Do you need an in-house accountant or bookkeeper?

accounting and book-keeping options small business

At some point in your journey as a small business, you’ll probably come across a common dilemma – you need an accountant.

But what’s the best solution for your business? Should you hire an in-house resource, outsource the work to a third party, or try and manage it all yourself? (more…)

Guide to bookkeeping for new business owners

If you’re starting a new business, then the bookkeeping requirements are unlikely to be at the forefront of your mind. At this stage there are more pressing things for you to think about.

However, once your business is taking shape, you will need to start thinking about keeping up-to-date and accurate accounting details of your income and expenses. But what kind of records do you need to keep? (more…)

Setting up accounts for a sole trader – a beginner’s guide

setting up self employed accounts

If you decide to work for yourself and begin trading as a sole trader, (self-employed) you will need to set up your accounts to record your income and expenses.

In order to do this you will need to be aware of tax, national insurance and other factors that will affect the records you need to keep as a sole trader.

To help you understand your duties and to get your book-keeping done painlessly, here’s the low-down on setting up your sole trader accounts. (more…)

Top 10 tips for choosing an accountant for your small company

small business accountant

Most small business owners say that their accountant is their most valuable advisor – a good accountant will keep your books in order, help with tax planning, and will ensure that you meet all your tax deadlines. Here are some tips from the ByteStart team to help you choose the best accountant.
(more…)

Guide to setting up and managing payroll for employers

If you’re starting to employ people in your business, mastering payroll is going to become an essential part of your business. Get it wrong and you risk unhappy employees and potential penalties from HMRC.

There’s a lot more to it than simply paying staff money. So we’ve put together this guide to help you get it right and stay in line with what HMRC expects. (more…)

Cloud Accounting – a concise guide for start-ups

online accounts for start-ups

Finding time to devote to accounting and financial matters isn’t always at the top of a startup’s list of priorities. Nonetheless submitting annual accounts is mandatory for any business and being on top of your finances will help your new business succeed so it’s something you want to get done quickly and efficiently. (more…)

15 questions to ask when hiring an accountant for your small business

small business accountant

While selecting an accountant can be a vexing process, especially if you are a new business startup, it’s much simpler if you approach it systematically and ask the right questions. So to help you find the ideal accountant for you and your business, here are the 15 questions you should ask before hiring an accountant; (more…)

Travel and accommodation expenses for the self-employed

Are you a self-employed individual? Do you have to travel on business, and does that travel ever entail an overnight stay away from your home?

Do you know exactly which of the travel and accommodation expenses you can legitimately claim back? If you get it wrong, you could pay too much tax, or worse still find yourself in trouble with HMRC for paying too little tax!
(more…)

Staying on top of your company accounts – book-keeping do’s and don’ts

There are three reasons you need to be on top of the money coming in and going out. HMRC will need information from you at some point (whether you are a sole trader or run a limited company); you need to know if you have enough cash to get you through the month (cash flow); and finally, it’s good to know whether or not you are actually making a profit!
(more…)

What is a balance sheet and how do you create one?

balance sheet

If you choose to set up a limited company when you start your business, you will need to file several pieces of paperwork as part of your role as a director.

One of the many pieces of paperwork you will have to generate on at least an annual basis is a balance sheet.
(more…)