Why Choice Bookkeeping? Being the sole director of a Limited Company often means you are wearing many hats, but one doesn’t have to be that of accountant or bookkeeper! It can be a frustrating, and often time-consuming task, and one that many choose to outsource, and for good reason.  We highly recommend using a bookkeeper or accountant in Pembrokeshire to help you with your business accounts and tax returns. In fact, it makes so much business sense. Why?  Time   How long would it take you to prepare all the paperwork needed, and actually submit your Annual Accounts with HMRC?
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What does the Heath and Social Care Levy mean for your business? On the 7th September the UK Government let us know about how they are going to fund the extra money needed to fund Social Care and the NHS going forward. The additional funds will come from an increase in National Insurance contributions from individuals and businesses, as well as an increase on the tax on dividends. So, what does this mean for you, your business and your employees?   What are the Changes? In April 2022, National Insurance contributions (NICs) will increase by 1.25%. this will be for
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Our New Office In Haverfordwest is open They say sometimes a change is as good as a holiday, and that goes double at the moment. We have some great news – Choice Bookkeeping are opening a new office in Haverfordwest! I’m Mark, and I own Choice Bookkeeping. With the help of my team, I’ve been helping Pembrokeshire and West Wales based businesses since 2017, and we are looking forward to opening the doors to our brand-new office at 21 Hill Street in Haverfordwest, just next to the Hill Street Laundry. At Choice Bookkeeping, we offer an affordable alternative to accountancy
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Self Assessment and Tax seems to fill so many people with a sense of dread. It isn’t as difficult as you may think. Once your tax return has been completed, you will need to pay the tax owed. HMRC allow you to pay by cheque, direct debit, card payment or online banking. Setting aside money each month can make a big difference, but if you are struggling, here are some options. Instalment Plans Submitted your Tax return already? You may be able to pay the outstanding tax in instalments, and spread the cost. You can use the ‘Time to Pay’
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Should you switch your Bookkeeper or Accountant during Covid-19?     Changing your bookkeeper is something that always seems like it is going to be more trouble than it is worth. You know them, they have been doing your accounts for a while, but you never really hear from them, unless you call them about something. Sound familiar? Will it be complicated to change? Not really – and here are some reasons why you should!   Value for Money   Not all services are equal, and you should think about what your bookkeeper or accountant is providing you with. Are
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Are you starting a side or home-based business while on furlough? Here are some things you need to know from a business perspective!   Deciding on your Company structure Do you want to be a sole trader or a Limited company? There are different responsibilities with each, and it is important to know the difference. Here is a guide we produced about them, which might help make the decision easier. {Link to other blog explaining the difference…}   Registering with HMRC You will need to register with HMRC – if you go down the sole trader route, here is what
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What help is out there for small businesses and individuals in Wales in the times of Covid-19 The coronavirus has hit us all hard. The uncertainty of how we will manage financially is just one concern. So what help is out there? Businesses with Premises: Business Rate Relief: Retail, leisure and hospitality businesses with a rateable value of £500,000 or less will get one year business rates relief in the financial year 2020 to 2021.This means that you will not have to pay any business rates during this time. This will be administered through the business rates system. You do
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Moving your accounts to Xero Struggling with using spreadsheets or unsure about accounting software such as Xero? There are so many options when it comes to Cloud-based accounting software, and choosing one can be a bit overwhelming. We have recently partnered with Xero, and absolutely love it! Here are just some of the reasons why!   Easy to Use Xero has a great user interface, meaning it looks great, feels very modern, and is very easy to use. It is very intuitive, and many find it much simpler to manage than other cloud software packages. The Business Performance Dashboard is
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Are your books in Order? No, not your reading books, but your business accounts! Bookkeeping and accounting isn’t something that everyone enjoys doing, but with the right systems in place it can be a lot easier. Here are some top tips from the team at Choice Bookkeeping. Have a separate bank account that is just for the business. You will need a business bank account.  It makes it much easier though if you only use the account for business purposes, and not for things like the grocery shopping, a night out etc. Keep your receipts. This is so important, otherwise
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Setting up in Business, and confused about whether you should opt for Sole Trader, Limited Company status, or a Partnership? Read below. Sole Trader This is generally the simplest option, and the route many take, especially when starting up. Effectively, you are the business – from a tax and legal perspective! You are personally responsible for running the business, and you decide if and when you want to stop operating. You are also personally responsible for any debt the business may incur. Some of the benefits include: Setting up is very simple – you can simply register online with HMRC,
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