Being a business owner comes with a variety of challenges. The list of jobs to do is never ending even if you do outsource some of them. There are still many things which you just know you have to do yourself. Sometimes being a business owner can feel like being on a treadmill endlessly moving from task to task without actually moving on. …
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 …
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. …
