Virtual Finance

What is bookkeeping?

• Raising sales invoices for customers
• Processing purchase invoices from suppliers and staff expense claims
• Reconciliation of your bank accounts, credit cards, payment methods such as Stripe, PayPal and Pleo
• Supplier payment runs
• Salary/taxes payments

Find yourself doing too much of this? Let us help!

We use accounting software that can integrate with your bank account on a daily basis to pull through your banking transactions ready to be reconciled.

We use a purchase invoice processing platform that is linked to your accounting software to speed up the receiving and processing of data.

We can assist with the raising of your sales invoices for your customers through your accounting software.

We can also help with your payment runs for suppliers and employees/taxes.

What is MTD for ITSA?

This new regulation from HMRC will apply to individuals from April 2026 if their total gross income from self-employment and property exceeds £10,000 in a tax year (6^th April to 5^th April). MTD for ITSA will involve:

• Four quarterly updates to HMRC detailing income and expenses.
• End of Period Statement (EOPS).
• Final declaration at the end of the tax year.

What does this mean for you?

Businesses and landlords who fall within the MTD for ITSA requirements will need to submit quarterly information by the HMRC deadline, including business income and expenses to HMRC using MTD-compatible software.

HMRC will estimate your tax, based on the submitted information to help budget for this. This will replace the need for a Self-Assessment tax return.

How we can help

The first decision to be made, is how are you going to maintain your records. The options are either on Excel or a piece of software such as Xero.

If you choose Excel, on a quarterly basis we can send you a template for completion, ready for submission. We can also complete this for you if preferred.

If you choose to use software, there is the option for you to maintain your own records or we can do this on your behalf.

Under HMRC’s rules and regulations, if you are VAT registered, regardless of your annual turnover, you must maintain your records and submit your VAT returns to HMRC in a digital format.

More guidance on this from HMRC is available here.

How can Lakin Rose help you become compliant?

• We can help you set up Making Tax Digital (MTD) software such as Xero to maintain your records and submit your VAT returns
• Our bookkeeping services help keep your records up to date ahead of the submission deadlines. See our bookkeeping services here.
• Should you wish to maintain your own records on compliant software, we can review and submit your VAT return on your behalf
• If Excel is your preferred method to keep your records, we can provide bridging software to connect Excel to HMRC to allow seamless VAT submissions

Do you want to know how your business is performing on a monthly or quarterly basis? Maybe you have a board of directors you need to report to? We can help.

Our management accounts function includes:

• Bookkeeping requirements – find out more about our services here
• Preparing monthly or quarterly management accounts including accounting adjustments, prepayments, accruals, payroll journals and income recognition
• Producing management report packs on a monthly or quarterly basis, including a Profit or Loss, Balance Sheet, Aged Receivables and Aged Payables report as standard
• Producing additional management information such as actuals vs budget for your Profit or Loss and cashflow forecasts
• Additional support including monthly or quarterly calls to discuss your figures
• VAT Returns