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Don’t let your accounts frighten you with Rosemary Bookkeeping UK

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How Rosemary Bookkeeping takes the fright out of your bookkeeping

At Rosemary Bookkeeping, we know that your bookkeeping can be scary.

There’s the pressure to avoid mistakes, coupled with anxiety around your technical know-how, plus frequently changing or appearing legislation that feels like it’s out to trick you.

As experts in bookkeeping for over 20 years, we provide expert bookkeeping services to small businesses across the UK so they can focus on what matters to them and not their books.

This Halloween, we’re here with one piece of guidance: your bookkeeping doesn’t have to be frightening.

How a bookkeeper can help you

Bookkeepers like Rosemary Bookkeeping can help with all aspects of your bookkeeping and finances.

This includes:
  • Taking the hassle out of sorting all your invoices, receipts and bank statements
  • Having your VAT return prepared for you in good time
  • Liaising directly with your accountant
  • Having reports and figures every month that help you make decisions on your business growth
  • 121 bookkeeping support

Maximising your time by outsourcing

Most business owners don’t maximise the impact of their time.

Consider what activities you do that generate the most revenue.

It’s probably not the bookkeeping.

Although it is vital to keep track of cash flow and understand where the most profitable parts (or not) of your business are.

Outsourcing your bookkeeping to us means it is in safe hands.

We focus on your books while you focus on your business.

The benefits of the Rosemary System

There are many benefits to choosing to work with your local Rosemary Bookkeeper.

Transparency

Our charging system is transparent, so you always know exactly what you are paying for.

Standardised Paperwork

We standardise the paperwork, ensuring you and your accountant receive the paperwork in the same way.

Safeguarding

Safeguard your business using our Rosemary System®, which delivers systemised efficient processing – this means ANY of our bookkeepers can complete your bookkeeping should your usual bookkeeper be ill or on holiday.

Local knowledge, national brand

At Rosemary Bookkeeping, we operate as part of a nationwide franchise network, with our business owners working locally.

This means you benefit from a winning formula of local knowledge combined with the expertise and experience of a national brand and nationwide systems and processes for success.

Contact us

Take the hassle out of your business and give yourself the time to focus on what matters by finding your nearest Rosemary Bookkeeping business or calling 0345 862 0072 to see how we can help you today.

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How bookkeepers create great value for accountants

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The great value a bookkeeper can bring to an accountant.

While there is overlap in their work, meaning the two often get confused, bookkeepers and accountants have distinct roles and responsibilities.

They often work well together, as the work of a bookkeeper plays a part in supporting the work of an accountant.

At Rosemary Bookkeeping, we are experts in bookkeeping, supporting clients across the UK, from small businesses to accountants with bookkeeping and finances.

But what can a bookkeeper do for an accountant?

How bookkeepers help accountants

Bespoke client support

The work of a bookkeeper is to understand the needs of their clients.

Our work is personal and bespoke as we tailor our services to work around what you need.

The relationships we build with our clients can also help us to be the bridge between the small businesses we serve and accountants.

Support with existing clients and workload

It’s not just new clients that a bookkeeper can support accountants with.

A bookkeeper can also help accountants with their existing clients.

If accountants recommend their ‘troubled’ or tricky customers to a bookkeeper like Rosemary Bookkeeping, we can support them with their accounts.

Furthermore, during busy periods like the new tax year, we can support accountants and help with capacity.

Streamlined and easy processes

Bookkeepers also work to tight deadlines and work with accuracy, minimising the back and forth to get things done correctly ahead of deadlines.

Rosemary bookkeepers can do all the monthly and quarterly chasing to ensure the experience is stress-free and smooth for everyone involved.

All Rosemary reports and documents are uniformly formatted, making life a breeze for accountants.

See how a Rosemary Bookkeeper can help you

These are just some ways a bookkeeper can help an accountant derive a higher value from their time and services.

Whether you’re an accountant or a small business, a bookkeeper can help streamline your financial processes.

By contacting the professionals at Rosemary Bookkeeping, you receive personal and expert support on all aspects of bookkeeping.

Find your nearest Rosemary Bookkeeping business to see how we can support you today.

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Bookkeeper vs Accountant – What’s the difference?

How is a bookkeeper different to an accountant?

Often bookkeeping and accounting are considered to be the same profession.

Although they seem to have very similar roles and work there are some major differences between the two.

The real value of any business is achieved when both work closely together.

What is the difference between Accounting and Bookkeeping?

Bookkeeping is the day-to-day process of accumulating, categorizing, and recording financial transactions.

Bookkeeping is a foundation of your finances, providing vital information for reports, financial statements and tax returns.

The main objective of bookkeeping is to keep all financial transaction records up to date in a proper and systematic manner.

Bookkeepers are often responsible for:
  • Data entry
  • Balancing bank ledgers
  • Preparing bank reconciliations
  • Tracking income and expenses
  • VAT returns
  • Maintaining the general ledger
  • Completing payroll
  • Producing monthly financial statements and reports (e.g. profit and loss reports)
Accounting is the process of:
  • Recording
  • Measuring
  • Classifying
  • Verifying
  • Summarising
  • Analysing
  • Interpreting

And communicating financial information compiled during the bookkeeping process.

Accounting produces:
  • Conclusions
  • Reports
  • Forecasts
  • Financial statements
  • Tax returns

Strategies and models that can be used by business managers to make key business decisions.

As a result, it provides a picture of the actual profitability, trends, cash flow and other key financial indicators.

Put simply: Bookkeepers produce the data, while accountants review and interpret reports, providing insights into the business.

Similarities

  • Bookkeepers and accountants both work with financial data.
  • Working with small businesses bookkeepers’ and accountants’ roles sometimes overlap, as bookkeepers can generate financial reports through bookkeeping software.
  • Both are tax-compliant.
  • Both share a goal of improving your business’s financial health.

Differences

Bookkeeper:

  • Records and classifies all financial transactions
  • Processes receipts, payments and other financial transactions
  • Processes sales and purchase invoices
  • Maintains and balances subsidiaries, general ledger and historical accounts
  • Reconciles bank statements
  • Track income and expenses for the tax periods
  • Prepares initial financial statements
  • Manages accounts receivable and accounts payable
  • Prepares and files VAT returns
  • Can also facilitate payroll

Accountant:

  • Analyses/interprets, and provides subjective advice based on data from the bookkeeper
  • Adjusts entries
  • Generates financial statements and reports
  • Files income tax returns
  • Submits annual accounts
  • Advises on tax strategy and tax planning
  • Prepares financial forecasts
  • Analyses business performance
  • Prepares budgets, business plans and cash flow forecasts
  • Provides financial management advice
  • Audits

A bookkeeper’s and accountant’s work can overlap.

But in general, a bookkeeper’s priority is to record transactions and keep them organised whilst accountants provide consultation and analysis, and often are more qualified to advise on tax matters.

When deciding if you need a bookkeeper you’ll need to review the benefits, as it might be more beneficial for you to concentrate on your business and hire a bookkeeper to look after your day-to-day finances.

A bookkeeper can also liaise with the accountant for you to allow you to focus even more on your business.

In summary, bookkeeping is the completing of day-to-day financial tasks and accounting is the analysing and summarising of information produced by a bookkeeper.

Both have a big role to play in the business and together bookkeepers and accountants can help you better understand your business and take it to the next level.

Find out more

Ensure your business is in safe hands by leaving your bookkeeping to your nearest Rosemary Bookkeeping expert.

Whether you want a helping hand and advice or to outsource your books, your local professional can help.

To learn more about how we can help you manage your finances and avoid bookkeeping woes, call 0345 862 0072 today.

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Can a bookkeeper improve mental health?

Mental health means different things to different people.

And because the impacts can be invisible, it is often not taken as seriously as physical health.

However, the impacts of mental health are more widespread than you think.

According to NHS England, one in four adults and one in ten children experience mental illness during their lifetime.

That’s why the World Health Organisation aims to make mental health a global priority for all this year by recognising 10th October as World Mental Health Day.

Lots of factors can impact your mental health.

From the ins and outs of your daily routine to external factors like the cost of living crisis.

The latter of which is currently having a sizeable impact on the mental health of UK citizens, as many of us brace for the uncertainty of the next few months.

In times like this, we tend to worry only about the tangible factors of the situation and not how we’re affected mentally.

But, stress and other mental health issues can make matters worse and should be treated the same as any other physical condition.

Here’s why:

The value of your mental health

No matter your age or lifestyle, mental health plays a big role in your life and overall health.

The benefits of improved mental health are broad and include:

  • Improved physical health and life expectancy
  • Better educational achievement
  • Reduced health risk behaviours such as smoking and alcohol misuse
  • Reduced risk of mental health problems and suicide
  • Improved employment rates and productivity
  • Reduced anti-social behaviour and criminality
  • And higher levels of social interaction and participation.

So how can you improve your mental health?

Ways to improve your mental health

There are many ways to improve your mental health, particularly against stress and issues that can arise from isolation. The NHS recommends that you:

  1. Connect with other people

Maintaining good relationships with others can work wonders.

For example, the sense of belonging to a group can improve self-worth and provide emotional support.

Using technology as a crutch has become an easy habit to fall into in recent years, but the importance of connecting with people outside of your sphere cannot be underestimated.

  1. Be physically active

Similarly, remaining active causes chemical changes in your brain through the release of endorphins.

This can improve your mood and raise your self-esteem.

The nature of exercise also makes it a great way to improve your self-worth by setting and achieving regular goals and targets.

But, it’s not the only way to do this.

You can also receive the same effect through your work or by learning new skills.

  1. Learning new skills

This can be great for your self-esteem and self-worth by helping you build a sense of purpose in an activity and is another way to connect with others.

  1. Give to others

Exercising kindness day-to-day can be beneficial to you and the receiver.

The act of giving creates a positive feeling in your body through the sense of reward that comes from gratitude.

Being kind helps forge the right connections essential for prosperous human survival and is the cornerstone of building a healthy community.

Giving back is an essential tenant of mental health. Both in improving your own, and the mental health of those around you.

All of which feed into the spirit of World Mental Health Day.

  1. Pay attention to the present moment

This boils down to the practice of mindfulness, a familiar term to many.

But what does it mean?

Essentially, mindfulness is paying attention to the present moment, including how you feel in your mind, body, feelings, and the world around you.

At an appropriate time, give it a try.

Sit with yourself and reflect on the world both inside and around you.

How does food taste, what sensations do you feel moving through the world, and what happens if you do something a little differently?

How Rosemary Bookkeeping can help

At Rosemary Bookkeeping, our priority is supporting you.

By outsourcing your bookkeeping to us, you’re letting go of all the stress and worry of managing your finances alone and leaving it in the hands of your financial experts.

We work with you to take the stress out of your bookkeeping so that you can focus on the things that matter to you.

Your local bookkeeper can help with more than the numbers and can give you advice on changes in the financial world and how to manage issues like the cost of living crisis.

Having regular meetings with a bookkeeper also helps you to make informed decisions about your business’s finances.

The economy is changeable, and with recent legislation like MTD, a well-informed bookkeeper can help you to know what is happening with your money.

All this benefits the health of your business and your mind, as you can put the proper plans in place and not spend your day agonising over making the right decisions.

One of the best ways to improve your mental health is to not suffer alone.

Seeking out the support available to you, particularly within your community, will make a massive difference.

Whether this is talking to loved ones, a mental health specialist, or getting the right help to tackle the problems you’re facing.

Contact your nearest Rosemary Bookkeeper for a free quote on our services for the right support for your business.

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Important bookkeeping dates you need to know this August

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Important bookkeeping dates for your diary for August 2023.

August is a busy month for us bookkeepers, with deadlines abounding everywhere you look.

As a small business owner, you must navigate the next few weeks properly and ensure any payments and returns you must adhere to are in hand.

Here are the essential dates you might need in your diary for the coming month.

3rd August 2023

P46 Submission

This is the final day to submit P46 for employees whose car/fuel benefits changed during the quarter to 5 July 2023

7th August 2023

VAT Returns

VAT returns and payments are due for the Accounting Quarter period ending 30 June.

19th August 2023

Deadline

Deadline for postal PAYE, NICs and CIS payment to HMRC.

22nd August 2023

Deadline

Deadline for electronic remittance of PAYE, NICs and CIS to HMRC.

30th August 2023

Deadline

Deadline for filing of accounts with Companies House for accounting

August 30th, 2023

Tax Return

Corporation Tax returns are due for accounting periods ending 31st August 2022.

30th August 2023

Tax Return

The Corporation tax return is due for payment for accounting periods ending 30th November 2022.

Need help with your bookkeeping?

If this seems like a lot of work to remember, leave your bookkeeping to the professionals.

