I M Bookkeeping

A Message from Lord Pickles and Lord Blunkett, followed by I M Bookkeeping's best practice article

The ability to listen and learn from one another has always been vital in parliament, in business and in most aspects of daily life. But at this particular moment in time, as national and global events continue to reiterate, it is uncommonly crucial that we forge new channels of communication and reinforce existing ones. The following article from I M Bookkeeping is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.

Blunkett signature Rt Hon The Lord David Blunkett
Pickles signature Rt Hon The Lord Eric Pickles

www.imbookkeeping.co.uk

THE PARLIAMENTARY REVIEW
Highlighting best practice
THE PARLIAMENTARY REVIEW
Highlighting best practice
30 | IM BOOKKEEPING
Managing Director
IldikoMokran
Ildiko Mokran founded IM Bookkeeping in 2005 after
missing a plane back to Hungary. After working for firms
including KFC and the Hungarian Food Company, Ildiko
recognised there was space in the market for a specialist
bookkeeping firm to work with Hungarian companies in the
UK and incorporated IM Bookkeeping in 2013. Ildiko tells
TheParliamentary Review
about the firm’s strong focus on
cultural and family values, and discusses how this informs the
work they do every single day.
One missed flight prompted me to remain in the UK, and ultimately to start a
bookkeeping company some three years later. Since this time, we have expanded,
and were incorporated in 2013. We have grown from a small business, run from
home, to an office with five employees including myself.
Having worked for KFC, Soap Media and the Hungarian Food Company while
studying for my bookkeeping qualifications in the UK, I gained essential experience
in both bookkeeping and communication skills. Through working with a wide
variety of companies, I learned the importance of being sensitive to the needs of
our clients, working to maintain professional standards in addition to delivering a
high-quality service. We have full liability insurance and ensure that all work we do
complies with statutory regulations.
We provide services to a substantial number of Hungarian clients and are able to
offer services in both Hungarian and English. Over 60 per cent of our clients have
worked with us from the start, and their repeat custom is a testament to the quality
of the service we provide.
We have just started a service which provides customs clearance, with the help of
a grant from HMRC. We hope to expand on this somewhat in the coming years,
utilising a customs clearance course online, among other methods.
Keeping your books
We are able to offer bookkeeping services to sole traders, partnerships and
limited companies. We can prepare financial statements, aid companies in
preparing for the end of the year, work with VAT and tax returns, and create
profit and loss statements. We do not use Excel spreadsheets – a decision which
we feel qualifies us to perform the best possible bookkeeping services. Instead
we use specific software allowing us to perform our services accurately and with
ease, to provide the best possible service for our clients. We highlight the fact
that a business is required to submit tax returns, regardless whether it is active
ordormant.
AT A GLANCE
IM BOOKKEEPING
»Managing Director:
IldikoMokran
»Founded in 2008
»Located in Preston
»Services: Bookkeeping and
payroll services
»No. of employees: 5
»Ildiko is a Fellow of the
Institute of Chartered
Bookkeepers
IM Bookkeeping
BEST PRACTICE SPONSOR 2020
THE PARLIAMENTARY REVIEW
Highlighting best practice
30 | IM BOOKKEEPING
Managing Director
IldikoMokran
Ildiko Mokran founded IM Bookkeeping in 2005 after
missing a plane back to Hungary. After working for firms
including KFC and the Hungarian Food Company, Ildiko
recognised there was space in the market for a specialist
bookkeeping firm to work with Hungarian companies in the
UK and incorporated IM Bookkeeping in 2013. Ildiko tells
TheParliamentary Review
about the firm’s strong focus on
cultural and family values, and discusses how this informs the
work they do every single day.
One missed flight prompted me to remain in the UK, and ultimately to start a
bookkeeping company some three years later. Since this time, we have expanded,
and were incorporated in 2013. We have grown from a small business, run from
home, to an office with five employees including myself.
Having worked for KFC, Soap Media and the Hungarian Food Company while
studying for my bookkeeping qualifications in the UK, I gained essential experience
in both bookkeeping and communication skills. Through working with a wide
variety of companies, I learned the importance of being sensitive to the needs of
our clients, working to maintain professional standards in addition to delivering a
high-quality service. We have full liability insurance and ensure that all work we do
complies with statutory regulations.
We provide services to a substantial number of Hungarian clients and are able to
offer services in both Hungarian and English. Over 60 per cent of our clients have
worked with us from the start, and their repeat custom is a testament to the quality
of the service we provide.
We have just started a service which provides customs clearance, with the help of
a grant from HMRC. We hope to expand on this somewhat in the coming years,
utilising a customs clearance course online, among other methods.
Keeping your books
We are able to offer bookkeeping services to sole traders, partnerships and
limited companies. We can prepare financial statements, aid companies in
preparing for the end of the year, work with VAT and tax returns, and create
profit and loss statements. We do not use Excel spreadsheets – a decision which
we feel qualifies us to perform the best possible bookkeeping services. Instead
we use specific software allowing us to perform our services accurately and with
ease, to provide the best possible service for our clients. We highlight the fact
that a business is required to submit tax returns, regardless whether it is active
ordormant.
AT A GLANCE
IM BOOKKEEPING
»Managing Director:
IldikoMokran
»Founded in 2008
»Located in Preston
»Services: Bookkeeping and
payroll services
»No. of employees: 5
»Ildiko is a Fellow of the
Institute of Chartered
Bookkeepers
IM Bookkeeping
31IM BOOKKEEPING |
FINANCIAL SERVICES
We are also well placed to advise
companies and individuals on investing
in Bitcoin. We are willing and able
to inform them as to the required
activities to continue trading, and
the documents needed to determine
income. We can also gauge which type
of trading Bitcoin is categorised as,
in relation to your specific venture, in
addition to the type of expenses that
can be claimed against Bitcoin trading.
Our bookkeepers are also able to
advise on the Pensions Act 2008. For
those operating in a company larger
than one person, there are certain
legal obligations which must be met
in accordance with this. We can advise
on these obligations, in addition to
the most effective and efficient way to
offer a pension.
Personal pensions and payrolls
We are qualified to offer guidance on
the creation of a personal pension, a
tax-efficient savings scheme, which
includes the creation of ISAs in
addition to the development of general
investment accounts. If the decision
to invest is made, we are more than
happy to refer clients on to our
investment partners. We are also able
to offer advice as to when gains can be
redeemed and in what capacity.
We can also provide information as
to how a payroll can be structured,
including the records of an employee’s
salary or wages. We are able to
calculate payrolls on a weekly,
fortnightly or monthly basis and can
calculate the national insurance and
income tax required in accordance
with HMRC. We are also equipped
with the requisite training to fill in
and submit electronic forms when
appropriate to the tax office. We try
to minimise what is required from a
company, removing the burden from
them. The only request we make is
that the companies we work with
make the payments.
The future of finance
We are also working with companies
that offer our clients a business finance
service. We are hoping to establish
this service within the UK, allowing
us to provide any consultation as and
whenrequired.
The current challenge we are facing
is Brexit. Since nobody knows what
is going to happen, a number of
former clients are remaining dormant
at the moment. We are waiting for
the situation to be resolved before
planning our next move.
We find that this industry-wide
problem has also meant it is difficult
for us to reach new customers; larger
companies are impacted just as much
as smaller ones. We are working for a
number of different contracts and all
are as concerned with the situation as
we are.
In the coming years we hope to
expand and reach more clients. We
also hope to offer new services. Our
current role in the customs clearance
model is something we see as an
integral part of our future. Through
offering new services, alongside
our existing role as bookkeepers,
we believe we can continue to
thrive and develop our bookkeeping
servicefurther.
The IM Bookkeeping
team
We do not use
Excel
spreadsheets
– a decision
which we feel
qualifies us to
perform the
best possible
bookkeeping
services

