Bookkeeping Services
Our Bookkeeping services
Bookkeeping is the cornerstone of good financial management and with HMRC issuing over 90,000 penalties for errors in tax returns in 2022/23, it’s imperative that your bookkeeping records are accurate.
It might be tempting to employ someone at a lower hourly rate to become your in-house bookkeeper, especially in the early days of your company. However, entrusting your bookkeeper with sensitive financial information opens you up to risk as they do not have to adhere to the same ICAEW ethical standards as a qualified Chartered Accountant.
Not only do we ensure that our clients information is handled securely but our dedicated team ensure that all information is compliant with the latest legislation. This gives you peace of mind that everything is being taken care of and allows you time to focus on your core operations.
Over the years we’ve saved our clients thousands of hours, taking care of everything from payment processing to preparing payroll and expenses to customised monthly management reporting. Our dedicated bookkeeping team will provide you with continuous, invaluable support and guidance.
Whether you wish to outsource your monthly bookkeeping function completely or need help covering staff absences such as holidays and maternity leave, our dedicated team are happy to help.
Why you should outsource your bookkeeping…
HMRC issued over 90,000 penalties in 2022/23 for errors in Tax Returns.
The number of HMRC tax investigations increased to 248,000 active cases in 2022/23.
Our meticulous team have decades of experience, in addition to our meticulous approach we can also detect internal fraud patterns within an organisation.
As the largest Xero practice in Nottingham, we have over 12 years of experience in offering our clients the best cloud accounting solutions and we have a proven track record across various industry sectors.
You can completely outsource your bookkeeping requirements or we can help you on a project basis to help you cover staff absences. We offer our clients an off-site solution, working closely with your team.
Why choose RWB?
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We have decades of experience in helping clients with a full suite of accountancy services. Our diverse and dedicated team specialise in everything from Personal Tax and Corporate Accounts to Inheritance Tax Planning and Forensic Accounting.
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We are governed by the ICAEW, which has the highest standards of integrity and ethics.
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We have a rigorous protocol: all completed work is checked by your dedicated client manager and then again by one of our directors
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Our meticulous procedures significantly reduce the risk of anything being missed or completed incorrectly.
What our clients say
“Thank you to Lisa and Yuna for all their help and hard work. I really appreciate their skills and help”
— Debbie
“Anne and Beth are very friendly and very helpful, nothing is too much””
— Sally
“Very helpful process and all good!!”
— Mark
Contact us
Would you like to learn more? Our team are happy to help!
Further thoughts…
With limited resources, you might be tempted to manage your bookkeeping. After all, several software packages manage simple bookkeeping. While cloud accounting can offer you detailed insights into your finances in real time, there’s something essential that it can’t give you: the ability to identify tax breaks and allowances, meaning that you could be missing out on significant savings.
Another important factor to consider is that even the most thorough cloud accounting software cannot detect if you have made a mistake with your data entry. Inaccuracies can have serious consequences, from penalties to an increased likelihood of an HMRC investigation.
If you do bookkeeping in-house, it’s wise to have a Chartered Accountant who can conduct regular and detailed analyses of financial statements to spot any irregularities or inconsistencies. After all, the BDO UK Fraud survey in 2021 found that almost a third (29%) of fraud crimes were committed against companies by their employees.
As a leading Chartered Accountancy practice in Nottingham, we have vast experience investigating company accounts to detect whether records are manipulated for personal gain. We know how to spot worrying patterns that could indicate internal fraud, and we can help you rectify this before too much damage is done.
FAQs
Why is accurate bookkeeping so important?
HMRC has significantly increased penalties for late submissions, errors, and failure to keep proper records. Inaccurate or missing records can lead to:
Automatic financial penalties, even for genuine mistakes
Interest charges on underpaid tax
A higher chance of a compliance check or investigation
With quarterly reporting becoming mandatory for many businesses and landlords under Making Tax Digital from 2026, accurate, digital records will become a legal requirement.
What is Making Tax Digital (MTD), and how will it affect my bookkeeping?
Making Tax Digital (MTD) is a government initiative to modernise the UK tax system by requiring businesses and landlords to keep digital records and submit tax information quarterly using compatible software.
From April 2026, MTD for Income Tax Self Assessment (ITSA) will apply to self-employed individuals and landlords with an income over £50,000, expanding to those with income over £30,000 in April 2027. This means:
You must keep digital bookkeeping records (no paper or spreadsheets alone).
You’ll need to submit quarterly updates to HMRC.
An End of Period Statement (EOPS) and Final Declaration will replace the traditional annual tax return.
What happens if I get investigated by HMRC?
If HMRC launches an investigation or a compliance check, they will review your bookkeeping records to ensure your tax affairs are correct. Poor bookkeeping can:
Prolong the investigation
Lead to additional tax assessments
Increase the likelihood of penalties of up to 100% of the unpaid tax if records are deemed inadequate
Cause reputational damage or even court action in severe cases
Is bookkeeping required for tax purposes?
Yes – HMRC requires all businesses to keep accurate records of income and expenses. Proper bookkeeping ensures you submit accurate VAT returns, year-end accounts, and tax returns, reducing the risk of penalties or investigations. With Making Tax Digital, digital records will soon be a legal requirement for many of our clients.
Can I do my own bookkeeping?
Some of our clients do prefer to do their own bookkeeping, especially when they’re in the early days of their business. However, they often find that DIY bookkeeping is time-consuming and prone to error. Self-employed individuals or business owners who do their own bookkeeping can also cause delays with the preparation of their accounts as bookkeeping tends to fall to the bottom of their priority list, unless there is an urgent deadline. This can then impact the cash flow of the business, especially if a large tax bill suddenly requires payment. We always recommend using our bookkeeping service where possible, as it ensures accuracy, compliance and allows your accounts to be prepared in good time.
What software do you recommend for bookkeeping?
We have been recommending Xero to our clients for the last 12 years, and we are the largest Xero practice in Nottingham. We have vast experience in offering our clients the best cloud accounting solutions. We continually invest in the latest accountancy software, and we have a proven track record across various industry sectors.