Why Not Keeping Your Books Up To Date Could Make Your Recruitment Agency Go Bust!
Over the years, TBOS has been approached by numerous recruitment agencies who have already been trading and making permanent or contract placements but have not engaged an accountant or attempted to keep their books and records up to date.
Below are a few things to keep in mind if you decide to not keep your books up to date:
- You may receive fines and penalties from HMRC for not submitting MTD VAT returns, RTI submissions and Intermediary reporting or you may even become the subject of an HMRC investigation.
- You could be taking more money than the company is making causing you to move your drawings to a Director's Loan. The Directors Loan needs to be repaid within 9 months of the year's end (by declaring a dividend if the company is profitable or repaying the funds) or you will suffer Section 455 tax at 33.75% of the loan value.
- Your company could be struck off by Companies House if you do not submit confirmation statements or year-end accounts.
TBOS is happy to take on these agencies to provide our full back office and accountancy service but the agency has to know that there will be a take-on fee to get the books and records up to date and complete any HMRC filings that need to be completed.
TBOS manages the full back office and accounts of its recruitment agency clients which includes completing the daily bookkeeping and providing monthly management accounts. TBOS also manages all of the submission deadlines for the company with HMRC and Companies House to ensure that there are no fines or penalties.
Contact TBOS For More Information
At TBOS, we provide effective support for recruitment agencies, including outsourced back-office administration, recruitment agency bookkeeping and recruitment finance. To find out more, please call us today on 03456 460402 or book a consultation with one of our experts at a time to suit you.
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