Have you recently started an online business?
As you embark on your exciting new venture it is important to keep on top of your accounts as well as the latest legislation.
Here are some simple tips to get off on the right track:
Step one of any business is to keep on top of your records, including all sales, expenses, invoices, and receipts.
Maintaining accurate records is essential for reviewing your financial performance and ensuring you have the correct information to prepare your tax return.
Here are some examples how to structure your finances:
Overall, a CoA helps keep track of every area of your business that spends or makes money while also aligning with financial reporting standards.
Setting up a separate business account is vital. Do not use your personal account for business as it can easily become confusing when trying to keep track of your accounting records.
If your business is VAT-registered, you must use Making Tax Digital compatible software to:
Customers can integrate tax management with a range of business processes through software.
If your business is not VAT-registered, it is important to keep up to date with the MTD for Income Tax Self Assessment roll out, which will apply for self-employed individuals or landlords from the following dates:
Complying with MTD is a legal requirement, but it is also an opportunity for your business to review its record-keeping and VAT submission processes.
Starting your business off on the right foot is essential. With the support of our team, you can rest assured that you are meeting your obligations and responding to any changes quickly and effectively, particularly with the upcoming General Election.
If you need help with your business accounts, make sure you contact our team today.
