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Bookkeeping is defined as "the recording of all financial transactions".  Sounds simple but if that was the case why is bookkeeping a career with qualifications ranging from Level 2 to Level 4?   The financial transactions of a sole trader's business to those of a huge organisation vary enormously but whatever level of transactions there are bookkeeping principles to follow.  A sole trader business can be just as complex as a limited company business, maybe more so in some cases - we certainly deal with sole traders who have high value businesses and large numbers of transactions as well as limited companies who have very…
As a sole trader or self-employed person you won't have to pay tax on your earnings until 31 January the year after your first accounting period ends.  Finding out how much tax you will have to pay when you first tax return is submitted can come as a bit of a shock especially if you haven't saved for your tax bill during the year.  Do you understand how Self-Assessment tax works?…
If you employ someone in your business or in your home as a carer and they are not self-employed or paid through an agency you have certain responsibilities.  Here are seven of the steps you need to take to meet your responsibilities:…
Pension auto enrolment is in place for a good proportion of employers now but if you have only just or not yet reached your Staging Date here are four common errors to be aware of.…
For the last week our team have enjoyed the company of a sixth form student on work experience. Rosie is considering accountancy as a career and wanted to experience the type of work involved.  Whilst we are not accountants we are responsible for keeping the accounts records before they are passed to an accountant so our work was a good insight to the foundations of accountancy.  This was a completely new experience for us so our bookkeepers planned carefully the things that they thought would be useful for her to see and do.…
Last week HMRC finally announced their revised plans for Making Tax Digital (MTD) after it was put on hold whilst the election process took place.  Originally MTD was to be implemented for businesses over the VAT registration threshold from April 2018 but this now won't be mandatory until April 2019.…
It is surprising how many emails I receive asking how much we charge for bookkeeping.  Of course that is the uppermost thought when deciding to get some outside help with something.  How much is it going to cost me? But how can I give you a price when I have no idea what you need, what your business does, whether your accounts are up to date or in a mess or whether you have a VAT return due next week. We do not have a "one price fits all" package. …
The VAT threshold for 2017-18 is £85,000 which means that if your business has taxable sales equal to or above this amount over a 12 month period you must register for VAT.  For example if these sales from April to March total £80,000 you do not need to register for VAT but if the taxable sales from May to April, just one month later, total £85,000 or more you must register for VAT. Taxable sales are goods or services you sell which have a tax rate of 0% or 20%.  If you sell goods or services which are exempt or outside the scope of VAT then you do not need to register for VAT.…
In my blog last week I wrote about the varied reasons why clients leave. This week I thought I would consider why they choose to stay with us and on reflection I think it is probably for similar reasons to those that I have for staying with the individuals and companies who support our business:…
I have been a bookkeeper for quite a few years now and it is always sad when you have to say goodbye to a client.  As a bookkeeper I am trusted with confidential financial information and often become the first port of call for running through new ideas or sharing business issues.  Every business owner goes through ups and downs with their business…
239 articles 
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Unit 21 Portway Business Centre
Old Sarum, Salisbury
Salisbury
Wiltshire
SP4 6QX

e: info@sandrasilk.co.uk
t: 01722 341820