CJ Bookkeeping Solutions Ltd

A New Chapter ✨

I’m so excited (and a little emotional) to share that CJ Bookkeeping Solutions has merged with MBS Accountants 🤍

I’ve been growing my own practice for around 3 years — and to say I’ve learnt a lot would be an understatement.

Leaving my 9–5 to start my own business was a huge step, both professionally and personally. After leaving a toxic workplace, this “silly little business” was only ever meant to be a placeholder while I rebuilt my confidence and ambition.

Fast forward 3 years — we became a limited company, started recruiting, grew our client base, boosted revenue, and achieved a healthy profit margin.

But what social media doesn’t show is how all-consuming running a small business can be.
If you’re not working, you’re thinking — about clients, deadlines, growth, and what’s next.
It’s constant. It’s exhausting. And it’s also incredibly rewarding.

When we found out we were expecting our first child 💕, I realised I couldn’t have both — at least not in the way I wanted. The business wasn’t yet in a place where I could step back and be a present mum.

That’s when the idea of merging became not just a business move, but a life decision.
And I’m so glad it’s the one I chose 🤍

This merger means my clients get continued support from a knowledgeable, friendly team — and I get the space to enjoy this next chapter: becoming a mum 🫶🏻

Thank you to everyone who’s supported me, my clients, and this journey.
I wouldn’t change a thing ✨

Unfortunately, the days are gone of taking 'business prospects' out for drinks and the business paying for it 👎

Just because its a business expense doesn't always make it a tax deductible expense.

Here are some of the key areas a lot of our newer business owners get wrong:
👉 Client Entertainment - Meals, events, or gifts for clients are not tax-deductible, even if they help secure business!
👉 Personal Expenses - Any costs not directly related to your business, like holidays or personal items, cannot be claimed. If something has dual purpose then only a proportion can be claimed back, as long as it can be proven!
👉 Fines & Penalties - Speeding tickets, parking fines, or any other legal penalties can't be deducted.
👉 Commuting Costs - Traveling from home to your regular place of work is not a claimable expense.
👉 Clothing Costs - General clothing, even if 'required' for work (such as office attire), isn't tax-deductible unless it's a branded uniform or safety gear.
👉 Loan Repayments - You can claim interest, but not the principal repayment on business loans.
👉 Dividends - Money withdrawn from the business as dividends aren’t a tax deductible expense. Before taking dividends you must make sure you have adequate profits available AFTER tax.

Follow us to stay informed! 📣

If you're a limited company director, paying yourself efficiently can make a BIG difference to your take-home pay while minimising your tax liability.

💸Pay Yourself a Low Salary
Set a salary up to the Personal Allowance (currently £12,570 for 2024). This salary and the small NIC it incurs are tax deductible for the business.

💸Top up with Dividends
After your salary, dividends are a great way to extract profits. Dividends are taxed at lower rates than salary and don't attract National Insurance! The first £500 of dividends is tax-free for 2024/25. Remember, dividends can only be paid from after tax profits!
Paying yourself £37,700 in dividends will attract a tax rate of 8.75% rather than the standard 20%.

💸Tax Bill
By combining a salary of £12,570 and dividends of £37,700 you'll take home just over £50k for the year, with a tax bill of roughly £3k.

This is the standard approach for most small business owners, other factors may change how you should split your earnings. So its always important to discuss your personal circumstances with your accountant first.

👩‍💼 Start working smarter, not harder, and keep more of what you earn! 💪

Small business owners & the self employed

Don’t forget to make your second payment on account today for your self assessment tax!

5 things to do when setting up an Ltd!

Your accountants will need various codes from you to ensure services run smoothly. These will include your Company Reg, UTR, CH Authentication code and PAYE codes, so make sure to keep these safe so save hassle!

Small business owners, this is our reminder to you to review your pricing!!

If you work in a service based industry, where you're basically selling yourself rather than a product, it can be really hard to get your pricing right.

So, here's some reasons why you need to review your pricing:
1. The cost of living, COVID, the general economy may have meant that your pricing no longer is in line with what you need to live.
2. You are working tirelessly but not making any extra cash
3. You're currently pricing based on how long it takes to complete a job...
REMEMBER your pricing needs to factor in the years and years worth of training, experience and expertise you have built up.

Are you aware you can claim these expenses on your tax return? 🤯

If you're a sole trader there are a lot of expenses that you can claim back for the running of your business.🫰

Make sure you speak to an accountant about what you can and cannot claim before completing your tax return.

Don't be that person who's rushing around the week before the deadline , get prepared to file your taxes. 🫣

If you read our last post and have realised you need to submit a tax return then here's our checklist on getting prepared!

Round Three || Onyx Premier League || Thanks to - CJ Bookkeeping Solutions Welcome back to the Fen Home of Cricket for another exhilarating live stream, as we gear up for the third game of the season home to Old Leysians CC. Expect ...