Good bookkeeping is essential when it comes to running a successful business. This month, Amy Bell of A Bell Accountancy, is sharing her tips in this two-part Guide To Bookkeeping. If you would like to read Part 1 of this useful resource, please visit http://bit.ly/ZloZvP.

Retain your receipts 

As a general rule, any expense that is ‘wholly and exclusively’ relating to the purpose of the business is tax deductible. Don’t forget to note the small purchases you make, such as stamps and ink cartridges. Even if you paid for these purchases out of your own money, they are normally okay to claim as business expenses. 

Remember mileage! 

Mileage is often overlooked or poorly tracked. Any trips you do as part of your working day can be classed as a business expense. You can claim 45p per mile for business trips for the first 10,000 miles and 25p a mile thereafter, including all the networking events you attend! Make a note of them as you go along to ensure you make an accurate claim. 

Use of your home office 

If your business operates from home, or even if you just do the accounts from home, you may be able to claim a percentage of your household bills against your business. You can claim up to £4 per week and possibly more in certain circumstances. It is worth keeping all household bills and documents and with help of your accountant you can identify your exact entitlement. 

Plan carefully 

Don’t leave your finances to the last minute. Give yourself time to collate all the relevant information you will need to complete an accurate assessment of your finances. Not only does it relieve the pressure of tax returns but it also ensures you declare an accurate account so you don’t end up paying too much tax! 

Bookkeeping shouldn’t be seen as something the tax office makes you do. It is a vital tool in running your business. It gives you an awareness of your business performance and helps you make good decisions going forward! 

Many thanks to Amy Bell of A Bell Accountancy for sharing her tips and solutions! We hope you have found this to be a useful guide to bookkeeping. 

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