Entrusting your bookkeeping to Rosemary means:

  • We keep track of your deadlines for you
  • We know when your Tax return needs to be filed by
  • We can keep track of your CIS payments

To learn more about our services and how Rosemary Bookkeeping can help you, find your nearest Rosemary Bookkeeper or call 0345 862 0072 today.

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Coronation 2023: The Big Help Out

Looking for ways to commemorate the coronation as a business? 

The Big Help Out is a coming together of thousands of organisations nationwide, uniting to support local communities.

What is The Big Help Out?

Organised in conjunction with celebrations for the upcoming coronation of King Charles III, starting on Monday 8th May, The Big Help Out is a voluntary initiative supported by some of the UK’s largest volunteer organisations, like the National Trust, Scouts and the RSPCA, to raise awareness of volunteering throughout the UK.

Activities throughout the day will provide opportunities for people to experience volunteering and make a difference in their communities.

How do I take part?

There are many ways to get involved in The Big Help Out.

If you are interested, you can participate as:

  1. An individual
  2. An organisation
  3. A business

To register as any of these participants, access the official app.

What can I do?

As Big Help Organisers state,

“There will be opportunities for everyone to join in. No matter what you are good at, there’ll be something to suit helping hands of all shapes and sizes! From checking in on someone who’d like a bit of company or volunteering for a charity. The more of us who join in, the bigger help we will be.”

Activities can include events benefitting:

  • Animal Welfare
  • Community
  • Crisis and Welfare
  • Health and Social Care
  • Older people
  • Sports, Arts, and Culture
  • Sustainability and the Environment
  • Young People and Children

There’s plenty to do, so get involved however you can.

We’ll see you there!

Give your business a royal treatment

Whatever the size of your business, having a good handle on your finances is vital.

At Rosemary Bookkeeping, our dedicated experts can provide a range of support in your bookkeeping.

Whether you need support on processes and legislation like MTD and Advisory Fuel Rates or you want to outsource your books to a local professional, Rosemary Bookkeeping can provide the help you need.

Give yourself peace of mind and the time to focus on running your business by finding your nearest Rosemary Bookkeeping business or calling 0345 862 0072 today.

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World Health Day: How to look after your mental health

How a bookkeeper improves your health.

Mental health means different things to different people.

Because the impacts can be invisible, it is often not taken as seriously as physical health.

However, the impacts of mental health are widespread. Wider than you might think.

World Health Day

The World Health Organisation recognises 7th April as World Health Day, commemorating the anniversary of its founding in 1948.

When you think of the benefits of bookkeeping, you may not immediately think of the impact that managing your finances has on your health.

But according to NHS England, one-in-four adults and one-in-ten children experience mental illness during their lifetime, and many more of us know and care for people who do.

Lots of factors can impact your mental health. From the ins and outs of your daily routine to external factors like the cost of living crisis.

The latter of which is currently having a sizeable impact on the mental health of UK citizens, as many of us face increasingly stressful living conditions.

Stress and other mental health issues can make matters worse and should be treated the same as any other physical condition. Here’s why:

The value of your mental health

No matter your age or lifestyle, mental health plays a big role in your life and overall health. The benefits of improved mental health are broad, and include:

  • Improved physical health and life expectancy
  • Better educational achievement
  • Reduced health risk behaviours such as smoking and alcohol misuse
  • Reduced risk of mental health problems and suicide
  • Improved employment rates and productivity
  • Reduced anti-social behaviour and criminality
  • And higher levels of social interaction and participation.

So how can you improve your mental health?

In commemoration of World Health Day, we’re providing our top tips for improving your mental health, alongside getting a bookkeeper.

Ways to improve your mental health

There are many ways to improve your mental health, particularly against stress and issues that can arise from isolation.

The NHS recommends that you:

  1. Connect with other people

Maintaining good relationships with others can work wonders.

For example, the sense of belonging to a group can improve self-worth and provide emotional support.

Using technology as a crutch has become an easy habit to fall into in recent years.

But the importance of connecting with people outside of your sphere cannot be underestimated.

At Rosemary Bookkeeping, we believe in connection, as well as collaboration.

As your personal bookkeeper, your local expert will forge a connection with you to build a trusting and committed relationship as we support you in managing your finances.

Our services are bespoke, meaning you can see us as often as you need to feel comfortable.

That could be as regular as once a week or even just once a month.

  1. Be physically active

Similarly, remaining active causes chemical changes in your brain through the release of endorphins.

This can improve your mood and raise your self-esteem.

The nature of exercise also makes it a great way to improve your self-worth by setting and achieving regular goals and targets. But, it’s not the only way to do this.

You can also receive the same effect through your work or by learning new skills.

  1. Learn new skills

This can be great for your self-esteem and self-worth by helping you build a sense of purpose in an activity and is another way to connect with others.

At Rosemary Bookkeeping, we work with you to help you understand the processes behind your bookkeeping.

Should you wish, we don’t just outsource books, we also provide expert support, so you can work on mastering your bookkeeping for yourself.

  1. Give to others

Exercising kindness day-to-day can be beneficial to you and the receiver.

The act of giving creates a positive feeling in your body through the sense of reward that comes from gratitude.

Being kind helps forge the right connections essential for prosperous human survival and is the cornerstone of building a healthy community.

Giving back is an essential tenant of mental health.

Both in improving your own, and the mental health of those around you.

All of which feed into the spirit of World Health Day.

  1. Pay attention to the present moment

This boils down to the practice of mindfulness – a familiar term to many. But what does it mean?

Essentially, mindfulness is paying attention to the present moment, including how you feel in your mind, body, feelings, and the world around you.

At an appropriate time, give it a try. Sit with yourself and reflect on the world both inside and around you.

How does food taste, what sensations do you feel moving through the world, and what happens if you do something a little differently?

How Rosemary Bookkeeping can help

At Rosemary Bookkeeping, our priority is supporting you.

By outsourcing your bookkeeping to us, you’re letting go of all the stress and worry of managing your finances alone and leaving it in the hands of your financial experts.

We work with you to take the stress out of your bookkeeping so that you can focus on the things that matter to you.

Your local bookkeeper can help with more than the numbers and can give you advice on changes in the financial world and how to manage issues like the cost of living crisis.

Having regular meetings with a bookkeeper also helps you to make informed decisions about your business’s finances.

The economy is changeable, and with recent legislation like MTD, a well-informed bookkeeper can help you to know what is happening with your money.

All this benefits the health of your business and your mind, as you can put the proper plans in place and not spend your day agonising over making the right decisions.

One of the best ways to improve your mental health is to not suffer alone.

Seeking out the support available to you, particularly within your community, will make a massive difference.

Whether this is talking to loved ones, a mental health specialist, or getting the right help to tackle the problems you’re facing.

Get in touch with your nearest Rosemary Bookkeeper for a free quote on our services for the right support for your business.

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Rising tax payment interest

What is tax payment interest and how has it changed?

With March in full swing, two changes are in effect surrounding the interest of tax repayment.

Tax interest rates, enforced by HMRC, are set in legislation and linked to the Bank of England base rates.

There are two rates:
  1. Late payment interest
  2. Repayment interest

Why are late payments and repayments different?

These two rates are separate to remain in line with the policy of other tax authorities worldwide.

According to HMRC, it compares favourably with the commercial practice for interest charged on loans or overdrafts and interest paid on deposits.

What are the changes to tax payment interest?

In early February, the Bank of England’s Monetary Policy Committee met and voted to raise interest rates to 4%.

A move which they hope will tackle rising inflation pressures.

This is the tenth vote following which the committee has increased interest rates.

The changes, enacted on 13th February for quarterly instalment payments and 21st February for non-quarterly instalments payments, make rates their highest since November 2008.

This means the late payment interest rate applied to the taxes HMRC charges interest on increases to 6.50%. An increase of 0.5%.

Meanwhile, the repayment interest rates increased by 0.5% to 3%.

This repayment rate is set at the Bank Rate minus 1%, with a 0.5% lower limit.

What is the lower limit?

According to HMRC, the lower limit for repayment interest ensures taxpayers still get 0.5%, even when the base rate fell to 0.1%.

Repayment interest will be paid at 0.5% until the Bank of England raises the base rate above 1.5%. It will then increase with the base rate.

Late payment has been set at base rate plus 2.5%

Need help managing the numbers?

With rates changing all the time, it can be hard to keep track.

At Rosemary Bookkeeping, we are on top of all current legislation and are experts in ensuring you know which way is up regarding your business financials.

By contacting your local expert, you benefit from regular advice on the latest tax changes.

As well as bespoke and professional management of your bookkeeping needs.

Know what tax rates are and how to avoid them, trust your local expert.

To see how outsourcing your books to your friendly local bookkeeping service could help you, find your nearest Rosemary Bookkeeping business or call 0345 862 0072 today.

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New Advisory Fuel Rates – March 2023

All you need to know about the new advisory fuel rates for company car users.

For any business, keeping track of your financials is vital.

So, keeping track of relevant legislation that will affect them is imperative.

Starting March 1st 2023, HMRC has introduced new Advisory Fuel Rates (AFR) for company car drivers claiming back fuel expenses from their employer.

But who is affected? What’s changing? And when?

Rosemary Bookkeeping is here to help. Our experts have compiled a guide on everything you need to know about Advisory Fuel Rates and recent changes to them.

Who is affected by changing Advisory Fuel Rates?

Mileage rates and any changes apply in certain circumstances for employees who use company cars.

These rates only apply when:

Reimbursing employees for company car business travel:

According to guidance from HMRC, if the mileage rate you pay is lower than the AFR for the engine size and fuel type of the car, there will be no taxable profit and no Class 1A National Insurance to pay.

If your cars are more fuel efficient or if the cost of business travel is higher than the AFR, you can use personalised rates to reflect your situation.

However, if your mileage payments are only for business travel, you pay rates higher than the advisory rates, but cannot show that your fuel cost per mile is higher, there will be no fuel benefit charge.

Instead, you’ll have to treat any excess as taxable profit and earnings for Class 1 National Insurance purposes.

Employees repay the cost of the fuel for private travel:

If you correctly record all private travel mileage and use the correct rate (or higher) to calculate how much your employees repay you for fuel used for personal travel, there will be no fuel benefit charge.

You will also not need to use the advisory rates where you can show that employees cover the total cost of private fuel by repaying at a lower mileage rate.

When are Advisory Fuel Rates changed?

Advisory Fuel Rates are subject to regular change. HMRC reviews rates quarterly.

The most recent review took place at the beginning of this month: 1st March.

They are reviewed again on:

  • 1st June
  • 1st September
  • 1st December

What’s changing with Advisory Fuel Rates?

The changes that have come into force this month affect both the rates themselves and how they are calculated by HMRC.

To understand the new rates, we need therefore to look at how they are being calculated.

Changes to how Advisory Fuel Rates are calculated

The changes made to calculations by HMRC are designed better reflect fuel and energy prices.

Previously, when reimbursing electric company car drivers, the rate used by many companies was based solely upon annual figures from the Department for Business, Energy & Industrial Strategy (BEIS) and the electrical energy consumption values from the Department for Transport (DfT).

Moving forward, HMRC is continuing to use the BEIS and DfT data but is also incorporating figures published by the Office for National Statistics (ONS) to inform electricity rates.

How are the new Advisory Fuel Rates calculated?

To calculate Advisory Fuel Rates, the mean miles per gallon (MPG) is taken from manufacturers’ information.

This considers annual sales to businesses (Fleet Audits average from 2019 to 2021).

For liquefied petroleum gas (LPG), the MPG used is 20% lower than for petrol due to lower volumetric energy density.

As per the HMRC website, the ‘rates per mile’ are shown rounded to one decimal place, but the final advisory fuel rates are rounded to the nearest whole penny.

Rates per mile which end in 0.5 are rounded down to the nearest whole penny for the advisory fuel rate when the underlying unrounded figure ends in a number less than 0.5.

When the underlying unrounded figure ends in a number greater than 0.5 it is rounded up to the nearest whole penny.

The value of the Annual Equivalent Rate is calculated by taking the cost of electricity per mile for each model provided by the DfT and electricity price data from BEIS and ONS.

Based on company car sales data across the last 3 years, a weighted average value of the electrical costs per mile for a fully electric car is then calculated.

Hybrid cars are treated as either petrol or diesel cars for advisory fuel rates.

How have Advisory Fuel Rates Changed?

The headline changes revolve around changes in the measurement of the Advisory Electricity Rate (AER).

In terms of AFR, the headline is that petrol, diesel and LPG have all seen a reduction to reflect falling fuel prices.

