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What is a Payment on Account?

If you are Self-Employed and file a Self-Assessment you may have already been hit with your first payment on account but if you haven't they can be a bit of a sting!When your tax bill including your Class 4 National Insurance goes over £1000 you will have to make a payment on account. There are a few exceptions for example, you have paid more than 80% of the tax you owe through your tax code. If your tax and Class 4 NI are over £1000 you will have to pay the same amount of tax again, in a...

Top tips to set off on the best foot with Xero bookkeeping

In a world where technology is forever evolving it’s important that your bookkeeping remains with the times. Your bookkeeping can often be something which gets left to one side, as there is always something more important to do in your business. If you instruct a qualified and licenced bookkeeper like us, you can be confident that your bookkeeping will be the centre of our attention. We use the most up to date software such as Xero to ensure that your financial position is ...

Is it time for me to outsource?

When you’re a business owner it can be hard to delegate. It can also be difficult to trust someone else when you have been the sole person in charge of making sure your business is a success. However, you can’t do everything, you may think you can but eventually things will get on top of you, stress levels will increase and the last thing you want to happen is for the standards you have implemented to slip.  I know from experience, the stress you can be under when working alone. As a bu...

What is Cash Flow and how can it help me?

When business owners hear the words, ‘Cash Flow’ they aren’t always 100% sure what the term means.  Cash flow relates to the net amount of money being transferred in and out of your business bank accounts. Cash being any type of transaction which brings money in and out of your business, it doesn’t necessarily mean hard cash that you can physically see and feel.  Cash received into a business is known as income or revenue whilst the outgoings can also be referred to as costs or...

Do I need a bookkeeper or an accountant?

This is a question I am often asked. Do I need a bookkeeper or an accountant? Well that can depend on numerous factors.  The roles of a Bookkeeper and an Accountant can be quite similar as some of their tasks often overlap, so it’s not always easy for people to decipher which service they require. Most bookkeepers’ will work alongside an accountant because some businesses will need both a bookkeeper and an accountant.  A bookkeeper isn’t just a transactional role, although histor...

What expenses can I claim when working from home?

It may have been new for many when lockdown began last year, but working from home has definitely become more common for many people. Are you aware of what you're entitled to when you’re self employed and working from home?  There are many expenses which go unnoticed and forgotten about when it comes to working from home. Working from home may be a cheaper option than having separate premises but you need to be aware of what you are entitled to claim to get the most out of your cash flow....

What is Cloud Accounting?

Cloud accounting has never been more important than it is today. With many businesses forced to close their offices, software was more easily accessible via ‘The Cloud’....

Top 3 forgotten expenses for Sole Traders

If you wear a uniform for work, or need protective equipment then these are classed as an allowable expense. For example if you need to wear steel-toe capped boots for safety reasons, then this would be classed as an allowable business expense.Regular day to day clothing, even if you solely only wear the items for work purposes cannot be classed as a business expense, this is because you could wear them at other times which are not for business purposes. An example of this would be buying a suit...

Top 3 forgotten expenses for Sole Traders

Claiming expenses can be a confusing part of your business, especially when you first start up as a Sole Trader. Our aim is to support our clients and ensure that they know what expenses they are entitled to claim for. Here are our top 3 forgotten expenses, which most Sole Traders don’t think of when first starting out:...

Key points to maintaining great customer service

It can take months to get your ideal client on board, but it only takes seconds to lose them. Customers are the integral part of your business and without them you have no business, your focus has to be your clients.  So you’ve worked really hard to get to the point you are now and to win those clients. Now you need to make sure they stay loyal. This does not need to be a difficult process. Showing that you are friendly and approachable goes a long way, you need to develop a connection wi...

Top 6 reasons why we should turn to exercise to improve our mental health

During lockdown it became apparent to us all how exercise played an important part in our mental health and wellbeing. With the majority of the population having to work from home, schools closing and being told we could only leave the house once per day and only for essential reasons, many of us took to taking a daily walk to get out of the same 4 walls. When you’re working in a busy office environment there are more distractions to get you up and walking around. Whether it’s a walk down to...

How to stay safe from fraudsters

Unfortunately the Covid Pandemic is the ideal scenario for fraudsters. They love to prey on the vulnerable and have even been using the vaccine as a reason to obtain money fraudulently from their victims. HMRC have also reported that fraudulent claims have increased during the course of the pandemic with all of the new help available for individuals and businesses....

