FAQs

ALL YOUR DOUBTS RESOLVED

HOW LONG SHOULD I KEEP MY TAX RECORDS?

You must keep your records for at least 5 years after the 31st January submission deadline of the relevant tax year. For example if you sent your 2016-17 tax return online by 31st January 2018 you must keep your records until at least the end of 2023.
But if you send your tax return more than 4 years after the deadline, you'll need to keep your records for 15 months after you send your tax return.

WHAT ARE THE DIFFERENCES BETWEEN AN ACCOUNTANT AND A BOOKKEEPER?

While the roles of a bookkeeper and an accountant are different they do tend to overlap. For example, a bookkeeper will keep an accurate and complete record of the financial transactions of the business whilst accountants apply further financial analysis to the financial records kept by bookkeepers.
If you have spoken to a few bookkeepers you may have found that some may provide slightly different services depending on their experience. For example, some may only provide data entry, bank reconciliations and submission of VAT returns, whilst others may make the additional adjustments required (for example, depreciation, accruals, prepayments, payroll) ready for the financial year end to help reduce the burden on the accountant and hopefully save you money. In addition to this a good bookkeeper should also be able to provide valuable management reports and/or cashflow forecasts.

HOW DO I KNOW IF CARTER BOOKKEEPING SERVICES IS RIGHT FOR MY BUSINESS?

Our approach to our clients is a holistic approach. This means we look at your current booking processes, the systems you use, how you work and where you want to be. By taking this approach we can add value to your business, free up your precious time and relieve some of that stress.

WHY DO YOU NEED TO PERFORM ANTI-MONEY LAUNDERING CHECKS ON ME AND MY COMPANY?

It's not because we don't trust you or your business, it is the law. Any persons dealing with the financial transactions of another person or business must perform their customer due diligence. This involves all those with a controlling interest in the business providing a copy of a current photo id (passport/driving licence are the two top favourites), and a copy of a recent utility bill showing your name and residential address.