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Home » News & Insights » Terrific Tuesday Tax Tip – 6 Top Tips on Bookkeeping

Terrific Tuesday Tax Tip – 6 Top Tips on Bookkeeping

Posted on 1st May 2018

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 and can’t claim for vat or tax and you don’t know your reporting requirements get someone to help.

Keep your receipts

Its your proof of what the expense was and if VAT was applicable. Nowadays it is accepted that you can keep electronic receipts. But whether paper or electronic  keep your records for a minimum of 7 years.

Get a Bookkeeper

If numbers are not really your thing, or if you are ultra busy doing what you do best, then ultimately getting a bookkeeper will save you time and money.  They will ensure you meet the legal requirements and that the information allows you to make informed decisions about how to move you and your business forward.

If you know of a local business that needs help with their bookkeeping, please do pass on our details

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice
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Filed Under: Tax tips

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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