Petrol:

Rates for petrol cars have reduced, with rates for petrol vehicles up to 1,400cc down 1ppm to 13.

Petrol vehicles with an engine of 1,401-2,000cc have also decreased to 15ppm.

Vehicles with an engine over 2,000cc have seen the largest cut from 26ppm to 23ppm.

The new AFR for petrol company cars as shown on the HMRC website are as follows:

Diesel:

HMRC has also reduced reimbursement rates for diesel vehicles across the board.

For engines up to 1,600cc, AFR has fallen to 13ppm and from 1,601-2,000cc has been reduced to 15ppm.

AFR rates for diesel cars with an engine size of more than 2,000cc have also been reduced to 20ppm.

The new AFR for diesel company cars as shown on the HMRC website are as follows:

 

LPG:

The changes to LPG are not as universal.

The rate for LPG vehicles up to 1,400cc remains the same (10ppm).

However, the AFR has been cut to 11ppm 1,401-2,000cc vehicles and LPG vehicles greater than 2,000cc has also been reduced from 18 to 17ppm.

The new AFR for LPG company cars as shown on the HMRC website are as follows:

Electric:

Taking effect 1st March, fully electric cars increased from 8-9p per mile (ppm).

Please be advised that following any changes to AER or AFR, you can use the previous rates for up to 1 month from the date any new rates apply.

All a bit much?

With legislation changing all the time, it can be difficult to keep track of expenses as a small business.

And with fuel rates changing 3 times a year, it can feel impossible to get a handle on what to do and when.

At Rosemary Bookkeeping, we are on top of all current legislation and are experts in making sure you know which way is up when it comes to your business financials.

By contacting your local expert, you benefit from regular advice and support on all the latest changes to AFR and much more, as well as bespoke and professional management of your bookkeeping needs.

To see how outsourcing your books to your friendly local bookkeeping service could help you, find your nearest Rosemary Bookkeeping business or call 0345 862 0072 today.

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Sort your self-assessment tax now for Jan 2023

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With just over a month left to pay your self-assessment tax bill, here’s everything you need to know to get it sorted ASAP.

Self-Assessments are used by HM Revenue and Customs (HMRC) to collect Income Tax.

For most, this is deducted automatically from wages, pensions and savings. But people and businesses with other income must report said income in a tax return. This includes COVID-19 grants and support payments.

How do I know if I need to file a tax return?

By now, no matter the size of your business, you should have registered for your tax return self-assessment, if during the last tax year (6th April 2021 to 5th April 2022) you were self-employed as a sole trader that earned more than £1,000 (before subtracting tax-relief deductions) or if you were a partner in a business partnership.

If you’re unsure of whether this applies to you, HMRC provides a self-assessment eligibility calculator, so that you can see if you need to file a tax return for 2021-2022.

Why do I have to pay?

Tax returns are not voluntary, and have to be completed no matter what.

As a new business and did not send an online return last year, allow extra time (up to 20 working days) as you’ll need to register first.

You’ll need to register through the HMRC website, but there are different ways to register if you’re:

Staying ahead

It makes much more sense to stay on top of these things as they go, so even if you don’t need to submit or pay for the last tax year, it makes sense to get registered now so you are prepared for next year.

Furthermore, you should keep records as current as you can. For self-employed business owners especially, if your books are up to date, you will have a better understanding of the financial standing of your business.

This means you will be able to put money away for the self-assessment at the end of the year.

‘Payments on Account’:

There is also usually a following secondary payment on 31st July to make advanced payments. These are known more commonly as ‘Payments on Account’, which are advance payments towards your tax bill that are made twice a year. Usually on 31st January and 31st July.

What are the deadlines I need to know?

The deadline to register for the last tax year passed on 5th October 2022, and paper tax returns should have been submitted by 31st October 2022.

However, if you haven’t done so already, you can still submit your tax return online and pay the tax you owe to HMRC, as the deadline for both of these requirements is midnight on the 31st of January 2023.

Instances in which the deadline is different:
  • HMRC may have written to you to give different deadlines. In this case, your assigned deadline applies.
  • If you are eligible, you may have submitted your return in time for 30th December 2022.

In such cases, HMRC will automatically collect tax from your wages and pension and must receive a paper tax return by 31st January 2023 if you are a trustee of a registered pension scheme or a non-resident company.

Please note that in this case, you cannot send a return online.

  • If your partnership’s accounting date is between 1st February and 5th April and one of your partners is a limited company, the deadline for returns is different.

Online: 12 months from the accounting date.

Paper: 9 months from the accounting date.

Late payment penalties

Perhaps the most obvious reason to stay on top of this process, is that there are fines for lack of payment.

If your tax return is up to three months late, you will have to pay a late filing penalty of £100. If it is later, or you pay your tax bill late, you will have to pay more and will be charged further interest on late payments.

This amount can be estimated on the HMRC website.

You can appeal these penalties if you have a reasonable excuse such as:

  • The death of a partner or close relative – provided this was shortly before the tax return or payment deadline.
  • Fire, flood or theft that prevented you from making the deadline.
  • Serious or life-threatening illness.
  • Postal delays that you could not have predicted.
  • Computer software failure just before the preparation of your online return.

It’s better to make your payments whilst you have time, rather than suddenly come to find you have to shell out even more for overdue tax returns in the new year.

How Rosemary Bookkeeping can help

There’s a lot to account for when figuring out your tax return payments, and not much time left to sort it before the new year. Your friendly, local Rosemary Bookkeeper can help.

Outsourcing your books to Rosemary means:
  • You receive expert help and support properly and promptly pay your tax return for January 2023
  • Your books are done regularly. So, you can see what is going on in your business
  • You don’t have to spend your valuable time doing the books, so you can do things more beneficial to your financial income
  • No additional staff. You only pay for the work done
  • You don’t have to do a job you loath

Want help with your January self-assessment tax return?

Leaving your assessment to Rosemary leaves you with a clear mind and the space to spend your holidays free of worry, and get on with doing the business you love.

If you think it’s time to outsource your bookkeeping, find your nearest Rosemary Bookkeeping business to see how we can help you today.

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Rosemary Bookkeeping Reading wins the PEOPLE Award for Bookkeeper of the Year

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Mike Wallace, owner of Rosemary Bookkeeping in Reading has won the coveted PEOPLE Award for Bookkeeper of the Year.

Rosemary Bookkeeping Reading’s Mike Wallace has been awarded the prestigious PEOPLE Award for Bookkeeper of the Year. A highly desirable achievement for a bookkeeper, this award is based upon the nomination of their colleagues and is given to a bookkeeper who goes out of their way to support not just their clients, but their staff and peers.

Rosemary Bookkeeping Brand Leader Nina Skoczόłek says that Mike was a model candidate for such a distinguished award due to the depth of his support and expertise, describing him as, “A truly invaluable member of the Rosemary network.”

“Mike makes himself available to guide fellow franchisees, sharing a wealth of expertise, showing patience and willingness in doing so,” she says. “A key foundation of Rosemary is of supporting each other and [Mike] goes above and beyond in doing so.”

Rosemary Bookkeeping Marketing Manager Victoria Tayler echoes this, adding, “I was delighted that Mike was nominated for this award by one of his peers, Mike has always been exceptionally helpful to others within the network as well as the wider ServiceMaster brand. Mike is an invaluable member of the Rosemary Bookkeeping Network.”

Mike told us that he was especially humbled to win his award surrounded by the peers that nominated him at ServiceMaster Live. He says “As this was an award voted on by my fellow Rosemary Franchise Partners, I was particularly honoured & grateful to have received it. It was great that we were able to be presented with the awards at ServiceMaster Live, given the events of the last couple of years. To see & meet a number of fellow franchisees from the other ServiceMaster brands as well helped make it a really enjoyable and beneficial event.

We would like to once again extend our congratulations to Mike on his award. People are at the heart of franchising, and to be recognised by your peers for your hard work in such an environment is truly a special thing indeed.

If, you are in Reading and the surrounding areas and would like to receive expert help from a bookkeeper who always goes above and beyond for his peers and clients, give Mike a call on 0118 324 0322.

Written by Tom Page, Digital Content Writer

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Rosemary Bookkeeping Wyre Forest wins INVEST Award for Commitment and Dedication

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Fiona Perks, the owner of Rosemary Bookkeeping in Wyre Forest has won the prestigious INVEST Award for Commitment and Dedication for her devotedness to providing bookkeeping services to those in need.

Fiona Perks from Rosemary Wyre Forest has been awarded the coveted Invest Award for Commitment and Dedication at ServiceMaster Live! A highly prestigious achievement, this award is given to a bookkeeper who is committed to giving back and raising awareness of the need for quality bookkeeping services. This year, Fiona won the award for her commitment and investment in the Rosemary Bookkeeping name through her continuing work on the development of her bookkeeping services. Since starting her business in 2019 Fiona has truly embodied the Rosemary ethos of creating a GREAT PLACE TO INVEST, and always goes above and beyond in the work that she does. To us, bookkeeping is all about people and community, and due to the nature of her work as a franchisee for Rosemary, Fiona can be engaged in more than just their own business. She can truly work at strengthening a whole community of businesses, helping both Rosemary clients and owners invest in a brighter future.

Rosemary Bookkeeping Marketing Manager Victoria Tayler describes Fiona as “A delight to have in the Rosemary Bookkeeping network. She works hard in her own business whilst also sharing contributions and ideas to develop and improve the whole Rosemary Network, it was wonderful for Fiona to recommend Rosemary as a great business opportunity and have a new business owner in our network.”

At ServiceMaster Live! Fiona was recognised for her work amongst the community of bookkeepers from our nationwide Rosemary network that she works so hard to strengthen. Fiona says that “It was amazing to win the award at the ServiceMaster Live, the other franchisees in the network are brilliant so it was a real honour to be chosen.”

She also describes her investment in Rosemary as the result of a lot of hard work and a labour of love. “I have been working hard for the 3 years I have been with Rosemary to build my client base whilst keeping the Rosemary Brand at the front of my mind,” she says. “I absolutely love being a part of the Rosemary and ServiceMaster family and will keep pushing myself to meet my goals!”

We would like to once again thoroughly congratulate Fiona on her award and thank her for all her hard work and investment into Rosemary over the years, and we look forward to working towards her goals with her.

If you are in the Wyre Forest area and would like help from a professional bookkeeper with the strength of an entire bookkeeping community behind her, get in touch with Fiona today by calling 01299 333134.

Written by Tom Page, Digital Content Writer

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Grant Dye of Rosemary Bookkeeping North Kent & Isle of Sheppey wins Franchisee of the Year Award

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The owner of Rosemary Bookkeeping in North Kent & Isle of Sheppey has won the North Star Award for Franchisee of the Year at ServiceMaster Live!

‘ServiceMaster Live!’, which took place this May, was a gathering of franchisees from across the ServiceMaster Ltd. franchise network, during which franchisees from each of our brand family members came together to learn from one another and celebrate each other’s successes over the past few years.

The awards ceremony, held at the close of the event saw many franchisees recognised for their excellent contributions to their respective franchise network, and the work they have done in the last 12 months. This included Rosemary Bookkeeping’s own Grant Dye from Rosemary North Kent & Isle of Sheppey, who was awarded the prestigious North Star Franchisee of the Year Award. The pinnacle of achievement for a franchise partner within the Rosemary network, this award is given to the franchisee that has truly embodied the ServiceMaster ethos of going above and beyond in all aspects of business ownership to deliver a truly first-class experience to both staff and customers.

This year the award goes to a Grant Dye, for his exceptional work in all areas of business management and development. Grant has fully embraced the Rosemary System, and been actively involved in the development of new solutions and services within the network, as well as new technologies. Chiefly, this has included working hard on automating their internal processes to constantly deliver a high level of customer service to their clients – as evidenced by the high volume of glowing reviews for his services.

Nina Skoczόłek, Brand Leader for Rosemary describes Grant as the perfect Rosemary franchisee “Grant is supportive and provides encouragement for growth towards other franchise partners in the network. He is a true Rosemary Bookkeeper – cut him in half – he’ll bleed orange,” she said, before presenting Grant with his award at ServiceMaster Live!

Rosemary Bookkeeping Marketing Manager Victoria Tayler added. “Grant thoroughly deserves this award. Grant truly embraces being part of the Rosemary Bookkeeping network and always is forthcoming with ideas, embraces the brand and the network as a whole and works hard to develop and grow his own business at the same time.”

Upon receiving his award, Grant says he was very particularly thankful to receive an award of such magnitude amongst his peers. “I was greatly humbled by receiving this prestigious award for Rosemary Bookkeeping franchisee of the year, as I was in the presence of great franchisee partners that I look up to,” he says.

