Do you need to know how to budget your money in these changing times? With the Coronavirus outbreak, many of us will have a significant change in both income and expenditure. For some, the biggest worry is can you afford to live during these changes? We have developed a budget template, which will help you keep track of your finances. Many things will change, and below…
Top 5 Bookkeeping Books Are looking for bookkeeping books to assist your small business accounts? Take a look at our top 5 books. I keep a selection of books to help in research for articles, guides for clients and continuing professional development. There is lots of information on the internet about accounting and bookkeeping, but sometimes having everything in one place is helpful. You can also…
Keeping good financial records is essential for the success of your business. The numbers in your bank account measure your business and here are some key bookkeeping tips that successful businesses practice regularly. By adopting good bookkeeping habits from the beginning will help ensure that mistakes are minimised and costly errors avoided. These bookkeeping tips will are designed to assist you to balance your books every…
What is the difference between bookkeeping and accounting? All businesses will use both bookkeeping and accounting to produce financial reports. Depending on your time and ability will depend if you need to hire a bookkeeper or accountant. Bookkeeping is the process of recording the transactions of the business. It may include posting sales and purchase invoices, recording bank transactions and other items in the general ledger….
What is the difference between Gross and Net Income? Both figures appear on the profit and loss account. Below we look at the breakdown of the profit and loss account or income statement and explain each section. What is Turnover? Turnover is the gross income of the business. It can include income from products and services it sells. An example is a computer company sells and…
Are you looking for the best free accounting software in 2019? As a small business or just starting out, finding a free accounting package can be a good start with your bookkeeping. As your business grows, you may need to upgrade the software. Our guide will provide the best solutions for free accounting software. Each software accounting package has it’s only advantages and disadvantages. Top 5…
Do I need a separate Business Bank Account? Starting a new business can be tricky, especially if it is all new to you. There are enterprises to help guide you through the process, and your bank may have resources to help. Having a separate bank account from your personal account may make your accounting easier. Self- Employed do I need a separate business bank account? If…
What is a sole trader? A sole trader definition is a person that sets up business on their own and do not work for another business. In the UK this is one of the most popular small business formations. A sole trader will also be self-employed and will need to register with HMRC. They can also be known as a freelance worker. There are many reasons…
There are many bookkeeping tasks to complete as either a bookkeeper or small business owner. Complete bookkeeping duties on either a daily, monthly, quarterly or annual basis depending on what they are. Getting into the routine of completing bookkeeping on a regular basis can save the time and heartache of having to rush it when annual accounts are due or management request a report. It is…
The House of Lords wants to slow down Making Tax Digital (MTD). It is due to be introduced to businesses that are VAT registered from 1st April 2019. It is estimated that without the delay 1.2 million businesses will start MTD from next year. All businesses with an annual turnover of more than £85,000, or expect to go over the threshold within 30 days, are required…
Are you looking for Bookkeeping Business Names? Trying to choose the best name for your new bookkeeping business is important. The name will be one of the first things that a potential client will see. Try coming up with a few different names and then choose the best one. Your name is all part of branding the business, the right name and logo can get more…
Are you looking for bookkeeping for self employed? If you are either a sole trader or in a partnership, you will need to register as self-employed with HMRC. You will be required to complete a self assessment tax return on an annual basis. Read our information on registering as self employed. On a self-assessment tax return, unless you have profits over £85,000, you do not need…
The first phase of making tax digital VAT will come into force from April 2019. HMRC had delayed the date, but they are now working closely with software companies to achieve the new deadline. Making Tax Digital what does it mean for me? If your business has income over £85,000 per year, you must register for VAT. All VAT registered businesses over the threshold must use…