Top 5 FAQs

As part of my 30 day blog I have been asked to write a ‘Frequently Asked Questions’ post about what I do and how I can help you:

1) What can I claim as a business expense? 

Each and every business is different, but this post: Business Expenses will help to clarify the situation for you. If you are unsure, just give all your receipts to your bookkeeper/accountant to sort through, that is what you pay them to do!

2) When does my tax have to be paid by?

The tax you owe needs to be paid by the 31st January the following year (31/01/12 for the 2010/11 tax year). In some instances you will be required to make a payment on account by the 31st July.

3) When do you need my records by?

My own personal preference is for you to send your records to me as soon as you can, that way any errors/discrepancies can be picked up on quickly, and you will not be left with a nasty surprise if you have a large tax bill. Depending on the size of the business the accounts may need to be done monthly or quarterly. If you are unsure of anything make a note about it so that you do not forget when you go to see your bookkeeper/accountant

4) How much should I put aside for my tax? 

Again, everyone’s circumstances are different with this one. But if you are self employed I would advise to put aside 20-25% of your earnings for the end of year tax bill. Try putting the money into an ISA so that you can gain some tax-free interest on it.

5) Do you charge for phone calls/emails?

I am surprised at how often I am asked this question. The answer is always ‘no’. I only ever charge a fixed fee and that includes everything: phone calls, emails, visits etc…

If you have any other questions, please feel free to contact me via the blog or email

Bookkeeper in Pontefract

If you are looking for any book-keeping or accounts work carrying out and your business is based in and around the Pontefract area (or anywhere), please contact me sooner rather than later!

I offer a winning combination of expertise and and experience for sole traders and small businesses all with helpful advice and a friendly, efficient service as standard.

Now that the 2010/11 tax year has ended it makes more sense to sort out your financial affairs out NOW whilst things are still fresh in your mind. By leaving it until the end of the year you run the risk of forgetting something important. The sooner you have your accounts prepared, the sooner you will know what tax you will need to pay at the end of the year.

By employing a professional to compile your accounts you will have peace of mind that your accounts will be compiled correctly, and it also gives you time to focus on running your business.

RS Book-Keeping can help with all your book-keeping and accountancy needs at extremely competitive rates, contact me today to see how I can help you

http://www.rsbookkeeping.co.uk

A Day In The Life

Day 7 of the 30 Day Blog Challenge is here, and today’s task is to write about a day in my life…

I wasn’t feeling too well yesterday so went to bed at 10pm and woke up unusually late at 9am this morning. I was meeting up with my family and in-laws for a Mother’s Day meal at 12pm so it didn’t leave much time to get the normal Sunday chores done. The wife more or less bullied me into taking the car to the car-wash as it hasn’t been done for at least 6 months. My argument that it will get filthy again on Monday because the car park at work is a dust-bowl didn’t hold any weight! It seemed like a lot of other people had the same idea to get down to the hand car wash as soon as it opened too – Ace Professional Valeting Services if anyone is interested.

I got back about 45 minutes later which gave me enough time to check up on emails and twitter before it was time to go out again. The only email of note being the Blog Challenge. It’s amazing how many Nigerian businessmen want me to look after some money for them, I could be a millionaire by now.

We’d decieded to eat out at a local pub/restaurant/carvery called ‘Birchwood Farm’ because we didn’t want the hassle of a full house and having to clean up all the mess afterwards – selfish I know. I can’t recommend this place highly enough. The prices are very reasonable and the portions generous. I challenge anyone to have a starter, main and then the famous Cake-away and be able to finish it all.

3 Hours later and we’re back home and I get to sit down and type this blog whilst listening to this afternoon’s rugby matches on Yorkshire Radio – I’ve even got a mention in the half time chit-chat. The rest of the afternoon and evening will be spent in an equally relaxing way catching up on the TV we have recorded through the week, hopefully the Wife will have watched some of her ‘Homes Under The Hammer’ episodes that she’s got series linked. I can’t believe people watch that rubbish.

All in all it has been a nice relaxing weekend and it has been deliberately slow. I am expecting the be snowed under with work over the next couple of weeks when people start to receive their tax & VAT returns through the letterbox – not that I’m complaining, but I wanted to have a chill out weekend.

What have other people being doing this Mother’s Day?

What Is The Best Way To Save Money For My Business?

This is the $50m question that every business owner asks themselves and some point during their life. There isn’t one definitive answer as each business/company is different; if there was we wouldn’t have witnessed so many companies going into administration during the last few years.

What there is though, are lots of smaller ways to save money, that over the course of a year for a small business will add up to substantial savings. A few of them are below:

 

• Do you really need a full hour for your lunch break? By only taking half an hour you can maximise your time working and earning money
• Do you really need 5,000 printed letterheads when you will probably only used 1,000 of them in the year? Yes the cost per unit is cheaper, but the hit on your cashflow is a lot harder
• Does doing your own accounts/bookkeeping really save you money? By employing a professional accountant/bookkeeper to do this for you it frees up your time to focus on your work, which is what you do best. The accountant/Bookkeeper may even be able to help save you some tax that you may have missed
• Is paying £40+ a month for a mobile phone contract worthwhile? If your phone bill would be less that £40 a month why not try a sim-only deal?
• Is it really necessary to drive over to see a client for a quick conversation which could be done over the internet via Skype? You’ll both still be able to see each other, but you will be able to save the cost and time wasted on a round trip
• Do you really need to be VAT registered? Many small companies register unnecessarily and in the long run it costs them money

These are just a few tips/ideas that may help you. As mentioned at the top of the post, each and every business is different and what works for one may not work for another. In these financially unstable times it pays for you to cut costs where you can.