He went on to thank his team and clients for all that they have done to aid him on his Rosemary journey. “I attribute my success to the great support and knowledge from the Rosemary franchise team and our family of franchisee partners; my fantastic clients who are a firm part of the current and future culture and a clear 3 years strategic and marketing plan that focuses my energies in the right direction, to achieving my objectives and goals.”

We would once again like to congratulate Grant on his award and look forward to seeing what he does next.

Grant covers the North Kent and Isle of Sheppey area, find out more about how Grant can help you here or give him a call on 07970 696391.

Written by Tom Page, Digital Content Writer

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Mohammad Hossain of Rosemary Bookkeeping Stratford wins Rookie of the Year Award

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The owner of Rosemary Bookkeeping in Stratford is celebrating after winning the award for Rookie of the Year at ServiceMaster Live!

‘ServiceMaster Live!’, which took place this May, was a gathering of franchisees from across the ServiceMaster Ltd. Franchise network that allowed franchisees to network and celebrate each other’s successes over the past few years.

Part of this was an awards ceremony, held at the close of the event which saw many franchisees recognised for their excellent work over the particularly difficult period since the start of the COVID-19 pandemic.

One of these franchisees was none other than Rosemary Bookkeeping’s own Mohammad Hossain, who began his Rosemary journey at the beginning of 2021 after the early lockdowns caused him to take a step back and reconsider his career. Up until this point, Mohammad had been amassing a plethora of skills and experience within the bookkeeping and accounts sector – but decided that it was finally time to put them to good use in running his own business.

When we interviewed Mohammad in early May he told us of his aspirations at this time to grow his business through franchising:

“I wanted to be independent and be out on my own as I was very confident in the skills, knowledge and expertise I had in accounting and services like payroll, VAT, and CIS. I was fully confident that I can run my own business. But I knew it would be difficult for me to do this on my own without any kind of support to help me strengthen and grow the business. So, I decided not to go alone and to go with a franchise that could give me all the support I needed to grow.”

And grow Mohammad has, as evidenced by his winning Rosemary Rookie of the Year at ServiceMaster Live! This award is given to a franchisee in a new business who has successfully implemented the Rosemary model to substantially grow their business, build their local reputation and constantly improve their skills.

As a shining star of our network and a newer franchisee, Mohammad was the perfect candidate for such an award. “It is no wonder Mohammad has won Rookie of the year,” says Rosemary Bookkeeping Marketing Manager Victoria Taylor. “He has so much energy and enthusiasm for growing his Rosemary Bookkeeping Business and providing a highly valuable service to his clients, I am sure this is just the start of what will be an outstanding journey.

His award has also galvanised Mohammad to keep growing and develop further. “It feels wonderful to win Rookie of the Year 2021,” he says. “I feel grateful and inspired. But I attribute this success to the whole Rosemary Team, who have worked work to help me achieve this honour. Having a great award like this award is now inspiring me to set a new ambitious target for the future, and a business plan to achieve it.”

We would once again like to congratulate Mohammad on his award and look forward to working towards what is sure to be a certain and bright future with him.

If, like Mohammad, you would like to begin a franchising journey with us to grow your very own successful bookkeeping business, give our friendly franchise sales team a call on 0116 275 9005, or fill out a contact form today.

Written by Tom Page, Digital Content Writer

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How a bookkeeper can relieve stress

The effects of work-related stress and how having a bookkeeper could help.

Not only is April the start of springtime and a new tax year, but it is also International Stress Awareness Month. Held every April since 1992, this annual event is all about increasing public awareness of the causes and cures for stress.

This year the Stress Management Society, which heads the monthly initiative, is encouraging people to regain connection, certainty, and control in their lives through the use of daily challenges. They are encouraging members of the public to pick one action to benefit their physical, mental and emotional well-being and carry it out every day.

If you have a small business, you are probably no stranger to stress. There is a lot to remember and even more to juggle – especially if you are doing your own bookkeeping. At Rosemary Bookkeeping, we understand that not everyone who starts their own business is well-versed in the challenging and complex work that is often required to stay on top of your finances. So, you might put it off, or spend a prolonged period just struggling on your own. As a result, all of this work can keep piling up, creating more and more stress, and taking a toll on your wellbeing. But what actions can you take to better it?

How stress can affect you

Stress can affect you in all sorts of ways. A moderate amount can be good. Without stress, our ancestors would not have been able to stay alert to potential dangers in their environment. The environment may have changed – we are no longer in caves – and so have the dangers – we are no longer worried about the potential of being attacked by a sabre-toothed tiger. But the response in the body has stayed the same. According to the Stress Management Society, when we are stressed, our bodies go into what you have probably heard referred to as ‘fight or flight mode’, releasing a mix of hormones like adrenaline, cortisol, and norepinephrine to prepare us for action. This was useful when we have to flee from or face up to real danger. The problem comes when our bodies enter this state in inappropriate situations such as at home or work, or in response to a looming deadline.

The bodies’ response to stress will differ from person to person and can be emotional, physical, or behavioural, but it often exacerbates pre-existing problems an individual can have. This makes it hard to pinpoint specific or universal effects of stress. However, the University of Cambridge has observed common effects of work-related stress, including:

Behavioural Effects:

• Substance misuse
• Isolation
• Lack of punctuality
• Situational displays of ‘inappropriate behaviour’

Emotional Effects:

• Depression
• Anxiety
• Irritability
• Frequently fluctuating emotional state

Effects on the work organisation:

• High absenteeism and labour turnover
• Poor timekeeping, motivation, performance, and productivity
• Low morale
• Increased employee complaints, ill-health, and accident & incident reports

Physical Effects:

• Sleep disturbances
• Headaches
• Gastrointestinal upset
• Raised blood pressure

Prorogued stress can be especially bad for the body and, according to the Stress Management Society, can contribute to many serious health conditions like heart disease, hypertension, high blood pressure, strokes, ulcers, diabetes, IBS, tooth loss, joint pain, miscarriage, allergies, and alopecia.

How a bookkeeper can help you

So, what can a bookkeeper do? If you run a small business and are finding the work of staying on top of your finances is causing you stress, you may want to consider enlisting the help of a professional bookkeeper.

This is different from the role of an accountant, whose job is to give you an overview of trends, profitability, cash flow, and other financial factors. A bookkeeper provides more hands-on support in taking care of your books through the regular recording, tracking and management of your business’s financial transactions and data. This will allow you to reliably measure your performance and help to formulate the proper strategies to better position your business within its market.

A professional bookkeeping business can help you with the job of managing your books by:

• Carrying out data entry
• Balancing bank ledgers
• Preparing bank reconciliations
• Tracking income and expenses
• Carrying out VAT returns
• Maintaining the general ledger
• And sometimes even completing payroll and also producing monthly Profit & Loss reports.

Save yourself from the stress of bookkeeping by outsourcing to Rosemary Bookkeeping today. To find out more about our services, or to chat with our experts, give us a call on 0345 862 0072, or find your nearest Rosemary Bookkeeping business now.

Written by Tom Page, Digital Content Writer

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Bookkeeping is more than software

You can’t leave it all to tech.

Bookkeeping is tricky. Especially for small businesses, when you are juggling a million other things. So, it’s understandable that you want to ease the burden of this task any way you can. Nowadays we can turn to technology to solve most of our problems, and bookkeeping is no exception. You may have even seen adverts praising digital bookkeeping aids. Popular software like Xero and Quickbooks promise to make bookkeeping easy, help you track and manage expenses and stay on top of taxes. But how true is this?

What bookkeeping software does

Quickbooks promises three major things:

  • The ability to stay on top of taxes
  • The ability to track and manage expenses
  • Keeping data that allows for ‘no-nonsense’ payroll

This technology is all designed around one central premise: streamlining your bookkeeping experience. Everything bookkeeping software do is about using technology to save you time.

The bottom line is, using online software depends on you. Your ability to use this software depends on how much you know about bookkeeping and how up to date you are with recent legislative changes etc. For example, Quickbooks and Xero both rely on the use of VAT codes. But they do not provide support on what these are, and how to use them. For all their data and efficiency, they do not help much if you don’t know a lot about bookkeeping. As a result, relying on this software means taking a big risk depending on how much you know. If you are not confident with your books, you would still be better off using a bookkeeper.

What a bookkeeper does better

Having a personal bookkeeper involves all the benefits of bookkeeping software and more. They help you keep on top of your VAT returns, payroll and tax obligations. A bookkeeper also helps you track and manage your expenses, produces debtor and creditor reports to help with your cash flow and daily management of your business. They provide you with industry-specific knowledge and help you make more educated business decisions. This means you receive support all year round with any bookkeeping queries you might have. With a bookkeeper, you are not reliant on technology. QuickBooks and Xero are fantastic tools that can automate a big part of the bookkeeping process, but when it comes to technology, errors made by automated systems cannot be avoided and need somebody with experience and knowledge to check if the entries and codes are correct. Using a bookkeeper allows you not to be reliant on the software and automatic data entry. A bookkeeper also assures that your business is compliant, you meet all the deadlines, and your information is archived properly. Thanks to this you can avoid costly mistakes, save time and money. knowing that your business finances are in good hands.

For a reliable and professional bookkeeping service, contact your nearest Rosemary Bookkeeping business today.

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Important Dates for the New Year: Jan – April 2022

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With 2022 now underway, here is your reminder of some important dates for the rest of this financial year.

January 2022:

January has various important dates to remember.

There are two different monthly deadlines for sending off your payments for CIS, NICs and PAYE to HMRC. The postal deadline is 19th January, and the deadline for electronic payments is 22nd January. These payment dates for CIS, NICs, and PAYE then repeat monthly for the remainder of this financial year.

31st January is an important date to remember for various reasons. It is the deadline for filing your Self-Assessment tax return form for the tax year that ended in April 2021. However, due to the difficulties may have faced as a result of COVID-19, HMRC has waived late fee filing penalties for Self-Assessment Tax Returns.

If you have been unable to file your return by the 31st January deadline you will not receive a fine, permitting that you file online by 28th February. Anyone who cannot pay their Self-Assessment tax by the 31st January deadline will not receive a late payment penalty if they pay tax in full, or set up a Time to Pay arrangement by 1st April. However, interest will be payable from 1st February as usual, so it is still better to pay on time where possible.

January 31st is also the deadline by which you need to have filed your 2020/21 Capital Gains Tax, and if your company has a January 2021 year-end, you will also need to have filed your Corporation Tax by this date. Furthermore, the 31st is the date by which you need to have finalised the balancing payment of tax for 2019-2020, and the first payment of Account for Income Tax for 2021-2022.

February 2022:

The first date to remember in this month is 1st February, as it is the due date for paying Corporation Tax for the period that ended 30th April 2021.

If your business uses vehicles, the deadline for submitting Car P46 for the financial quarter ending 5th January 2022 is 2nd February. Following this, the VAT Tax Return and payments deadline for the accounting quarter period ending 31st December 2021 is 7th February. As with January, the monthly postal and electronic deadlines for the payment of CIS, NICs, and PAYE to HMRC are the 19th and 22nd respectively.

Finally, the due date to file for Corporation Tax for companies with a 28th February 2021 year-end is 28th February. Remember this is also now the final date you can now file your Jan Self-Assessment tax return online without receiving a fine.

March 2022:

1st March is both the new AFR (Advisory Fuel Rates) day for company car users and the due date for the payment of Corporation Tax for the period that ended 31st May 2021.

The 7th of March is the deadline for VAT Returns and payments of the accounting quarter that ended on 31st January 2022. For large companies with the year-end of 31st March 2022 and 31st December 2022, the due date for Corporation Tax quarterly instalments is 14th March.

Following this are the monthly postal and electronic deadlines for the payment of CIS, NICs, and PAYE on the 19th and 22nd of March. The filing date for companies with 31st March 2021 as a year-end round off the month on 31st March.

April 2022:

April is the end of the current 2021/2022 financial year. It begins with the due date for payment of Corporation Tax (for the period that ended 30th June 2021) on the 1st of April.

Then, the current tax year ends on the 5th of April, and the 2022/2023 tax year begins the following day on the 6th of April. Also on the 6th, IR35 comes into force in the private sector.

19th April is a busy day this year. Firstly, automatic interest is charged where PAYE Tax, Class 1 NI, CIS and/or Student Loans are not paid by this date, so make sure you have these paid up to date well in advance. Furthermore, PAYE quarterly payments are also due for small employers for periods 6th January 2021 – 5th April 2021.

19th April is also the deadline for employers’ final PAYE return to be submitted online for 2020/2021.

Finally, on 30th April, corporation Tax Returns need to be filed by companies with 30th April 2021 as a year-end.

Need help with your bookkeeping?

