If you were required to use Making Tax Digital for Income Tax from April 2026 but haven’t signed up, HMRC is taking steps and may sign you up for Making Tax Digital if you haven’t registered already.
Making Tax Digital became a legal requirement from 6 April 2026 for sole traders and landlords with qualifying income over £50,000. The first quarterly update was due by 7 August 2026.
If you missed it, ignoring MTD is not a good option.
What is happening?
HMRC has been contacting sole traders and landlords whose records indicate they should be using Making Tax Digital.
If you haven’t already taken the necessary steps, HMRC is moving forward with bringing eligible taxpayers into MTD. When you receive communication from HMRC regarding MTD, make sure to read it carefully and verify what actions are required of you.
Being integrated into the system doesn’t finalise everything. You still need to verify your details, use compatible software, maintain digital records, and submit quarterly updates. HMRC states that compatible software must be authorised and connected to HMRC before it can be used for Making Tax Digital (MTD) filings.
What if you missed the first MTD deadline?
The first quarterly update deadline was 7 August 2026.
If you were required to use MTD and did not submit your update, you should update your records and submit them rather than waiting for the next deadline.
There is some breathing room in the first year. HMRC has confirmed that no penalty points will be issued for late quarterly updates during the first year of MTD for Income Tax.
However, this does not mean MTD is optional.
You must still comply if you meet the criteria. Penalties for late Self Assessment submissions and tax payments remain in effect. Starting from the second year of MTD for Income Tax, a points-based system will be used for missed quarterly deadlines.
What should you do now?
If you think MTD applies to you, check your position now.
You should make sure you:
Are correctly signed up for Making Tax Digital for Income Tax.
Have compatible software in place and connected to HMRC.
Keep digital records of your self-employment or property income and expenses.
Submit any quarterly updates that you have missed.
Keep updating your records so you’re ready for your next quarterly submission.
You can access Making Tax Digital for Income Tax through your existing HMRC online account once you are signed up.
What if you haven’t received anything from HMRC?
Don’t assume that means MTD does not apply to you.
For the 2026/27 tax year, MTD applies if you’re registered for Self Assessment, earn income from self-employment or property, and your qualifying income exceeds £50,000. Qualifying income includes your gross earnings from self-employment and property, prior to deducting expenses.
If you meet those requirements, HMRC says you should sign up now.
Get back on track with Rosemary Bookkeeping
If you missed the first MTD deadline, haven’t signed up, or aren’t sure what you should be doing, now is the time to sort it.
The first-year soft landing lets you organise your records and get comfortable with quarterly reporting before penalty points for late updates start to accrue.
Rosemary Bookkeeping can help you understand your MTD obligations, maintain your digital records and keep your bookkeeping organised throughout the year.
https://rosemarybooks.co.uk/wp-content/uploads/2026/08/RB-AUGUST-2026-SOCIAL-1.png800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-08-18 09:21:592026-08-18 09:21:59HMRC Could Sign You Up for Making Tax Digital If You Haven’t Done It Yourself
Submitting your first Making Tax Digital (MTD) update is a key milestone. If you have successfully completed your first quarterly submission, congratulations! You have taken the first step towards a new method of reporting your income to HMRC.
However, your first MTD submission is just that, the first of multiple updates you’ll make throughout the tax year. Knowing what comes next will help you stay organised, avoid unnecessary stress, and make future submissions much simpler.
What happens after your first MTD submission?
Once you’ve submitted your first quarterly update, you move on to the next reporting period.
Your bookkeeping doesn’t stop after you’ve submitted. Instead, you’ll continue recording your income and expenses throughout the year before submitting your next quarterly update.
Think of your first submission as the start of a new routine rather than a one-off task.
Your next MTD deadlines
Making Tax Digital requires four quarterly updates each tax year.
If you’ve completed your first submission, your remaining deadlines are:
7 November for the period 6 July to 5 October
7 February for the period 6 October to 5 January
At the end of the tax year, you’ll also need to complete your Final Declaration by 31 January, confirming your income and making any final adjustments before your tax is calculated.
Knowing these dates now lets you plan ahead rather than rushing as each deadline approaches.
Keep your bookkeeping up to date
One of the biggest mistakes businesses make after their first submission is assuming they can relax until the next deadline.
In reality, this is the perfect opportunity to build good bookkeeping habits.
Keeping your records updated regularly means:
Your next submission will take less time.
Errors are easier to identify.
Bank accounts stay reconciled.
Receipts and invoices are less likely to be lost.
You’ll have a clearer picture of your business finances throughout the year.
Many businesses find that spending a little time each week is far easier than trying to catch up at the end of every quarter.
Review what worked and what didn’t
Your first submission is a valuable learning experience.
Take a few minutes to ask yourself:
Was your software easy to use?
Were your records complete?
Did you struggle to find receipts?
Were your bank accounts reconciled?
Did you leave everything until the last minute?
If any part of the process felt difficult, now is the best time to improve it before your next submission.
Remember, the first year is a learning opportunity
HMRC has introduced a soft landing for the first year of Making Tax Digital for Income Tax.
While you are still expected to submit your quarterly updates, no penalty points will be issued for late quarterly submissions during the 2026/27 tax year.
This gives businesses time to become familiar with the new reporting process.
That said, it shouldn’t be seen as a reason to delay. Building good habits now will make future years much easier, especially when the full points-based penalty system applies.
Making Tax Digital is more than compliance
Although MTD is designed to improve tax reporting, there are benefits for your business too.
Keeping your bookkeeping up to date means you can:
Understand your cash flow.
Monitor your income and expenses.
Plan for future tax bills.
Spot trends in your business.
Make better financial decisions.
Instead of only looking at your figures once a year, you’ll have a much clearer understanding of how your business is performing throughout the year.
How Rosemary Bookkeeping can help
If you’ve completed your first MTD submission, now is the perfect time to make sure the rest of the year runs smoothly.
Your local Rosemary Bookkeeper can help you:
Keep your records accurate and up to date.
Reconcile your accounts regularly.
Prepare each quarterly submission.
Stay compliant with HMRC requirements.
Make the most of your bookkeeping throughout the year.
Making Tax Digital doesn’t end after your first submission. With the right support, every future update can become quicker, easier, and far less stressful.
https://rosemarybooks.co.uk/wp-content/uploads/2026/08/MTD-FIRST-SUBMISSION-BLOG.png800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-08-05 09:01:502026-08-25 11:41:22What Happens After Your First MTD Submission?
Every four years, the World Cup reminds us that success rarely happens by accident.
Fans see the goals, trophies, and celebrations. Behind the scenes, however, there is an enormous amount of planning, analysis, and financial management.
Professional football clubs operate in a very different world from most small businesses, but there are valuable bookkeeping lessons for small businesses that every business owner can learn.
Whether you’re managing a football club or a local business, good decisions rely on accurate information.
Every successful team knows its numbers
Football clubs track almost everything.
Player wages, transfer fees, commercial income, sponsorship deals, ticket sales, and operating costs are monitored constantly.
Business owners should adopt the same approach.
If you don’t know, then how will you know?
How much profit are you making?
What are your biggest expenses?
How much tax are you likely to owe?
Is your cash flow is healthy?
Then making decisions becomes much harder.
Good bookkeeping provides the information needed to make confident decisions.
Football clubs cannot ignore financial rules
Modern football is heavily regulated.
Competitions such as the Premier League and UEFA impose financial sustainability rules that clubs must adhere to. Failure to comply can result in fines, transfer restrictions, or even points deductions.
Businesses face similar obligations.
HMRC requires accurate records, timely submissions, and compliance with tax rules. As Making Tax Digital expands, record-keeping is becoming more important than ever.
The lesson is simple. Ignoring financial compliance can be expensive.
Transfer fees are not always what they seem
When a football club buys a player, the entire transfer fee is not normally recorded as an expense immediately.
Instead, the cost is spread over the length of the player’s contract through amortisation.
A £50 million player on a five-year contract may appear as a £10 million expense each year.
While most small businesses will never deal with player registrations, the principle is familiar.
Many business purchases provide value over several years. Understanding how assets are treated helps produce more accurate financial records and better decision-making.
Cash flow wins matches and businesses
A football club may have valuable players and strong revenues yet still face cash flow pressures if money is not managed properly.
The same applies to businesses.
Many profitable businesses fail because they run out of cash.
Keeping on top of:
Outstanding invoices
Upcoming tax payments
Supplier costs
Business spending
Helps avoid unexpected financial pressure.
This is one reason why regular bookkeeping is so important.
Successful clubs review performance constantly
Football managers do not wait until the end of the season to review performance.
Matches are analysed weekly.
Businesses should adopt a similar approach.
Regular bookkeeping reviews help identify:
Falling profits
Rising costs
Cash flow issues
Missed opportunities
Small adjustments made early are often easier than major corrections later.
Preparation beats panic
The best football teams spend months preparing for major tournaments.
They do not wait until the opening match to get organised.
The same applies to bookkeeping.
Waiting until a tax deadline arrives often causes unnecessary stress. Keeping records up to date throughout the year makes tax returns, VAT submissions, and Making Tax Digital reporting much easier.
The most successful football clubs understand their finances. The same is true for bookkeeping for small businesses, where accurate records support better decisions, stronger cash flow, and long-term growth.
How Rosemary Bookkeeping Can Help
Your local Rosemary Bookkeeper can help you:
Keep records accurate and up to date
Understand your business finances
Stay compliant with HMRC requirements
Prepare for Making Tax Digital
Make better-informed business decisions
The winning businesses, like the most successful football teams, know that good results start with strong foundations.
https://rosemarybooks.co.uk/wp-content/uploads/2026/06/RB-BLOG-Football-Bookkeeping.png800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-06-25 08:30:282026-06-24 11:02:38What Football Clubs Can Teach Small Businesses About Bookkeeping
Making Tax Digital remains one of the most significant changes to the UK tax system in recent years. While the aim is to modernise tax reporting and encourage better digital record-keeping, many business owners remain uncertain about what the changes mean for them.
A recent survey found that more than one in five sole traders and landlords already affected by Making Tax Digital believe the changes could harm their business.
With the first quarterly submission deadline approaching and further threshold changes planned over the coming years, it is easy to see why many businesses are closely watching.
What is Making Tax Digital?
Making Tax Digital (MTD) is HMRC’s programme to move tax reporting from annual submissions to more frequent digital reporting.
Under Making Tax Digital for Income Tax, affected sole traders and landlords must:
Keep digital records
Use HMRC-compatible software
Submit quarterly updates to HMRC
Complete an end-of-year declaration
The aim is to improve accuracy and give taxpayers a clearer view of their tax position throughout the year.
Why are some businesses concerned?
According to the survey, 22% of sole traders and landlords already affected by Making Tax Digital believe the reforms will harm their business.
For many, these concerns are understandable.
The shift from a single annual tax return to quarterly updates marks a significant change in how records are kept. Businesses that have traditionally updated their bookkeeping once or twice a year may now need to adopt entirely new processes.
Common concerns include:
More frequent reporting requirements
Learning new software
Additional administration
Keeping records updated throughout the year
Fear of making mistakes
For smaller businesses, these changes can initially feel like yet another task on an already busy workload.
The reality may be less daunting than expected
Interestingly, the same survey found that attitudes towards Making Tax Digital appear to improve once businesses start using the system.
Among respondents already using MTD, 19% viewed the reforms positively, while 29% felt the benefits would become clearer in time.
This suggests that much of the concern may stem from uncertainty rather than from experience.
Many businesses find that once software is set up and processes are in place, keeping records up to date becomes part of their normal routine.
The next deadlines are approaching
The first quarterly reporting period under Making Tax Digital runs from 6 April to 5 July 2026.
The first submission deadline is 7 August 2026.
Currently, the rules apply to sole traders and landlords with qualifying income exceeding £50,000.
However, the threshold will be reduced to £30,000 from April 2027 and to £20,000 from April 2028, bringing many more businesses into scope.
Even if Making Tax Digital does not affect you today, it may affect you sooner than you expect.
Good bookkeeping makes the transition easier
One of the key factors in a successful transition to Making Tax Digital is the quality of your bookkeeping.
Businesses that already:
Keep records up to date
Use digital systems
Reconcile bank accounts regularly
Store receipts and invoices electronically
Are often better prepared for the changes.
The challenge is usually not the submission itself. It has accurate information available when it is needed.
How Rosemary Bookkeeping Can Help
MTD does represent a change in how businesses manage their finances, but it need not be difficult.
Whether you are already affected or preparing for future threshold changes, your local Rosemary Bookkeeper can help:
Understand the rules
Set up compatible software
Maintain accurate records
Prepare for quarterly reporting
Stay compliant with HMRC requirements
The survey highlights that many businesses remain uncertain about Making Tax Digital. The best way to reduce that uncertainty is through preparation, good record-keeping, and the right support.
This article was inspired by reporting on a Small Business Monitor Survey conducted by FreeAgent regarding attitudes towards Making Tax Digital. Only factual survey findings and published threshold information have been referenced.
https://rosemarybooks.co.uk/wp-content/uploads/2026/06/RB-BLOG-MTD-Survey.png800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-06-17 16:22:502026-06-17 16:22:50One in Five Fear Making Tax Digital Could Hurt Their Business. Should You Be Concerned?
https://rosemarybooks.co.uk/wp-content/uploads/2026/06/RB-BLOG-The-Real-Cost-of-Bad-Bookkeeping.png800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-06-17 08:30:542026-06-04 10:54:51The Real Cost of Bad Bookkeeping
The first Making Tax Digital deadline is now firmly on the horizon. For businesses and landlords affected by the new rules, the first quarterly update covering 6 April to 5 July 2026 must be submitted by 7 August 2026.
At first glance, that may seem like plenty of time. However, many businesses underestimate how much preparation is required. Waiting until July to start thinking about the Making Tax Digital deadline could leave you rushing to organise records, learn new software, and correct bookkeeping issues at the last minute.
Making Tax Digital starts long before the deadline
The first submission may not be due until August, but the records required for it have been accumulating since 6 April.
Every sale, expense, receipt, and transaction needs to be recorded accurately throughout the quarter.
If bookkeeping is left until July, you could be faced with three months’ worth of records to sort through in a short space of time.
Software takes time to set up.
Making Tax Digital requires compatible software.
If you are moving from spreadsheets, paper records, or a different bookkeeping system, there may be work involved in:
Setting up your accounts
Connecting bank feeds
Importing existing data
Learning new processes
Checking everything is working correctly
The sooner this is completed, the smoother your first submission is likely to be.
Small bookkeeping issues become bigger problems
Many businesses discover bookkeeping issues when they start preparing reports.
Common examples include:
Missing expenses
Duplicate transactions
Unreconciled bank accounts
Incorrect categories
Missing receipts
Finding and correcting these issues takes time. Leaving everything until the last few weeks before a deadline creates unnecessary pressure.
Good habits are easier to build gradually
Making Tax Digital is not just a software change. It is a change in how records are kept.
Businesses that update their records regularly throughout the quarter will generally find reporting much easier.
Waiting until the deadline approaches often means rushing to catch up rather than building a sustainable process.
The first year is a chance to prepare properly.
HMRC has introduced a soft landing period for the first year of MTD for Income Tax. This means no penalty points will be issued for late quarterly updates during the 2026/27 tax year.
That does not mean deadlines should be ignored.
The first year provides an opportunity to establish good bookkeeping habits and ensure your systems work properly before penalties become a real risk.
