Bookkeeping basics for your small business

Running your small business is a big job. Whether or not you have one or two team-members, or you’re a sole operator, there are myriad tasks to be done every day, just to keep your business running. Admin - especially financial admin - can often get pushed to the bottom of the to do list and can add unwelcome pressure. In this blog post I’ll be looking at the basics of bookkeeping and outlining … [Read more...]

5 Tips for starting your business on a shoe string

Starting your business is exciting but also daunting. Many businesses are started whilst the entrepreneur has another job or business so as to mitigate some of the risk. There are many ways of reducing the cost of setting up and establishing a business before the financial risk becomes too big to handle. 1. Work from homeFinding affordable work space suitable for your business locally can be a … [Read more...]

Self-Employment Toolkit

Making the change from employed to self-employed is simultaneously exciting and daunting. What if it doesn’t work out? What if your business doesn’t survive? Thousands of people make the empowering decision to become their own boss every single year. To make the process a little easier we have put together the following Self-Employment Toolkit to provide all of the information you need … [Read more...]

What if I miss the tax return deadline?

Should you fail to meet the deadline to submit your self-assessment tax return there are penalties which HMRC will charge automatically. The first deadline is the 31st October for paper returns, but if you miss that deadline you are not fined as long as you submit the electronic version before the 31st January, but if you miss this deadline, and fail to pay any tax due by the same date then the … [Read more...]

Bookkeeping v Accounting: What’s the difference?

The terms bookkeeper and accountant are often used together or interchangeably when the two disciplines are in fact separate. Bookkeeping forms part of the overall practice of accounting. We take a look at bookkeeping v accounting and some of the ways the two differ and overlap. Depending on the size of your organisation you may only need a bookkeeper or it may make better business sense to … [Read more...]

How to manage expenses

There are many things to think about if you run your own business and a key one should be how to manage expenses. You can’t afford to waste money plus you need to make ensure that any legitimate expenses are logged correctly by employees so as to minimise the amount of tax owed by maximising your allowable expenses. You will only be taxed on your profits if you are not a limited company and … [Read more...]