You’re a sole trader running a small business. You’re feeling comfortable with the whole annual self-assessment tax process and you’ve mastered Excel spread-sheets. But, brace yourself. The government has planned a big digital overhaul of the tax system with a raft of new tax changes coming your way. The rationale behind the “Making Tax Digital” plan is HMRC’s […]
National Insurance Contributions – it’s all change for the self-employed
Many sole traders look at their tax position only in terms of the Income Tax payable and sometimes forget to take into account the tax they have to pay as National Insurance (NI). It’s easy to understand why NI is often regarded as the “forgotten tax” as the thresholds at which you pay NI and Income Tax differ. You […]
7 tips to help improve your small business finances
Now that your small business accounts and tax (for the previous tax year) are done and dusted, consider taking some time to reflect on your business’s performance over the year. What went well? What didn’t work out? What could you do to improve over the next twelve months? Here are my 7 tips to help improve […]
A Tax Return Checklist (part 2)
If the thought of completing a tax return feels scary and overwhelming right now. If, just hearing the word “tax” sends your heart racing. Let me start by saying that you’re not alone. It’s entirely normal to feel like you should be coping with everything that running a small business entails. I know I do! […]
7 things you can do using online accounting software that you can’t do with Excel
You’re a small business owner managing your own bookkeeping using Excel. But recently, the complexity of the business has changed. You’re trying to muddle through with the same old processes and procedures but inside you’re crying out for some order, some structure (and a bit of a breather). Can you relate? When it’s OK to […]
You’re a sole trader – do you really need an Accountant?
You’re a sole trader with a small business – do you really need an Accountant? You may be surprised to learn that there is no mandatory requirement for sole traders to use an Accountant and, there will be many occasions when you can confidently forge ahead on your own steam. But, can you dispense entirely of […]
5 sole trader bookkeeping mistakes to avoid
It’s taken commitment, guts and talent to create something out of nothing. I know from personal experience that’s no mean feat. It’s seriously hard work. You’re juggling more things than sometimes seems possible. You’re trying to do it all. And I’ll bet there have been times that you’ve wanted to throw in the towel. Am I […]
Is there an easier way to prepare sole trader accounts?
As sole traders we dream of spending each working day immersed in the things that made us set up our business in the first place – making a product or selling a service. We didn’t dream about the tedious, demoralising and sometimes overly complex chores that come part and parcel of the self-employment package. Frequently, the easier option is just […]
7 tips to getting customers to pay (quickly)
The idea for my blog “tips to getting customers to pay” came to me after reading narrative on a software site. The article stated “that asking customers for money and invoicing them accordingly was the best part of a small business owner’s job” Really? I was cast back to the early months of starting up […]
Starting a business: the sole trader’s introduction to getting it right first time
You’ve had the idea to start a business and are full of excitement. It’s taken courage to decide to reinvent yourself, to become your own boss. But right now your to-do list is getting you down. There’s your “big idea” but then there’s all these other annoying parts of the jigsaw puzzle that need to […]