A bookkeeper can help with the financial aspects of your business, giving you back valuable time to spend on customer service, strategy, marketing and operations. 
 
What’s you time worth? 
Don’t think about the cost of using bookkeeping service. Instead, think about the contribution your time makes to your business. 
 
There are some things nobody else can do, so focus on those while your bookkeeper provides the detailed attention your financial records need. 
The end of November saw Global Bookkeeping Week; the fifth annual celebration of the value bookkeepers provide for their clients. 
 
We all know that bookkeepers give businesses back valuable time by taking on their financial record keeping. 
 
Added value 
People sometimes aren’t aware of all the other help they receive from their bookkeeper to comply with requirements such as real time information (RTI) for pay as you earn submissions, Construction Industry Scheme (CIS) rules, pension auto-enrolment and making tax digital (MTD) for VAT
As the 31 January deadline for filing Self Assessment tax returns approaches, HM Revenue and Customs (HMRC) is warning taxpayers about fraud. 
 
This year there have already been nearly 900,000 reports of suspicious HMRC telephone calls, texts and emails. 
 
More than 100,000 were telephone scams and more than 620,000 of them were about false tax rebates. 
We’re all busy, so anything that can save us time is important. 
 
While modern bookkeeping software in the Cloud, like Xero, can make keeping financial records up to date much easier, there’s still the problem of all the paper invoices and receipts we have to deal with. 
 
Now there’s a solution. 
There are a number of taxes that you must pay as a small business owner. 
 
Failing to make payments, paying the wrong amount or missing deadlines can lead to fines from HMRC, as well as interest on any amount overdue. 
 
Making sure that you understand what you are responsible for and how much you will need to pay helps your business to run smoothly. 
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. 
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. 
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. 
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. 
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
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