How Rosemary Bookkeeping can help
If you are unsure whether your records, software, or processes are ready, now is the ideal time to review them.
https://rosemarybooks.co.uk/wp-content/uploads/2026/06/RB-BLOG-July-is-Too-Late.png800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-06-10 08:30:172026-06-04 10:54:28Why Waiting Until July Is Too Late for the Making Tax Digital Deadline
https://rosemarybooks.co.uk/wp-content/uploads/2026/06/Screenshot-2026-06-08-at-11.46.44.png704820Yasmin Chaudharihttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYasmin Chaudhari2026-06-08 11:47:552026-06-10 09:31:46Babu Takes Over Rosemary Bookkeeping Shrewsbury as Local Practice Builds on Five Years of Success
It is easy to put bookkeeping to one side. When the business is busy, it often feels like something that can wait. A few receipts here, a few invoices there. It does not seem urgent at the time.
The problem is that small delays build up fast. What starts as a few missing entries can turn into weeks or months of work, usually just before a deadline.
With Making Tax Digital now in place for many businesses, leaving bookkeeping until later is becoming harder to manage.
Here’s why you shouldn’t procrastinate with your bookkeeping.
Small delays quickly become bigger problems
Missing a few days of bookkeeping usually isn’t a problem. However, once records start piling up, catching up becomes more difficult.
You may find yourself:
Searching for receipts, you cannot find
Trying to remember what a transaction was for
Entering large amounts of data in one go
Rushing to meet a deadline
This raises the likelihood of errors and can make bookkeeping more stressful than necessary.
Inaccurate records lead to incorrect figures
Delaying bookkeeping often results in incomplete or estimated figures.
This can result in:
Missing expenses
Incorrect income totals
Overstated or understated profit
Problems when preparing tax returns
Accurate records depend on timely data entry; the longer it is delayed, the more difficult it becomes to ensure correctness.
Deadlines become harder to manage
HMRC deadlines remain fixed, whether it’s for Self Assessment, VAT, payroll, or Making Tax Digital updates. The obligation to submit on time stays unchanged. If your records are incomplete, deadlines may feel rushed, which can result in:
Late submissions
Penalties
Interest charges
Additional pressure
With Making Tax Digital demanding more frequent submissions, additional deadlines now occur throughout the year.
Making Tax Digital increases the need for regular bookkeeping
Under Making Tax Digital for Income Tax, businesses exceeding the threshold are required to maintain digital records and submit updates throughout the year.
This means:
Bookkeeping needs to be kept up to date
Records must be accurate throughout the year
Delaying work becomes more difficult
The old practice of catching up once a year is no longer sufficient. Regularly updating records simplifies quarterly reporting.
Procrastination affects cash flow and decision-making
Bookkeeping is more than just meeting requirements; it provides insight into your business’s performance.
If your records are behind, you may not know:
How much you are earning
What you are spending
What tax you need to plan for
Whether your business is profitable
This hinders your ability to make informed decisions. Keeping up to date provides a clearer picture at all times.
It is easier to stay on top than catch up
Many believe they’ll find time later to catch up, but it often takes longer than expected.
Regularly updating records distributes the workload and reduces the size of each task.
A straightforward routine, even a weekly or monthly one, is typically sufficient to keep everything manageable.
How Rosemary Bookkeeping can help
If bookkeeping keeps getting delayed, you’re not alone. It’s a common challenge among small business owners. Your local Rosemary Bookkeeper can assist you with this.
Keep records up to date
Avoid last-minute pressure
Meet HMRC deadlines
Stay compliant with Making Tax Digital
With regular support, bookkeeping runs in the background rather than building up.
https://rosemarybooks.co.uk/wp-content/uploads/2026/05/RB-Blog-Why-You-Shouldnt-Procrastinate-With-Your-Bookkeeping.png800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-05-27 08:00:232026-05-05 09:06:36Why You Shouldn’t Procrastinate With Your Bookkeeping
Many business owners view bookkeeping as only important when a deadline is near. They see it as a task for HMRC rather than something that helps manage the business daily.
In reality, bookkeeping is about more than just compliance.
Keeping accurate records provides a clear view of finances, helps make better decisions, and supports managing changes as the business grows.
Bookkeeping shows you what is really happening
Without current records, it is hard to gauge how your business is doing. You may have cash in the bank, but that does not necessarily mean the business is profitable.
Good bookkeeping shows:
How much you are earning
What you are spending
Which costs are increasing
Whether you are making a profit
Having this information accessible at any moment simplifies future planning.
Deadlines are easier when your records are up to date
Many people only review their books when they need to file a return. This often involves going through months of transactions at once, searching for missing receipts, and checking figures under pressure.
Maintaining records regularly spreads the workload and lowers the chance of errors. It also makes it much simpler to meet HMRC deadlines without stress.
As reporting becomes more frequent under Making Tax Digital, consistent bookkeeping is growing more essential.
Bookkeeping helps you manage cash flow
Cash flow issues often arise from not understanding precisely what money is coming in and what is going out.
When your records are clear, you can see:
When payments are due
Which invoices are still outstanding
How much tax you may need to pay
Whether spending needs to change
This makes it easier to avoid surprises later.
Accurate records make decisions easier
Running a business involves continual decisions. Setting prices, hiring staff, purchasing equipment, or taking on new work all depend on understanding your figures.
If your records are incomplete, decisions become guesswork. If your books are accurate, you can see your position clearly and act confidently.
Bookkeeping should give you control, not just paperwork.
Good bookkeeping reduces the risk of penalties
HMRC expects records to be accurate and current. Late submissions, incorrect figures, or missing information can result in penalties, interest charges, or additional checks.
With Making Tax Digital, reporting occurs more frequently, increasing the risk of errors if records are not properly maintained.
Staying organised throughout the year makes compliance much simpler.
You do not have to manage everything yourself
Many business owners try to stay on top of bookkeeping alongside everything else.
When work becomes busy, records are often the first thing to slip. Getting support ensures your books remain accurate without adding pressure to your day.
A bookkeeper can help you keep records organised, meet deadlines, and understand what your figures mean.
How Rosemary Bookkeeping can help
At Rosemary Bookkeeping, we help businesses maintain control over their finances, not just ensure compliance.
Your local Rosemary Bookkeeper can:
Keep your records accurate and up to date
Help you understand your numbers
Make sure deadlines are met
Prepare you for Making Tax Digital and future changes
Bookkeeping should help your business run better, not just keep HMRC satisfied.
https://rosemarybooks.co.uk/wp-content/uploads/2026/03/RB-Blog-Deadline-Passed.jpg800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-04-15 08:00:222026-05-07 10:13:56Why Bookkeeping Is Not Just for HMRC
The tax year ends on 5 April. For many business owners, the focus is on meeting the deadline. However, what you do immediately after the year ends is equally important.
A tidy close simplifies reporting, reduces errors, and prepares you effectively for the new tax year. Here is a straightforward checklist of what to do next.
1. Finalise Your Records to 5 April
Before the new tax year begins, make sure everything up to 5 April is complete.
Verify that:
All income up to 5 April has been recorded
All allowable expenses have been entered
Any late invoices related to the old tax year are correctly included
Dividend payments are properly documented
This is the time to fix small gaps. It is much easier to address missing items now than months later.
2. Reconcile Your Bank Accounts
Bank reconciliation confirms that your records align with your actual bank position.
Make sure:
Every transaction up to 5 April has been accounted for.
There are no unexplained discrepancies.
Duplicate or missing entries have been corrected.
If your accounts are not reconciled, your figures cannot be fully trusted. Closing the year without reconciliation may cause problems later.
3. Review Outstanding Invoices
Carefully review unpaid sales invoices and supplier bills.
Ask yourself:
Are there overdue invoices that need pursuing?
Are there bills from the previous tax year that haven’t yet been recorded?
Do you need to write off any bad debts? Keeping clear year-end records provides a realistic view of profit and cash flow.
4. Check Payroll Year-End Tasks
If you run payroll, April is a key period.
After 5 April, you should:
Submit your final Full Payment Submission for the tax year
Confirm year-end figures are correct
Issue P60s to employees by 31 May
Prepare for new tax codes and thresholds for the new year
Missing payroll steps can create compliance issues, so it is important to complete these tasks properly.
5. Archive the Previous Tax Year Properly
Once records are completed and reconciled, organise them systematically.
This involves:
Saving digital copies of reports
Clearly labelling folders by tax year
Backing up data securely
Storing supporting documents safely
A well-structured archive system makes it easier to respond to queries later and minimises confusion when preparing your next return.
Start the New Tax Year Clean
The days immediately after 5 April present an opportunity. Closing one year properly sets a stronger foundation for the next. Accurate records, reconciled accounts, and organised files reduce stress throughout the year.
They also prepare you for ongoing digital reporting requirements under Making Tax Digital.
How Rosemary Bookkeeping Can Help
If you are unsure whether your year has been closed correctly, support now can help prevent issues later.
Your local Rosemary Bookkeeper can:
We remove the hassle of organising your financial paperwork
We handle your VAT return promptly. time
We can communicate directly with your accountant, saving you time
We can provide monthly reports and figures to support your decision-making and help your business grow.
https://rosemarybooks.co.uk/wp-content/uploads/2026/03/RB-Blog-What-To-Do-Immediately-After-the-Tax-Year-Ends.png800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-03-24 08:00:212026-03-16 09:11:24What To Do Immediately After the Tax Year Ends
Making Tax Digital (MTD) has been in effect for several years now. As new changes are implemented, misunderstandings can result in delays, poor preparation, and unnecessary stress.
Below are some of the most common Making Tax Digital myths that are still circulating, along with the facts that clarify them.
Myth 1: “It does not apply to me”
Many business owners mistakenly believe that Making Tax Digital (MTD) does not apply to them. While this may be true for now, it may not hold in the long term.
Starting in April 2026, MTD for Income Tax will apply to sole traders and landlords whose gross income exceeds £50,000. By April 2027, this threshold will be lowered to £30,000.
It’s important to note that income is measured before expenses. If your turnover exceeds these thresholds, you will be subject to MTD requirements.
Even if you currently fall below the threshold, it is anticipated that your business may grow in the future. Ignoring MTD entirely can leave you unprepared for when it does apply.
Myth 2: “Spreadsheets are banned”
Spreadsheets are not banned.
Under MTD, digital records must be directly linked to HMRC using compatible software. If spreadsheets are utilised, they must connect through approved bridging software that submits data digitally, eliminating the need for manual copying and pasting.
The key requirement is digital record-keeping and digital submission. The format is less important than the compliance method.
What is no longer acceptable is maintaining paper records and entering totals manually at the end of the year.
Myth 3: “It replaces Self Assessment completely”
Making Tax Digital (MTD) changes how information is reported, but it does not eliminate the need for annual confirmation.
Under MTD for Income Tax, you will be required to:
Submit quarterly updates
Complete an End-of-Period Statement
Submit a final declaration
The final declaration effectively replaces the traditional Self Assessment submission, but the requirement to confirm your income and tax remains. This means that while reporting is now more frequent and structured, it has not been removed entirely.
Myth 4: “It is just more admin”
MTD increases reporting frequency, but it is not just additional paperwork.
The aim is to encourage real-time record keeping rather than year-end catch-up. For businesses that already regularly keep digital records, the change is less dramatic.
The pressure often comes from inconsistent bookkeeping habits. When records are updated monthly or quarterly, reporting becomes part of the routine rather than a sudden burden.
In many cases, MTD highlights existing weaknesses rather than creating new ones.
Why These Myths Matter
Believing incorrect information can hinder your preparation process. The longer you assume that Making Tax Digital (MTD) does not apply to you or misunderstand its requirements, the more challenging the transition will be.
A clear understanding of MTD enables smoother preparation. MTD focuses on maintaining digital records, providing regular updates, and ensuring accurate reporting. It is not meant to be unnecessarily complex.
How Rosemary Bookkeeping Can Help
If you are unsure whether MTD applies to you or how your current setup measures up, support is available.
Your local Rosemary Bookkeeper can:
Confirm whether you fall within scope
Review your digital record-keeping
Ensure your software meets MTD requirements
Help you prepare for quarterly reporting
Preparation reduces confusion. Clear records reduce risk.
https://rosemarybooks.co.uk/wp-content/uploads/2026/02/RB-Blog-MTD-Busted-Myths.png800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-03-10 08:00:242026-02-26 09:19:12The Most Common Making Tax Digital Myths
As April approaches, it’s time to focus on the MTDfIT changes, who they affect, and the actions required.
This is not speculation. These are the facts.
Who Falls Into MTDfIT Scope?
Beginning in April 2026, Making Tax Digital for Income Tax (MTDfIT) will be implemented.
Sole traders with gross income over £50,000
Landlords with property income over £50,000
Those whose combined self-employment and property income exceeds £50,000
From April 2027, the threshold drops to £30,000.
Income is assessed before expenses. If your turnover exceeds the threshold, you are within scope.
If your income falls below the threshold, you are not yet obliged to comply, but future expansion is anticipated.
What Quarterly Updates Mean in Practice
Under MTDfIT, the annual Self Assessment return is replaced by more regular reporting.
In practice, this means:
Keeping digital records of income and expenses
Submitting quarterly summaries to HMRC.
Completing an end-of-period statement.
Filing a final declaration at year end.
Quarterly updates are summaries of income and expenses for each quarter, not full tax calculations. However, they must be accurate and submitted on time.
The main difference is the frequency. Instead of a single annual deadline, you will need to report several times each year.
This demands regular bookkeeping. Catching up once a year will no longer be feasible.
What Happens If You Ignore It
If you fall within the MTDfIT scope and fail to comply, HMRC applies a points-based penalty system.
Each late submission earns a penalty point.
Once the points threshold is reached, a financial penalty is issued.
Points remain on your record until compliance conditions are met.
Late payment penalties and interest may also be charged if tax is settled after the due date.
Because submissions are quarterly, penalties can build up more quickly than under the previous yearly system.
Ignoring the change does not postpone the obligation; it heightens the risk of recurring penalties.
Practical Next Steps
If you are near the threshold or about to reach it, you must act immediately.
Confirm whether your income exceeds £50,000
Ensure your records are kept digitally
Check that your software is MTD-compatible
Move from annual catch-up bookkeeping to regular updates
Review your cash flow planning for more frequent reporting
Even if MTDfIT does not apply to you this April, preparing early helps minimise disruption later.
Quarterly reporting demands discipline. The earlier routines are established, the easier the transition.
How Rosemary Bookkeeping Can Help
MTDfIT focuses on working consistently and correctly, not on working harder.
Rosemary Bookkeeping helps sole traders and landlords become fully MTDfIT compliant. We assist you in maintaining digital records, managing quarterly submissions, and lowering the risk of penalties.
If you are unsure whether you fall within scope or if you want your bookkeeping reviewed before April, your local Rosemary Bookkeeper can assist.
https://rosemarybooks.co.uk/wp-content/uploads/2026/03/RB-Blog-What-Is-Actually-Changing-This-April-for-Making-Tax-Digital.png800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-03-03 08:00:032026-02-26 09:19:23Reality Check: What Is Actually Changing This April for MTDfIT?
What does the future of AI in bookkeeping look like?
Artificial intelligence is increasingly integrating into everyday business systems. From automated bank feeds to smart data matching, bookkeeping has quietly evolved over the past few years. With Making Tax Digital encouraging businesses to adopt digital record-keeping, questions about AI are becoming more frequent.
Many business owners are asking the same question. Will AI completely transform bookkeeping, and will bookkeepers still be required?
The short answer is yes, AI will change bookkeeping. But no, it will not eliminate the need for professional bookkeepers.
How AI is already used in bookkeeping
AI is not new to bookkeeping. Many tools already use it in practical ways, even if it is not always labelled as AI.
