Keeping Your Books in Order
May 2, 2019
May 2, 2019
Looking after your finances can be stressful, but with some planning it’s possible to make the task easier to keep on top of. In this blog, we detail how best to go about the process.
If you struggle with any of the following, then you should consider hiring an accountant:
In these situations, a good accountant can save you money. Especially if your business begins to grow and things start to get more complicated.
Accountants can help you file tax returns, keep on top of invoicing and expenses and provide guidance when working on complex financial documents. As such, accountants can make a big difference to your business, even if it’s just for a couple of hours every so often when you need it the most.
According to Accountancy Age, typical costs for an average UK accountant will be around £35 per hour for basic services, such as working on a return, but for more complex work such as tax planning you could pay £150 an hour or more.
Grow your business
Join Checkatrade today
You can search for an accountant by location on the Institute of Financial Accountants website. All accountants have to be chartered by a regulatory board before they can offer their services to business. As such, it’s relatively straightforward to find a suitably qualified individual.
There are cheaper options available, including a number of computer and mobile based systems. Programs like QuickBooks and Xero allow you to send unlimited invoices, calculate and file VAT, manage bills and run payroll operations. These systems still offer a comprehensive solution and are almost always cheaper than bringing an accountant on-board.
Of course. Many sole traders take care of the books for themselves, but you have to be confident that whatever you do is legally compliant. Mistakes can be costly and could result in a financial penalty from HMRC.
Yes, and it’s free. If you’re planning to handle the books independently it’s best to attend an HMRC workshop. The workshops give a great introduction into getting to grips with VAT and how best to navigate the Construction Industry Scheme.
Upon completion, HMRC will provide attendees with a free payroll solution on CD-ROM, which has everything you’ll need to meet your employer filing duties. The courses are high-quality and can really improve your understanding of running a business.
With over 30,000 listings, eBay is a great place to find the best used van. But how does eBay work when buying commercial vehicles? And how do you ensure you stay safe? Dan Powell of Honest John Vans shares his top 5 tips. Sign up and start small It only takes a few minutes to...Continue reading
Kent-based female entrepreneur, Jackie Redmill, Founder and Director of 1st Scenic Windows and Doors, started her venture into double glazing back in 2003. Since then, 1st Scenic has worked on hundreds of projects across Kent, Surrey, London and beyond. Jackie continues to nurture her company as they go from strength to strength with the help...Continue reading
What are the benefits of apprenticeships? There has been a major drive in recent years to encourage businesses, particularly those in the trade industries, to take on apprentices. Richard Harpin, the founder of Enterprise Trust, says that ‘it is time for everyone to address the skills shortage in the UK and increase the number of...Continue reading