Accounts

From April 2023 individuals who have income of more than £10,000 per year, including from property, and who complete a Self Assessment Tax Return will have to submit their accounts digitally to HMRC on a quarterly basis.  Whilst this seems a long way ahead now is the time to start thinking how you will manage this.…

Whilst this has been a tough year for many businesses there are some people who decided that this year was as good a time as any to set up a business.  Some people will have found the time to think and plan what they really want to do whilst they had more time on their hands.  Some people will have always had an idea in the back of their mind and this year has given them the opportunity to explore the opportunities and take their idea forward.  Others may have a hobby which they have been able to spend more time on and have found there is a market for their product. You may not think you are setting up a business.  Its just a bit of extra income.  But…

As qualified bookkeepers and not qualified accountants we don't offer accountancy compliance services such as tax returns, partnership or limited company accounts.  This is because, whilst we may have covered the foundation of these in our bookkeeping  qualifications, we don't have the knowledge or experience to give our clients the advice they need on tax matters. Of course we know what can be claimed for both VAT and tax purposes but when it comes down to knowing how best to use the tax rules for your personal and business circumstances we leave that to accountants who work with tax matters frequently and for more clients and therefore have the knowledge and experience that we don't.   Because we choose not to do this work…

Do you keep track of your payments to suppliers and receipts from your customers? Not all suppliers are efficient in keeping track of the incoming payments from their customers and equally not all customers keep track of how much they have paid their supplier.…

When you start a business one of the things you need to arrange is a bank account to enable you to keep your personal and business spending separate. If you are starting as a sole trader/self-employed with just a little income initially it is tempting to…

Whilst you have time to spare and are looking to reduce your overheads now would be the time to look at the charges for taking payments by card.  You will be paying fees to offer your customers this service and every merchant services provider will charge differently.…

In their simplest form management accounts inform the business owner and managers (where appropriate) of the key numbers for their business.  Every business is different and whilst some key numbers are important in every business each business might like to keep track of a different aspect of their business.…

If you are a sole trader or consider yourself to be self-employed you will need to declare your income and expenses to HMRC at the end of each tax year through a self-assessment tax return.  Even if you earn income in addition to being employed and receiving pay through a payroll from your employer you need to declare your additional income to HMRC.  The only exception to this…

If you are a sole trader preparing to file your tax return did you know that some of your business expenses can be calculated using HMRC's rules for simplified expenses?  This includes motor vehicle costs and working from home which can often be time consuming to keep records of.…

Making Tax Digital for VAT is less than 6 months away.  We are ready for it and have made sure all our customers know what changes they need to make too.  Are you ready for MTD?…