Examples include:
Automatically matching bank transactions to invoices
Suggesting expense categories based on past behaviour
Flagging unusual activity or duplicate entries
Speeding up data entry through scanning and recognition
These tools minimise manual labour and boost efficiency. They enable bookkeepers to spend less time on typing and more on verifying accuracy.
Making Tax Digital is accelerating automation
Making Tax Digital has heightened the need for tidy, consistent digital records. This change complements automation well.
Under MTD, records flow digitally into submissions. AI helps by:
Reducing manual input errors
Keeping records updated more frequently
Supporting regular reporting instead of annual catch-ups
However, automation only functions effectively when the data is accurate. AI can process information swiftly, but it cannot assess whether something makes sense for your business.
What AI cannot do in bookkeeping
AI recognises patterns but lacks a true understanding of context as humans do.
It cannot:
Decide whether an expense is genuinely business-related
Understand unusual one-off transactions
Explain figures in plain language
Spot problems caused by changes in how a business operates
This is where professional judgement is important. Bookkeeping is not merely about recording numbers; it involves understanding what those numbers signify.
Will AI change the role of a bookkeeper?
Yes, the role is evolving. But it is evolving positively.
Bookkeepers are dedicating less time to repetitive tasks and more time to:
Reviewing accuracy
Identifying issues early
Supporting better decision-making
Helping businesses stay compliant with MTD
AI assists the process. It does not take over it.
As reporting becomes more frequent under MTD for Income Tax, the need for oversight, consistency, and explanation grows. That enhances the importance of a skilled bookkeeper.
Why human oversight matters more, not less
With AI controlling speed, the risk shifts to over-reliance. Mistakes can occur again quickly if no one checks them. Misclassifications can spread across multiple submissions.
A bookkeeper provides:
Quality control
Context
Accountability
Confidence in the figures being submitted
This becomes even more significant as penalties under MTD apply to repeated submissions, not just annual returns.
What this means for businesses
The future of bookkeeping combines technology with expertise. Businesses that depend solely on software might progress more quickly, but they also assume greater risk.
Those who integrate digital tools with professional support benefit from increased efficiency and accuracy. They gain clearer insights, fewer surprises, and better compliance.
How Rosemary Bookkeeping fits into the future
Rosemary Bookkeeping employs modern systems while prioritising people. Our local bookkeepers understand how technology works and where it requires human judgement.
We help businesses:
Use digital tools properly
Stay compliant with Making Tax Digital
Understand their figures, not just record them
Prepare confidently for future changes
Don’t be scared of the future of AI in bookkeeping; it’s inevitable that it will continue to influence it. The role of the bookkeeper is not disappearing; it is becoming more vital.
https://rosemarybooks.co.uk/wp-content/uploads/2026/01/RB-Blog-The-Future-of-AI-in-Bookkeeping.jpg800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-02-24 08:00:462026-01-19 13:23:23The Future of AI in Bookkeeping: What It Really Means for Businesses
Is your current bookkeeping Making Tax Digital ready?
Making Tax Digital is becoming a standard part of business operations. Although not everyone is required to comply immediately, expectations regarding digital records and regular updates are already influencing bookkeeping practices.
If you’re uncertain about whether your current setup is ready, you’re not alone. Many business owners feel they might be falling behind, but often they only need to make a few small adjustments. This simple self-check is designed to help you assess your current situation without any pressure.
Do you keep your records digitally?
MTD mandates that records be maintained in a digital format, including income, expenses, and relevant supporting details.
Ask yourself:
Are your records stored digitally rather than only on paper?
Can you easily access past transactions when needed?
If you primarily depend on paper or handwritten notes, this is the first area to assess.
Are your records kept up to date during the year?
With MTD (Making Tax Digital), bookkeeping is no longer a task to be done just once a year. It’s important to maintain regular updates.
Consider:
Do you update your records weekly or monthly?
Are there long gaps where nothing is recorded?
If you usually catch up near deadlines, this may indicate your routine needs support.
Can you clearly separate business and personal spending?
Maintaining clear separation is crucial under MTD. Mixed transactions complicate record reviews and can lead to repeated errors.
Check whether:
You use a dedicated business bank account
Personal spending regularly appears in your business records
Maintaining clarity simplifies digital reporting significantly.
Are your records accurate, not just complete?
It’s essential to record all transactions, but ensuring their accuracy is equally important.
Ask yourself:
Are expenses consistently categorised?
Do the figures match the bank statements after reconciliation?
Repeated small errors can become increasingly difficult to correct over time under MTD.
Do you know when MTD will apply to you?
Many people are uncertain about their timelines; here is clarification.
Understanding when Making Tax Digital (MTD) applies allows you to plan ahead with confidence rather than feeling rushed.
Do you feel confident explaining your figures?
A simple test is whether you can explain your numbers when asked. If your records are unclear or confusing, that often indicates the system needs improvement.
Effective bookkeeping should provide clarity, not uncertainty.
What your answers mean
If you answered “yes” to most of these questions, your bookkeeping is likely on the right track. If a few areas raised concerns, it doesn’t mean you are failing; rather, it indicates where small changes could lead to significant improvements.
MTD readiness is not about being perfect; it’s about consistency, clarity, and developing good habits.
How Rosemary Bookkeeping can help
Preparing for Making Tax Digital can be stress-free. Rosemary Bookkeeping assists businesses at every stage, whether you’re almost ready to review your setup or just beginning.
Your local Rosemary Bookkeeper can help you:
Assess your current bookkeeping
Identify small changes that improve readiness
Keep digital records accurate and organised
Prepare calmly for future MTD requirements
If you want reassurance or practical support, we are here to help get your bookkeeping Making Tax Digital ready.
https://rosemarybooks.co.uk/wp-content/uploads/2026/01/RB-Blog-Are-you-ready-for-MTD.jpg800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-02-18 08:00:332026-01-19 09:38:49Is Your Current Bookkeeping Making Tax Digital Ready?
Find out why outsourcing your bookkeeping is important for Making Tax Digital.
Making Tax Digital (MTD) is transforming how businesses manage their records and report information to HMRC. Although the full implementation occurs in stages, the direction is clear. Digital record keeping, regular updates, and accurate data are becoming the norm, not the exception.
For many business owners, this shift prompts an important question. How do you remain compliant without bookkeeping consuming your time? This is where outsourcing becomes increasingly beneficial.
Making Tax Digital requires consistency, not catch-up
One of the most significant changes under MTD is shifting away from annual catch-ups. Instead of reviewing records only once a year, businesses are now expected to keep their information accurate and up to date throughout the year.
This can be challenging when bookkeeping is fitted in around other responsibilities. Missed receipts, delayed updates, and rushed reviews make compliance more difficult.
Outsourcing your bookkeeping helps ensure consistency. Records are updated regularly, transactions are checked thoroughly, and issues are identified early rather than at the point of submission.
Accuracy matters more under MTD
MTD depends on digital data flowing directly to HMRC. Errors become more apparent and are more difficult to correct later. Small mistakes, such as wrong categories or missing transactions, can recur across multiple submissions.
A professional bookkeeper knows how records should be organised and checked. This minimises the chance of repeated mistakes and helps ensure that submissions accurately show the true state of your business.
Outsourcing also provides peace of mind. You know your records are being checked by someone familiar with the rules and expectations.
MTD adds pressure to already busy schedules
Many business owners already feel stretched thin. Adding quarterly updates, digital record requirements, and future changes heightens that pressure.
Outsourcing removes the need to keep up with every technical detail. Your bookkeeper remains aware of MTD requirements and ensures your records meet them. This enables you to focus on running your business instead of managing compliance.
Outsourcing supports better planning, not just compliance
MTD is not just about reporting; it encourages businesses to review their figures more frequently. When bookkeeping is managed properly, you gain a clearer understanding of income, expenses, and cash flow.
Outsourced bookkeeping helps by keeping records organised and accessible. This makes it easier to plan ahead, prepare for tax payments, and adjust decisions based on accurate figures rather than estimates.
Preparation for future MTD phases starts now
MTD for Income Tax will begin to apply to more sole traders and landlords from April 2026, with thresholds decreasing gradually. Even if MTD does not apply to you yet, preparing early helps make the transition easier.
MTD for Income Tax will apply to:
Sole traders with income over £50,000 (from April 2026).
Sole traders with income over £30,000 (from April 2027).
Sole traders with income over £20,000 (from April 2028).
Landlords with property income over the same thresholds.
Outsourcing now helps develop good habits before they become necessary. Digital records are already established, routines are in place, and future changes seem less disruptive.
How Rosemary Bookkeeping can help
At Rosemary Bookkeeping, we assist businesses at every stage of Making Tax Digital. Our local bookkeepers offer reliable, professional support that ensures records remain accurate and compliant.
We help you:
Maintain clean, digital records
Stay organised throughout the year
Prepare for quarterly MTD reporting
Reduce stress around deadlines and compliance
Outsourcing your bookkeeping isn’t about losing control. It’s about gaining clarity, confidence, and time.
If you need assistance with preparing for Making Tax Digital, your local Rosemary Bookkeeper is ready to help.
https://rosemarybooks.co.uk/wp-content/uploads/2026/01/RB-Blog-Why-Outsourcing-for-MTD.jpg800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-02-03 08:00:302026-01-16 11:19:49Why Outsourcing Your Bookkeeping Is Important for Making Tax Digital
At this point in January, most conversations focus on the countdown to the Self Assessment Tax deadline on 31 January. Filing the tax return. Making the payment. Beating the deadline. It can feel as if everything stalls there.
But even before the deadline arrives, it’s worth considering what comes next. Some planning now can make the rest of the year feel much more manageable.
Filing is not the final step
Submitting your Self Assessment return is an important milestone, but it is not the conclusion of the process. Once your return is filed, there are still some practical steps to check and prepare for.
If you are filing in the next few days, make sure you:
Keep a copy of your submission and confirmation
Check your HMRC account shows the return as received
Note exactly what you have paid and why
Doing this immediately prevents confusion later, especially if HMRC raises any queries.
Payments on account are easy to overlook
Many people concentrate on the tax due by 31 January and overlook that this date can also cover a payment on account for the current tax year.
If payments on account apply to you, you may be paying:
Any remaining tax for the last tax year
The first payment on account for the current year
Your second payment on account is generally due by 31 July. Even before the January deadline passes, it helps to be aware of what is coming later so you can plan your cash flow wisely.
January is a good moment to reflect
Once the return is nearly complete, take a step back and reflect on how the process felt this year.
Ask yourself:
Was it easy to find your records?
Did anything come as a surprise?
Did you feel rushed or under pressure?
These answers often emphasise small improvements that could make next January much easier.
Preparing for the year ahead starts now
As soon as your return is filed, the new cycle begins. Organising records, maintaining updates, and establishing simple routines now can reduce a lot of stress later.
This is also a good time to consider future changes, including Making Tax Digital. Consistent, organised records will become increasingly important in the years ahead.
How Rosemary Bookkeeping can support you
If January has felt intense, support does not need to wait until next year. Many business owners seek help once the pressure eases, not just before deadlines.
Your local Rosemary Bookkeeper can help you:
Self Asssessment Tax Deadlines
Prepare for payments on account
Set up clear systems for the months ahead
Keep records organised so next January feels very different
https://rosemarybooks.co.uk/wp-content/uploads/2026/01/What-to-Think-About-After-the-Self-Assessment-Deadline-Blog.png800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-01-28 08:00:452025-12-16 16:20:19What to Think About After the Self Assessment Tax Deadline
Keeping track of bookkeeping deadlines is one of the easiest ways to lower stress and prevent penalties. While annual dates are familiar, they can easily sneak up on you, especially when you’re busy running your business.
This guide details the essential bookkeeping and tax deadlines for 2026 and highlights how planning ahead can significantly impact your finances.
January 2026 deadlines
31 January 2026 is one of the most important dates of the year for many sole traders and business owners.
By this date, you must:
Submit your Self Assessment tax return for the 2024–25 tax year
Pay any Income Tax and Class 4 National Insurance owed
Make your first payment on account for the 2025–26 tax year, if applicable
Leaving preparations too late often results in errors or missed information. Keeping records organised throughout the year makes meeting this deadline much easier.
Payroll deadlines throughout 2026
If you run payroll, submissions must be made on or before each pay date under Real Time Information (RTI).
Key payroll-related deadlines include:
Monthly or weekly RTI submissions
22nd of each month for PAYE and National Insurance payments (or the 19th if paying by post)
At the end of the tax year, additional deadlines apply for final payroll submissions and employee documents.
April 2026 deadlines
The new tax year begins on 6 April 2026. Around this time, you should:
Complete final payroll reports for the previous tax year
Issue P60s to employees by 31 May 2026
Review rates, allowances, and thresholds for the new year
April is also when many businesses review their bookkeeping procedures and make adjustments for the year ahead.
VAT deadlines in 2026
VAT deadlines vary depending on your VAT period, but most VAT returns and payments are due one month and seven days after the end of each VAT quarter.
For example:
Quarter ending 31 March 2026, due 7 May 2026
Quarter ending 30 June 2026, due 7 August 2026
If you are registered for Making Tax Digital for VAT, returns must be submitted through MTD-compatible software.
July 2026 deadlines
31 July 2026 is the deadline for the second payment on account for the 2025–26 tax year, if you are required to make payments on account.
Planning this payment early helps avoid cash-flow pressure during the summer months.
Making Tax Digital deadlines to be aware of
From April 2026, Making Tax Digital for Income Tax begins for sole traders and landlords with income over £50,000.
This introduces:
Quarterly digital updates
End-of-period statements
A final declaration
Even if MTD does not yet apply to you, keeping digital records now makes future compliance much easier.
Why tracking bookkeeping deadlines matters
Missing a deadline can result in penalties, interest charges, and unnecessary stress. More importantly, it often means rushing through records and overlooking details that could have been managed calmly earlier.
A clear understanding of deadlines helps you distribute work evenly throughout the year rather than handling everything at once.
How Rosemary Bookkeeping can help
Managing deadlines alongside daily tasks can feel overwhelming. Rosemary Bookkeeping helps businesses stay organised and on course throughout the year.
Your local Rosemary Bookkeeper can help you:
Keep records up to date
Monitor upcoming deadlines
Prepare submissions accurately and on time
Stay compliant as rules change
Good bookkeeping is not just about meeting deadlines. It is about maintaining confidence in your numbers year-round. Let your local Rosemary Bookkeeper help you this year.
https://rosemarybooks.co.uk/wp-content/uploads/2025/12/Key-Bookkeeping-Deadlines-for-UK-Businesses-in-2026.png800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2026-01-21 08:00:392025-12-16 16:09:33Key Bookkeeping Deadlines for UK Businesses in 2026
Here are our top bookkeeping resolutions for 2026, designed to enhance accuracy, streamline processes, and improve financial insights for your organisation.
A new year often brings a sense of reset. It is a natural time to review how your business operates and decide what you want to improve. Bookkeeping is one of the easiest places to make small, steady changes that have a real impact on how your year unfolds.
Keep your records tidy throughout the year
Staying organised makes every aspect of running a business smoother. By keeping your notes up to date and storing key documents as you go, you can prevent important information from getting lost. This practice also gives you a clear overview of your finances whenever you need it.
Create a regular time slot for your bookkeeping
Having a routine helps you stay organised. Some people prefer to set aside time weekly, while others choose a quiet moment each month. What matters most is not the timing but the consistency. A regular schedule prevents the stress of having to catch up all at once.
Review your spending habits
Starting the year by reviewing your spending can reveal small changes that can help you save money or adjust your plans. Maintaining a clear overview of both fixed and occasional expenses helps you better understand your financial situation.
Keep important documents together
Invoices, receipts, statements, and notes can spread to many places if you are not careful. Gathering them in a single, organised online space makes a significant difference. It also reduces the risk of having to rush to find something later.
