Your business can help you to retire

Posted on 21st October 2019 at 18:07

Planning for retirement is important, but it can be forgotten when you’re working hard to build up your business.

Workplace pension schemes help people who are employed full time to build up their pension pot. However, if you’re running a small business, it might not be a priority for you at the moment, but there are some options you might like to think about.

Domestic Reverse Charge delayed

Posted on 12th October 2019 at 16:50

Her Majesty’s Revenue and Customs (HMRC) are planning to introduce a scheme known as domestic reverse charge which will change the way VAT is collected in the building and construction industry. It’s intended to make sure VAT is properly paid, closing loopholes for fraudsters.

Customers receiving building and construction services will have to pay the VAT to HMRC, rather than to their supplier. The new charge will cover services that are reported under the Construction Industry Scheme (CIS), but won’t affect consumers.

The legislation and guidance were published in November 2018, following a long consultation. The charge was due to be introduced on 1 October this year, but HMRC has now announced that implementation will be delayed until 1 October 2020.

IR35 changes and what they could mean for you

Posted on 20th September 2019 at 09:23

If you work as a contractor, you might work through an intermediary. This could be a limited company, a partnership, or through your own personal service company.

This is known as off-payroll working. However, if Her Majesty’s Revenue and Customs (HMRC) thinks you are really an employee it can have a big impact on your finances.

What your financial reports can tell you

Posted on 11th September 2019 at 09:08

There’s a lot to think about when you’re running a small business.

Accurate and useful financial reports can save you time and help you to make important decisions.

But which ones do you need and why?

There are a lot to choose from, so here are some common reports and how they can help you run your business.

Taking the pressure out of credit control

Posted on 21st August 2019 at 09:25

Effective credit control is essential to protect your business. When customers are late with their payments, or don’t pay at all, it can cause real financial pressure, especially for small businesses.

You might have had to pay staff costs and buy materials in advance. Non-payment means this burden falls on your cashflow.

Keep your cash flowing - five tips for small business owners

Posted on 14th August 2019 at 09:12

It’s important to have a clear picture of your cashflow to understand how well you are doing and how you can improve your business performance.

Your bookkeeper can help you with this.

Here are five of our top tips.

Six bookkeeping mistakes made by small businesses

Posted on 15th July 2019 at 13:20

When we start our own business, we do most things ourselves, even the things we don’t like, including the bookkeeping.

While it might be tempting to focus on other things, leaving your bookkeeping until the last minute can cause problems.

Here are six common bookkeeping mistakes we see small and new businesses make, along with our suggestions about how to avoid them.

Why I became a bookkeeper

Posted on 2nd July 2019 at 12:00

People might wonder whether bookkeepers are born or made. Well, in my case, the answer is ‘both’.

It figures…

I have always loved maths, but was advised not to do A level maths at school. I trained as a teacher at the University of Hertfordshire specialising in Geography but soon discovered I loved teaching maths.

I was a teacher for over fourteen years but for seven of those years I enjoyed teaching maths to years 9 to 11 year old as well as computing and a variety of foundation subjects at Westfield Middle School.

The school believes in high quality education, teaching excellence, providing great opportunities and variety. Most importantly the staff and children needed to have fun

What is bank reconciliation and why is it needed?

Posted on 25th June 2019 at 14:49

What is bank reconciliation? bookkeeper bedford, bookkeeping

Bank reconciliation means you have checked that the balance on your bank statement matches the balance you have in your business records.

When the figures match, you can say your bank account is reconciled.

If the figures don't match, your bank account is unreconciled. This means that some of your day-to-day business spending hasn’t been accounted for.

You might have too little or too much in your bank account, but it’s important to know why

Benefits in kind - your P11D explained

Posted on 31st May 2019 at 18:22

Benefits in kind are items or services that you or your employees receive from your company in addition to your salary.

They can include things like private healthcare, interest-free loans and company cars. They are reported to HM Revenue and Customs (HMRC) using the P11D form.