- My Bookkeeping Online

5 Tips for simple bookkeeping

17/08/10 (11:57 a.m.)

Running your own business is challenging enough, without the bookkeeping getting in the way. Believe it or not, bookkeeping does not need to be the stressful; challenging nightmare that it is often perceived to be. Here are my 5 top tips:

Get your VAT registration online now!

04/07/10 (9:12 a.m.)

If you have a VAT registered businesses with an annual sales of more than £100,000 (net of VAT), or you registered your business for VAT after 1 April 2010, new legislation now requires that the business files its VAT returns online, and pays its VAT electronically.

Such VAT registered businesses must now file their VAT returns online by 7^th day of the second month after the end of the period, or face fines

Limited Company or Limited Liability Partnership (“LLP”)?

26/06/10 (9:22 a.m.)

Conventional thinking is to use a Limited Company, and it will suit the vast majority of circumstances well.

The benefit of an LLP is that it allows much more flexibility in the allocation of profits. If you are in business with others, or you imagine offering a profit share to staff, it might suit your circumstances better, because adjusting the profits share in an LLP is far simpler than adjusting the share capital percentages in a Limited Company.

This is a brief introduction of how the two legal entities work.

Identity thieves turning to corporate fraud

29/05/10 (11:51 a.m.)

There is a slightly worrying article in today’s Weekend FT about identity thieves turning their attentions to companies, and cloning the identities of entire businesses.

The way they are doing this is by submitting paper documents to Companies House changing the name of the registered office and company director details. Companies House does not verify the validity of every paper item it receives.

There is a very simple way of dealing with this risk.

Registering for VAT with sales under the £70,000 threshold

05/05/10 (7 a.m.)

There is a lot of talk online about the rate of VAT being raised to 20% after the General Election.

If the VAT rate does rise, businesses with turnover of below £70,000 may be more minded to register for VAT, and here, broadly, is why:

Reclaiming Costs for Running your Business from Home

09/04/10 (2:07 p.m.)

If you run your business from home, you are able to claim a reasonable proportion of your home costs as an expense for tax purposes. There are two elements to this: 1. The types of expense you can reclaim 2. How to calculate the proportion Every accountant is likely to have their own view, but here is mine...

Categories:Running a Business from Home
Tags:Expenses, business, home

Budget 2010 – Nothing if you run your business from home

26/03/10 (7 a.m.)

This years budget is incredibly frustrating. All the politicians go on about helping small businesses, and then in the next breath, talk about tax breaks for businesses with 10 staff!

Politicians and, unfortunately, most commentators have little concept of what a small business is.

In the real world, small businesses are one or two man bands that run their businesses from home, the little shops, restaurants, the IT contractors, freelancers & consultants, chiropractors, doctors, and so on, some of whommight employ 1-5 people.

Sian Williams tells HMRC she'd read News Naked

23/03/10 (7 a.m.)

Last week, Sian Williams said she would read the breakfast news naked because HMRC would not allow her to claim her clothing costs as a business expense.

As there seems to be much misunderstanding about what constitutes a business expense, I have set out below the general rules that apply to the vast majority of circumstances. Hopefully this will help Sian, and other frustrated tax payers /naturalists, avoid future accountancy and legal costs!

VAT Rate Change - The Essential Guide

01/12/09 (5:56 p.m.)

The essential guide covers everything you need to know about the VAT rate change this December.

Steps to Setting up a Business at Home: Commercial

26/10/09 (1:40 p.m.)

1. Think of a business name. If you need them, make sure that a suitable domain name is available (for emails and website). If you are struggling to find a name, think about using your own name – credibility is essential and your willingness to use your name will reassure potential customers. Alternatively, stick with the simplest explanation of your business that you can find. “My Bookkeeping Online” is a good example of this.

2. ...

Rewarding Key Staff with Share Options

07/10/09 (8 a.m.)

As a business owner you’ll know how important keeping and rewarded key employees is. I have found share options a great route to incentivising mine. Here’s how...

Share options are such a good, well intentioned idea. They reward and incentivise key staff by passing on shares or share options in the business. On the face of it, as a small business owner, it can be the perfect solution.

Unfortunately, the Government has made it a problematic from a legal and a tax perspective.

Enterprise Investment Scheme (EIS)

24/09/09 (10:35 a.m.)

Start-ups are you looking into angel investment as a finance option? You need to ensure you’re EIS compliant...

If you are raising capital for a start-up business and you plan to use angel investment, the investors will probably want to know whether the business will be EIS compliant. The EIS is a government backed scheme that gives tax breaks to investors. The benefits of investing in an EIS compliant business are principally two-fold...

Employees Verses Contractors

21/09/09 (9 a.m.)

Fortunately there are some very good employers out there – people who thrive on building teams and getting the most out of their staff.

For me – I know I am not the best employer. It is not that I am rude or offensive – very much the opposite I would hope. It is that I, like many entrepreneurs, am very absorbed in what I am doing – thus for me the business comes first, and that means everything else second.

Taking a Holiday

17/09/09 (9 a.m.)

In a recent FT article, there was a discussion about how some business owners have taken a holiday this summer for the first time in years.

Are they mad?

Working From Home

09/09/09 (9 a.m.)

Working from home is becoming increasingly popular amongst certain groups:

Early stage start ups
Mothers that want to get back to work
People that run a business to supplement their salaries
Businesses that don’t need a physical presence
Businesses that don’t have staff

What are the benefits?

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My Bookkeeping Online Blog

By Tim Haggard

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