2205, 2018

Terrific Tuesday Tax Tip

This month we are focusing on Bookkeeping and this week we look at – What do you really need to record for bookwork?

 We recommend that you record the following as a minimum:

For each transaction (eg. sale or purchase) you should record:

• Amount £ (and other currency)
• VAT £ (if you are VAT registered)

Keeping your VAT sales invoices in numerical order
• Name of other business or people as appropriate (eg. customer or supplier)
• Date of transaction (eg. invoice date and later payment date)

The following are typical transactions which should be recorded:

• Sales
• Money received from Sales
• Purchases & Expenses
• Payments for Purchases and Expenses

Remembering ‘Cash’ – often missed if the majority is paid via the bank it’s easy to pick it up – get inot a good habit of putting your cash receipts somewhere safe for record keeping.
• Capital purchases
• 

1805, 2018

Tips for SMEs

Positivity is Key

In business, as is often the case the only thing holding you back from achieving your goals is ‘you’ and your own self-doubt.

To move forward on your business journey or to achieve new business goals, you need to change your attitude and approach.

Anticipate a roller coaster journey, because no one ever said this would be easy, but with the right approach it can be an exciting and exhilarating journey to your final destination. Be prepared for there to be bumps in the road, but with confidence, self-belief and conviction you will get to where you want to be.

There are a few small things that you can do to start things off;

Empower yourself

Knowledge is power, so take time to study and research. Network with experts, and don’t be afraid to ask them for advice and tips. Remember everyone […]

1805, 2018

HMRC Refund Scams

Stay safe – do not give out private information, reply to text messages, download attachments or click on links in emails you weren’t expecting

HMRC is calling on people to stay vigilant in the fight against fraudsters, who are using email and text messages to scam them out of their savings.

Mel Stride MP, Financial Secretary to the Treasury, said: “HMRC only informs you about tax refunds through the post or through your pay via your employer.

“All emails, text messages or voicemail messages saying you have a tax refund are a scam. Do not click on any links in these messages and forward them to HMRC’s phishing email address and phone number.”

For more information visit:-

https://www.gov.uk/government/news/hmrc-warns-on-tax-refund-scams

Or call Avanti for help and advice on 08000 388799.

 

1605, 2018

Jargon Busting

Do you find yourself switching off when your Accountant starts talking about balance sheets, drawings and working capital?

Avanti Accountants aim to speak with our clients in plain English, ensuring that when it comes to your accounts you’re switched on.

This week we are asking, what is bookkeeping?

Bookkeeping is the process of maintaining a detailed record of the receipts and expenses of your business.
Most bookkeeping software packages (for example eCashBook / Sage / Xero) will also keep track of your assets and
liabilities.

1505, 2018

Random Tax Facts

Source: hufingtonpost

 

 

1505, 2018

Terrific Tuesday Tax Tip

This month we are focusing on Bookkeeping and this week we look at – Why do bookkeeping – is it helpful?

Business Owners keep a lot of the financial details of their business in their heads. Doing so has its advantages: No new software to learn, no danger of a system crash that loses all your data, and you can tweak your budget as often as you need without sitting down at a desk.

But when you don’t have a system and some processes in place, unpleasant surprises can pop up, goals can be easily missed and important paperwork forgotten. Getting a better handle on your money can help you to make and keep long-term goals, smooth out the seasonal ups and downs of your cash flow and maybe improve your profits. It can also help you to stay out of trouble […]

905, 2018

Tips for SMEs

Employee Autonomy

We’ve previously discussed the importance of engaged employees, here we look at the importance of delegating to your employees.

It’s important to put policies and procedures in place that not only ensure your employees know how to do their job, but also empower them and give them autonomy over their role.

Allowing your employees to be creative within the required boundaries will often lead to great things for your business. You no doubt employ a team of varied ages, genders, personalities, and strengths, so maximise on this and see what they can bring to the table that is above and beyond their standard job description.

As you grow, and your business develops, it’s important that you can trust your team to do the right thing. Streamlining your processes and removing long ‘command chains’ will speed up day to day practices and issues will […]

805, 2018

Terrific Tuesday Tax Tip

This month we are focusing on Bookkeeping and this week we look at – Why do bookkeeping – is it a legal requirement?

Running a growing business can involve a lot of hard work. Not least of which is the maintenance of the company accounts. Not everyone is great with figures, similarly not everyone realises their legal obligations.

Sole traders don’t have to legally but for limited companies it is a legal requirement in fact Section 386 of the Companies Act 2006 lays down the duty of every company to keep proper accounts,

stating:

“(1) Every company must keep adequate accounting records… …(3) Accounting records must, in particular, contain—

(a) entries from day to day of all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place,

and (b) a record of the assets and liabilities of […]

405, 2018

Bookkeeping Position Available At Avanti!

Full or Part-Time Senior Bookkeeper

Ipswich

£18,000-20,000 per annum, depending on experience

Due to expansion in our Ipswich office The Avanti Group (UK) Ltd we are looking for a dynamic and professional Senior Bookkeeper to join the amazing team in their Ipswich office. You will have passion and take responsibility and pride in what you do. This is a busy role with lots of variety and many industries supported.

Key responsibilities of the Senior Bookkeeper include:

  • Bookkeeping & VAT
  • Payroll & CIS
  • Working to strict statutory deadlines, using the systems and procedures already in place to help provide an efficient, accurate and proactive service for all our clients.

As the successful Senior Bookkeeper, you must have a minimum of 2 years’ experience. Knowledge of Sage Line 50, Quickbooks, Xero and BrightPay an advantage, but not essential.

There is the opportunity to work part-time or full time Monday – Friday, with a salary […]

105, 2018

Terrific Tuesday Tax Tip

This month we are focusing on Bookkeeping and this week we look at our – 6 Top Tips on Bookkeeping

Allocate Time each week and devote it to your bookkeeping

Having a default diary is a great way of sticking to your plan and never getting into a backlog that you end up burying your head until its too late or you rush and miss things

Have a separate business bank account

This ensures you keep your private separate to business, its cleaner, easier to record and more professional.

Get bookkeeping software

Make sure it meets your requirements – maybe you need stock control or expenses or just simple bank in and out.  Software can save time.  Allow you to meet legal requirements for submissions etc.

Know your tax and compliance obligations or know someone that does

Know your stuff! – if you don’t know what you can […]