Set simple goals for how you want your finances to look in 2026
You may wish to achieve better clarity, fewer overdue invoices or a smoother month-end. Setting clear, but modest, goals helps guide your habits throughout the year. It also gives you a way to check your progress without pressure.
Make it easier to review your accounts
Small adjustments can make a difference, such as maintaining clear categories, writing concise descriptions, and avoiding mixed entries. Each minor enhancement makes your accounts easier to read when you review them.
Plan ahead for busy months
Every business experiences periods that feel heavier than others. Anticipating these times helps you distribute work more evenly. This approach prevents rushed decisions and keeps your records on track when they might otherwise fall behind.
Consider whether you want more support this year
If bookkeeping felt stressful for you in 2025, consider outsourcing it for a calmer and more organised start to 2026. A bookkeeper will maintain accurate records, allowing you to focus on the aspects of your business that you enjoy.
Your local Rosemary Bookkeeper can manage your records throughout the year, so you won’t have to worry about them.
A simple bookkeeping checklist can help you finish the year organised and steady, making January feel much less overwhelming.
Mid-December often feels chaotic. In some areas, work slows down, while in others, it speeds up. People are trying to complete tasks, respond to final emails, and prepare for the upcoming break. Bookkeeping is one of those responsibilities that can easily get pushed aside until everything becomes last-minute. Don’t procrastinate with your bookkeeping!
Check for any remaining invoices that still need sending
At this point in the month, most businesses have already sent out their main December invoices. However, it’s still a good idea to take a moment to check for any smaller items that may have been overlooked. Some examples include recent jobs, small add-ons, or regular monthly services that can sometimes be missed.
Sending these reminders before the break helps maintain tidy cash flow as clients begin to wind down.
Review unpaid invoices
December can lead to delays, as many offices close early or shorten hours. Take the time to review your unpaid invoices and send out gentle reminders now. This will help keep your aged debt low and prevent you from having to chase a long list of overdue accounts in January.
Complete your bank reconciliation
A well-organised set of records at year-end saves time later.
Unmatched transactions
Duplicate entries
Old items that are still pending
If something seems unusual, take the time to address it now while it’s still fresh in your mind.
Capture any missing expenses
December brings small, easily forgotten costs. Staff treats, travel, supplies, and festive items can easily slip through the cracks. Collect receipts, emails, and card statements to ensure you enter everything correctly.
Check payroll and holiday pay
If payroll is part of your month, confirm:
Hours worked
Overtime
Holiday taken
Any bonuses or adjustments
Holiday periods sometimes alter pay dates. It helps to check that everything is lined up before the break.
Confirm supplier payments
Review upcoming bills to ensure nothing is overlooked. Paying suppliers promptly prevents disruptions at the start of the new year and provides a clearer picture of your December cash flow.
Back up your records
Protect your accounting data, scanned receipts, and important documents. A quick backup minimises risks during software updates or technical problems when the office is closed.
Plan for your return in January
Create a short list of tasks to complete when you return. It doesn’t need to be extensive; just a few notes to help you transition smoothly into the new year without having to remember what you were working on prior to the break.
These bookkeeping checklist tasks take only a short time but greatly aid your return to work. If this feels overwhelming, consider starting the new year by outsourcing your bookkeeping to Rosemary Bookkeeping.
https://rosemarybooks.co.uk/wp-content/uploads/2025/11/RB-Bookkeeping-Checklist-Before-Closing-for-Christmas.jpg800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2025-12-15 08:00:192025-11-24 15:10:04Bookkeeping Checklist Before Closing for Christmas
This bookkeeping FAQs guide addresses the most frequently asked questions we receive during this time of year. It aims to help you stay organised and avoid any surprises.
As the year comes to an end, business owners typically take the time to review their accounts and prepare for important deadlines. This is also a time when queries tend to rise. Some questions involve bank holidays and deadlines, while others focus on record keeping, payments, or general year-end tasks.
Do bank holidays affect HMRC deadlines?
In most cases, no. HMRC deadlines stay the same even if they fall on a bank holiday or weekend. If a deadline falls on a non-working day, the return or payment is generally treated as received on time if it arrives by the next working day.
It is advisable to submit and pay early. Bank processing times can vary during the holiday season, and slow transfers may cause issues.
If Rosemary Bookkeeping handles your deadlines, we ensure everything is filed on time to avoid last-minute stress.
Should I adjust my cash flow plan for the holiday period?
Yes. December and early January often lead to changes in spending and slower invoice payments. Many businesses experience delays because clients may be closed or have reduced hours.
A few checks can help you stay on track:
Review expected income and chase outstanding invoices early.
Check planned costs, including staff payments, stock and suppliers.
Allow for bank holidays, as they affect when payments leave or reach accounts.
Effective forecasting minimises the risk of shortages. If you need assistance with a cash flow review, your local Rosemary Bookkeeper can help.
Do I need to record festive spending differently?
Business costs remain the same, but it is essential to record them clearly. Festive expenses typically include client gifts, staff meals, or decorations. These need to be accurately categorised so you can claim the correct tax relief.
Examples include:
Staff gifts are covered by the trivial benefits rules.
Client gifts that meet HMRC criteria.
Seasonal stock and supplies.
If you are uncertain about which costs are eligible, keep all receipts and consult your bookkeeper before filing your return.
Is there anything special I should check before year-end?
Several tasks help keep your records in good order:
Confirm your bank reconciliation is complete.
Review unpaid invoices and send reminders.
Record all expenses, including small items that are easy to forget.
Check payroll records and confirm all details are correct.
Ensure that your software is up to date with the latest transactions.
Keeping your accounts organised simplifies the reporting process for the next stage.
Should I send invoices early in December?
It is a practical decision. Many clients have fewer payments during the holiday period. Sending invoices early increases the likelihood of receiving payment before year-end and minimises the risk of aged debt carrying into January.
Clearly stating payment terms is essential. If your terms are not included in your invoice template, add them before sending your next batch.
How can I prepare for the Self Assessment in January?
Gather the following as early as possible:
Proof of income
Expense receipts
Bank statements
Mileage logs
Pension contributions
Any income from property or other sources
The sooner you prepare, the easier it is to avoid errors or missing information. Rosemary Bookkeeping can assist you with record checks or tidying up your accounts before submission.
Should I worry about processing delays in late December?
It’s important to plan around holiday periods. Banks, suppliers, and clients may operate on shorter hours or experience slower processing times. Anything sent close to a holiday may take longer than anticipated.
Try to:
Submit returns ahead of time
Schedule payments early
Keep proof of any submissions or transfers
Effective planning helps to reduce stress during slow periods.
This time of year adds pressure for many business owners. Maintaining clear records, submitting early, and planning steady cash flow can make a significant difference.
If you would like help preparing your records, checking your deadlines, organising your finances for the year ahead, or need any more bookkeeping FAQs answered, your local Rosemary Bookkeeper is here to support you.
https://rosemarybooks.co.uk/wp-content/uploads/2025/11/RB-Bookkeeping-FAQs-for-Year-End.jpg800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2025-12-03 08:00:232025-11-24 14:27:05Bookkeeping FAQs for Year End: What UK Businesses Need to Know
The Budget 2025 confirmed that landlords will face increased income tax on their property income from April 2027. This change forms part of a broader plan to raise revenue and tighten rules on property ownership.
It follows several years of reforms that have already reduced profit margins for many landlords. These upcoming changes also sit alongside the shift to Making Tax Digital, which will require digital record-keeping for landlords within the income thresholds.
This update offers a clear overview of what is changing and how organised bookkeeping, supported by MTD-ready systems, can help you plan.
Property income tax rates will rise in 2027
The Chancellor announced that income tax on property income will increase by two percentage points from April 2027. The new rates will be:
22% for basic rate taxpayers
42% for higher-rate taxpayers
47% for additional rate taxpayers
For many landlords, these increases create another reduction in net returns. The OBR expects rental prices to rise, with typical rents in England predicted to increase by £20 to £25 per month.
For landlords who will soon be required to keep digital records under Making Tax Digital for Income Tax, keeping them updated will become even more critical. This helps you monitor how these higher tax rates affect your overall position.
Why this matters for landlords
The rise follows earlier changes to Mortgage Interest Relief and Stamp Duty, both of which raised the cost of holding rental property. The Office for Budget Responsibility noted that these measures have reduced landlord returns over the past decade.
It also warned that a long-term decline in rental supply could push rents higher if tenant demand continues.
For landlords with tight margins, even small changes in costs or taxes can shift long-term plans. Clear, accurate and digital bookkeeping helps you understand these shifts early. This is especially important as MTD introduces quarterly updates and stronger expectations for real-time record-keeping.
New High Value Council Tax Surcharge
Budget 2025 introduced an annual surcharge on residential properties valued at over £2 million. This will begin in April 2028 and will be based on 2026 valuations.
The surcharge will be banded:
£2,500 per year at the lower end
Up to £7,500 for properties above £5 million
This charge applies to property owners, not council taxpayers, which means landlords will see additional yearly costs. If you hold high-value property, accurate valuations and clear digital records will help ensure the correct surcharge is applied and correctly reported in your MTD submissions when required.
Reaction from industry bodies
Industry groups have raised concerns about the impact on both landlords and tenants. The NRLA has warned that the changes could reduce the number of available rental homes at a time when demand remains high.
Forecasts show that the UK will need close to one million new rental homes by 2031. Rising taxes, higher costs and increased compliance requirements may make it harder for landlords to keep properties in the private rented sector.
With MTD on the horizon, the need for organised, digital and up-to-date financial records will only grow.
What this means for your bookkeeping
New tax rates, added surcharges and the gradual introduction of Making Tax Digital mean that clean, accurate bookkeeping has never been more critical. Having organised digital records will help you understand the impact of rising costs and prepare early.
Here are a few practical steps to consider:
Review your rental income and expenses to understand your current margin
Keep digital records updated so you can model the impact of higher tax rates
Track property costs such as repairs, mortgage interest and fees
Store valuation documents securely for future council tax surcharge checks
Plan for cash flow changes from 2027 to 2028 and how they link to quarterly MTD reporting
Good information helps you manage change with confidence. It also gives you a clearer view when deciding whether to adjust rents, reinvest, or review parts of your portfolio.
How Rosemary Bookkeeping can support landlords
These changes create more pressure on already stretched margins. A structured and digital-first bookkeeping approach helps you stay in control.
Your local Rosemary Bookkeeper can help you:
Maintain clean and accurate property income records
Prepare for changes to tax and surcharges
Keep digital records organised for future MTD requirements
Track rising costs in a consistent and straightforward way
If you want support preparing your records or planning for the new rules, we are here to help.
Find your nearest Rosemary Bookkeeper today.
https://rosemarybooks.co.uk/wp-content/uploads/2025/11/Landlord-Tax.jpg10801080Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2025-12-01 08:00:122025-11-27 15:01:07Budget 2025: What the Income Tax Rise Means for Landlords
Budget 2025 didn’t introduce significant tax increases, but it brought enough changes to make bookkeeping more crucial than ever. Frozen thresholds, higher dividend taxes, updated capital allowances, and new pension rules all influence how businesses record, plan, and manage their finances.
For accountants, bookkeepers, and small business owners, the message is clear: the numbers you monitor daily are now even more crucial for long-term cash flow and tax planning.
Dividend tax rises: changes to profit extraction
One of the most noticeable changes for business owners is the increase in dividend tax from April 2026:
Ordinary-rate dividends rise from 8.75% to 10.75%
Higher-rate dividends rise from 33.75% to 35.75%
If you receive income through dividends rather than a salary, your after-tax income will decrease. You will need to monitor director payments more closely and may need to develop a new salary vs. dividend strategy for your business.
This also underscores the importance of accurate year-end records, as dividend timings and profits available for distribution will become more significant than before.
Frozen tax and NIC thresholds: the quiet squeeze
Income tax thresholds and the main National Insurance threshold will remain frozen until at least 2028.
On paper, nothing changes, but as wages increase, more people are pushed into higher bands. Businesses may notice higher payroll deductions for employees and directors, and bookkeepers should highlight this effect early so clients aren’t caught unaware by increased tax bills.
This is a classic example of fiscal drag, which means payroll forecasting will be an essential part of bookkeeping in the coming years.
Capital allowances: new rules for equipment and investment
The Budget introduces two key shifts that affect how businesses record fixed assets:
Writing-down allowance cut to 14%
New 40% first-year allowance for qualifying plant and machinery from January 2026
This means businesses get some upfront relief, but long-term allowances shrink.
Those handling asset registers and depreciation schedules will need to:
Adjust the rates used for new purchases
Time purchases carefully around the new first-year allowance
Keep accurate records for any claims
These changes make asset-tracking software and tidy bookkeeping much more valuable.
Pension and payroll changes: future compliance costs
A major upcoming shift: Salary-sacrifice pension contributions above £2,000 per year will attract National Insurance from April 2029.
Businesses using sacrifice schemes will need to model long-term payroll costs differently. You should flag this early, as it could influence:
Staffing budgets
Recruitment packages
Pension-scheme communication with employees
It’s a lengthy runway, but planning begins now.
Business rates: winners and losers
The Budget offers a permanent business-rate discount for the retail, leisure, and hospitality sectors — good news for high-street brands and small venues.
However, properties with a rateable value over £500,000 face higher costs. Warehousing, logistics, larger office spaces, and industrial sites may all experience the increase.
For your bookkeeping, this means:
Updating overhead forecasts
Reviewing cashflow
Adjusting budgets where property costs rise
Even small changes in rates can make a difference when profit margins are tight.
What business owners should do now
To stay ahead of the changes, businesses can take several proactive steps:
Refresh financial systems and records – Ensure payroll, dividends, expenses, and fixed-asset data are accurate; the new rules depend heavily on correct inputs.
Model cashflow scenarios – Run 3–6-month projections factoring in dividend tax rises, business-rate changes and frozen thresholds.
Review remuneration strategies – For directors of limited companies, it may be time to revisit the balance between salary and dividends.
Plan asset purchases carefully – The new 40% first-year allowance makes timing important for tax efficiency.
Prepare early for pension-scheme changes – Warn clients and employees now that salary sacrifice might not be as appealing in four years.
Budget 2025 reminds us that even without significant rate changes, the tax environment is evolving. Frozen thresholds, increased dividend taxes, and new allowance arrangements mean business accounting is now more vital to strategy than ever.
Accurate records, proactive planning and regular forecasting will help businesses stay ahead — and allow bookkeepers to move from compliance to true financial guidance.
https://rosemarybooks.co.uk/wp-content/uploads/2025/11/budget-25-blog-.jpg10801080Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2025-11-27 14:44:302025-11-27 14:44:30Budget 2025: What the Changes Mean for Business Bookkeeping
We have made a list and checked it twice of festive expenses that you may claim back as business expenses.
Christmas time can be a busy and expensive time for many businesses, big or small.
But with the January Self-Assessment Tax Return deadline looming, here are some festive expenses that you might not have thought about reclaiming.
Decking the Halls
You may not know that you can claim back decorations such as Christmas trees, tinsel, and wreaths as tax-deductible business expenses by recording them as office running costs. However, this does not apply to employees working from home, as HMRC considers these items to be for personal enjoyment rather than office-related use.
A Christmas Party
You may be eligible to reclaim expenses for a Christmas party, but this depends on who attended and the cost incurred.
If the event is open to all employees and costs less than £150, it will be entirely taxable, regardless of the number of people in your organisation.
You cannot claim expenses if clients or associates attend an event, as HMRC classifies this as business entertainment for corporation tax and VAT purposes. Additionally, if an event is not open to all employees, it will not be eligible for claims either.
