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…
Read MoreLeeP 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…
Read MoreShould 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…
Read MoreHow 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…
Read MoreWant 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…
Read MoreKeeping 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…
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