www.imbookkeeping.co.uk

This article was sponsored by I M Bookkeeping. The Parliamentary Review is wholly funded by the representatives who write for it. The publication in which this article originally appeared contained the following foreword from Rt Hon Elizabeth Truss.

Rt Hon Elizabeth Truss's Foreword For The Parliamentary Review

By Rt Hon Elizabeth Truss

Even by the standards of the day –this has been one of the most exciting and unpredictable years in British politics.

The leadership election we’ve just seen marks a huge moment in our country’s history. This government is taking a decisive new direction, embracing the opportunities of Brexit and preparing our country to flourish outside the EU.

As international trade secretary, I’ll be driving forward work on the free trade agreements that are going to be a priority for the government. Free trade isn’t just an abstract concept bandied around by technocrats. It is crucial for a strong economy and for the ability of families to make ends meet. Free trade benefits people in every part of our country, as British firms export to new markets and people doing the weekly shop have access to a wider choice of goods at lower prices.

The essence of free trade is in the title: freedom. It’s about giving people the power to exchange their goods without heavy government taxation or interference. Commerce and free exchange are the engine room of prosperity and social mobility. I’m determined to tackle the forces who want to hold that back.

One of my priorities is agreeing an exciting new free trade deal with the US, building on the great relationship between our two countries and the Prime Minister and US President. But I’ll also be talking to other partners including New Zealand, Australia and fast-growing Asian markets.

And with the EU too, we want a friendly and constructive relationship, as constitutional equals, and as friends and partners in facing the challenges that lie ahead – a relationship based on a deep free trade agreement. Our country produces some of the world’s most successful exports, and the opportunity to bring these to the rest of the world should make us all excited about the future. It is this excitement, optimism and ambition which I believe will come to define this government.

For too long now, we have been told Britain isn’t big or important enough to survive outside the EU – that we have to accept a deal that reflects our reduced circumstances. I say that’s rubbish. With the right policies in place, we can be the most competitive, free-thinking, prosperous nation on Earth exporting to the world and leading in new developments like AI. To do that, we’ll give the brilliant next generation of entrepreneurs the tools they need to succeed. Since 2015, there has been a staggering 85 per cent rise in the number of businesses set up by 18 to 24 year olds – twice the level set up by the same age group in France and Germany. We’ll help them flourish by championing enterprise, cutting taxes and making regulation flexible and responsive to their needs.

As we do that, we’ll level up and unite all parts of the UK with great transport links, fibre broadband in every home and proper school funding, so everyone shares in our country’s success.

2019 has been the year of brewing economic and political revolution. 2020 will be the year when a revitalised Conservative government turbo charges the economy, boosts prospects for people across the country, and catapults Britain back to the forefront of the world stage.



Rt Hon Elizabeth Truss
Secretary of State for International Development