Therefore, when inviting clients or associates to a Christmas event, ensure you allocate sufficient funds to cover their expenses, as you will not be able to claim any tax relief or recover any VAT on these costs.
It’s important to record this in your financial records and add the costs back when calculating your profit for tax purposes. However, this applies only if the cost per person for the Christmas party, including VAT, does not exceed £150. If it does exceed this amount, it will be considered a taxable benefit.
Presents
Since it is Christmas, you may consider buying gifts for your staff or clients.
When giving gifts to clients, you can record these expenses as business costs, as long as they adhere to the appropriate guidelines to avoid any implications of bribery.
You don’t have to pay tax on a benefit for your employee if all of the following apply:
It costs you £50 or less to provide
Cannot give cash or a cash voucher
It is not a reward for their efforts or performance.
It is not included in the terms of their contract.
This is known as a ‘trivial benefit’. You don’t need to pay tax or National Insurance, or let HM Revenue and Customs (HMRC) know.
More guidance and information on gifts for staff can be found on the HMRC website.
https://rosemarybooks.co.uk/wp-content/uploads/2024/11/RB-Festive-Expenses-You-Can-Claim-Back.jpg800800Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2025-11-21 08:35:092025-11-21 11:12:50Festive Expenses You Can Claim Back
If you’re operating your own business as a sole trader, you’re likely familiar with Making Tax Digital (MTD).
While it may still seem somewhat abstract, it’s essential to recognise that it’s on the way, and it’s better to prepare now rather than waiting until the last minute.
Below is our ‘Making Tax Digital Checklist for Sole Traders’, along with some commentary and common oversights that people often miss along the way.
1. Check if you’re affected by Making Tax Digital
If your total income from self-employment or property exceeds £50,000 in a year (before expenses), you will need to comply starting from 6 April 2026.
If your income is above £30,000, you’ll need to comply from April 2027.
If your income exceeds £20,000, the requirement will take effect later, in April 2028.
If your income falls below those thresholds, you are not required to switch yet, but you can choose to sign up early.
Quick Tip: Determine your gross income now (before expenses) and identify your tax bracket. Don’t assume you’ll stay under the limit. If you’re close, act as if the rule applies to you now.
2. Choose and set up compatible software
One of the significant changes under MTD is that you must use software recognised by HM Revenue & Customs (HMRC) to maintain digital records and submit updates.
Speaking to your local Rosemary Bookkeeper is the best cause of action here. A free consultation will give you all the information you need to help you decide which software is the best fit for your business.
Quick tip: If you’re still using spreadsheets or paper records, consider making the switch now. You’ll have more time to familiarise yourself before the compliance deadline arrives.
3. Make sure your records are digital and organised
This is more than just bookkeeping online. If you’re in scope (or just out), you must keep your business records in a digital format rather than solely on paper.
Key items to cover:
All details regarding business income and expenses must be submitted in digital format.
If you currently use cloud accounting software, ensure it is compatible with Making Tax Digital (MTD).
If you use both paper and digital formats, you’ll need to transition to a fully digital system for the appropriate records.
Prepare your bookkeeping so that it is ready for quarterly submissions once the requirement starts.
Quick Tip: We understand that bookkeeping may not be your favourite task, but handling it early reduces stress later and allows you to identify issues, such as missing invoices or forgotten receipts, when you still have time to address them. Our local Rosemary Bookkeepers are on hand to help!
4. Sign up (or prepare to sign up) with HMRC
If you meet the obligation threshold, you must sign up for MTD for Income Tax through your software or agent, instead of the old method, directly with HMRC.
Things to check before or during sign-up:
Your National Insurance number is available.
Your business start date (if applicable) is known.
You have the right software and it’s linked to HMRC.
If you are using an agent or bookkeeper, ensure they are prepared for MTD. Agents must also be ready.
Quick Tip: At Rosemary Bookkeeping, we are fully equipped to support with Making Tax Digital and are ready to assist you with your bookkeeping needs. We can also offer a hassle-free, end-to-end solution by managing your HRMC gateway too. Speak to your local Rosemary Bookkeeper for more information.
5. Plan for quarterly updates and the end-of-year final declaration
One of the most significant changes is that instead of submitting one annual tax return for your business income, under MTD for Income Tax, you will instead send quarterly updates of your income and expenses, along with a final declaration after the year ends.
Important deadlines (example) for those in scope:
Submit your income and expense summary for the period from April 6 to July 5 by August 7.
The deadlines for the other quarters follow a similar pattern: November 7, February 7, and May 7.
The final declaration must be submitted by January 31 of the year following the end of the tax year.
Quick Tip: If you view change as a consistent flow instead of a sprint, you’ll be better prepared. This approach also provides a clearer understanding of your tax liability earlier, aiding in cash flow planning. By choosing a Rosemary Bookkeeper- we support you throughout the year so these quarterly updates happen like clock-work.
6. Review if any exemptions might apply
There are a few limited cases where you might be exempt from this requirement, such as if you are digitally excluded.
Check whether:
It is generally considered “not reasonably practicable” for you to use digital records, which is a very rare situation.
You currently fall below the required thresholds, so you are not yet subject to the mandate.
Quick Tip: If you believe you have an exemption, you’ll need to apply. But don’t rely on this – it shouldn’t become a procrastination excuse. Our Rosemary Bookkeepers are on hand to offer more advice on what is deemed as an exemption and what isn’t.
7. Review your bookkeeping processes now and clean up historic records
Although the first mandate is 5 months or more away (depending on your income), it’s wise to get things in shape now.
Questions to ask yourself:
Are your invoices issued and stored digitally?
Do you scan and store expense receipts digitally?
Is your bookkeeping up to date (not months behind)?
Do you’ve a software system that you can use confidently?
Quick Tip: If you answer “no” to several of these, then treat them as tasks to clear. You’ll sleep better knowing you’re prepared.
Stop for a moment and reflect: many sole traders will think “it’s not relevant to me yet” – and in a sense, that’s true if your income is below the threshold. But waiting until the last minute is risky. A small oversight in your software choice, in record-keeping, or in understanding the quarterly deadlines could cost you.
Consider this a preparation project, not a panic. If you need assistance, Rosemary Bookkeeping is here to help: we can review your software and processes to ensure you’re ready for Making Tax Digital without any stress.
https://rosemarybooks.co.uk/wp-content/uploads/2025/11/RB-MTD-for-Sole-Traders-1.jpg800800Tim Marshallhttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngTim Marshall2025-11-10 14:56:232025-11-11 08:14:26Making Tax Digital Checklist for Sole Traders
Prepare for Making Tax Digital Changes by digitalising your processes with the help of an expert bookkeeper.
If you’re a small business owner, sole trader or landlord, you’ve probably heard plenty of rumblings about the imminent and non-negotiable changes surrounding Making Tax Digital.
While, on the face of it, it does seem scary when words like “compliance” and “tax” are being wielded by HMRC, it doesn’t have to be.
In this blog post, our experts break down Making Tax Digital and what you need to do in order to be prepared for compliance when the time comes.
What is Making Tax Digital?
Despite the name, Making Tax Digital (or MTD) is not about tax. It’s about bookkeeping.
The government-led initiative centres on moving UK taxpayers’ records from spreadsheets and paper to a fully digitalised system. Introduced in April 2019, it has already gone through a few phases and currently applies to VAT-registered businesses. This is all set to change, however.
As of April 2026, MTD will be applied to Income Tax records for self-employed individuals and landlords with an income of over £50,000, which will require three key changes:
Digital Record-Keeping: All transactions (income and outcome) must be kept digitally in an HMRC-approved software.
Quarterly updates: Single annual returns are a thing of the past. Now, you must send quarterly updates on income and expenditure using an MTD-compliant software.
Final Declaration: Once you’ve submitted all four quarterly updates in one year, you need to finalise your annualised income with a final declaration.
For those affected, MTD isn’t a tax change, but the mandating of digitalised bookkeeping using compliant software.
How a bookkeeper can help with MTD
No matter your threshold or when you’re affected, if you’re worried about the incoming changes to MTD for Income Tax, a bookkeeper can help.
The best way to keep your MTD experience stress-free is to get ahead of the changes by working with an expert bookkeeper to help make the transition to bookkeeping software.
Choosing the right software for you can be a lot to consider, but with Rosemary Bookkeeping, it doesn’t have to be hard. As accredited experts and approved partners with many leading MTD-compliant software like Xero, QuickBooks, Sage, FreeAgent and more, a Rosemary Bookkeeper can help you understand which software will be the best fit for you, get set up and transition to digital in time for the changes.
Or, to completely remove the stress from the equation, you can opt to outsource your bookkeeping to our experts completely, safe in the knowledge that we’ll ensure you stay compliant with MTD and other compliance requirements like AML, as well as keeping your books neat, correct and accounted for.
Want help with your bookkeeping?
If you’d benefit from expert advice, outsourcing and support in time to comply with the upcoming changes for MTD, contact your nearest Rosemary Bookkeeper today for a free, no-obligation quotation on a range of professional bookkeeping services.
https://rosemarybooks.co.uk/wp-content/uploads/2025/08/Brand-Thumbnails-and-Graphics-800x800-7.png800800Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2025-08-29 13:11:372025-08-29 13:18:33Boost Your Financial Awareness: Digitalise Your Bookkeeping for Making Tax Digital
The value of a bookkeeper to online retailers and sellers.
It’s fair to say that nowadays many people are well-versed in buying products and services online. With a massive shift in consumer behaviour over the last few years, the UK now boasts the third-largest e-commerce market globally, with a substantial portion of retail sales online. In fact, by 2023, nearly 60 million people in the UK were e-commerce users, and this number is projected to continue to grow.
For online sellers or businesses that sell products or services through the internet using digital platforms, websites, or apps, from small independent entrepreneurs on Etsy or eBay to large companies operating full-scale e-commerce websites like Amazon or Shopify stores, there can be great value in employing the help of a dedicated bookkeeper.
In this blog post, we examine the services offered by bookkeeping professionals that benefit sellers in digital spaces and six ways a bookkeeper can help an online retailer.
Daily Financial Tracking
For any business, having a good oversight of your daily incomings and outgoings is of great benefit. Particularly for online sellers, where transactions aren’t completed physically with cold, hard cash, keeping track of your expenses is vital.
With a bookkeeper, you maintain daily visibility of your expenditure, helping you to prioritise your spending, track your results, and assess changes you need to make to achieve your goals and create the financial future you want.
Beyond the day-to-day, it also enables you to be forward-thinking and prepare for the future by facilitating the construction of an emergency fund, giving you a cushion to fall back on during unexpected twists and turns in your business journey.
Sales Tax Compliance
For online sellers, compliance is essential. However, it can also be complex. With the help of a bookkeeper, online retailers can maintain consistent compliance with changing legislation and requirements for sales tax, like VAT and other charges that may be incurred on their online orders.
Managing Cash Flow
Staying out of the red is a universal goal for all businesses, as naturally, everyone wants to avoid cash flow problems. However, due to their size and access (or often lack thereof) to financial resources, SMEs are typically disproportionately affected by negative cash flow.
While bigger businesses may have funds allowing for a stopgap between late payments, smaller businesses, like many independent online sellers, are more reliant on their projected monthly income. The help of a bookkeeper can also support you in securing finance, attracting investors, negotiating with suppliers and winning new business by achieving a good business credit rating through maintaining good cash flow.
Tax-ready Financials
A huge event for all businesses in the UK is the regular dates in the financial calendar by which you must have your business’s financials ready for tax return, particularly the infamous January Self-Assessment tax returns.
As bookkeepers, experts like those across the nation at Rosemary Bookkeeping can help online sellers prepare and get ahead of these busy and mentally taxing dates by preparing a Balance Sheet and Profit and Loss report, so your financials are tax return ready and then prepare said tax return from those financial reports, so you don’t have to worry about the complex and mentally draining process yourself.
Beyond this, they can organise your financial information and bits and pieces like receipts, tax documents, gather all your business expenses and ensure they are all in one place, review your invoices and send reminders to your clients and clients to further improve your cash flow.
This can also include…
Reconciliation
Online retailers can utilise bookkeeping experts to ensure their finances are all joined up. With the support of a bookkeeper, online retailers can easily navigate the final process of reconciling their bank statements and compare statements to ensure all their transactions are accurate and accounted for.
Software set up
Particularly as legislation like Making Tax Digital come into force across the UK, becoming literate in online accounting software is essential for business owners like online sellers.
Bookkeeping professionals like Rosemary Bookkeeping are experts in many different software across the financial world, from Xero and Intuit QuickBooks to Sage, FreeAgent and more. So, if getting set up on software in time for MTD deadlines and to streamline your accounting processes for your online business seems like a struggle, your local bookkeeper should be your next call.
Need help with your bookkeeping?
With many benefits to using a bookkeeper to support your online business, take the stress out of your business operations by leaving your bookkeeping to the professionals.
https://rosemarybooks.co.uk/wp-content/uploads/2025/08/Six-ways-a-bookkeeper-can-help-an-online-retailer.png800800Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2025-08-19 16:58:372025-08-29 13:15:26Six ways a bookkeeper can help an online retailer
Alongside playing a game of (Not) Top Trumps (see full video), the two dive into discussions of the best ways to capitalise on networking events like FAB, Bobby’s plans for Rosemary, and the evolution of the bookkeeping industry.
In this blog post, we’ve transcribed the highlights of their conversation, but you can watch the full interview here.
(Note: Some quotes have been slightly tweaked for clarity and ease of reading.)
Aaron: Bobby, first of all, tell people who you are, why you’re here and what you want to talk about.
Bobby: “My name is Bobby Garland. I am the Brand Leader for Rosemary Bookkeeping. I’m relatively new to the accounting industry. I’m just a couple of years in, but I have lots of experience working with SMBs on business growth and collaboration plans and things like that.”
And relatively new in this new role as well?
“Yeah, my role at Rosemary Bookkeeping started in January, and it’s a franchise network. I’m the Brand Leader, so I help support the whole network and take it in the direction I think will benefit the whole accounting community.”
So, Bobby, what are you looking forward to on day two of FAB?
“I want to spend a bit more time on the HMRC stand. When we’re looking at things like Making Tax Digital coming into fruition, I feel like everybody’s got over this paranoia of ‘Will it, won’t it?’ We’re in the home run now, they’re sending letters out. I feel like we’re locked in. So, I think it’s their time to shine. Some of their speakers have been really, really good, really engaging. I feel like they’ve brought their A game this year.”
How do you ensure, from any event, that you act on it? What are your key tips?
“Step one is definitely to learn something. I always look at the speakers and pick out a non-negotiable. And then I’ll write something down: just one thing to do the next day. Whether that’s rolling something out to my network of bookkeepers, or going and having a demo booked in.”
“I’ve booked three demos yesterday, just from walking around. You’ve got new players in the game, like Mimo. I was talking to them, and was like, I’m just gonna book a demo. It’s great chatting to them here. But sitting down and having dedicated time is better. If you do it while you are here, you’ll commit to it. My meeting with them is next week, and I’ll attend that and get something from it. My diary next week is jammed, with just demos. I think that’s how you’re gonna get something out of these things: committing to something later date.”
You are in a unique position where you’ve got twenty different bookkeepers, and that’s growing, right? You’ve got X amount of differing pain points to solve. What are the key pain points you are looking to fix?
“Yeah, so one of the things that I think I’m passionate about with the Rosemary Bookkeeping Network is flexibility. Because with new or existing franchise partners, they’re all in different places. You’ve got some who are just one-man operations and have been going for a year. You’ve got others who have been going for 15 years and have employees and a couple of offices, so sometimes there isn’t a one-size-fits-all solution, and if we’re rolling something out across the network, I’ve got to make sure that it’s fit for purpose for everybody”.
