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Do I Need a Bookkeeper or an Accountant?

Maybe you don't have the time. Perhaps you're rubbish at numbers, or just dislike working with them. If so, you're not alone. While it may seem easy enough to do yourself, it can be more difficult and time-consuming than you realise.

Many small business owners need professional support with the accounting side of things. The thing is, both bookkeepers and accountants offer support services with the financial side of running a business. So which will suit your needs best?

Bookkeeping generates data about a business' activities

Accounting transforms that data into information

What will an accountant do for your small business?

Bookkeepers...

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5 Solutions to Financial Worries That Keep UK Business Owners Awake at Night

As the owner of a small business, you've taken an enormous risk. It's a really brave move going it alone, and plenty of your fellow entrepreneurs have fallen by the wayside. So what are the main reasons brave people like you are kept awake at night? Here's a list of five common financial worries encountered by small business owners.

The problem - Cashflow

You can run the most successful and popular business on the planet, but if your cashflow goes pear-shaped you still run the risk of having to shut up shop for good. No wonder so many small business owners find...

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Why your company needs to outsource a professional bookkeeper

Explore any good bookkeeping blog and you'll find information about why it's a good idea to outsource to a professional bookkeeper. We've touched on it before, but here's the full story. If you're muddling along without expert support, perhaps it's time to hand over the numbers stuff to someone who knows exactly what they're doing and, just as importantly, actually enjoys it! Here's what you need to know.

29 good reasons why it makes sense to outsource your bookkeeping

1. Just because you run your own business, it doesn't...

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​What Can I Reclaim VAT Back On?

The UK's VAT system isn't exactly known for its simplicity. Quite the contrary – it can be a minefield. So what, exactly, can you reclaim VAT on? We've already examined VAT reclaiming on motor vehicles and fuel, and we thought businesses like yours would also appreciate a plain language look at VAT reclaim in general. Here's what you need to know.

What can you claim back VAT on?

As a business you can usually claim back the VAT you have paid on goods and services bought for business use, for which you have a valid VAT receipt. No receipt, no reclaim!

If...

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What Small Businesses Need to Know About Money Laundering

Money laundering is in the news at the moment because of the new legislation around the so-called 'two tier regime'. What is it, and why are small businesses at particular risk from money launderers? Here's what you need to know.

The risks of a two-tier regime

There are growing fears that anti money-laundering (AML) laws that came into effect in summer 2017 might end up creating an two-tier regime, thanks to differences in the way accountants who belong to a professional body and those who don't are treated. Chartered Accountants Ireland says the new law might easily...

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13 common small business VAT mistakes - And how to avoid them

Did you know that HMRC is cracking down on businesses underpaying their VAT? Apparently HMRC collected a whopping £3.4bn extra in VAT under-payments from small and medium-sized businesses during the 2016-2017 tax year, part of a big crackdown on tax evasion. And it isn't going away any time soon.

As long as there are SMEs determined to avoid paying their VAT in full, HMRC will keep investigating. In fact they have set up two specialist teams to deal with the issue, the Individuals & Small Business Compliance unit, and the Wealthy & Mid-sized Business Compliance unit, bot tasked specifically with...

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Small Business? Here are 7 Xero Add-ons Worth Having

Xero was one of the first cloud-based accounting software tools on the market, and since it launched way back in 2006 it has grown from strength to strength. The basic package is excellent, and there are all manner of add-ons – literally hundreds - available to help you tailor the tool to your exact small business or freelancer needs. Here are the seven Xero add-ons we feel have the most to offer.

Centralise your receipts and invoices with Receipt Bank

Receipt Bank is all about helping you digitise and centralise your receipts and invoices. It lets you extract all...

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Payroll is Complicated – Get it Right First Time!

There's no getting away from it. Payroll is complicated. And because it involves people's money, you can't afford to get it wrong. It makes a lot of sense to hand it over lock, stock and barrel to an experienced bookkeeper, or at the very least make certain you do it right yourself, first time, every time.

Large scale payroll tax problems

The first step to payroll excellence is knowing what can go wrong if you slip up. It's sobering stuff. Take a look online and you see how the simplest payroll errors cost businesses a fortune in fines and penalties, plus...

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How the Spring Budget (2017) Could Affect Your Small Business

Sometimes the Chancellor's Spring Budget doesn't contain much for small businesses to worry about. Other times it's a case of 'all change'. So what did Philip Hammond's plans deliver this time, and how might they affect your small business? Read on to find out more about a Budget that was immediately accused of picking on small business and entrepreneurs.

Does the latest Budget affect your business rates?

For some time small businesses have struggled to meet sky high business rates, with many feeling they are unfairly burdened and that the financial demands of the exchequer are preventing them from growing. The latest...

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IR35 Nightmares? You Are Not Alone - Here's The Latest News

When the Association of Taxation Technicians (https://www.att.org.uk/) voices concerns about a core element of Britain's tax system, you know there's something to worry about. That's what's been happening with IR35, the much-despised and dreaded employment status tax rules that, according to the ATT, might actually see employees losing a proportion of their income.

The latest set of rules come into play from the new tax year, in April 2017, and the problem is a fundamental one. There isn't a clear appeal process in place for people who feel they've been wrongly classified by a public sector organisation...

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Quick Links

Do I Need a Bookkeeper or an Accountant?

5 Solutions to Financial Worries That Keep UK Business Owners Awake at Night

Why your company needs to outsource a professional bookkeeper

​What Can I Reclaim VAT Back On?

What Small Businesses Need to Know About Money Laundering

13 common small business VAT mistakes - And how to avoid them

Small Business? Here are 7 Xero Add-ons Worth Having

Payroll is Complicated – Get it Right First Time!

How the Spring Budget (2017) Could Affect Your Small Business

IR35 Nightmares? You Are Not Alone - Here's The Latest News