That’s all for the current tax year in 2022.

If all of this seems like a lot of work to remember, you can leave your bookkeeping to the professionals by letting us handle your books for you.

Entrusting your bookkeeping to Rosemary means:

· We keep track of your deadlines for you

· We know when your Tax return needs to be filed by

· We can keep track of your CIS payments

To find out more about our services and find out how Rosemary Bookkeeping can help you, call 0345 862 0072, or find your nearest Rosemary Bookkeeper today.

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Festive Expenses You Can Claim Back

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We’ve made a list of festive expenses that you may be able to claim back as a business expense.

Christmas time can be a busy and expensive time for many businesses – big or small. But with the January Self-Assessment Tax Return coming up, here are some festive expenses that you might not have thought about reclaiming.

Decking the Halls

If ‘business as usual’ has resumed in your office, then you may have decided to also carry on the festive tradition of decorating your office for the holidays. What you might not be aware of, is that you can actually claim back decorations like a Christmas tree, tinsel, and wreathes as tax by logging them on your accounts as running costs for the office. Bear in mind that this doesn’t extend to employees working from home however, as HMRC judges this as personal enjoyment, not office related.

A Christmas Party

Providing that you went ahead with a Christmas do this year, be it virtual or in person, you may be liable to claim expenses back as tax. However, this depends on who was in attendance.

If the event is/was open to all of your employees, then the whole thing will be taxable, no matter the number of people in your operation. However, you cannot claim expenses if there were also clients and/or associates in attendance, as this is not acceptable for corporation tax or VAT purposes as HMRC classes this as business entertaining. Furthermore, any even that is not open to all employees will also not be liable.

As a result – if you do decide to invite clients and/or associates to a Christmas event, remember to allocate sufficient funds to cover their expenses because you won’t be able to claim any tax relief, or reclaim any VAT on costs. Bear in mind that you should still record this in your books, and add the costs back on when you come to calculate your profit for tax.

Presents

As it is Christmas, you may choose to buy gifts for staff or clients. In the case of clients, you are able to record these as a business cost on your books, provided that these gifts meet the appropriate guidelines so as not to constitute potential bribery. This means:

  • You must not spend more than £50 (p.a.) on gifts for any one client.
  • You must not gift a client an item that can be exchanged for goods or money – such as cash or vouchers.
  • You must include a conspicuous advert for your business. For more information regarding gifts to clients, please visit the HMRC website.

In the case of your staff, there are other key tax considerations regarding gifts:

  • If the gift has no cash benefit, then it may be accepted by HMRC as trivial benefit, which means that you will not need to pay extra tax or National Insurance, or report it on the employee’s P11D form.
  • If your gift does include cash payment to staff – they will be classified in the same way as regular earnings by HMRC so should be put through payroll as normal – and might require a National Insurance payment.

More guidance and information on gifts for staff can be found on the HMRC website.

If navigating this all feels a little daunting, why not entrust your bookkeeping to the professionals? You can find more information on the upcoming January tax return here, and to find your nearest Rosemary Bookkeeping business, click here.

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January Self-Assessment Tax Return: Why leave it till the Last Minute?

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The Holiday season approaches – a very busy time for most businesses. Whilst it may be easy to get carried away with festivities or Christmas rushes, don’t forget that you can carry out your self-assessment months in advance.

By now, whether you are self-employed, a partnership, or neither, you should have registered for your tax return self-assessment. The deadline for the assessment may be the end of January next year, but we are just about to head into a very busy period for most businesses, and that time will be gone in a flash. So, it’s well worth getting a head-start on the process now.

‘But I simply don’t have time!’ you say. This winter period is a busy one for businesses the world over, so the temptation to put off that January tax return is a strong and understandable one. Unfortunately, it is not an option. Tax returns are not voluntary, and have to be completed no matter what. Luckily there is still plenty of time before that rush period really starts, so you still have the option to get it done now, early doors. Plus, it makes much more sense to stay on top of these things as they go, and keep your records as current as you can. For self-employed business owners especially, if your books are up to date, you will have a better understanding of the financial standing of your business. This means you will be able to put money away for the self-assessment at the end of the year.

There are instances in which the deadline is different:

  • If you are eligible, you can submit your online return by 30th December 2021, provided you want HMRC to automatically collect tax from your wages and pension.

In this case, HMRC must receive a paper tax return by 31st January 2022 if you are a trustee of a registered pension scheme or a non-resident company. Please note that in this case, you cannot send a return online.

HMRC may also write or email to give you a different deadline. More details can be found on their website.

  • Partnership returns if you have a company as a partner.

If your partnership’s accounting date is between 1st February and 5th April and one of your partner’s is a limited company, the deadline for returns is different.

Online: 12 months from the accounting date.

Paper: 9 months from the accounting date.

Late payment penalties:

Perhaps the most obvious reason to stay on top of this process, is that there are fines for lack of payment. If your tax return is up to three months late, you will have to pay a late filing penalty of £100. If it is later, or you pay your tax bill late, you will have to pay more and will be charged further interest on late payments. This amount can be estimated on the HMRC website.

You can appeal these penalties if you have a reasonable excuse such as:

  • The death of a partner or close relative – provided this was shortly before the tax return or payment deadline.
  • Fire, flood or theft that has prevented you from making the deadline.
  • Serious or life-threatening illness.
  • Postal delays that you could not have predicted.
  • Computer software failure just before the preparation of your online return.

But for the sake of tardiness, these fines are not worth the risk. It would be better to make sure of your payments whilst you have time, rather than suddenly come to find you have to shell out even more for overdue tax returns in the new year.

And if absolutely none of this has convinced you that it’s best to pay early, and the idea of sorting out your own tax returns this Christmas makes you say ‘Bah Humbug’, then don’t worry. We’ll do it for you!

Outsourcing your books to Rosemary means:

  • Your books are done regularly (so you can see what is going on in your business)
  • You don’t have to spend your valuable time doing the books (so you can do things more beneficial to your financial income)
  • A bookkeeper is cheaper than an accountant (who doesn’t like to be cost-effective?)
  • Outsourcing means no additional staff (you only pay for the work done)
  • You don’t have to do a job you loath

 

Leaving your assessment to Rosemary leaves you with a clear mind and the space to spend your holidays free of worry, and getting on with doing business you love.

If you think it’s time to outsource your bookkeeping, get in touch with Rosemary Bookkeeping, it’s what we do best.

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What can you claim back VAT on?

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Are you unsure of what you can reclaim VAT on? Here we’ve explained what you can and cannot reclaim any VAT on:

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

If the item you buy is also for personal use, you can only claim back a proportion of the VAT paid, only the actual business element of this item, mobile phone bills are a good example. You might use your mobile 60% for work and 40% for personal, in which case you can only claim back the VAT on the 60% of the purchase price and plan. You need to ensure that you have adequate records to support your VAT reclaim which shows how you calculated the business use percentage.

It’s usually a good idea to have separate phone bills for personal and business use, this way it’s easier when claiming back any VAT.

A Valid VAT Receipt

A valid VAT receipt includes the following:

  • Name, Address and VAT number of the supplier
  • Your name and address
  • The date
  • A description of the goods or services
  • The cost before VAT
  • The separate VAT amount
  • The total amount that contains the VAT.

Having said that, many VAT receipts are actually a shorter version, simply containing the total amount paid, the seller’s name and VAT number. To work out any VAT quickly this website is very helpful – http://www.vatcalculator.co.uk/ . This is the amount you can reclaim.

Can you claim the VAT back on items brought in the EU?

Do you buy goods from the EU?

You can’t claim for goods bought in EU countries, although you may be able to reclaim VAT paid via the electronic cross-border refund system. You can reclaim VAT on products and services bought during the refund period, plus VAT on goods imported to Britain during the same timescale.

You can’t claim for VAT that has been invoiced incorrectly, where VAT has been levied on sending goods to another member state or exported items outside the EU.

Things you cannot reclaim VAT for

You can’t reclaim VAT on insurance, salaries, PAYE, postage, bank interest or business entertainment. However, VAT on entertainment for overseas customers can on occasions be reclaimed when that entertainment is very basic.

You can’t claim for anything you’ve bought specifically for personal use, or the products and services your business uses from VAT-exempt supplies. Also items you buy under VAT second-hand margin schemes and business assets transferred to you as a going concern are also exempt from VAT reclaim.

Not registered for VAT?

When your business isn’t registered for VAT, you don’t have to charge VAT to your customers, however, you also can’t claim any VAT back. That’s why so many smaller businesses try to stay under the VAT radar, under the registration limit (the current threshold is £83,000 – see https://www.gov.uk/vat-registration/when-to-register for further details) . Charging VAT to a customer who isn’t registered for VAT means they’ll have to cover this cost as well.

What about VAT post-Brexit?

Domestic VAT rules remain the same following the end of the Brexit transition period, however, VAT rules relating to imports and exports have changed.

Prior to Brexit and during the transition period, the UK was part of a regime called the EU VAT Regime, which meant that a UK business didn’t have to register for VAT in each EU country. Now though, as of 1st January 2021 Great Britain now has to treat EU countries like they do countries outside of the EU.

It can get very confusing so we’d suggest taking a look at this article by Sage explaining this in a bit more detail.

Do you need support with the VAT system?

If you need VAT support, we’re here to help, find your nearest Rosemary Bookkeeper today.

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Important dates tax year 2021/22

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Don’t miss these important deadlines the 2021/22 tax season, ensure you’ve got all of your bookkeeping organised for the year.

MAY 2021

1st – Due date for payment of Corporation Tax for period ended 31st July 2020

3rd – Deadline for submitting P46 for employees whose car/fuel benefits changed during the quarter to 5th April 2021

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 31st March 2021

14th – Due date for Corporation Tax quarterly instalment for large companies with February, May, August or November Year Ends

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Corporation Tax Returns filed by companies with 31st May 2020 as year end

JUNE 2021

1st – Due date for payment of Corporation Tax for period ended 31st August 2020

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 30th April 2021

14th – Due date for Corporation Tax quarterly instalment for large companies with March, June, September or December Year Ends

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

30th – Corporation Tax Returns filed by companies with 30th June 2020 as year end

JULY 2021

1st – Due date for payment of Corporation Tax for period ended 30th September 2020

5th – Deadline for reaching PAYE Settlement Agreement for 2020/21

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 31st May 2021

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Second Payment on Account 2020/21 due

31st – Corporation Tax Returns filed by companies with 31st July 2020 as year-end

AUGUST 2021

1st – Due date for payment of Corporation Tax for period ended 31st October 2020

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 30th June 2021

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Corporation Tax Returns filed by companies with 31st August 2020 as year end

SEPTEMBER 2021

1st – Due date for payment of Corporation Tax for period ended 30th November 2020

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 31st July 2021

14th – Due date for Corporation Tax quarterly instalment for large companies with year end 31st March 2022

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

30th – Corporation Tax Returns filed by companies with 30th September 2020 as year end

OCTOBER 2021

1st – Due date for payment of Corporation Tax for period ended 31st December 2020

5th – Deadline for Self Assessment registration to notify HMRC of Income/Capital Gains Tax for 2020/2021

7th – Deadline for VAT returns and payments of Accounting Quarter period ending 31st August 2021

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Corporation Tax Returns filed by companies with 31st October 2020 as year-end

31st – Deadline for postal submission of Self Assessment Tax Returns for tax year ended 5th April 2021 to be received by HMRC

NOVEMBER 2021

1st – Due date for payment of Corporation Tax for period ended 31st January 2021

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 30th September 2021

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

30th – Corporation Tax Returns filed by companies with 30th November 2020 as year-end

DECEMBER 2021

1st – Due date for payment of Corporation Tax for period ended 28th February 2021

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 31st October 2021

14th – Due date for Corporation Tax quarterly instalment for large companies with year-end 31st March 2022

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Due date to file Corporation Tax for companies with 31st December 2020 year-end

JANUARY 2022

1st – Due date for payment of Corporation Tax for period ended 31st March 2021

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 30th November 2021

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Deadline for filing Self Assessment Tax Returns for tax year ended 5th April 2021 and 2020/2021 Capital Gains Tax

31st – Balancing payment of tax due for 2019-2020 and first Payment on Account for Income Tax for 2021/2022

31st – Due date to file Corporation Tax for companies with 31st January 2021 year-end

FEBRUARY 2022

1st – Due date for payment of Corporation Tax for period ended 30th April 2021

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 31st December 2021

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

28th – Due date to file Corporation Tax for companies with 28th February 2021 year-end

MARCH 2022

1st – Due date for payment of Corporation Tax for period ended 31st May 2021

7th – Deadline for VAT Returns and payments of Accounting Quarter period ending 31st January 2022

14th – Due date for Corporation Tax quarterly instalment for large companies with year-end 31st March 2022 and 31st December 2022

19th – Monthly deadline for postal payments of CIS, NICs and PAYE to HMRC

22nd – Monthly deadline for electronic remittance of CIS, NICs and PAYE to HMRC

31st – Corporation Tax Returns filed by companies with 31st March 2021 as year-end

APRIL 2022

1st – Due date for payment of Corporation Tax for period ended 30th June 2021

5th – 2021/2022 Tax Year Ends

6th – 2022/2023 Tax Year Begins

6th – IR35 in the private sector comes into force

30th – Corporation Tax Returns filed by companies with 30th April 2021 as year-end

 

We can help with your bookkeeping needs, find your nearest Rosemary Bookkeeper here for more information on our services.