“So, I really love something scalable, that can be relatively inexpensive to start with, but is happy to grow. And those sorts of solutions are ones that I keep an eye out for. Because they’ll benefit everybody, and that’s ultimately one of the priorities of my job: servicing and supporting everybody in the network equally.”
I completely understand that you want to be flexible and make sure it’s right for the purpose, but how do you keep on top of that? What’s your pro tip? Because a tech stack, when it’s just one for each category, is hard work. So, trying to keep it on top of all of that, what’s your secret there?
“I’ve sat in a lot of demos the last couple of weeks. Starting in the role in January, that’s something that I’ve prioritised because when I worked at QuickBooks and worked with accountants on software and even before that, working in marketing and business development roles, one of the things that I was always keen on was to be a functional expert.”
“I’m not a bookkeeper. I’ve got no qualifications around that, cards on the table, but I could use QuickBooks. And I felt that that was important when working with my accountants then. And this is no different, working with my Rosemary bookkeepers, I’m not going to be able to deal with the bookkeeping, but it’s important I understand how it works. We’re looking at AML software at the moment, getting under the skin of that, and I love it because I love learning about new stuff, new tech, new everything.”
It’s problem-solving.
“Yeah. I think you get far more out of it if you immerse yourself in it. Sometimes I can go a little down the rabbit hole, but that functional learning is key. I don’t want to just be somebody who’s talking about it. I want to be able to pick it up and show somebody. My aim is that all of my bookkeepers, for example, would be able to use it a million times better than me, but at the starting point, I can explain it and show them.”
“Even though I’m not a bookkeeper. I’m a functional expert to a degree. Don’t trust me to do your books though! [laughs].”
But credit to you, because we’ve done videos and product demos and all sorts together in the past, and one thing I admire about you is that you get your hands dirty, get involved in the product and kick the tires.
You were the first to say, ‘This doesn’t do this, have I missed something here?’ Because you were questioning, am I the problem, or is it the software? And I think that’s something that, in your role, is really important.
“I get a bit passionate because I see something, and it doesn’t quite do what I want it to, and I’m like, ‘Well, why doesn’t it do that? And should it?’ And then you go round in circles, and you’ve got to think about everybody in many different positions. But for me, immersing in it is the only way you’d uncover those issues.”
“And credit to software companies. It is a challenge because they’re not bookkeepers either. So, some of the best innovations come from people in the industry using the software. You can see some of the software created by accountants and bookkeepers, they stand out because they’re using it day-to-day.”
“And I think leveraging that information, whatever software company you are, is essential to success and leveraging the experience so people who will use it every day.”
We all love the big shinies, the big new feature releases. We were talking off air, weren’t we? Apron is releasing the new–
“The new card, yeah.”
We love that. And that’s an amazing thing to celebrate. But actually, some of the best work they’ve done lately is those little, tiny workflow changes, which are game-changing for the people using and relying on it daily.
“The number of times I’ve had a bookkeeper, or an accountant come up to me and they’re like, ‘Oh my God, do you know what my favourite feature is?’ And they say it, and I’m like, ‘Does it do that? Show me.’ And sometimes we miss that, especially those of us who aren’t bookkeepers or accountants, and we need to listen to that sort of feedback, so we know what the priorities are. Otherwise, how else are we going to learn?”
“But that happens all the time. I love it, though, because you learn something new. The best bit is that an accountant or bookkeeper tells me that, and then I go and find another accountant or bookkeeper, and I go, ‘I tell you what, have you seen this?’ And they’re like, ‘No. Oh my God, that’s amazing.’ I’m like,’ Yeah, I found that.’ [laughs]”
So, obviously, you’re passionate about this industry. What do you love most about it?
“I’ve worked in lots of industries. When I’ve done marketing, I worked with SMBs across all different industry verticals. Now that I only work within the accounting industry, the thing I notice is that it’s so collaborative. Everybody gets on, and I think that’s because it’s such a necessary service that there’s obviously competition, but accountants are far more likely to sit down and help each other than ignore each other. If one’s got a problem – and I saw it outside when we were queuing to get in, and one accountant was chatting to another about year end and how busy they were in January and then one’s telling the other like, ‘I’ve done this, you should think about that’ – and I think that’s brilliant.”
“Collaboration and partnership, in my career, are big priorities. I read it the other day, and you must have heard this: ‘If you want to go fast, go alone. If you want to go far, go together.’ And I love that. That is ingrained in me as a person. And I see that all the time in this industry, above other industries, and I’ve worked in a lot of others.”
And there was a chance that you could have left the industry, and you decided this is the industry you want to stay in. So, that must say something.
“Definitely. And I’ve been dedicated to this industry for, in my eyes, a relatively short period, two or three years now. But I’ve made so many connections and friends. Even just coming here today, the number of people I’ve seen who stopped me to say hello, I’ve really loved keeping those connections going.”
So, that’s what you love about the industry. What would you change about the industry?
“That’s… that’s a tough one. I think pace. I do think that accountants and bookkeepers, rightly so, are relatively risk-averse. And I think that’s fair to say, and that’s not a detriment to any of them, but they should be. I’d want my accountant to be risk-averse.”
“But I think sometimes when it comes to things like Making Tax Digital for income tax coming in and new software and efficiencies, we can err strongly on the side of caution. And I’m not saying throw the baby out with the bath water, but it would be good if we had more risk-takers, to give it a go and see it through. But it’s their business, so I get it. So many accountants are self-made, so I understand why they don’t.”
“In my time at QuickBooks and at Rosemary, working with my franchise partners, I want to be super supportive, so it doesn’t blow up in people’s faces. Nobody wants that. But try those little things, try something new. That’s the one bit of advice.”
Exactly, and it’s that disruptive mentality, isn’t it? Sometimes we feel like we shouldn’t disrupt. But that little bit of disruption won’t stop the whole industry, will it?
“Absolutely. And it doesn’t need to be changing everything.”
Little tiny steps.
“A hundred per cent. If you made a 1% change every day, that adds up. It is tiny, tiny steps. So, yes. That would be the thing. But I think that’s coming.”
“Even in the few years I’ve worked directly in the industry, you see a change. And I think it is a testament to guys like you who lead from the front. And you are seeing more people putting themselves out there, doing podcasts and talking and things like that.”
Sharing the knowledge, right?
“Yeah. Yeah, definitely. So, I think it is happening.”
If we got you a time machine, think about something you are using today. It could be an app, a piece of software, or a gadget. What piece of technology would you love to take back 12 months and say, ‘You should be using this now.’
“Chat GPT, I have doubled down on things like that in the last couple of months, and it has transformed my life. I think it’s such a useful assistant. It’s not replacing anything.”
It’s a brainstorming tool, isn’t it?
“I love, like I said earlier, collaboration and some of my best ideas come when chatting with someone, and they evolve in a conversation. But I work remotely, and the franchise partners I deal with are all over the UK. So, I’m not necessarily with someone every day. I don’t work in an office. So, Chat GPT is really helpful when I’m trying to brainstorm.”
I don’t know if you’ve seen some of the videos we’ve done on the training, but now it’s evolved to watching your screen and being contextualised on your screen, so you’re thinking about the training point of view, you have that app on the screen.
It’s telling you, ‘If I need to reconcile this or I need to do this, or I need to add this transaction,’ it can go, ‘Oh, go up here, click that. See this box here? Make sure you put it in there. No, no. I wouldn’t use that date. And it’s watching you do what you’re doing, giving that constant feedback. It is very, very, very scary, but very, very good.
“It’s terrifying. Don’t think about it too much.”
So, we’ve gone back 12 months, let’s go forward 12. How do you think AI is going to impact the accounting industry?
“I think the more and more it’s integrated, the more it’ll get used. Intuit Assist is a great example of that. You’ve got Jax with Xero, in the accounting world. Once they’re properly there, then I think that will accelerate everything.”
“I am slightly – not worried – excited and terrified of where all this will be in two years. So, it’s exciting times, and I think it’s in addition to your brain. It’s not instead of your brain.”
Well, that’s where we add value as bookkeepers and accountants, right?
“The other thing I think is massive about the accounting industry is that it isn’t about numbers. It’s about people.”
100%.
“It’s a people industry, and nothing’s going to change that. If you could spend more time with people, and AI is doing some of these monotonous things for you, it gives you time to have that coffee with your client that you couldn’t before, or go out to that networking event and meet new clients. Those are the things you want to do. I don’t know about you, but I love spending time with people; the more of that I can do, the better.”
Awesome. So, this is your opportunity. Plug, plug and plug away. And tell the people where they can find you and what you’re all about.
“Rosemary Bookkeeping is a franchise network. I’m the Brand Leader of it. What I’m looking to do with the brand is develop it so that we can partner with accountants. MTD for income tax is coming; accountants are going to need help. And I honestly believe bookkeepers are the answer. Ami Copeland talked about it at Engager Labs, collaboration is key. They’re not in competition with each other, so I’m looking for accountants who are looking for help that the Rosemary Bookkeeping network can help with, and we’re across the whole country.”
“I look after and know them all personally. I’m really excited about that, and hopefully working with some people I already know and maybe some new people as well. I’m really excited to be part of the network.”
It’s been great. Thank you for coming on.
“I really appreciate it. Thank you.”
Need help with your bookkeeping?
By contacting the professionals, you receive personal and expert support on all aspects of bookkeeping.
We love bookkeeping, but we know it’s not for everyone. So, leave the stress behind by leaving your books to the experts today.
Find your nearest Rosemary Bookkeeping business today to see how we can support you ahead of the new tax year.
https://rosemarybooks.co.uk/wp-content/uploads/2025/05/FMK-2024-Graphics-52.png800800Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2025-05-14 15:08:172025-08-29 13:15:48Rosemary Bookkeeping Brand Leader talks the future of bookkeeping
Everything you need to know about MTD and how having a bookkeeper helps.
Making Tax Digital (or MTD) is part of HMRC’s ongoing initiative that has been underway since April 2019 to digitalise the UK tax system.
So, when and how will MTD affect your business? And how should you go about paying it? In this blog post, the experts at Rosemary Bookkeeping have all the answers.
What is MTD?
MTD has two core components:
Replacement of paper-based records and a requirement for businesses and organisations (including those with property-based incomes) to keep digital accounting records.
Using compatible software to submit tax returns and updates to HMRC – The government will be removing their current online tax services when a business registers for MTD and will require businesses and organisations to use software compliant with their API (Application Program Interfaces) to submit relevant updates and returns to HMRC instead.
MTD Timeline
Making Tax Digital was initially scheduled to become mandatory for income tax in April 2024. However, in December 2022, the timeline for compliance was revised.
Starting from 6 April 2026, those with an annual gross income exceeding £50,000 from self-employment and property letting will be required to comply.
From 6 April 2027, the rules will apply to individuals with an annual gross income of over £30,000 but less than £50,000 from self-employment and property letting.
Lastly, from 6 April 2028, the compliance will extend to those earning between £20,000 and £30,000 from self-employment and property letting.
The changes and how they affect your business
To check if you are eligible or apply for exemption from MTD, you can find guidance on how to do so via the HMRC website. If you’re concerned about the impact of MTD on your business, you can read more about its effects here.
MTD’s benefits:
It can reduce or even eliminate paper-based or manual tax processes. This allows you greater accuracy in tax returns, reduces the time you spend on administration, and gives you more time to maximise your business opportunities, productivity and profitability.
In the case that you opt to use cloud-based software, you’ll be able to see in real-time what is happening in your books and have better control over your finances, allowing you to make up-to-date and well-informed business decisions.
Using compliant digital software means that submitting information to HMRC is far simpler and less stressful.
Some accounting software links directly with your bank account, further reducing the paperwork and time spent filing taxes.
Digital software provides you with real-time management information so you can see how your business is performing.
So, if you have not already done so, you need to start weighing your options for MTD compliant software.
How Rosemary Bookkeeping can help with Making Tax Digital
We understand that making the jump to digital can be scary and daunting. But it’s not as costly or difficult as it seems, especially with the help of an expert bookkeeping service like Rosemary Bookkeeping. The benefit of changing to MTD now is that everybody else has already had years of experience working with it.
With a professional bookkeeper from Rosemary Bookkeeping to help you, making your tax digital is a very simple process.
We have been operating MTD for VAT submissions since its inception in 2019 and know its processes inside and out. Going digital may be a scary prospect, but by using a bookkeeper, your tax may be going digital, but your bookkeeping experience isn’t. We will assist however you need to get accustomed to the software, or simply do the work for you and make the process of sending returns to HMRC straightforward. We will also send generated returns directly from the software so that you have a well-kept and organised backlog of your records.
The main drawback of digital services like Xero and QuickBooks is that they depend on your financial knowledge and ability to work through MTD yourself. Our bookkeeping experts are trained to work digitally using MTD compliant software like Xero and QuickBooks, and Sage, but are a real-life human presence that can reassure and guide you through the process, so you’re not going it alone.
As Rosemary Bookkeeping is well-versed in MTD and online services, we can also offer advice on which software would be best for you, and often offer competitive prices for software subscriptions.
Additionally, we also offer an online exchange of documents, so you’ll be able to upload photos or scans of documents so that we can process them on the bookkeeping software. We also use Apps like AutoEntry or Hubdoc, which not only attach documents directly to the record on the software but also automate some bookkeeping processes – saving you valuable time and money.
To start receiving expert help and advice from your local bookkeeping experts, find your nearest Rosemary Bookkeeping business today for your free, no-obligation quote.
https://rosemarybooks.co.uk/wp-content/uploads/2022/04/Making-Tax-Digital-800-×-800px.jpg800800Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2025-04-28 11:51:202025-08-29 13:15:34What is Making Tax Digital?
MTD (Making Tax Digital) is a government initiative to digitalise the UK tax system.
Introduced in 2019, developments at the beginning of the 2022 tax year saw MTD extend to include VAT for businesses.
With VAT return deadlines looming, many businesses have difficulty understanding MTD and its implications.
At Rosemary Bookkeeping, our experts are well-versed in online systems and financial processes.
That’s why we’re here to share everything you need to know about MTD for the new tax year.
Refresher: What is MTD?
MTD has two core components:
Replacement of paper-based records
MTD requires businesses and organisations (including those with property-based incomes) to keep digital accounting records.
Using compatible software to submit tax returns and updates to HMRC
The government will remove the current online tax services when businesses register for MTD.
They will require businesses and organisations to use software which is compliant with their API (Application Program Interfaces) to submit relevant updates and returns to HMRC.
MTD Timeline
1st April 2019: MTD has been in place since this date for the majority of VAT-registered businesses above the tax threshold of £85’000+ turnover. These included partnerships, sole traders, limited companies, non-UK businesses registered for UK VAT, and charities and trusts.
1st October 2019: There was a six-month deferred start date to support more complex businesses.
1st April 2022: MTD became mandatory for all VAT-registered businesses and organisations.
Upcoming Implementations
Making Tax Digital was initially scheduled to become mandatory for income tax in April 2024. However, in December 2022, the timeline for compliance was revised.
Starting from 6 April 2026, those with an annual gross income exceeding £50,000 from self-employment and property letting will be required to comply.
From 6 April 2027, the rules will apply to individuals with an annual gross income of over £30,000 but less than £50,000 from self-employment and property letting.
Lastly, from 6 April 2028, the compliance will extend to those earning between £20,000 and £30,000 from self-employment and property letting.
Eligibility for MTD
Even if you aren’t legally obligated, you have the option to voluntarily follow the MTD rules if you choose to do so.
