Online Accounting in Today’s Digital World

We often get asked what is the right structure when starting out. There are many questions we will ask in our consultations to assess the suitable structure for you.

Sole Traders will pay tax on their business profits at the personal tax rates, whereas Limited company owners will tend to have a basic salary and take the rest of their income through the form of “dividends”, after the company has paid any corporation tax due.

Dividends do not attract national insurance contributions and are taxed at different rates. So it tends to be the higher level of incomes that are more suitable to Limited company structures as they are more tax efficient

There are some great business plan templates online or our template which we’ve created within our own resources. If this is your first time creating a business plan, we recommend using a template as guidance.

The famous saying, “fail to plan, then plan to fail” is certainly true, and the more detail you include within your plan, the more it will help you throughout. It’s important to continuously review, reflect and update with changing times. Also, if you require a form of investment or borrowing, the more detailed the plan, the more confidence you will be able to give investors and lenders

Current HMRC guidance confirms that if you have additional income in excess of £1,000, you will need to register and complete a self-assessment tax return.

Speak to our client support team and they will be able to register you.

Online accounting uses software hosted online rather than on a local computer or server. It allows businesses to manage their financial information, such as invoicing, tracking expenses, and financial reporting, anywhere with an Internet connection. Accounting software can offer a range of features and integrations, from essential bookkeeping tools to more advanced financial management capabilities.

Xero, Quickbooks and Sage are all software solutions, but they have some differences with functionality. We have a good understanding of the main accounting softwares mentioned above and we will advise the best solution for you and your business.

Very easy! We’d love you to join us so we manage the entire handover process. All you need to do is let your current accountants know you’re moving to Aspreys and you give permission to release information to us. And then leave it to our client onboarding team to manage.

Don’t worry we’re in a professional industry, your accountants won’t hate you & will still talk to you afterwards. We recommend just thanking them for their efforts to assist with a smooth handover.

You will need to register for VAT when your business sales exceed 85K in vatable supplies, within the preceding 12 months. There’s various different rates to types of supplies, but don’t worry, we complete a full review and put forward a recommended plan during your consultation.

There are various advantages and disadvantages to voluntary registration, which we will discuss. It may be advantageous not to register straight away based on your end consumer, or disadvantageous in some instances as they will be aware you are a start-up/small business.

We’re both Xero and Quickbooks specialists, however there’s various additional software on the market that integrates with your accounting software to make your life easier and enhance reporting. During your consultation, we will review your industry and advise the software we recommend to include with your proposal.

With cloud accounting, you can save receipts and track expenses easily. This feature helps you stay organised and keep track of your finances. You can also set up notifications to remind you when bills are due or when payments are late.

Your data is stored securely in the cloud and you will be able to set up a two factor authentication as an additional layer of protection.