
BEST PRACTICE SPONSOR 2020
THE PARLIAMENTARY REVIEW
Highlighting best practice
30 | IM BOOKKEEPING
Managing Director
IldikoMokran
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
TheParliamentary 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
ordormant.
AT A GLANCE
IM BOOKKEEPING
»Managing Director:
IldikoMokran
»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 |
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
whenrequired.
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
servicefurther.
The IM Bookkeeping
team
We do not use
Excel
spreadsheets
– a decision
which we feel
qualifies us to
perform the
best possible
bookkeeping
services
“
“