To identify individuals who need to comply with the MTD regulations starting in April 2026, HMRC will first review all self-assessment tax returns submitted for the 2024/25 tax year.
Consequently, if you file your tax return for that year by the deadline of 31 January 2026 and your income from self-employment and/or rental income surpasses £50,000, you can expect to receive a notification letter from HMRC in February 2026 informing you of your obligation to comply with MTD beginning 6 April 2026.
The coming changes and how they affect your business
MTD legislation already means you must have completed your ITSA through MTD-compatible software.
If you were not already doing so, you’re now required to keep digital tax records and submit this information to HMRC through an MTD-compatible software when conducting your self-assessment tax returns.
Exceptions
If your business has received an MTD exemption, it will still be in effect.
These can be caused by factors such as:
Age, a disability or where you live
You object to using computers on religious grounds
Any other reason why it’s not reasonable or practical
To check if you are eligible or apply for exemption from MTD, you can find guidance on how to do so via the HMRC website.
It can reduce or even eliminate paper-based or manual tax processes. This allows you greater accuracy in tax returns and reduces time spent on administration. It also gives you more time to maximise your business opportunities, productivity and profitability.
If you opt to use cloud-based software, you’ll see in real-time what is happening in your books and have better control over your finances, allowing you to stay up-to-date and make informed business decisions.
Using compliant digital software means submitting information to HMRC is far simpler and less stressful.
Some accounting software links directly to your bank account. Further reducing the ‘paperwork’ and time spent filing taxes.
Digital software provides you with real-time management information so you can see how your business is performing.
So, if you have not already done so, you need to start weighing your options for MTD-compliant software.
Why now?
The new financial year is the best time to reset how you manage your books.
This period is notably less disruptive, as things are changing already.
By introducing new systems to work smarter, you keep your business information secure and make things easier to manage going forward.
How Rosemary Bookkeeping can help
We understand that making the jump to digital can be scary and daunting.
But, it’s not as bad as it seems – especially with the help of an expert bookkeeping service like Rosemary Bookkeeping.
Expertise
The benefit of changing to MTD is that we’ve had around four years of experience working with it.
With a professional bookkeeper from Rosemary Bookkeeping to help you, making your tax digital is simple.
We have been operating MTD for VAT submissions since its inception in 2019 and know its processes inside and out.
Going digital may be a scary prospect. Using a bookkeeper, your tax may be digital, but your bookkeeping experience isn’t.
Software Support
We will assist if you need to acclimate to the software or do the work for you.
We also send generated returns directly from the software, so you have a well-kept and organised backlog of your records.
Our bookkeeping experts are trained to work digitally using MTD-compliant software like Xero, QuickBooks and Sage and are a real-life human presence that can reassure and guide you through the process, so you’re not going it alone.
As Rosemary Bookkeeping is well-versed in MTD and online services, we can advise which software would be best for you and often offer competitive prices for software subscriptions.
Additionally, we offer an online exchange of documents, so you’ll be able to upload photos or scans of documents so that we can process them on the bookkeeping software.
We also use Apps like AutoEntry or Hubdoc, which not only attach documents directly to the record on the software but also automate some bookkeeping processes – saving you valuable time and money.
Struggling with your bookkeeping?
The new tax year is a busy and stressful time, particularly hot on the heels of January Self-Assessment tax return deadlines.
We also know that keeping track of your finances isn’t easy, especially when also trying to figure out MTD legislation and new software.
If you had a stressful time sorting your ITSA, the new tax year that swiftly follows may be a real cause for concern.
By contacting the professionals, you receive personal and expert support on all aspects of bookkeeping.
We love bookkeeping, but we know it’s not for everyone. So, leave the stress behind by leaving your books to the experts today.
Find your nearest Rosemary Bookkeeping business today to see how we can support you ahead of the new tax year.
https://rosemarybooks.co.uk/wp-content/uploads/2023/03/MTD-for-new-tax-year.jpg800800Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2025-03-23 16:15:352025-08-29 13:15:11MTD for the new tax year
Xero’s new flexible invoicing solutions – explained.
Change is coming.
Our partners at Xero have been evolving their invoicing solutions, replacing their classic systems with new technology to improve user experiences by making their processes more flexible.
Some changes have already been implemented, while others will continue to be rolled out into early 2025 as their systems and processes move to the new version.
So, what are the new flexible invoicing solutions coming to Xero?
This blog post has all the details.
Overview: What is Xero’s new invoicing solution?
Like any platform, Xero needs to update its technology to stay ahead and maintain the best possible experience for its users.
Upon listening to feedback from users and conducting their own evolutions, they are changing their previously outdated invoicing technology.
These new developments are all designed to make invoicing with Xero faster, slicker and easier to use, introducing features like new email tools and formats and simplified payments.
When are the changes to Xero invoicing taking effect?
Now is the simple answer.
Beginning on the 2nd of September 2024, Xero defaulted all users to the new version of invoicing on a rolling basis with the option of switching back to ‘classic invoicing’ until it is retired on 27th February 2025.
Users can also opt to switch before the 25th of Feb to begin enjoying new features, so if you haven’t been moved yet, you can do so now.
What classic invoicing features are being carried over?
But fret not.
If you’re familiar with classic invoicing, many ‘fan favourite’ features are already available or will be improved in the new version alongside the shiny new solutions (but more on those later).
Classic Invoicing Features available under Flexible Invoicing:
Add inventory items directly from the invoice screen
Add online payments to invoices so customers can pay with preferred payment methods (credit card, debit card, Apple Pay, Google Pay, direct debit)
Add payments to your invoice, including credit
Add a new account code, tax rate or tracking category from the invoice screen
Address invoices to a contact group, auto-generating identical invoices
Attach and preview files using your device and the Xero file library
Copy an invoice to another invoice or quote
Copy to the other side of the ledger from an invoice (i.e. create a bill and purchase order)
Make manual tax adjustments, add percentage discounts and add tracking categories or projects to your invoice lines
Search and use foreign currencies
Send invoices via the Xero-to-Xero network
View change history to keep an audit trail of changes made, when and by who
View stock notifications for tracked inventory
NOTE: Not all of these features are available as of December 2024, but all will be usable when the classic system is retired in February 2025.
What new invoicing features are coming to Xero?
So, what are those shiny new features we mentioned?
Xero’s flexible invoicing solution boasts many new and improved features for users to sink their teeth into.
Date Shortcuts
Make one click or type shortcuts, i.e. type or click ‘+14 days’ in the navigation bar to input the accurate date automatically.
Smoother file attachments
You will soon be able to drag and drop files to attach to your invoices.
View quantify of stock
You’ll be able to see the available quantity of stock on your invoice, and Xero will indicate if the available aligns with the demand you input.
Brand new features:
Accept partial payments (e.g. deposits)
Pay multiple invoices simultaneously with a statement
https://rosemarybooks.co.uk/wp-content/uploads/2024/12/What-are-the-new-flexible-invoicing-solutions-coming-to-Xero.jpg800800Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2024-12-10 11:47:442024-12-10 11:47:44What are the new flexible invoicing solutions coming to Xero?
Six ways outsourcing your bookkeeping can help your small business to flourish.
Small business owners wear many hats and take on multiple responsibilities.
This often includes doing your own bookkeeping above and beyond any sales, marketing and operational activities you do daily.
This can be time-consuming and complicated, taking away time and resources better spent on growing your business.
Outsourcing your bookkeeping means hiring an external bookkeeper or accounting firm to handle your financial records and transactions.
At Rosemary Bookkeeping, we deliver local bookkeeping services backed by the expertise of a national brand.
You benefit from the support of someone who knows your area and community, bolstered by a UK-wide network of bookkeeping experts.
In this blog post, we’re discussing the benefits of outsourcing bookkeeping for your small business.
Saving you time
Outsourcing bookkeeping frees up your time so you can focus on running your business.
You needn’t worry about managing financial records or performing time-consuming tasks like data entry, reconciling bank statements or generating reports.
Access to expertise
Professional bookkeepers have know-how and experience that are uncommon for the average person.
They are familiar with financial statements, tax laws and regulations like MTD and can offer valuable financial advice from a place of understanding and expertise.
Cost saving
Outsourcing bookkeeping can be more cost-effective than hiring an in-house bookkeeper or accounting team.
You can save money on salaries, benefits, and training costs.
Outsourced bookkeeping services can scale to meet the needs of your growing business.
You can adjust the level of service you need as your business expands.
Accuracy
Professional bookkeepers are less likely to make errors compared to non-professional bookkeepers.
This can help you avoid costly mistakes and penalties.
Security
Outsourced bookkeeping services can offer greater security for your financial data.
They use secure online portals to share financial information and have security measures to prevent data breaches.
Outsource your books with Rosemary Bookkeeping
Outsourcing bookkeeping is an excellent option for small business owners who want to save time and money while ensuring accurate financial records.
By hiring an external bookkeeper or accounting firm, you can benefit from their expertise, reduce costs, and scale services as needed.
When outsourcing bookkeeping for your small business, choose a reputable provider with a proven track record of success, like Rosemary Bookkeeping.
Your nearest Rosemary Bookkeeping expert can eliminate the stress and hassle of managing your books.
Through meetings scheduled at your discretion, receive 1-to-1 advice from a qualified professional who understands you, your business, and your community.
Take the hassle out of your business and give yourself the time to focus on what matters with Rosemary Bookkeeping.
Call 0345 862 0072 to see how we can help you today.
https://rosemarybooks.co.uk/wp-content/uploads/2023/06/The-benefits-of-outsourcing-your-bookkeeping-as-a-small-business-owner-1.jpg675450Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2024-10-31 11:44:112024-10-31 16:24:14The benefits of outsourcing your bookkeeping as a small business owner
Why keeping accurate financial records is essential for your small business, and how to do it.
As a small business owner in the UK, you know that managing your finances carefully is crucial for the success of your business.
However, many small business owners overlook the importance of accurate record-keeping.
In this blog post, we’ll discuss why accurate record-keeping is essential for small businesses in the UK and offer tips on how you can improve your record-keeping practices.
Accurate record-keeping means keeping detailed and organised records of your business’s financial transactions.
This includes things like sales, expenses, invoices, and receipts. But why is this so important for small businesses in the UK?
Legal Compliance
Accurate record-keeping is essential for complying with UK tax laws.
As a small business owner, you must keep accurate records of your financial transactions for at least six years.
HM Revenue & Customs (HMRC) may ask to see these records if they audit your business or review your tax returns.
Tax Benefits
Accurate record-keeping can also help you claim all the tax deductions and reliefs you’re entitled to.
By keeping detailed records of your expenses, you can claim tax deductions that can reduce your taxable income and save you money.
However, if you don’t keep accurate records, you may miss out on some deductions or reliefs.
Informed business decisions
Accurate record-keeping can help you make informed business decisions.
By regularly recording your income and expenses, you can accurately track how your business performs over time.
This information can help inform decisions about pricing, marketing, and other essential aspects of business.
How can you improve your record-keeping practices?
Use accounting software: Many affordable accounting software options are specifically designed for small businesses in the UK. These software options can help you manage your finances and keep accurate records.
Keep receipts organised: Categorise your expenses. (E.g. by office supplies, travel expenses), And keep them in a secure location.
Record transactions promptly: Ensure you record your income and expenses as soon as possible to avoid errors and ensure accuracy.
Reconcile accounts regularly: Reconciling your bank and credit card statements regularly can help you catch errors and ensure accuracy.
So, what’s the best way to keep accurate records?
Accurate record-keeping is essential for small businesses in the UK.
By keeping detailed and organised records of your financial transactions, you can comply with UK tax laws, claim all the tax deductions and reliefs you’re entitled to, and make informed business decisions.
By following these tips, you can improve your record-keeping practices and ensure the accuracy of your financial records.
However, the best way to ensure you keep up-to-date and accurate records of your accounts and transactions is by enlisting the help of a qualified expert.
At Rosemary Bookkeeping, our local experts are expertly placed to provide professional booking services informed by your local market and community, backed by a national brand.
Whether you need regular support or to outsource your books to the expert, you can liaise with our experts at your discretion to ensure you feel in control of your finances without worrying about doing the work yourself.
https://rosemarybooks.co.uk/wp-content/uploads/2023/07/Accurate-record-keeping-Rosemary-Bookkeeping.jpg427640Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2024-09-12 11:52:552024-09-02 14:30:09The importance of accurate record-keeping for small businesses in the UK
https://rosemarybooks.co.uk/wp-content/uploads/2023/07/Rosemary-Bookkeeping-Important-Bookkeeping-Dates-August-2023.jpg450800Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2023-07-31 16:38:192023-07-31 16:51:30Important bookkeeping dates you need to know this August
Bookkeeping is an essential part of running a small business.
It involves keeping accurate records of financial transactions and ensuring that all financial reports are up-to-date.
However, many small business owners make common bookkeeping mistakes that can lead to financial and legal problems.
Bookkeeping may not come naturally for many small business owners. At Rosemary Bookkeeping, it’s what we do.
Our network of experienced industry professionals provides localised and professional bookkeeping services across the UK, backed by the knowledge and support of a nationally recognised brand.
In this blog post, we will discuss some of the most common bookkeeping mistakes small businesses often make and provide tips for avoiding them.
1. Poor Data Entry
One of the most common bookkeeping mistakes is inaccurate data entry.
This can lead to incorrect financial statements, which can have grave consequences for a business.
To avoid this mistake, take your time entering financial data and double-check all entries for accuracy.
It’s also a good idea to use bookkeeping software that can help with data entry and automatically check for errors.
2. Failure to Reconcile Accounts
Another common mistake is failing to reconcile accounts regularly.
Reconciliation involves comparing financial records to bank statements to ensure all transactions are recorded correctly.
Failing to reconcile accounts can lead to errors in financial reporting, missed transactions, and fraud.
To avoid this mistake, business owners should reconcile accounts at least once a month and ensure that all transactions are recorded accurately.
3. Mixing Personal and Business Finances
Many small business owners make the mistake of mixing their personal and business finances.
This can lead to confusion when it comes to record-keeping and tax reporting.
To avoid this mistake, open a new bank account to ensure all business and personal transactions are separated.
This will make tracking business expenses and income easier and ensure accurate tax reporting.
4. Poor Financial Reporting
Another common mistake is poor financial reporting.
This can include failing to produce financial reports regularly or inaccurate or incomplete fee reports.
Poor financial reporting can make it difficult for business owners to make informed financial decisions.
To avoid this mistake, business owners should ensure that financial reports are produced regularly and are accurate and complete.
Working with a professional bookkeeper or accountant is also a good idea to ensure that financial reporting is done correctly.
5. Doing it alone
Bookkeeping mistakes can have severe consequences for small businesses, including financial problems and legal issues.
By avoiding these common mistakes, business owners can ensure that their financial records are accurate and up-to-date, making it easier to manage their finances and make informed decisions about their business.
By getting bookkeeping right, small business owners can set themselves up for success and avoid costly mistakes.
Whether you want a helping hand and advice or to outsource your books, your local professional can help.
To learn more about how we can help you manage your finances and avoid bookkeeping woes, call 0345 862 0072 today.
https://rosemarybooks.co.uk/wp-content/uploads/2023/06/Bookkeping-Mistakes.jpg427640Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2023-06-22 15:36:392024-02-06 16:13:43Easily-made bookkeeping mistakes and how to avoid them
Budgeting 101: A simple guide for small businesses.
There are many tools that small businesses need in their arsenal if they’re going to be a success.
One of the most vital is effective budgeting.
But it can also be one of the hardest to get right. At least, without help, that is
In this blog post, the bookkeeping experts at Rosemary Bookkeeping have compiled an essential guide for budgeting as a small business to help you budget like a pro.
