Month: September 2017

VAT reminder

For those businesses operating the VAT Flat Rate Scheme with your VAT quarter ending 30 Sep. Remember to check your qualifying spend this quarter to ensure you are not caught by the new Limited Cost Trader rules. If you haven’t spent enough on qualifying spend then NOW is the time to do this before 30th…

LeeP Accountant’s Top 6 Bookkeeping Tips To Make Your Accountant Happy!

LeeP Accountants top tips for a healthy relationship with your Accountant! It’s no secret that business owners have to wear many hats – and most would agree that the least exciting of those hats is the bookkeeper’s. A recent survey of businesses conducted by the ICAEW indicated that the #1 thing that slows down business growth…

Are You Keeping Records Of Your Business Journeys?

Our research shows that 95% of sole traders don’t keep records of journeys, which means they have to claim for petrol rather than mileage. When you claim for petrol, you have to split the bill between business and personal use. Thus, you could lose out if you do a great deal of driving for business…

LeeP Accountant’s Top 5 tips- doing your books & keeping accounting records

Maintaining your own financial records – AKA doing your books – can seem daunting when you’re new to it. However, it’s an essential part of running your business. Polly Lee of LeeP Accountants gives her top five tips on doing your own books: 1. Start keeping financial records from the off As soon as you set up…

Should Small Business Owners Still Form A Limited Company?

“With the much reduced dividend allowance coming in from April 2018, does it still make sense to form a limited company or should I continue to operate as a sole-trader?” This is a question I get asked all the time and the answer, unfortunately, is “it depends”. Forming a limited company can often be driven…

How to Keep on top of your debtors

When businesses run into cash flow difficulties, delaying payments to suppliers can become a problem. Keeping on top of your debtors is a vital part of keeping your business afloat. Make sure you keep on top of your debtors, and your cashflow by implementing a debt collection policy. An example of a typical debt collection…

Want To Earn Up To £1,000 Tax Free? New Government Allowance Issued

From April 2017 there were 2 new annual tax allowances for individuals of £1,000 each, one for trading and one for property income. The trading allowance will also apply to certain miscellaneous income from providing assets or services. Where the allowances cover all of an individual’s relevant income (before expenses) then they will no longer…

Keeping business finances separate

Top tip- keep business and personal finances separate by opening a separate business bank account and be meticulous in how you spend money from it. One of the easiest ways to open a business account is to make an appointment at your local branch and speak to an advisor. Explain that you wish to open…

Making Tax Digital – An Update

MTD presentation LeeP Accountants Jun 17 Confused or bemused by HMRC’s Making Tax Digital (MTD)? What does Making Tax Digital really mean? How will it affect you? Does MTD mean quarterly reporting? Is my business exempted from Making Tax Digital? What’s New? On 13 July 2017 the government announced that MTD would be delayed for business until…