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Why doing the bookkeeping yourself is not the best thing for your business!

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Like many business owners, you probably went into business for yourself because you either a) have a passion for what you do, b) wanted to make more money than if working for someone else or c) wanted a better work life balance. You have probably discovered that there is more to running a successful business than just doing the thing you love. Not every task is going to be what you want to or should be doing and unless you chose to be a bookkeeper or accountant, it’s also likely that numbers are not your thing.

However, keeping on top of your bookkeeping is one of the most important things you can do for your business. Tracking what comes in and what goes out of your business means you are in a much better position to work out what is working and what isn’t, plus very importantly, where you might need to make some changes.

An accountant is only as good as the information provided, if there are gaps in your numbers, how can they make accurate recommendations or give you complete advice?

Yes, there are lots of software providers to try and make things easier for business owners but good bookkeeping is much more than putting numbers in boxes. Do you know if or how much VAT to claim on your Jaffa Cakes for the staff meeting or your steel toe cap boots? Do you know what nominal code you should be using for meeting room hire?

Getting these things wrong can impact the finances of your business. As a successful business owner, you need to understand your business’ true cost of sales and the fixed costs so you can measure profitability of your business properly.

So, why should you use a bookkeeper?

Well, everyone has their own reason for going in to business for themselves but nobody goes into business to run it badly. You likely chose something you could do well and thought you were good at. Your business will do best while you focus your time and effort doing the things you are good at and passionate about, so allow yourself time for the actual business side of things.

Having a professional bookkeeper means you don’t have to spend your time working out what nominal code to use or what VAT amount should apply. It means you have someone who knows these things, doing all of the bookkeeping for you. Having the bookkeeping expertly done ensures your access to regular and accurate reports, so that you can meet tax deadlines, avoid penalties and eliminate stress. Sound bookkeeping makes it is easier for you to make informed decisions about your business with the provision of accurate and up- to-date information, allowing you to maximise the potential of your business.

Can’t afford a bookkeeper?

As a small business owner, you may be thinking that you can’t afford to hire a bookkeeper, that taking someone on means holiday pay, sick pay and an hourly rate / salary.

Let’s put it another way, how long are you spending on your bookkeeping and what is that time worth to you?

How many hours are you spending in your working day/week/month sorting your books? How much do you charge an hour? What else could you be doing that can probably make money for your business?

Maybe you are doing the bookkeeping in the evening or at weekends? Are you getting the work/life balance that you planned on? Are you spending your free time doing things you wish you didn’t need to? What really is the value of that time to you? It’s probably worth more than what it would cost to outsource to a good bookkeeper.

Then we need to consider the benefit of using a professional; you are a professional at what you do and can work efficiently, well, it’s the same for bookkeeping. A professional bookkeeper will likely take a shorter amount of time to get through the same work, meaning their time is more cost effective. I know it would take me a lot longer than James to build the wall in my back garden next week, that’s why (well, one of the reasons why) I am paying him to do it.

The benefit of outsourcing

Anyway, back to bookkeeping. Having a professional bookkeeper doesn’t mean you need to hire someone on fixed hours for every week of the year. Outsourcing your bookkeeping is a very effective and efficient option. An outsourced bookkeeper will work closely with your accountant and liaise directly with them if you wish. They will also be able to work on the bookkeeping and accounting software either you or your accountant prefer to use, meaning less work and effort on your part.

An outsourced bookkeeper will usually work remotely so you don’t have to provide equipment or office/desk space, so no upfront overheads will be required and you just pay for the work you get.

At Rosemary bookkeeping we work with our clients and accountants to provide a service that best fits their needs. Rosemary Bookkeeping provide regular reports so our clients and their accountants can see what is going on financially within a business when they need to. Rosemary Bookkeeping focus on the bookkeeping, leaving the accounting to the accountants and running the business to the business owner. With clear and transparent pricing Rosemary Bookkeeping clients always know they are paying only for the work completed.

If you’ve realised that doing the bookkeeping yourself isn’t for you then get in touch with your local Rosemary bookkeeper today to ask how they can help.

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New business owner brings bookkeeping services to Stratford

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In light of what’s happening in the world, it’s always nice to hear some positive news, and we’ve got some to share for the local businesses of Stratford. A new bookkeeper is in town, Mohammad Hossain has started his own business in the Stratford area and he looks forward to helping businesses to get back on their feet in the coming months through help with their bookkeeping requirements.

“I decided on a Rosemary Bookkeeping business because I wanted to do my part in helping local businesses with their bookkeeping during and after the pandemic”, said Mohammad.

Mohammad has spent most of his professional working time as a Chartered Certified Accountant and also as a Bookkeeper for a number of Accounting and Audit Firms in London covering various small and medium corporations and in 2020 he decided it was time for a change. He decided to look into owning his own Bookkeeping business because this is the aspect of enthusiasm for his previous roles he most enjoyed. That’s why he came across the Rosemary Bookkeeping and thought it would be a great opportunity to join a national network of bookkeepers to have the help needed from the brand and other business owners.

All of the bookkeepers in the Rosemary Bookkeeping network thrive on helping businesses with their bookkeeping in order to give them more time to grow their business, and Mohammad is no different.

“I’m really pleased to welcome Mohammad to our Rosemary Bookkeeping Network. With all the experience, fantastic attitude and strive to develop his business Mohammad is a great addition to our network of bookkeepers and will be a great support and asset for local Stratford companies. I’m very excited to work with Mohammad and follow his journey to thrive.”, said Nina Ostasz, Rosemary Bookkeeping Brand Manager.

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Choosing the Right Accounting Software for your Business

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For any small business owner, keeping track of your incomings & outgoings is one of the most important tasks. Recording payments, tracking expenses, invoicing customers and reconciling transactions means you can make informed and profitable decisions about your business.

Luckily, there are now a wide range of software options available to make it easier for you to keep on top of your finances. Some have been heavily advertising of late, you’ve probably seen more than one.

But, with so many options out there, picking the right accounting software for you and your business isn’t an easy task.

Below, we list important factors you should consider when selecting your accounting software.

Costs

The prices can vary considerably. There are packages at the lower end of the price range but these will often be a more basic package. Think about your business requirements now and in the future. Will a basic package be enough or will you need more features further down the line?

Usability

The size and structure of your business will affect how many users there will be accessing your accounting software. Do more users mean more cost? Is it scalable if needed later?

Do you want your accounting software to be installed on a particular desktop? This might limit the number of users so you may prefer a cloud-based system that you can access anywhere.

Features

Work out what you really need from the accounting software and what you need it to do. Do you need both accounts receivable and accounts payable tools? Which reports do you need it to generate? Do you need it to track inventory? Do you need it to include ancillary services, like time tracking, project management and payroll?

Which to choose?

Of course, as bookkeepers ourselves, we have our preferences when it comes to software. We work with all sorts of platforms and packages but there are a few we see time and time again:

Xero: Widely acknowledged as one of the top pieces of cloud based accounting and bookkeeping software – especially if you’re working on a Mac. Xero is great if you’re just starting out or if you need your accounting to be simple and straightforward. Another tick for Xero, it is designed to grow as your business does. We like that it’s affordable, easy to use, offers a ton of add-on features and integrates with hundreds of third-party business solutions, many of which you probably already use. There is also a 24-hour email and live chat support function, meaning there’s always someone there to help you.

FreeAgent: Unlike a lot of bookkeeping and accounting software products which limit your transactions unless you purchase a more expensive package, FreeAgent supports unlimited users, clients, invoices and transactions for one monthly price. It’s a cloud-based piece of software and comes with a built-in project management feature. These features make it ideal for keeping track of billable hours and expenses. As a FreeAgent partner, we recommend it for freelancers, consultants and other project-based businesses.

QuickBooks: One of the most popular accounting software packages out there (and for good reason). QuickBooks works for all types of small businesses. With three different small business plans to choose from, plus a separate plan for the self-employed, freelancers and contractors, it’s got something for everyone. Both new start-up businesses and bigger, established businesses have benefitted from its’ range of features, which cover basic bookkeeping to advanced accounting and business analytics.

Sage: Sage is one of the bigger brands, and it’s been around a lot longer than most. Sage Business Cloud Accounting has two plans for small business owners, starting with invoicing, expense management and reporting, building up to the creation of quotes, estimates, tracking and inventory management. It’s most popular with retail based businesses due to its ability to integrate with POS systems. Sage also appeals to businesses with large finance departments thanks to its’ support for multiple users and payroll systems.

At Rosemary Bookkeeping, we work with small and medium sized businesses to take the pain out of your bookkeeping. From helping you choose the right software to use, software supply, training and data migration, to a complete outsourced bookkeeping service – we can help. If you’re just starting out or you’re looking to hire a bookkeeper to support you as you grow, we’d love to help. Contact your local Rosemary Bookkeeper for your free consultation.

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VAT Updates for 2021

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The UK exited the EU VAT regime, Customs Union and Single Market from 1 January 2021. This means the loss of a range of compliance simplifications and the imposition of customs declarations, goods regulations, services and import VAT.

In this article HERE you can find an outline of the major changes affecting VAT treatment after the UK leaving the EU.

Here you can find the most recent guidance from the government; Import goods into the UK: step by step

If you import goods into Great Britain from outside the UK or from outside the EU to Northern Ireland you may have to pay import VAT on goods. For supplies of services from outside the UK you must account for VAT under the reverse charge procedure.

Guidance on Paying VAT on imports from outside the UK to Great Britain and from outside the EU to Northern Ireland

Export goods from the UK: step by step
Guidance on how and when you can apply zero-rated VAT to exported goods – Goods exported from the UK from 1 January 2021

TOMS – Tour Operators Margin Scheme 

If you supply digital services to private consumers you can read the guidance here – VAT rules for supplies of digital services to consumers 

CIS VAT changes

If you’re in the construction sector changes on VAT are coming on 1st March 2021.

VAT reverse charge technical guide HERE.

VAT is due when a VAT invoice is issued, or payment is received, whichever is earlier.

For invoices issued for specified supplies that become liable to the reverse charge, the VAT treatment for invoices with a tax point:

  • before 1 March 2021 – the normal VAT rules will apply and you should charge VAT at the appropriate rate on your supplies
  • on or after 1 March 2021 – the domestic reverse charge will apply
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How much I love doing self-assessments

As a company owner/director, running a business has its ups and downs but one thing I always looked forward to when I was a company director, as I am sure you do, is that 31st January deadline, finding time to gather all of the information and send off that lovely Self-Assessment.

Oh, you don’t find that the best bit of being self-employed or a company director?

Ok, if I am perfectly honest I dreaded it. You see, I was quite capable of running my business, quite capable of selling what I needed to, quite capable of creating what I needed to, that’s why I decided to start my own business (and just so we are clear, it wasn’t a bookkeeping business!).

Like most people who launch their own business, we start something based on what we like, what we are good at and what we think we can make money doing. However, along with that often comes a whole host of other skills and requirements which need to be done well in order to make our business a success.

But it’s not just the extra things for the business like bookkeeping and payroll, it’s also the personal bits like; yep… your Self-Assessment.

Most of it seems fairly simple but how many times have you really known exactly which expense goes in which column or box? I usually muddled through it and hoped I’d got everything right but I wish I’d made it easier for myself. Knowing what I know now, there is definitely a better way.

Although as a bookkeeper can’t file your self-assessment for you and can’t sort your personal financial information, they can help you make sure all of your business information is accurate, taking one of those stresses away.

I for one would much rather be taking the dog for a walk, marketing my business or doing some work for my client so I can invoice them, than spend that time stressing and working out what column my business cards or printer costs need to go in.

How about you?

If sorting your bookkeeping out isn’t your favourite things, why not, contact your local Rosemary Bookkeeper today.

N.B. Rosemary can’t file your Self-Assessment for you or compile your personal financials but they can make sure your business bookkeeping is up to date, correct and that you have access to the information you need to complete the business section of your Self-Assessment.