Covered in this guide:
What is a budget?
How to set your budget
How to track your expenses
Adjusting your budget
Helpful budgeting tools
What is a budget?
A budget is a financial plan that helps businesses track expenses and revenue, set goals, and make informed financial decisions.
Having a budget:
Helps you set-long term financial goals – allowing for a clearer picture of your business’s future.
Keeps your spending in check and stop overspending
Stop you from getting into bad spending habits
Gives you an overview of your spending
How to set your budget
The first step in effective budgeting is setting a budget.
To do this, you should determine your expected revenue and expenses for the upcoming period, typically a month or a year.
You should then create a budget that allocates their expected revenue to cover your expected expenses.
It’s essential to be realistic when setting a budget and to consider unexpected expenses that may arise.
How to track your expenses
Once a budget is set, ensure you track expenses to stay within it.
As a business owner, you should keep detailed records of all expenses and regularly review them to ensure they stay on track.
This can be done through bookkeeping software or manually, but it’s vital to ensure that all expenses are recorded accurately.
Adjusting your budget
As a business grows and changes, its budget must adjust accordingly.
It’s imperative to review your budget regularly and adjust it as needed.
For example, if expenses are consistently higher than expected, your budget may need to be adjusted to allocate more funds to cover them.
Similarly, if revenue is higher than expected, the budget may need to be changed to allocate more funds to growth initiatives.
These can include bookkeeping software, spreadsheets, and budgeting apps.
When deciding what to use to help your business, choose a tool that works best for your business.
And, importantly, ensure that all data is backed up regularly.
Need help making informed financial decisions?
By budgeting, you set your small business up for financial success.
Effective budgeting is essential for small businesses to track expenses, revenue, set goals, and make informed financial decisions.
By setting a budget, tracking expenses, and adjusting the budget as needed, business owners can ensure they are on track to achieve their financial goals.
With many budgeting tools available, choose what works for your business.
To set your business up for financial success, contact your local expert.
Whether you need advice from a trusted expert on setting your budget or someone to handle your bookkeeping, your local Rosemary bookkeeper is here to help.
https://rosemarybooks.co.uk/wp-content/uploads/2023/06/budgeting.jpg333500Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2023-06-12 14:53:362023-06-12 15:08:16How do I budget effectively as a small business?
https://rosemarybooks.co.uk/wp-content/uploads/2020/10/light-bulb.jpg800800Yasmin Chaudharihttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYasmin Chaudhari2023-05-29 11:05:072023-06-06 11:14:05Do you have what it takes to make a good bookkeeper? Take our quiz to find out.
For most, this is deducted automatically from wages, pensions and savings. But people and businesses with other income must report said income in a tax return. This includes COVID-19 grants and support payments.
How do I know if I need to file a tax return?
By now, no matter the size of your business, you should have registered for your tax return self-assessment, if during the last tax year (6th April 2021 to 5th April 2022) you were self-employed as a sole trader that earned more than £1,000 (before subtracting tax-relief deductions) or if you were a partner in a business partnership.
If you’re unsure of whether this applies to you, HMRC provides a self-assessment eligibility calculator, so that you can see if you need to file a tax return for 2021-2022.
Why do I have to pay?
Tax returns are not voluntary, and have to be completed no matter what.
As a new business and did not send an online return last year, allow extra time (up to 20 working days) as you’ll need to register first.
You’ll need to register through the HMRC website, but there are different ways to register if you’re:
It makes much more sense to stay on top of these things as they go, so even if you don’t need to submit or pay for the last tax year, it makes sense to get registered now so you are prepared for next year.
Furthermore, you should keep records as current as you can. For self-employed business owners especially, if your books are up to date, you will have a better understanding of the financial standing of your business.
This means you will be able to put money away for the self-assessment at the end of the year.
‘Payments on Account’:
There is also usually a following secondary payment on 31st July to make advanced payments. These are known more commonly as ‘Payments on Account’, which are advance payments towards your tax bill that are made twice a year. Usually on 31st January and 31st July.
What are the deadlines I need to know?
The deadline to register for the last tax year passed on 5th October 2022, and paper tax returns should have been submitted by 31st October 2022.
However, if you haven’t done so already, you can still submit your tax return online and pay the tax you owe to HMRC, as the deadline for both of these requirements is midnight on the 31st of January 2023.
Instances in which the deadline is different:
HMRC may have written to you to give different deadlines. In this case, your assigned deadline applies.
If you are eligible, you may have submitted your return in time for 30th December 2022.
In such cases, HMRC will automatically collect tax from your wages and pension and must receive a paper tax return by 31st January 2023 if you are a trustee of a registered pension scheme or a non-resident company.
Please note that in this case, you cannot send a return online.
If your partnership’s accounting date is between 1st February and 5th April and one of your partners is a limited company, the deadline for returns is different.
Online: 12 months from the accounting date.
Paper: 9 months from the accounting date.
Late payment penalties
Perhaps the most obvious reason to stay on top of this process, is that there are fines for lack of payment.
If your tax return is up to three months late, you will have to pay a late filing penalty of £100. If it is later, or you pay your tax bill late, you will have to pay more and will be charged further interest on late payments.
You can appeal these penalties if you have a reasonable excuse such as:
The death of a partner or close relative – provided this was shortly before the tax return or payment deadline.
Fire, flood or theft that prevented you from making the deadline.
Serious or life-threatening illness.
Postal delays that you could not have predicted.
Computer software failure just before the preparation of your online return.
It’s better to make your payments whilst you have time, rather than suddenly come to find you have to shell out even more for overdue tax returns in the new year.
How Rosemary Bookkeeping can help
There’s a lot to account for when figuring out your tax return payments, and not much time left to sort it before the new year. Your friendly, local Rosemary Bookkeeper can help.
Outsourcing your books to Rosemary means:
You receive expert help and support properly and promptly pay your tax return for January 2023
Your books are done regularly. So, you can see what is going on in your business
You don’t have to spend your valuable time doing the books, so you can do things more beneficial to your financial income
No additional staff. You only pay for the work done
You don’t have to do a job you loath
Want help with your January self-assessment tax return?
Leaving your assessment to Rosemary leaves you with a clear mind and the space to spend your holidays free of worry, and get on with doing the business you love.
https://rosemarybooks.co.uk/wp-content/uploads/2021/11/self-assessment-tax.jpg800800Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2022-12-02 17:07:522022-12-02 17:07:52Sort your self-assessment tax now for Jan 2023
With 2022 now underway, here is your reminder of some important dates for the rest of this financial year.
January 2022:
January has various important dates to remember.
There are two different monthly deadlines for sending off your payments for CIS, NICs and PAYE to HMRC. The postal deadline is 19th January, and the deadline for electronic payments is 22nd January. These payment dates for CIS, NICs, and PAYE then repeat monthly for the remainder of this financial year.
31st January is an important date to remember for various reasons. It is the deadline for filing your Self-Assessment tax return form for the tax year that ended in April 2021. However, due to the difficulties may have faced as a result of COVID-19, HMRC has waived late fee filing penalties for Self-Assessment Tax Returns.
If you have been unable to file your return by the 31st January deadline you will not receive a fine, permitting that you file online by 28th February. Anyone who cannot pay their Self-Assessment tax by the 31st January deadline will not receive a late payment penalty if they pay tax in full, or set up a Time to Pay arrangement by 1st April. However, interest will be payable from 1st February as usual, so it is still better to pay on time where possible.
January 31st is also the deadline by which you need to have filed your 2020/21 Capital Gains Tax, and if your company has a January 2021 year-end, you will also need to have filed your Corporation Tax by this date. Furthermore, the 31st is the date by which you need to have finalised the balancing payment of tax for 2019-2020, and the first payment of Account for Income Tax for 2021-2022.
February 2022:
The first date to remember in this month is 1st February, as it is the due date for paying Corporation Tax for the period that ended 30th April 2021.
If your business uses vehicles, the deadline for submitting Car P46 for the financial quarter ending 5th January 2022 is 2nd February. Following this, the VAT Tax Return and payments deadline for the accounting quarter period ending 31st December 2021 is 7th February. As with January, the monthly postal and electronic deadlines for the payment of CIS, NICs, and PAYE to HMRC are the 19th and 22nd respectively.
Finally, the due date to file for Corporation Tax for companies with a 28th February 2021 year-end is 28th February. Remember this is also now the final date you can now file your Jan Self-Assessment tax return online without receiving a fine.
March 2022:
1st March is both the new AFR (Advisory Fuel Rates) day for company car users and the due date for the payment of Corporation Tax for the period that ended 31st May 2021.
The 7th of March is the deadline for VAT Returns and payments of the accounting quarter that ended on 31st January 2022. For large companies with the year-end of 31st March 2022 and 31st December 2022, the due date for Corporation Tax quarterly instalments is 14th March.
Following this are the monthly postal and electronic deadlines for the payment of CIS, NICs, and PAYE on the 19th and 22nd of March. The filing date for companies with 31st March 2021 as a year-end round off the month on 31st March.
April 2022:
April is the end of the current 2021/2022 financial year. It begins with the due date for payment of Corporation Tax (for the period that ended 30th June 2021) on the 1st of April.
Then, the current tax year ends on the 5th of April, and the 2022/2023 tax year begins the following day on the 6th of April. Also on the 6th, IR35 comes into force in the private sector.
19th April is a busy day this year. Firstly, automatic interest is charged where PAYE Tax, Class 1 NI, CIS and/or Student Loans are not paid by this date, so make sure you have these paid up to date well in advance. Furthermore, PAYE quarterly payments are also due for small employers for periods 6th January 2021 – 5th April 2021.
19th April is also the deadline for employers’ final PAYE return to be submitted online for 2020/2021.
Finally, on 30th April, corporation Tax Returns need to be filed by companies with 30th April 2021 as a year-end.
Need help with your bookkeeping?
That’s all for the current tax year in 2022.
If all of this seems like a lot of work to remember, you can leave your bookkeeping to the professionals by letting us handle your books for you.
Entrusting your bookkeeping to Rosemary means:
· We keep track of your deadlines for you
· We know when your Tax return needs to be filed by
· We can keep track of your CIS payments
To find out more about our services and find out how Rosemary Bookkeeping can help you, call 0345 862 0072, or find your nearest Rosemary Bookkeeper today.
https://rosemarybooks.co.uk/wp-content/uploads/2022/01/important-dates-RB.jpg800800Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2022-01-24 11:41:332023-07-31 16:26:52Important Dates for the New Year: Jan – April 2022
Inflation rates are projected to reach highs of 4% before the end of this year. This could have a big impact if you own and run a small business. Here’s what you need to know:
British inflation has hit decade highs, caused by a combination of factors including COVID-19, Brexit, rising energy and fuel prices, higher costs of raw materials and goods in factories, and higher bills in restaurants and hotels. In October, the UK Office for National Statistics reported that inflation had hit 4.2%, a 1.1% increase from September – a significantly bigger increase than had been predicted by experts.
So what does this mean for small business owners?
Well, this could have a number of knock-on effects that small business owners should be aware of, including:
A rising in costs of labour to compensate for increasing inflation
Rising costs of products and services
Labour shortages and supply chain issues
This will only be exacerbated by The Bank of England’s inconsistency on the topic of interest rate rises. As this is the mechanism used to control inflation, this will make more money more expensive to borrow – which would further reduce demand. This, in tandem with a fixed supply, means that price increases slow down, and businesses are faced with decision of whether or not to lower prices in order to maintain sales, or raise them to maintain profit (and risk losing customers).
So what can you do?
Unfortunately, the current situation leaves businesses with a dilemma and a bit of a no-win scenario. This will only change when either demand reduces or supply chains resume normal service. Meaning that, at present, the solution is in finding a balance between increasing costs and maintaining profits.
If you find the prospect of managing your finances in this difficult time daunting, why not contact Rosemary Bookkeeping? We can take care of your books for you and help you manage your finances. Hiring a professional bookkeeping service like Rosemary can greatly benefit you as we are able to help with tracking the cost and profit in your business.
Outsourcing your books to Rosemary also means:
Your books are done regularly – so you can see what is going on in your business
You don’t have to spend your valuable time doing the books – so you can do things more beneficial to your financial income
Paying less than you would for an accountant
You don’t need to hire any additional staff. You only pay for the work done
You don’t have to do a job you loath
To outsource your books today, and receive financial advice from our experts, give us a call on 0345 862 0072, or find your nearest Rosemary Bookkeeping business here.
If you own a small business and are approaching the holidays worrying how you’re going to manage your books, why not make these tips part of your New Year’s resolution?
The prospect of maintaining your books can be a daunting one for many small business owners. Juggling a steadily growing pile of receipts and invoices can certainly start to feel like quite the balancing act. But not to worry, we are here to help alleviate any anxiety about managing your books. Simply follow these tips to stay on top of your finances:
Keep personal and business finances separate
Have separate bank accounts when you are running your own business, by separating out the two, you will be able to avoid any messy mix-ups in your finances.
Don’t get rid of receipts and invoices
In a small business, nothing should go to waste. Make sure that you and your staff receipts and/or invoices for any and all expenditure, and attach them to expenses claims. To be safe, keep all records for at least six years.
Maintain filing system
These records should be simple and easily organised. Sales invoices should be raised and filed in order, and purchases should follow a system that is logical to you.
Keep your time similarly organised
Working closely with a plan or schedule can help you to best stay on top of your finances. Allotting diarised time to reconcile your bank accounts or update records will mean that it becomes part of your routine, and this can help it to feel like less of a chore. It also means that it doesn’t become forgotten amongst all of the other things you have to do.
Be sure to raise sales invoices quickly and file your paperwork on time. You may be able to remember what happened last week, but not last month or the month before.
Stay on track of petty cash
In the same vain, you should be keeping receipts for your petty cash, and reconciling amounts regularly. Keeping a keen eye on your cash will help to reduce the risk of loss or theft.
Bank payments quickly
Once you have these cash or cheque payments it is important to stay on top of them and get them in the bank fast – even if they might feel old school. By doing this, you will reduce the risk of losing them or spending them quickly. Plus, the quicker they are in the bank, the better your cash flow.
Chasing debtors
Slow payers can cause real harm to your business, and damage your cash flow. Set a clear policy for chasing up debtors. You aren’t loaning money, so your clients need to pay.
Plan ahead by putting money aside
Putting money aside, perhaps in another account, will mean there are extra funds available in the event that you need them. There will always be future expenditures, such as VAT, so be sure to be prepared by planning ahead.
Learn the basics
It’s true that you should always have a professional handle your finances for you, but knowing the basics can help you a lot from day to day. If you would like to learn more about finances and bookkeeping, you can find a lot of useful information and tips on our news page – under the bookkeeping tab.
Trust the professionals
The best way to manage your finances is to enlist the help of a professional. Managing your books can be difficult, especially when trying to manage it alongside everything else you need to do as a small business. Outsourcing your bookkeeping to Rosemary means that your books are maintained regularly, but you don’t have to spend your valuable time doing them yourself. You also won’t need to hire any additional staff – you only pay for the work done – and a bookkeeper is cheaper than an accountant!
If you think it’s time to outsource your bookkeeping, get in touch with Rosemary Bookkeeping, or find your nearest branch here.
https://rosemarybooks.co.uk/wp-content/uploads/2021/12/useful-bookkeeping-tips-for-small-business-owners.jpg800800Yopphttps://rosemarybooks.co.uk/wp-content/uploads/2026/09/Rosemary-Bookkeeping-Teri-Cotta-Logo-white-1030x331.pngYopp2021-12-01 10:57:202022-10-25 14:18:57Ten useful bookkeeping tips for small business owners
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