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Bookkeeping Services | MacnCo Legal & Financial Solutions
Bookkeeping services: Everything you need to know
What is bookkeeping?
Bookkeeping is the process of recording financial transactions, including purchases, sales, receipts, and payments. It’s important to keep accurate records of these transactions to ensure that your business is compliant with HM Revenue & Customs (HMRC) regulations and to make informed business decisions.
At MacnCo, we understand that accurate and compliant book-keeping is essential not only for financial clarity but also for fulfilling your legal responsibilities as a UK business. Our comprehensive bookkeeping services ensure that your business remains compliant with all relevant UK legislation while allowing you to focus on growth and day-to-day operations.
Whether you’re a limited company, a sole trader, or a growing partnership, MacnCo delivers trusted, efficient, and legally sound bookkeeping solutions tailored to your needs.
Legal Requirements for Bookkeeping in the UK
Bookkeeping is a crucial aspect of managing a business that cannot be overlooked. Proper financial record-keeping helps businesses to stay on top of their finances and make informed decisions.
- Companies Act 2006
All limited companies must:
- Keep adequate accounting records that clearly reflect their financial activities.
- Be able to disclose the company’s financial position at any time.
- Retain records for a minimum of six years from the end of the last relevant financial year.
Directors may face fines, criminal charges, or disqualification for non-compliance.
- HMRC and Tax Legislation
HMRC requires all businesses—regardless of structure—to:
- Maintain accurate and complete records of income and expenditure.
- Comply with Making Tax Digital (MTD) regulations where applicable.
- Keep records for at least 5 years after the 31 January submission deadline for Self Assessment, or 6 years for VAT.
Failing to comply with HMRC record-keeping rules can result in penalties, interest, and investigation.
- Making Tax Digital (MTD)
If your business is VAT-registered and earns above the MTD threshold, you must:
- Maintain digital records using MTD-compatible software.
- Submit VAT returns electronically via HMRC-approved platforms.
MacnCo helps you stay fully MTD-compliant with seamless digital integration
Our Bookkeeping Services at MacnCo
Our qualified legal and financial professionals provide a full suite of bookkeeping services, ensuring accuracy, transparency, and regulatory compliance:
- Daily Transaction Recording
- Bank Reconciliation
- VAT Bookkeeping & Filing
- Payroll Bookkeeping
- Sales and Purchase Ledger Management
- Monthly & Quarterly Reports
- Cloud-Based Bookkeeping
No matter your sector or stage of business, we ensure your records meet all legal standards.
Benefits of bookkeeping services
There are many benefits to using bookkeeping services, including:
Accuracy – Bookkeepers ensure that financial records are accurate and up-to-date, reducing the risk of errors and mistakes.
Time-saving – Bookkeeping services free up time for business owners to focus on other aspects of their business.
Cost-saving – Hiring bookkeeping services can be more cost-effective than hiring an in-house accountant.
Better decision-making – Accurate financial records enable business owners to make better-informed decisions.
Types of bookkeeping services
Cloud-based bookkeeping services – Cloud-based bookkeeping services are becoming increasingly popular in the UK. They allow businesses to access their financial records online, from anywhere, at any time.
Traditional bookkeeping services – Traditional bookkeeping services involve the use of physical ledgers and journals to record financial transactions.
Outsourced bookkeeping services – Outsourced bookkeeping services involve hiring a third-party company to manage a business’s financial records.
Requirements for keeping financial records
In the UK, businesses are required to keep financial records for a minimum of six years. The records must include:
- Sales and purchase invoices
- Receipts for all business expenses
- Details of all business assets and liabilities
- Records of all payments made to employees
Why Choose MacnCo for Your Bookkeeping Needs?
- Legally Compliant – We ensure your records meet all obligations under the Companies Act 2006, HMRC rules, and UK GDPR.
- Qualified Professionals – Our team includes legal, financial, and tax experts.
- Secure & Confidential – Your data is protected in line with the Data Protection Act 2018.
- Transparent Pricing – Fixed-fee packages and custom plans available.
Ongoing Legal Support – Access to Macnco’s wider legal advisory services for integrated
FAQs – Bookkeeping in the UK
Is bookkeeping a legal requirement in the UK?
Do I need a bookkeeper if I use accounting software?
How long must I keep financial records?
Data Protection & Regulatory Compliance With Macnco
• UK General Data Protection Regulation (UK GDPR)
• Anti-Money Laundering Regulations 2017
• HMRC and Companies House requirements