OnTax Accountants Ltd

💰 "I've got money in the bank, so my business must be doing well..."

Your bank balance only tells part of the story.

It doesn't show:
• Outstanding invoices waiting to be paid
• Upcoming supplier bills
• VAT due
• Tax liabilities
• Future cash flow

Understanding your finances goes beyond checking your balance. Knowing your numbers helps you make confident business decisions.

Need help making sense of them? We'd be happy to chat.

🌐 https://ontax.co.uk
📞 01383 729053
✉️ [email protected]

📚 Bookkeeping isn't just about keeping HMRC happy...

Good bookkeeping helps you understand your business.

It can help you:

• See where your money is going
• Keep track of unpaid invoices
• Plan for tax bills
• Make informed business decisions
• Spend less time searching for paperwork

When your records are up to date, running your business becomes much less stressful.

🌐 https://ontax.co.uk
📞 01383 729053
✉️ [email protected]

🍂 Summer is coming to an end, and for many businesses, September is a fresh start.

Now is a great time to:

✔️ Catch up on your bookkeeping
✔️ Organise your receipts and invoices
✔️ Check that your records are up to date
✔️ Plan for the months ahead

A little organisation now can make life much easier as the year progresses.

If you need a helping hand with your accounts or bookkeeping, we're always happy to help.

🌐 https://ontax.co.uk
📞 01383 729053
✉️ [email protected]

🏦 Should you keep business and personal finances separate?

Yes.

Even if you're a sole trader, having a dedicated business account makes bookkeeping simpler, helps you track income and expenses, and saves time at year-end.

Future you will thank you.

Need our help? Contact us now:
🌐 https://ontax.co.uk
📞 01383 729053
✉️ [email protected]

🧾 Do I need to register for VAT?

If your VAT taxable turnover exceeds £90,000 in any rolling 12-month period, you normally need to register for VAT.

Some businesses choose to register voluntarily before reaching the threshold, and in some cases this can be beneficial.

Whether VAT registration is the right move depends on your business and your customers.

If you're approaching the threshold, speak to us before making the decision.

Need our help? Contact us now:
🌐 https://ontax.co.uk
📞 01383 729053
✉️ [email protected]

⏰ Missed a tax deadline?

Don't ignore it.

The sooner you deal with it, the more options you usually have.

Leaving it longer can mean additional penalties and interest.

If you've missed a deadline, speak to us as soon as possible - we'll help you work out the next steps.

Need our help? Contact us now:
🌐 https://ontax.co.uk
📞 01383 729053
✉️ [email protected]

🏡 Working from home?

If you work from home, you may be able to claim working from home expenses.

HMRC's simplified expenses allow sole traders to claim:

- £10 per month if you work from home 25–50 hours per month
- £18 per month for 51–100 hours per month
- £26 per month for 101 hours or more per month

Alternatively, some people may be able to claim actual business costs instead, depending on their circumstances.

Need our help? Contact us now:
🌐 https://ontax.co.uk
📞 01383 729053
✉️ [email protected]

💳 Can I put it through the business?

It's one of the most common questions we hear!

The answer is… it depends.

For a business expense to be tax deductible, it generally needs to be wholly and exclusively for business purposes.

Just because you pay for something using your business account doesn't automatically mean it's allowable for tax.

If you're ever unsure before making a purchase, ask us first - it could save you money (and avoid problems with HMRC).

Need our help? Contact us now:
🌐 https://ontax.co.uk
📞 01383 729053
✉️ [email protected]

📂 How long should you keep your records?

HMRC generally advises keeping your records for at least 5 years after the 31 January submission deadline for the relevant tax year if you're required to file a Self Assessment tax return.

For limited companies, company records often need to be kept for 6 years.

Good record keeping makes preparing accounts easier and protects you if HMRC ever asks questions.

When in doubt, keep it.

Need our help? Contact us now:
🌐 https://ontax.co.uk
📞 01383 729053
✉️ [email protected]

💷 Turnover isn't the same as profit.

Turnover = Everything your business earns.

Profit = What's left after your allowable business expenses.

It's profit - not turnover - that usually determines how much tax you'll pay.

Knowing the difference helps you understand how your business is really performing.

Need our help? Contact us now:
🌐 https://ontax.co.uk
📞 01383 729053
✉️ [email protected]