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Information on Allowable Expenses

When it comes to carrying out your self-assessment, it’s hard to know what can and can’t be included as allowable expenses. Contrary to popular belief, the government want you to succeed in business so will allow you to spend on certain items in your business without having to pay the tax for them.

In general, tax-deductible items will come under the following categories;

  • Travel
  • Office
  • Stock
  • Marketing
  • Legal & Financial

Travel Costs

fuel expenses

Any business-related car or van use may be allowed. Things such as;

  • Vehicle insurance
  • Fuel
  • Hire charges
  • Repairs
  • Servicing and breakdown cover

You are not able to claim these charges for general use such as driving to and from work but if your vehicle is genuinely used for work purposes, these allowances may be available for you.

It can be difficult to calculate your use if your vehicle is used for both personal and business. In this case, refer to the “simplified vehicle expenses” form on the government website where you will find a flat rate for each circumstance.

Under travel, you may also be able to claim for;

  • Train
  • Bus
  • Plane
  • Taxi
  • Hotel rooms
  • Evening meal during a business trip.

If you are taking a trip but it’s for a combination of personal and business, you will need to calculate how much is used for business and only submit that amount as allowable expenses.

Office Costs

postage expenses

There are many items that can be listed under allowable expenses whether you work from premises or your own home. It’s a little more complicated when you work from home which I will explain later.

The type of things you can possibly include are;

  • Stationary
  • Printing costs (including ink)
  • Postage

You can claim for equipment such as computers, printers and software but this may have to be claimed under your capital allowance if you don’t use cash basis accounting.

With regards to your premises, the following may be allowed;

  • Rent
  • Maintenance & repair
  • Utility bills
  • Property insurance & security.

If you work from home, you may be able to claim for a proportion of your utility bills, but you will need to work out what proportion is used for business and what is used personally.

Stock Costs

stock expenses

Your allowable expenses for your stock may include;

  • Stock held
  • Raw materials
  • Costs incurred from producing goods

Marketing Costs

marketing expenses

Most businesses need to budget for marketing costs and this is taken in to account when it comes to allowable expenses. They may cover the following;

  • Newspaper adverts
  • Directory listings
  • Mailshots
  • Free samples
  • Website

You may also be able to claim for certain subscriptions. An example of these would be;

  • Membership to trade bodies or professional membership organisations
  • Subscriptions to trade or professional journals

Legal & Financial Costs

legal expenses

There are some fees that are essential in business and they may be covered under allowable expenses. For example;

  • Accountancy fees
  • Solicitor fees
  • Bank, overdraft and credit card charges (If used for business)
  • Interest on business loans
  • HP interest and leasing payments
  • Business insurance such as Public Liability Insurance

Other items that may be covered are;

  • Uniform or PPI
  • Staffs salaries
  • Bonuses
  • Pension contributions
  • Benefits
  • Agency Fees
  • Employer NI contributions.

This is just a guide and more information can be found on the gov.uk website. The most important thing to remember is that you will always need to prove these expenses so remember to keep a record of all receipts and invoices.

Outsourcing is actually a very realistic option for business owners so don’t be scared. If you’re still not sure, Rosemary Bookkeeping are more than happy to come and do a 1-2-1 health check with you and give you the opportunity to decide for yourself if you think you could benefit with no obligation, contact your local Rosemary Bookkeeper today.

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Going digital is vital for survival

The world as we know it has changed and is transforming in front of our eyes. We’ve been tested in different ways every day trying to adapt to new working and learning routines.

It’s essential that small businesses across the globe get through the pandemic because they are vital to every nation’s economy.

The current crisis is accelerating the digital world, but also has the potential to accelerate a digital divide. At present, there are many technology-oriented solutions that can help your businesses to survive this crisis. Digital technologies can be essential not just to survive, but to thrive and have continued success after the pandemic.

New digital solutions are key to helping your business

At present, any business focused on providing the exchange of goods and ideas between people without in-person interaction should be able to survive. An example this kind of company is Zoom, which by now everyone has heard of by now as they’ve provided video chat and conferencing services to the world during 2020.

Online retailers such as Amazon are seen massive growth, as much as a 44% increase in stock price since a low on March 12. You can argue that there are some big and well-positioned businesses that are managing to survive and even see growth, but many big manufacturers are struggling to survive.

On the other hand, some small local companies are flourishing, for example, some local restaurants have reinvented themselves and are now focusing on delivery with Deliveroo, Uber Eats etc.

The common characteristics amongst businesses that are experiencing success during the pandemic:
– The ability to adapt to the new customers’ requirements
– A willingness to embrace technology in order to improve production and services.

To overcome this crisis, companies need to be receptive and responsive, and there are many digital solutions that can help them not just to carry out their normal activities, but also enhance business processes as well.

Here are a few examples about how technology can help businesses to go through this pandemic:

Digitalisation

Going digital during the pandemic is not just something you can choose to do, it’s now a vital part of the day to day work life in every business around the world.

The first step to go digital is to update your company website where prospective clients/customers can check and order your products and services online. Then, you can start promoting your business on search engines such as Google or Bing, as well as social media platforms like Facebook or Instagram.

Digital transformation is not just about having a digital presence; it is the integration of digital technology into every aspect of a business.

It’s not just a cosmetic change; it is a cultural change that requires organisations to continually challenge all state of affairs, experiment. Remember, don’t be scared of failure, we all learn from our mistakes.

Digital applications

Many companies and services have continued to remain open during COVID-19 by implementing new physical distancing rules and technology to keep their business running and their employees safe. However, due to increased lockdown measures, technology has become as important, if not more important to all businesses again.

During the pandemic, there has been an influx in the usage of online services such as digital signature or digital IDs not just to buy products and services; also, to connect with social organisations and hospitals etc.

It’s become essential to provide personalised and digital services during the pandemic. Before COVID-19, these types of digital applications were nice to have, but are now a necessity.  For many organisations, these apps and digital software can help them with providing a good quality service whilst reducing/completely stopping in-branch visits.

Perfecting the remote working model

Companies across the world have had to shift to a work-from-home model due to the coronavirus outbreak. As a consequence of that, employers have needed to adapt and find the right tools to make the employee’s work day easier, and to be able to monitor their workers’ progress.

For many employers, time tracking is critical to figure out how productive employees are when working remotely whist other prefer to focus on productivity. Nevertheless, data should be available to both manager and employee in order to get optimal results and with the right technology and software in place. Businesses can maximise their employee’s ability to work remotely, and be more efficient

Information and communications technology (ICT)

During the pandemic, technology has allowed people to communicate virtually, regardless of location—making it essential for businesses that need to remain open and working.

Having the proper technology implemented within your organisation allows affective virtual communication when social distancing or lockdowns are compulsory by government officials.

Improved relationships

Do you need to conclude a distance contract or communicate with other offices without physical presence?

Digital solutions such an electronic contract can improve relationships between clients, suppliers, workers and all those involved in the different economic sectors. In addition to being able to remotely carry out any of the above processes and solve the hiring needs in the best way with the most advanced technology, no matter the sector in question, these tools will lower operating costs as there is less travel involved within the UK and other countries. Therefore, reducing wasted tine and dedicate more hours to more important and demanding tasks.

Hyper-connectivity

This term was created by social scientists and refers to; “The use of multiple means of communication, such as email, instant messaging, telephone, face-to-face contact and a wide range of information and communication services.”

This concept when applied to business is the total connection between all the areas involved such as employees, customers, suppliers and any other stakeholders. Hyper-connectivity makes information more easily accessible and available on any device, which can be easily shared amongst any of the stakeholders associated with your business. Hyper-connectivity helps organisations to become more agile as any new team members have instant access to the platform at any time, anywhere.

Improving workflow efficiency

Learning to improve all work processes is necessary to improve overall business performance. Technology now offers workflow software that enables businesses to restructure their way of working, like work order processing or accounts payable procedures amongst others, instead of having to use the old-fashioned pen and paper. These tools provide you with the ability to maintain normal operations, as online data backups and recovery systems can help in something like the COVID-19 pandemic.

Enhanced productivity

Technology also helps us to improve productivity by eliminating all those unnecessary time-consuming tasks. File management software removes the need for data entry, filing and manual file retrieval. There are plenty of useful technology and software options out there to improve workflow.

For example; bookkeeping and accounting software that can automate most of the processes that used to take precious time to complete.

Improved data management

The volume of data we create on the internet is always expanding, in fact, at the moment over 2.5 quintillion bytes of data is created every single day. Every time a consumer conducts a search, completes a purchase, visits your website or comments on one of your social posts, you will add to that vast expanse of information.

As we all know, this information can be a valuable asset, but only if we know how to tap into and extract the bits that are relevant to business success. In the last few years, the volume of data has increased far faster than we have the ability to process it, but technology can help you to keep your information organised and indexed correctly.

There are a number of apps out there to help you organise and process relevant data, which can help us to make informed decisions from further analysis and research. Without data collection and analysis, companies would be using outdated practices and data to make decisions.

These are very challenging times; however, there are some tools available that can help you minimise the impact on your business. Many of those technologies already exist, you just have to know where to search, learn how to use them effectively and take advantage of their benefits.

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What if you’re a tradesperson and not a bookkeeper?

As a tradesperson, your business has probably seen ups and downs over the last few months but with more people working from home, there has been a noticeable increase in demand across the industry.

Like many other tradespeople, you may have been doing your bookkeeping and accounts on your own and possibly spending evenings and weekends trying to balance your books. Maybe you have roped a member of your family in to help?

This is where hiring a bookkeeper can help you. You know yourself, you provide your service to your client/customer because you do a better job of it than they could, it’s your trade/you skill/your expertise. Utilising a professional bookkeeper means your books are being looked after by someone with the trade/skill/expertise they need.

So, what are the benefits?

1. Fix problems

One of the most common reasons our clients come to us in the first place is because they have been trying to do the bookkeeping themselves, and struggle, can’t keep up or get in a mess.

They may struggle from the start or they may be ok from the start but get busier and busier with their business and not be able to keep up. As a new business owner, it is common to work as cost-effectively as possible so outsourcing might be considered an additional expense but; as your business grows, it’s important to focus your efforts on what brings growth to your business. Let the professional take care of your bookkeeping so you can take care of what you do best.

2. Save time

Saving time is one of the key reasons’ businesses look to hiring a bookkeeper to look after their books; giving you more time to run your business will help in achieving business goals.

At Rosemary Bookkeeping, we’ve seen it all, businesses producing accounts on pieces of paper, on a disorganised spreadsheet and in some circumstances… in their head. These are not reliable methods of keeping track of the incomings and outgoings of your business.

3. Cost-effectiveness

At Rosemary Bookkeeping you know what you are paying for, our pricing is clear, affordable and value for money. Using a professional bookkeeper, you aren’t paying for them to check and research and work out what bill goes in what category or has what VAT, they know the ins and outs meaning they can do your bookkeeping more efficiently.

4. Compliance

Depending on your business there may be more than one requirement for you to keep legitimate, from Making Tax Digital to CIS submission, using a professional and experienced bookkeeper can help keep you compliant.

5. Answers

Rosemary Bookkeeping understands that your trade is different from that of a bookkeeper and you may have questions about your bookkeeping. We’re always available on the phone or email and we’ll get back to you with an answer as soon as we can. You don’t have to go it alone with Rosemary.

6. Keep track of where your money goes

You may be working hard day and night as well as over the weekend, but if you don’t properly account for incomings & outgoings regularly, it makes it much harder to keep on track of where the businesses money is going.

Using a reputable bookkeeper means you get regular reports and access to your well-kept books and you will be able to see where your money is and where it isn’t. So, you can make informed business decisions.

7. Keeping it simple

If you are a small business with 1-5 staff, you likely have simple needs, at Rosemary, we work with you from the outset to assess your bookkeeping needs and make sure you get the most suitable service to help you manage your books. For larger organisations, we have plenty of scopes to meet your requirements too.

Whatever the size of your business we can liaise directly with your accountant, send you regular reports and help you make the most of your business.

 

Find your nearest bookkeeping professional here.

 

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What’s The Difference Between Social Distancing, Isolation & Quarantine?

With all that’s going on in the world now, everyone needs to understand what the differences between Social Distancing, Isolation and Quarantine are.

There is a difference between each of these terms and we’ll explain the difference below.

What is Social Distancing?

Social distancing should be practised by everyone, whether or not they are exposed to the virus.

Social Distancing includes avoiding handshakes, crowds and staying at least 2 metres (6 feet) away from people.

Working from home/Remote Working has been recommended by the government when possible and if showing any symptoms, you should be self-isolating.

What is Isolation?