Tips for working from home

The end is now in sight, it may still be a good few months off before we can get back to ‘some kind’ of normality but there is light at the end of the tunnel! So many of us have become accustomed to working at home and have been doing so for a year now. I for one have been working from home for a lot longer by choice. It suits my family requirements and I have no overheads to think of when running my business. Some people of course don’t share the same opinion as me and have found it very ...

What’s the difference between a Sole Trader and a Limited Company?

When starting a business it can be difficult to decide whether or not you should register as a Sole Trader or become a Limited Company. You may not even know what the difference is, so we have put together this blog for some guidance. The main difference between a Sole Trader and a Limited company is that a Sole Trader owns the business on their own and is personally liable for any debts which the business may incur. With a Limited Company there is a distinction between personal and business lia...

Top 5 tips for finding the right bookkeeper

With the pandemic still hanging over us it can be difficult to find the right workforce, but most bookkeepers are used to working virtually anyway, we were doing it long before Coronavirus! We’re pro’s! Whether you have been looking after your own books or you are looking to change your bookkeeper, we have the tips you need to ensure you find the right person to look after your accounts. Here at Clear Bookkeeping we love working with our existing clients and really enjoy building relationshi...

Weird and wonderful excuses for not submitting tax returns

We all have hectic lives and keeping to deadlines can be stressful. But none of the weird and wonderful excuses which HMRC have heard of the past 10 years would be eligible as a legitimate excuse for not submitting your self assessment on time....

Misconceptions of Bookkeepers and Accountants

Why is it that we continue stereotyping people due to their career choice? Yes of course it takes a certain type of person to be a Bookkeeper or an Accountant, or even a builder for that matter! But that doesn’t mean you should make assumptions on a person's characteristics and social traits solely based on what they do for a living.So here is the truth about misconceptions when it comes to Bookkeepers and Accountants......

How is the pandemic affecting HMRC?

The government has been under immense pressure to try and support as many people and businesses as possible during these unprecedented times. No government has ever known times like these and every decision has had to be a learning curve. Despite this the UK government has put measures in place in order to support the economy as best as they can. With the introduction of various government schemes such as furlough and bounce back loans, see our previous blog for a full list of support available:...

Is your business ready for Making Tax Digital?

HMRC are making significant changes to the UK tax system in order to fulfil their ambition of becoming the most digitally advanced tax administrators in the world. In order to meet this goal they have to ensure that our tax system is not confusing for people and is efficient as possible. HMRC have been carrying out research including live testing with businesses who volunteered to participate in order to develop the process of Making Tax Digital (MTD).  What does this mean for VAT Registere...

Tips for home schooling whilst working from home

As many children across the UK were going back to school after the Christmas period the Government were deciding to shut them again. The news was broken to us on the same day in which a lot of children had returned to school and this left us questioning why they couldn’t have made this decision before the children were due to return. Parents who were working from home now had the job of teaching their children from home too. So how do working parents manage to juggle their own workload as well...

What did we learn from 2020?

2020 was a turbulent year that was for sure, and totally unexpected. At the beginning of the year Covid was something that was happening in China and we weren’t overly concerned about it. By February it was starting to become apparent that a pandemic was emerging and we were part of it. We had to adapt our everyday lives and we started living through what felt like a film set at first, until it became more and more real.  Everyone has a different story of how Covid has affected them, some...

What Government Schemes am I eligible for?

Whether you're employed, or have your own business the government has put schemes in place in order to assist you financially during these unprecedented times. The impact of the first lockdown was significant enough but now we are living through the 3rd lockdown, the financial pressures on individuals and companies is immense! With restrictions and schemes changing on a daily basis, it’s hard to keep up with what’s available. So here’s a low down to help you. BBLS - The Bounce Back Loan Sc...

How do I keep motivated in January?

January is always a difficult time to keep motivated, but especially this year more than ever! Many people report experiencing the ‘January blues’ each year following the Christmas break. So how can we keep ourselves motivated in 2021? A New Year usually means New Years Resolutions, but how many of us actually stick to them past January? Set yourself an achievable goal, break it down into small steps. Having targets to meet in order to get to your main achievement is the best way forward. If...