The Bookkeeping Master

New video!!! 🎉

A Complete Guide to Limited Companies Learn how to run a UK limited company, including Ltd basics, corpor...

I'm back! 🎉

After a long break, I've returned!

I'm working on a new video about limited companies, covering taxation, accounting, and administrative items. I'll upload the video within the next few days.

In the meantime, let me know your preference in the comments section. I'll go first: A2B2C1

The ULTIMATE accounting quiz! 😎

Answer the following to spell a word. Let me know your answer in the comments section.

Question. Are expenses debits or credits?
a. Debit
b. Credit
c. Neither

Question. Are sales debits or credits?
a. Debit
b. Credit
c. Neither

Question. A profit and loss can also be called an?
a. Cash flow statement
b. Income Statement
c. Gross Profit

Question. Which is the accounting equation?
a. Assets = Liabilities + Equity
b. Equity = Sugar Daddy
c. Gross Profit = Sales - Overheads

Good luck!

MTD Income Tax!

The deadline is here! How did it go? Everything filed?

As an accountant who had to charge my clients more and ask them to pay for accounting software, my initial thoughts on MTD Income Tax were not positive. However, now that the first quarter is done and dusted, my thoughts are different. Here is my experience:

1️⃣ MTD will definitely help to keep sole traders more organised and prepare for taxation. I provided each of my clients with an accurate and easy-to-read profit and loss statement for the quarter, along with the MTD return. They will get one each quarter. This really helps them see how the business is performing financially, as well as their potential tax bill and savings for the year.

2️⃣ Not all software is the same. I tried a few packages for MTD Income Tax, depending on what my clients were using or had signed up for. By far, Xero was the easiest to use for preparing and filing the return. It was also the most versatile and forgiving. Get 90% off Xero here: https://xero5440.partnerlinks.io/BookkeepingMaster It's great for MTD Income Tax.

3️⃣ There will be late filings. Unfortunately, just like VAT, self-assessment, and corporation tax filings, there will be individuals who are just not organised enough, or are drowning in terrible circumstances, to file their returns on time. This means that there will be financial penalties and clients who get themselves into a real mess. However, I have no idea what the answer is 😕

4️⃣ Overall, MTD Income Tax is a very positive move if sole traders and landlords embrace accounting software and what it can provide. However, the frustration of added accounting and software costs is totally understandable.

If you need help with MTD, drop me a message or contact me: https://www.smaccountinguk.com/contact-an-accountant

Cheese! 🧀

I just got back from France. My diet for the last week has been moules et frites and jambon baguette. Unfortunately, no excessive cheese for me this year. Last time, I pretty much doubled my weight in 2 weeks 😅 I vowed never to repeat it, no matter how tempting.

I don't enjoy leaving holidays; I much prefer frivolous spending, indulgent eating, and the extra sleep, but I enjoy coming back to the office. I never used to, but since starting my own accounting practice, I've always enjoyed returning. I feel re-energised and motivated to push things to the next level! 💪

Holidays do wonders for the accounting brain. Even The Bookkeeping Master needs to recharge and process lazy living rather than debits and credits once in a while.

Have you been away? Any summer holidays planned?

Below is a photo of where we stayed in France. Later in August, I'll be staying in the Peak District in England.

A new video!

Cash flow forecasting in Excel

How to Use a Cash Flow Forecast on Excel Learn how to use an Excel spreadsheet for cash flow forecasting. ...

90% off! 💥🤩❤

Xero is still offering this exclusive discount.

Here is the link: https://xero5440.partnerlinks.io/BookkeepingMaster

✅ 90% off (no joke)
✅ MTD compliant
✅ User-friendly
✅ Automated accounts