Isolation is for those who have been either diagnosed with COVID-19 or showing symptoms of the virus.

Isolation serves as a deterrent to keep the infected away from the healthy in order to stop the spread of the virus. This applies to anyone living with someone showing symptoms, anyone with an underlying health condition or anyone over the age of 70.

What is Quarantine?

Quarantine is the restriction on the movement of people, which is intended to prevent the spread of disease. Preventing the movement of those who may have been exposed to a COVID-19, but do not have a confirmed case.

This is the current situation in countries like Italy & Spain to which they have issued a nationwide quarantine and restricted everyone from leaving their homes as much as they can.

Here are a few small graphics that we’ll be sharing on social media as well that you can share if you like:

Social Distancing Isolation Quarantine

 

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Do I really need a Bookkeeper?

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Do I need a bookkeeper? Well, for me at this moment in time, I personally do not, why? Because as I am employed full time and have no other income that I need to account for. But; once upon a time my situation was different. Before I worked where I work now, I like about 5.7 million other people every year made the decision that starting my own business was my next step.

Do I really need a Bookkeeper

I know from experience that starting a business from scratch is not easy, from the practicalities of where do I run my business from? What business bank account should I get or do I even need a business bank account? To, should I be a Limited business? How do I register as a Limited business? And where is my registered address going to be? There is so much to work out, it can be overwhelming for some and possibly ignored by others.

Like many other new business owners I found my feet, made a list and worked my way through all of the things I thought I needed to get my business up and running. I decided I wanted to have a limited business to make sure I kept business and private lives separate. I found three local accountants, did some research and had appointments with them all before deciding which one was best for me, this is important, it is likely that you are going to have a very long relationship with them. I used the accountants address as my registered address because I wanted to keep my business and private life separate, then registered with Companies House… everything was coming together well.

My business got off the ground, we gained clients (the most important part) and the business grew nicely but let’s face it, running a business is a learning curve, we all know (or think we know) what we are good at, taking that to running a business doing it is quite different. There are so many things you find out that you need to be doing, and because you are a micro, small or start-up business we all try to keep costs down to a minimum. Like many other start-up’s and small business owners, I did most if the admin and back office stuff (I am going to call it stuff because well, I am great at what I am great at, it doesn’t make me great at ‘stuff’) myself because that is what I thought was the most cost effective option. – We all like to save money right?

Anyway; my business was growing well and we had our happy clients but after a number of years, I made the decision that I didn’t want to work for myself any longer and one of the main reasons was that I had found myself spending most of my time doing jobs that I didn’t actually want to do, jobs that were not part of what I wanted to do as ‘my’ business. I am pleased to say that my company is still growing nicely and in safe hands with a family member as Managing Director but, I am pleased I stepped away to spend more of my time focussed on doing the jobs that I love.

As part of my current ‘Job’, I work with lots of small and medium sized businesses and have also worked with Rosemary Bookkeeping; as someone that has had a small business, I realise how valuable their services would have been to me as a business owner. I knew I needed an accountant, as was a priority but I did not understand how beneficial it would have been to have someone doing my bookkeeping for me. It never occurred to me that outsourcing some of the admin and day to day ‘stuff’ would have been such a huge benefit to me as a business owner, I just thought I was doing the most cost effective things. If I had known, I would have spent less time doing my bookkeeping and more time on what I love and maybe, just maybe I would have chosen to stay in my business?

The Bookkeeping isn’t the only service that as small business owners we find ourselves tied up doing, there are lots of other things too. Is it time to evaluate how effective and efficient your time is? Would your time be better spent doing something else, like talking to customers, selling your services, creating a bit of artwork or doing whatever it is that you are great. Why not consider outsourcing the rest of it to someone great at it?

So; Do I really need a Bookkeeper? No, I am still employed full time and have no other income that I need to account for, what about you?

What to see how a Rosemary Bookkeeper can help? Have a look here

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Top 10 Excuses For Missing Tax Deadlines

There is no excuse for missing any tax deadlines and unfortunately, HMRC does not accept excuses! However, some of them are quite funny, here is our list of favourite excuses:

Tax Excuses

“I failed to submit my tax return because…”

    1. “My bad back means I can’t go upstairs and that’s where my tax return is!”🚶
    2. “I had a run-in with a cow!”🐮
    3. “I’ve been cruising around the world in my yacht and only picking up post when I’m on dry land!”🛥️
    4. “My tax papers were left in my shed and a rat ate them!”🐀
    5. “My boiler had broken and my fingers were too cold to type!”❄️
    6. “After seeing a volcanic eruption on the news, I couldn’t concentrate on anything else!”🌋
    7. “A pirate stole all of my accounts!”🏴‍☠️
    8. “I was up a mountain in Wales, and I couldn’t find a postbox or get any signal!”🌄
    9. “My dog ate all of the tax returns and all of the reminders!”🐶
    10. “I had an argument with my wife and went to Italy for five years!”🇮🇹

Now for a bonus one, this has got to be our favourite excuse of all time…

“I couldn’t file on time as my partner’s being seeing aliens and won’t allow me to enter the house!”👽

If you find yourselves making up excuses contact us today to help with any tax returns you may have outstanding. Remember excuses like this the HMRC will not take to them kindly at all!

Important Tax Dates

31 January

This is the final deadline for online tax returns unless the notice to make an online tax return was issued by HMRC after 31 October 2019, in which case you have three months from the date of issue. This is also the deadline to pay any tax due for paper and online filers.

1 February

It’s important to be aware that filing your tax return late, or failing to pay the tax you owe on time, will probably mean you face extra penalty fees and interest charges, starting from the very next day!

5 April

This is the end of the tax year and shortly after this date, anyone who is required to file a tax return will receive a notice advising that you must file a tax return for the tax year just ended.

6 April

This is the start of the tax year. Why? Well, that’s a story dating back to 1582, read all about it here!

31 July

This is the deadline for additional payments if you make advanced payments on your account (known as ‘payments on account’) but you don’t want to miss this one – there are penalties if you do!

31 October

This is the deadline for filing a paper tax return, whether you choose to work out how much tax your owe yourself or want HMRC to do it. However, if you receive notice that you must file a tax return after 31 July 2017, you’ll need to send back the completed form within three months of the notice’s date of issue.

 

For all of your bookkeeping needs find your nearest Rosemary Bookkeeper and contact them today.

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Top 5 Small Business Management Tips

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SMEs (Small and medium-sized enterprises with 0-249 employees) make up 99.9% of UK businesses, meaning they’re the heart of the UK economy, so we’ve put together some small business management tips to help all succeed.

1. Invest in Marketing

The world we live in is a competitive one, with the internet making it easier to build a business.

As a rule of thumb, you should keep 10% of your revenue aside for marketing if you’re a startup SME and want to push your way into the crowded market place. If you’re an established SME then 5% of your revenue is sufficient enough.

Don’t ever think that because you’re established in the market you don’t need to spend any money on marketing, your market share will reduce dramatically.

Always have a marketing plan.

Here are a few marketing channels your company can invest in:

  • Facebook/Instagram Ads
  • PPC ads using Google
  • Online content marketing
  • Renting a stand at an exhibition
  • Network marketing and referrals

Use these channels from day one to build brand attention. loyalty and anticipation.

2. Invest in Employee Training

New employees are going to need to learn the ins and outs of the business quickly yet efficiently and investing in employee training will assist with this.

As well as new employees, make sure your existing ones have exactly the same training, even if they’ve been with you for a good few years.

Put together a training plan for all of your employees, you can find one specific for new employees on inc.com.

Sufficient staff training can benefit your business massively, here are a few benefits:

  • Improved employee performance
  • Improved employee satisfaction and morale
  • Being able to address weaknesses and accommodate these accordingly
  • Increase productivity
  • Reduce employee turnover
  • Gives you the ability to delegate certain tasks

There are many more reasons why employee training is vital to your business and you can find out more here.

3. Separate Personal and Business Finances

If you’re completing all of your bookkeeping yourself and mixing your personal and business expenses together then you’re making things a lot harder.

You would have to sit and sift through hundreds of receipts and separate them into business and personal, we can guarantee you haven’t got time for that.

If you initially keep them separate, then this is something you won’t need to do and will give you time to do other important tasks.

When the tax return deadline comes around, if you’re organised and have split your business and personal expenses, then you’re more likely to pay the right amount of tax for your business.

4. Schedule Meetings With Yourself

This may sound a bit crazy but you should schedule meetings with yourself to set time aside to make important business decisions and plan for future growth.

Remember, you’re the one responsible for the success or failure of your business, you’re the one your employees will come to for guidance, and if you don’t run a tight, well-organised ship, then your business will sink.

So every week book a meeting room for 30 minutes to an hour to take yourself away from your office. A different environment will take you out of your routine, help with creative thinking and productivity.

5. Get Professional Help

Don’t be scared to ask for help with certain tasks like your bookkeeping or maybe even marketing for your business there are always other SMEs out there willing to help.

One of the most time-consuming tasks in business is your bookkeeping and this can take you away from growing your business.

Remember, no one is an expert at everything, therefore, don’t try to be and ask for help with certain tasks.

 

Why do your bookkeeping yourself when you can pass this task on to a professional bookkeeping service like Rosemary Bookkeeping?

For more details on our bookkeeping services for your SMEs, find your nearest Rosemary Bookkeeping business and we’ll be able to assist with any queries.

 

 

 

 

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Rosemary Bookkeeping Checklist

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We’ve put together a bookkeeping checklist for you to follow and make sure you’ve got your books together.

Have a read to learn what is involved for your bookkeeping 👇👇

Bookkeeping Checklist

Bookkeeping Checklist by Rosemary Bookkeeping

Do you want to download the checklist to print it out to stick on your wall? Click here – Download

  1. Enter sales invoices
  2. Enter purchase invoices
  3. Enter cheque payments
  4. Enter bank receipts
  5. Enter petty cash receipts
  6. Reconcile bank accounts
  7. Reconcile credit card accounts
  8. Enter prepayments and accruals journals
  9. Enter depreciation journals
  10. Enter payroll journals (if required)
  11. Enter stock journals (if required)
  12. Run VAT return (if required)
  13. Run aged debtor and aged creditor reports
  14. Run Profit & Loss statement
  15. Run Balance Sheet
  16. Check all reports for accuracy

Confused over this Checklist?

If you’re not confident in your bookkeeping ability then this checklist may just look like a lot of words and not make any sense.

There is no need to worry, that is what we do on a daily basis and we’re always here to help in any way we can.

 

Find your local bookkeeping expert here

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Why Hiring A Bookkeeper Is Better For Your Business

Having your bookkeeping up to date is a vital part of your company’s long-term success in your business market.

With many new small businesses nowadays the owners feel like they have to do everything themselves, which includes bookkeeping.

Don’t ever feel like as a small business owner you are on your own, there are always companies willing to help with growing your business.

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Organised Books Can Help With Business Growth

Being disorganised with your bookkeeping can make the job of maintaining positive cash flow and turning over a profit a lot more difficult.

Obviously, as a small business owner, you will want to make your life easier and not harder, so hiring a bookkeeper can sometimes be the best thing for your business.

One of the best things you can do in the current world is to start using digital tools, outsourcing to a professional, or both, which together can assist in managing tax deadlines and keeping up to date with any new government regulations, such as Making Tax Digital.

Accurate bookkeeping records lead to more in-depth and better informed financial projection and strategies, so this is definitely something that needs to be adopted for success.

Don’t Neglect Your Books

Your business’s bookkeeping is on your to-do list next month, great!

However, the majority of business owners will postpone their bookkeeping for a later date, this is a big no-no as you could miss important deadlines.

If you haven’t got long until a tax deadline and you rush your bookkeeping, mistakes will be made! This can result in incorrect tax submission, and potentially some kind of fine.

That is why hiring a bookkeeper like Rosemary Bookkeeping to keep your books on track will result in more time to grow your business.

Accurate Financial Information

An outsourced bookkeeper will always be able to provide you with efficient, accurate and up to date financial information when it’s needed for important times like quarterly board meetings or new investor meetings etc.

Another great reason for hiring an external bookkeeper is that you can save your company a bit of money!

Instead of hiring a full-time employee to complete your bookkeeping for you, an outsourced company like Rosemary Bookkeeping can be hired on a part-time basis when needed.

 

Rosemary Bookkeeping delivers an intelligent bookkeeping service to SME’s, Accountants and Franchisors ensuring a consistency of delivery and high-quality work.  Our practical, down to earth and friendly approach provides clients with information that enables them to understand and make decisions on their business, provides peace of mind that HMRC will be happy, with fair and reasonable charges.

Find your nearest Rosemary bookkeeper here.

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