Bookkeeping

How to reduce your tax bill when self employed

Before we start looking at ways you could reduce your tax bill, I wanted to share how I view it. I see my tax bill as success. If you aren't liable to pay tax you aren't making money, so look at it that way - be proud that you have a business that's bringing money in...

Get on top of your bookkeeping in 2019

If you've got lots of receipts and invoices lying about it can seem like a daunting task trying to get through them all - you wish the pile would just decrease on its own, don't you? Maybe just leave them, they're only small amounts anyway, yeah? Uh, no! Small amounts...

How does virtual bookkeeping work?

I've had this heading on my whiteboard for about six months ready to write an article because it must be really confusing if you've only ever worked on your own to do your bookkeeping or with someone very local to you. I work with a variety of clients managing their...

Earning my Keep – Bookkeeping

12 months ago I started working with a chap who has a rather large domestic property portfolio in the UK. We started working together just after the end of his 16/17 financial year, and he won't mind me saying, his accounts were a little bit of a mess. A lot of it -...

Stay on top of your 18/19 bookkeeping with these 6 easy steps

I live near a couple of accountants and every year during the last two weeks of March there's a flurry of men and women walking with purpose, with carrier bags full of receipts, towards the accountants' offices. It's like watching stressed parents hand over their...

What are your payment terms?

As small business owners, we learn early on that we don't have to work with anyone we don't want to, that's one of the many benefits of being your own boss. So why do so many accept less than okay payment terms? I've asked this question a few times over the last...

Do you haggle with freelancers?

Do you haggle with freelancers? I've only had it twice, but it's been twice in as many weeks and both women thought it was justified because they could 'offer me exposure' (yeah, I know, people do actually say it) and the other said 'the work is quite...

Ways to improve your working capital

Working Capital = Current Assets – Current Liabilities As small business owners we wear many hats; marketing, finance, customer service, sales, administration, worriers, the list is endless. You can't be expected to excel in all areas, you'd be pretty unique if you...

Making Tax Digital: What does it mean for your small business

Hetty Verney, 'Not Your Average Accountant', explains what Making Tax Digital means for your small business. What is making tax digital? Making tax digital is a process whereby HMRC are going to link their internal systems to allow all taxpayers to access their own...

How much are your clients costing you and your business?

Analysing the cost of late payers Aged receivables is the accounting term used for money owed to a business by debtors. If you, or your bookkeeper, are having to regularly chase debtors this is costing extra time, money and ultimately reducing your profit. Unless you...