areas, we are able to provide focused, efficient support tailored to the needs of smaller organisations.
How often will my bookkeeping be updated?
For most clients, bookkeeping is completed monthly to ensure records remain accurate and up to date. This helps prevent large backlogs and keeps your finances organised throughout the year.
What software do you work with?
We work with modern cloud-based bookkeeping software, allowing financial information to be accessed securely and efficiently. This makes collaboration simple and ensures your records are always up to date.
Will you work with my accountant?
Yes. We are happy to work alongside your accountant by ensuring your financial records are organised and accurate, making the year-end accounting process smoother.
What if my bookkeeping is behind?
If your records have fallen behind, we can help bring everything up to date. Catch-up bookkeeping can be quoted separately depending on the amount of work required.
Can my package change as my business grows?
Absolutely. As your business grows and your transaction volume increases, your bookkeeping package can be adjusted to ensure you always receive the right level of support.