Creative Bedfordshire Conference 2016 - Managing Your Finances - Claire Rulton, Addison Accounts
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Managing Your Finances - Claire Rulton, Addison Accounts You have created a business to make you money, and whether you sell goods or services, you need to make a profit. To do that you need to manage your finances and cashflow carefully. So what are the best ways to do it? I will talk you through practical steps to help you control spending and grow your business without taking excessive financial risks. Claire Rulton has been an accountant for 15 years and runs her own accountancy business and runs finance workshops for Velocity & Wenta. She specialises in helping businesses understand accounts. Claire is also involved in #bedshour and Build Business in Milton Keynes @BYoB_mk as well as being a trustee for local Bedfordshire charity FACES. She runs creative business PlatePeople with her partner - decorating ceramics - so know how to run a business from an accounts perspective as well as running it practically. www.addisonaccounts.co.uk @addisonaccounts
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Creative Bedfordshire Conference 2016 - Managing Your Finances - Claire Rulton, Addison Accounts
- 1. Managing your Finances An Introduction to Bookkeeping & Accountancy Addison Accounts & Tuition Claire Rulton, March 2016
- 2. What’s Today Going to Cover? What you need to know about accountancy and bookkeeping in a nutshell
- 3. Am I going to make you an accountant? NO! Unless you want to be!
- 4. Q1 What are the different legal structures you can have? Sole Trader Limited Company No simple answer to which is best
- 5. Some questions to help you decide • What’s your turnover and your profit figure • Your future plans to grow the business • What customers may think • Would you like to sell your business in the future • Reducing tax bill vs. extra time working on and not in your business
- 6. Sole Trader Pros • Easiest way to set up • No one else sees your accounts • Losses can be set off against other income • Personally liable
- 7. Limited Company Pros • Some companies will only work with Ltd’s • Separate legal entity to the company • May appear more professional (prestige) • Better tax planning opportunities • Easier to sell
- 8. Q2 How does VAT work? • Can apply if you are a sole trader or a Limited company • The threshold for 2015/2016 is £82000 cumulative
- 9. Q3 Do I need an accountant? Legally No My favourite question
- 10. So why have one? • An accountant can save you money • Let you spend time doing the things you enjoy • Stop you making expensive errors • Access to the Correct (and Better) Tools and Education
- 11. So why have one? “At some point you will have to let go, and learn to trust other people to handle some parts of your business”
- 12. Q4 What Can I claim (Business Expenditure) Not allowable • Entertainment • Clothing (except safety/uniforms) • Subscription to Golf/Health Club • Formation costs of Ltd. Co. • Personal drawings (self employed) • Purchase of capital items Special Rules • Pension payments • Depreciation of capital items • Expenses including private use (Self employed, Ltd Co.)
- 13. Business Expenditure • A business can incur any expenditure it thinks fit and proper • Only expenditure which is ‘wholly and exclusively’ incurred for the purpose of the business is allowable as a tax deduction • If you’re not sure seek professional advice • Self employed - 0845 9154 515 • Self Assessment - 0845 9000 444
- 14. Q5 What’s the Difference between a bookkeeper and an accountant • Price, Qualification, Level of advice • Bookkeeping = day to day records of income and expenditure • Accounts = Summary of income and expenditure over a specific time (usually one year)
- 15. Keep in touch • Radio on the 11th April In2beats & on BBC 3CR • Accounting software course course 15th April at 44 Harpur St • facebook.com/addisonaccounts/ • twitter.com/Addisonaccounts • www.addisonaccounts.co.uk
- 16. Managing your Finances An Introduction to Bookkeeping & Accountancy Addison Accounts & Tuition Claire Rulton, March 2016
Notas do Editor
- So Im sure you all want to know what todays session is going to cover? I started out with some lists of things to talk about and sent this to Sandra but scrapped that and thought Id come at it from a different angle. What is it you need to know about accountancy?
- I thought I’d go through the 5 questions I’m asked the most and if you have any additional questions feel free to ask as I go through but if its not a general question I’ll answer you at the break Several legal structures sole traders, Limited companies, CIC’s, Charities, Partnerships they all have pros and cons & I’ll explain them very briefly in terms of what to consider. I will speak about sole traders vs compnies as they are the most different and the two you arelikely to be choosing between
- There are pros and cons to both but the pros for one are the cons for the other so to keep it simple and positive Im going to go through the cons of both.
- 3 months of trading Only who you show them to Losses if employed or rent a property And personal preference You might like the simplicity of a sole trader or the security of a limited liability company
- VAT is relevant to you as a sole trader or limited company and
- So you can have a turnover of £83000 costs of £82999 leaving profit of £1 and still need to be registerd. If 6 months into the year you havea turnover of £50k you would need to register Harsh penalties if you don’t which is why some people register early.
- I thought I’d go through the 5 questions I’m asked the most and if you have any additional questions feel free to ask as I go through but if its not a general question I’ll answer you at the break As a sole trader youd
- Of course that comes with a cost but a good accountant can save you in tax what you pay in fees
- Of course that comes with a cost but a good accountant can save you in tax what you pay in fees
- If you are not sure ask