They normally bill by the hour, although some opt for annually – but many will be flexible about payment terms. Seek official bodies: The Institute of Chartered Accountants in England and Wales, the Institute of Chartered Accountants of Scotland, the American Institute of Certified Public Accountants and the Association of International Accountants will advise on any accountant-based queries.ĭon't choose on price: Always find out how much – and when – an accountant will charge. Usually, people are only too pleased to share positive experiences with financial pros, just as they are more than likely to warn you off incompetent ones. Ask other similar businesses in your local area for recommendations. It’s complicated but a good accountant will ensure you get it right and advise on what can be claimed.Īsks around: Like good builders and plumbers (there are a few), accountants thrive on good word-of-mouth to gain new business. In the UK, if your firm turns over more than £82k in a financial year, you also have to register for VAT. What's what?: In short, UK sole traders and partnerships are charged income tax on their profits limited companies are charged corporation tax on profits, with employees charged income tax on their income. Unless you have an excellent grip on exactly what you’re liable for, you’ll need a good accountant. Taxes are an integral part of your budget process but they can present a legal minefield. (Image credit: Kiyoshi Hijiki via Getty Images)
RENTAL INVOICE TEMPLATE MICROSOFT WORD ARCHIVE
Back up and archive all electronic records and paperwork. If the Inland Revenue finds these records aren’t available, you could be in for a stiff penalty. Invoices can get lost, or held up for reasons that might not have been passed back to you.Īs a limited company in the UK, you’re required by law to keep all paperwork, such as invoices, receipts and financial records, for the past six years (five years for a partnership). If payment is delayed, contact the client as soon as possible. Send out invoices as soon as you’ve completed a job, and keep a record of when that money is due. The learning curve can be steep, but it’s time well spent.
RENTAL INVOICE TEMPLATE MICROSOFT WORD FULL
You can use a cheaper and less complex online service, paid for monthly, or invest in a full package, which keeps track of income, VAT, payroll and so on. Or you could invest in dedicated financial software. Once you get more familiar with a spreadsheet, you can start using the more sophisticated functions for financial planning. A better bet is to use a spreadsheet in a program such as Excel, which has templates that you can alter if necessary. The numbers gameĪt the most basic, bookkeeping can be done with an accounts book, but this isn’t ideal as mistakes can be made and it’s not particularly flexible. Also, don’t take money from a limited company unless it’s wages. Monitor your turnover to see whether you need to pay VAT or local tax, and keep paperwork in an organized system.ĭON’T: Mix personal and business expenditure in your accounts.