Bookkeeping FAQ London — Balance My Books

Question 1

What is Balance My Books Limited?

Accepted Answer

Balance My Books Limited is a professional ICB-accredited bookkeeping firm based in London. We provide bookkeeping, payroll, CIS, VAT returns, accounts, consultancy, pensions and confirmation statement services to small businesses and self-employed individuals. Our ICB Practice Number is 24164.

Question 2

Are you a member of a professional body?

Accepted Answer

Yes. We are proud members of the Institute of Certified Bookkeepers (ICB), the world's largest bookkeeping organisation. Our ICB Practice Number is 24164.

Question 3

What types of businesses do you work with?

Accepted Answer

We work with a wide range of businesses, including sole traders, partnerships and limited companies across many industries. Whether you're just starting out or have been trading for years, we can help.

Question 4

How do I get started?

Accepted Answer

Simply get in touch via our contact form, by phone on 0207 100 5457, or by email. We'll arrange a free initial consultation to discuss your needs and explain how we can help.

Question 5

What bookkeeping software do you use?

Accepted Answer

We are experienced with Xero, QuickBooks and Sage. We can work with your existing software or recommend the best solution for your business.

Question 6

Do I need to register for VAT?

Accepted Answer

You must register for VAT if your taxable turnover exceeds the current VAT threshold (£90,000 as of 2024). You can also register voluntarily if your turnover is below this threshold. We can advise you on whether VAT registration is right for your business.

Question 7

What is Making Tax Digital (MTD)?

Accepted Answer

Making Tax Digital is HMRC's initiative to move tax administration online. VAT-registered businesses are required to keep digital records and submit VAT returns using MTD-compatible software. We can help you comply with MTD requirements.

Question 8

What is the Construction Industry Scheme (CIS)?

Accepted Answer

CIS is a tax deduction scheme for contractors and subcontractors in the construction industry. Contractors must deduct money from subcontractors' payments and pass it to HMRC. We handle CIS registration, monthly returns and subcontractor verification.

Question 9

How much do your services cost?

Accepted Answer

Our fees depend on the services you require and the size and complexity of your business. We offer competitive, transparent pricing with no hidden fees. Contact us for a free, no-obligation quote.

Question 10

Do you offer fixed-fee packages?

Accepted Answer

Yes. We offer fixed-fee monthly packages so you always know exactly what you'll pay. This makes it easy to budget and means there are no surprises.

Frequently Asked Questions

General

Bookkeeping

Payroll

VAT & CIS

Pricing & Fees

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