Xero Certified Advisor – beautiful accounting software

On 8th September 2014 we achieved Xero partner certification so are in a good position to move your financial records onto this beautiful and intuitive bookkeeping platform. An attractive user interface, simple bank feeds and multi access levels make Xero the cloud based go-to solution that we prefer. We now have multiple clients using Xero and all feedback has been very positive. Clients are saving time and money – something we all love to do! Contact us for more information. Find more information about Xero here   Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...

Is DIY bookkeeping a false economy?

When you set up your business, you set it up to do business. Unless you are a bookkeeper or accountant, bookkeeping is not why you are in business. But in the UK at least, keeping business records is a legal requirement. It is not optional and you must therefore have some provision in place to keep financial records. And let’s face it, it actually makes a bit of sense to be able to see at a glance whether you are making money or not! Your options put very simply are: Employing someone DIY bookkeeping Outsourcing Let’s run through these one by one… Employing someone to do your books You may already have staff on your payroll and decide to take someone on to do your bookkeeping and perhaps other admin tasks. The first step in this is obviously to advertise the position. When you advertise an admin job you will receive a huge number of applications from people who have no actual qualifications but say they can do the job. If you employ someone like this there is no guarantee that they actually can do the job and you may find out to your cost many months down the line that they can’t! Not only do you then have to repeat the process but you have had the outlay of advertising, interviewing, training and a few months’ wages. This effect can be minimised by using a recruitment agency to do the legwork for you but you may still find yourself with messy books and nobody to tidy them up. Employing someone with the appropriate qualifications should take away most...

Class 2 National Insurance – Changes

There are changes to the way you pay your Class 2 National Insurance contributions if you are self-employed and these changes apply from 6th April 2015. From HMRC: About the Changes From 6 April 2015 we’re changing the way we collect Class 2 National Insurance contributions from self-employed customers. If you’re a Self Assessment customer and you fill in the Self-employment and/or Partnership pages on your Self Assessment tax return it means: from 12 April 2015 your Class 2 National Insurance contributions will be collected through Self Assessment if your profits are above the Small Profits Threshold of £5965 for the 2015 to 2016 tax year, you’ll be liable to pay Class 2 National Insurance contributions through your self assessment if your profits are below the Small Profits Threshold, or you make a loss you’ll not be liable to pay Class 2 NIC’s. You’ll have the option to pay them voluntarily to protect your benefit entitlement What Next Complete your Self Assessment tax return as normal for tax years from 2015 to 2016 onwards. We’ll calculate any Class 2 and/or Class 4 NIC’s you need to pay using the information we hold and the information you provide on your tax return, and include it in your Self Assessment calculation. Reasons to pay Class 2 NIC’s Your payments count towards your State Pension and may allow you to claim these benefits: Employment and Support Allowance Maternity Allowance Bereavement benefits Jobseekers Allowance (Share-fishermen only) Budget Payment Plan If you would prefer to spread the cost of your tax and NIC’s a budget payment plan is available to self assessment customers who...

VAT (De)Registration Thresholds

With effect from 1st April 2015 the VAT registration threshold has been increased from £81,000 to £82,000 and the deregistration threshold has also been increased by £1,000 from £79,000 to £80,000. Bear in mind though that the calculation to see if the threshold is a rolling 12 month one so figures need to be reviewed regularly. If you think or know that you are near or over the threshold please speak to a professional for advice. Bruton Young Bookkeeping would be delighted to assess your turnover, register you if necessary and then carry out your VAT administration on an ongoing basis.   Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...

Help to Buy ISA good news for home buyers

During the 2015 budget the proposed help to buy scheme for first time property buyers was presented as providing a bonus to people who have saved into a help to buy ISA. When the funds are used to buy a house the government will contribute £50 for every £200 saved up to a maximum of £3,000 on savings of £12,000. Accounts should be available from autumn this year and savers will be able to deposit an initial sum of £1,000 and then up to £200 per month. The bonus payment will be available for house purchases of up to £450,000 in London and up to £250,000 anywhere else in the UK. Anything that helps people to get a foot onto the property ladder is a good move in my opinion as long as the scheme does not come with a lengthy set of qualifying terms and conditions.   Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Share on Skype (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...