INVESTMENTS & PENSIONS
In this issue we talk about the considerations you should make when ensuring that your FCA reporting is up to scratch , which will ensure that you have the necessary information at your fingertips when it comes to producing your returns .
1
Keep bookkeeping up to date
The clear advantages to doing this include less backlog to enter , use of the software is fresh in your memory , there are less items to check if balance does not agree to statement , and importantly it will take minutes of your time if done weekly , as opposed to hours of your time twice annually !
2
Delegate to a bookkeeper
Your time is precious and should not be spent on tasks that you can easily outsource at a lower hourly cost than your own . The time freed up allows you to generate more income than the bookkeeper costs .
Companies and LLPs have some additional tasks to complete
3
It is essential that you update the system to agree with filed accounts annually – if there is a discrepancy , the FCA will raise questions or disallow your return . Doing so ensures each years starting point agrees with the accounts filed at companies ’ house .
4
Update the staff register
As staff join and leave , it is important that you update your staff register so it is always current . Doing so at the point staff join and leave also means you keep a track of start and end dates for employees , which can quickly be forgotten if not properly recorded at the time .
5
Keep on top of other RegData filings the FCA may require that are not part of MyRegData |
REP008 |
31 / 08 Disciplinary Schedule |
REP021d 30 / 06 31 / 12 GI Pricing |
REP019 |
31 / 12 GI Value Measures |
REP021e 30 / 06 31 / 12 GI Pricing |
REP021c |
30 / 06 |
31 / 12 |
GI Pricing |
New Baseline Resilience Report – keep track of the items you need to complete this report quarterly :
6
The clear advantages to doing this include less backlog to enter , use of the software is fresh in your a . Total amount of liquid assets that you control or have unrestricted access to b . Average monthly cash needs arising from fixed costs c . Net profit or loss in the last quarter d . Revenue for the financial year to date e . Net asset or liability position
Following these six simple suggestions will make your working life much more straightforward , and coupled with using MyRegData as your filing solution , consign the stress and time taken from profitable tasks to the dustbin once and for all . Contact MyRegData on 0161 413 5070 or sales @ myregdata . co . uk – www . myregdata . co . uk
JANUARY 2024 | 23