Finance tips for small business owners

  • Do it regularly.  Don’t leave looking at your accounts until your tax return is due.  Have a look at them on a weekly basis, so that you can keep on top of where your money has gone, and what has come in.
  • Use a system.  With the changes coming in 2019 for people who hit the VAT threshold having to submit their tax returns quartely through a digital method, now is a great time to consider using a system designed to look after your accounts.  There are many low cost options out there, and these will allow your bank transactions to feed through automatically, upload your receipts and file your returns for you.
  • Keep your receipts in a safe place.  Have a special wallet/ envelope in your bag that your business receipts go straight into.  Also keep a folder in your emails or cloud drive to save any digital receipts into.  That way you only have a couple of places to look.
  • Keep all your login details safe somewhere so that you can access your HMRC account whenever you need.  You will have a Unique Taxpayers Reference Number (UTR), and if you are a limited company, you will have a company number along with many more pieces of information that you will need at some point.
  • Know the deadlines.  Nothing worse than finding out that you need to submit and pay something with no notice.  Keep up to date with deadlines (all can be found on HMRC website)
  • Be aware of what you can claim.  Don’t miss out on putting legitimate business expenses through your accounts.
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