Consultancies, agencies and other professional service firms bill for time and expertise rather than physical goods, which changes what good bookkeeping and tax filing look like. VVouch builds accounting around retainers, project fees and time-based billing instead of a product business’s chart of accounts.
Challenges
- Revenue often comes from a mix of retainers, project fees and time-based billing, which needs consistent tracking to show true profitability.
- VAT treatment on services provided to overseas clients (export of services) has specific conditions that are easy to get wrong.
- Corporate Tax and Small Business Relief thresholds matter more here since many consultancies are smaller entities.
- Cash flow can be uneven between retained and project-based clients, making forecasting harder without management accounts.
How VVouch Helps
- Bookkeeping structured around retainers, project fees and time-based billing.
- VAT advisory on the export of services, including when zero-rating genuinely applies to overseas clients.
- Corporate Tax registration and filing, with an assessment of Small Business Relief where the business qualifies.
- Monthly management accounts and cash flow visibility built for a services business rather than a product business.
