Why you need a bookkeeper!
22 April 2022
We thought we would kick off the new tax year with reasons why you need a Bookkeeper!
Entrepreneurs and business owners are great at doing everything themselves, its probably why they have set up their own business and why the thought of spending money on something they could do themselves is madness!!
We get it.
But if you could have more time to grow and improve your business, work more productively, and have a better work life balance surely spending a bit of money to achieve this is a no brainer?!
There is some truth behind the saying “you’ve got to spend money to make money” because hiring a bookkeeper will allow you more time to concentrate on the running of your business whilst they take care of the financial side of things as well as staying on top of your tax obligations. Instead of worrying about collecting receipts, making sure an invoice has been paid, managing your payroll or reconciling your bank statements your bookkeeper will manage all of it (or as much as you need) saving you valuable time. This time could be spent increasing your marketing efforts, improving your products or customer experience, ideally making your business more successful or just allowing you more time to do your job productively.
As well as this bookkeepers collate real-time financial information which in turn can offer valuable insights into your business and allow future planning.
Perhaps you are a dab hand at bookkeeping though, and happy to do it yourself, but have you thought about bookkeeping training? A bit of training on specific areas you may be weaker in could speed up the process and allow you to work even more efficiently; training would ensure you are working to the full potential with the package you currently use such as QuickBooks
Bookkeeping, although an expense, should be seen as an investment as it will ultimately save you time in the long run and you know the saying time is money!
Here at Books and Business we offer a bespoke bookkeeping service from a full service including the new VAT for MTD set up and monthly managing to ad hoc training or even just a one-off reconciliation of your accounts to make sure everything is running as smoothly as it should do.
Send us an email with your specific requirements and let us tailor a package to suit your specific business needs.
Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) is coming, now is the time to get prepared! Whether you're a sole trader, subcontractor, or running a small limited company, choosing the right accounting software will keep you compliant and help you stay in control of your finances. But with so many options out there, how do you choose the best MTD software for your business? Here are some key features to look for: HMRC Compatibility The most important feature is that the software you choose is MTD compliant. It should link directly with HMRC so you can send updates digitally as well as meet other MTD obligations. Ease of Use Your time is best spent on-site, not buried in admin. Choose software that’s straightforward and suits your level of accounting knowledge. Look for mobile apps and dashboards that give you access on the go. Automation & Reporting The best systems will save you time by automating recurring tasks, like invoicing, expense tracking, and mileage logs as well as offering clear reports to help you understand where your money's going. Pricing & Scalability Think about where your business is headed. Can the software grow with you? Choose a platform that fits your budget now, but also supports features like payroll, CIS returns, or multiple users down the line. What are the most popular software options: QuickBooks – A popular option for trades and small business owners, offering strong mobile tools and CIS features. Xero – Great for real-time visibility, simple bank feeds, and job costing add-ons. FreeAgent – Perfect for sole traders and subcontractors, especially those who like things kept simple. Sage – Well-established and ideal if you’re looking for a more traditional setup with solid support. You’ve chosen the software but why make the switch now If you’re still using spreadsheets or a paper-based system, we cannot stress enough that now is the time to go digital . Getting ahead of the MTD deadlines gives you time to learn the software, avoid penalties, and work out any teething problems before submissions are mandatory. A quick note to be aware ...... some banks now include accounting software when you open a new business account. However, it’s advisable to do your research first to ensure the software they are offering meets your business needs. We can help with your MTD journey; we offer a variety of packages to suit each individual’s needs, from basic set up to regular training or just ad hoc training on any areas you may be getting stuck with, we also offer full packages where we can do it all for you. Get in touch for more information.
With the 1st April deadline looming, its reported that 550,000 homebuyers are racing to complete purchases before stamp duty jumps back to its 2022 levels. We have read that sales awaiting completion are up 25% from last year, with an average five-month wait putting pressure on buyers to beat the deadline. Currently, first-time buyers pay no stamp duty on homes up to £425,000 when purchasing a property worth up to £625,000, but from 1 st April, that drops to £300,000. The upper limit will also fall from £625,000 to £500,000. It's not just the first-time buyers taking a hit, currently stamp duty is only owed on amounts over £250,000, however from 1 st April, only the first £125,000 will be exempt. Despite the cost increase, it looks like most buyers are still pressing ahead, with some even renegotiating offers to offset the hike. According to our research, regardless of the impending cost increases, property experts such as Rightmove are predicting the demand to stay strong; especially if interest rates continue to fall. With mortgage rates already dipping below 4%, we believe buyers remain hopeful for a more affordable market ahead.
We give you our top tips for getting your self assessment tax return in
