Bay Bookkeeping Solutions

Do you have a bookkeeping or accounting issue we can help with? Call now to discuss your requirements and we'll send you a quote.

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Running a business is a dream come true, but let's be honest, not all parts of it spark joy. That's where a bookkeeper comes in! 🌟

🔹 With a keen eye for detail, a bookkeeper ensures every digit is in its rightful place, giving you the peace of mind that your finances are accurate to the penny.

🔹 While you focus on what you love about your business, your bookkeeper takes care of the nitty-gritty, saving you precious hours each week. More time for creativity and growth! 🚀

🔹 Wave goodbye to the stress of tax season. A bookkeeper keeps everything organized and ready for year end 🧘‍♂️

🔹 Ever-changing regulations? No problem. A bookkeeper stays on top of the laws so your business remains compliant. 🛡️

So, if you want to reclaim your time and keep your passion for your business burning bright, let a bookkeeper handle the books. You do you, and let us do the numbers! 🔢💙

If thinking about filing taxes makes you worry. Stop!

Send us a message and find out how we can help make things really simple.

Happy Easter 🐰 🐣

Bay Bookkeeping Solutions are hiring a bookkeeper!

We are looking for a qualified bookkeeper to join our team on a freelance basis. This is a remote position but monthly team meetings in the Lancaster area will be required.

Your role will include:
Recording and processing financial transactions
Preparing and filing VAT returns
Reconciling bank accounts

You will need:
A relevant bookkeeping qualification or certification (ICB or AAT)
At least five years of experience in bookkeeping or accounting
Proficiency in Quickbooks and other accounting platforms
Excellent communication and organisational skills
Attention to detail and accuracy
Ability to work independently

In return we offer:
£12-£15 per hour based on your skills and experience
An "as required" position with flexible hours and remote working
A chance to grow with our business

If you are interested in this opportunity please send us your CV and a cover letter to [email protected].

We look forward to hearing from you soon!

We hope you're well rested from a Christmas break and ready for 2024 with fresh enthusiasm.

Now is an excellent time to begin some great new habits.

Merry Christmas from our team at Bay Bookkeeping Solutions.

Get help with paying your tax if you need it. Find out more from HMRC

File ahead of time – so you know what you owe and can get access to help and support if you need it.

If can’t pay your tax bill on time, you might be able to set up a time to pay arrangement to pay in instalments.

Find out more 👇

https://www.gov.uk/difficulties-paying-hmrc?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=self_assessment_

It might only be 48 days till Christmas. But that means it's only 85 days until the self-assessment deadline for 2022-23. Are your records ready to file?

Capital purchases tend to be the purchase of any equipment that will be useful to your business for more than a year.

The purchase of these items referred to as assets is treated differently in your accounts from your day to day revenue expenditure.

As always, if you have questions, please get in touch.

We are so proud to be accredited by the Good Business Charter . Check out their page to find out how your business can also become accredited.

You're setting up a business and need to choose a structure. Lets explore the options:

SOLE TRADER
Usually known as self employed. Being a sole trader is easy to set up and low cost. The individual much register for self assessment with HMRC and tax and NI will be calculated through this system. While a sole trader is able to keep the profits of the business they are also liable for losses.

PARTNERSHIP
2 or more individuals form a partnership which must be registered with HMRC. Profits are shared and each partner declares this through individual self assessment. A partnership agreement will be required when the partnership is formed.

LIMITED COMPANY
Shareholders of a company are personally protected from financial exposure via limited liability. A company must be registered with HMRC and companies house. This creates increased set up costs and continuing costs year on year to produce and file annual accounts.

LIMITED LIABILITY PARTNERSHIP - LLP
Is a combination of partnership and limited company. Profits are shared as with a partnership but there are also requirements to report to companies house.

COMMUNITY INTEREST COMPANY- CIC
This is a type of limited company but run to benefit the community rather than shareholders. More information can be found from The CIC regulator.

We had to share with you this fabulous app called Todoist. Keeping track of all our tasks and deadlines would be much harder without it. Excellent value for money, easy to use and the reoccurring tasks mean we never miss a deadline.

The rules for claiming clothing as a business expense are very strict.

Clothes purchased for work that could be worn outside of work are not allowed as a business expense. You can't claim for a suit you wear for working.

That's the bad news, so let's look at the good news where clothing is considered to be a business expense. This includes:
- items branded with business name/logo
- uniform
- protective items
- costumes

If you have any doubts if a purchase is allowable, give us a call, and we'll be happy to help.

Credit control is simply monitoring unpaid sales invoices and implementing a process to chase up payment.

You may decide to send customers a statement of their account or a gentle reminder email with a copy of the invoice.

If a more robust system is required, get in touch to find out how our credit control service could help you stay on top of unpaid invoices.

It's the time of year you may have heard P11D mentioned. What is a P11D?

It's a form submitted to Hmrc identifying the benefits in kind employees have received.

A benefit in kind is a service you receive from your employer in addition to your salary.

This might include:

* private healthcare
* company cars
* non business travel expenses
* assets with significant personal use

The P11D will result in an adjustment to tax paid and should be recorded on your self assessment.

This months has to go to our new practice administrator. Welcome to Bay Bookkeeping Solutions Lisa Roberts.

VAT is a subject that a lot of people find difficult because it has so many variables. Understanding them all can be a minefield.

Let me see if I can break it down and help a bit....

The current standard rate of VAT is 20% and it applies to most good and services.

However...

There is a reduced rate of 5% which applies to some goods and services such as fuel.

0% vat or zero rated goods and services include things like food, books and kids clothes.

Then, just to add more things to think about, there are items that are exempt of VAT. These include stamps, insurance and bank charges.

If any of these goods or services originate from outside of UK then thats a different conversation for a future post.

If you need help with VAT don't hesitate to get in touch.

We are absolutely thrilled to be accredited by Good Business Charter . If your business can say it complies with the 10 requirements for accreditation you could also apply.

Has your accountant asked about your bank reconciliations? Did you understand what they were asking? No? Read on!!

A bank reconciliation is the process whereby your accounting records are matched to a statement from your bank at a particular date. (Often the month end).

Why is this important? It's the best way to find potential errors in your records.

We have a number of clients who like us to review their bookkeeping records and reconciling the bank(s) is always our starting point.

The Construction Industry Scheme (CIS) is a process whereby contractors deduct money from subcontractor payments for HMRC. These deductions contribute to the subcontractor end of year self assessment for tax and national insurance.

It is not compulsory to register as a subcontractor but if you don't deductions are taken at a higher rate.

If you think CIS may apply to you, give us a call and find out more.

this month has to highlight the fantastic help Bay Tech have given me.

If you're looking for IT support or web hosting Matthew is fantastic. He's very patient and knowledge and has never tried to confuse me with technical talk.

If you're into fishing or maybe want to give it a try Gerrys Fishing are having an open day today. Lots of expert advice available.