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Teri Cotta walks you through how to reconcile a bank statement on Xero.

At Rosemary Bookkeeping, we work closely with our friends and partners at Xero to help our clients get to grips with their bookkeeping.

Reconciling your bank account regularly using software like Xero means your records are accurate and up to date.

Reconciling your bank accounts means matching your bank statement lines to transactions in Xero, such as invoices, bills, or other payments.

That’s why our accounting crackpot, Teri Cotta, has been working hard to bring you the top tips to be a Xero whiz and understand its processes, from the terribly simple to the terrifically complex.

Specifically, in today’s Teri Tips, we’re walking you through how to reconcile a bank statement on Xero for some common payment types.

And if you’re a visual learner, don’t worry… a full video showing each of these points step by step can be found on our YouTube channel.


How to start reconciling bank statements in Xero

From your ‘Business Bank Account”, click the reconcile button to begin.

Here, Xero suggests matches by comparing information in the statement line, such as the amount and contact name within the Xero transaction.

Suggested matches are highlighted in green.

Click okay to accept a match.

Xero reconciles the statement line and marks the invoice or bill as paid.

When there’s no suggested match, but you know the transaction is in Xero, you can search for it, click find and match and search for transactions by name, reference or amount.


How to reconcile multiple bills at once

You might have paid multiple bills in one go.

When we select these two bills, the total matches our statement line.

So, click reconcile.


How to reconcile incorrect payments

You might have invoiced a customer, but when you search for the transaction, you see the customer has paid the wrong amount.

You can easily account for these situations when you reconcile.

In the example on our YouTube channel, we recorded an overpayment.

In this scenario, click new transaction.

This is a receive money transaction as it’s money coming in.

Select overpayment and click “save transaction”.

The total of these two transactions matches the statement line.

So, click reconcile. Sometimes you might pay for something on the spot like office supplies or parking, so there isn’t a transaction in Xero.

Here, you create a new spend or receive money transaction to reconcile.

Enter the who, what and why and click okay.


Need expert support?

Teri Cotta is joined worldwide by Rosemary Bookkeeping’s network of Xero-certified bookkeepers.

So, whether you need help choosing the right software for you, using Xero or outsourcing your books, our experts can help.

Take the hassle out of your bookkeeping and get the time back to focus on what matters most by contacting your nearest Rosemary Bookkeeper today.

 Teri Cotta walks you through the Xero Business Account setup process.

At Rosemary Bookkeeping, we work closely with our friends and partners at Xero to help our clients get to grips with their bookkeeping.

Starting things is hard, and there is a lot of merit in that adage of nothing being scarier than a blank slate.

That’s why our accounting crackpot, Teri Cotta, has been working hard to bring you the top tips to be a Xero whiz and understand its processes, from the terribly simple to the terrifically complex.

Specifically, in today’s Teri Tips, we’re walking you through how to get started with Xero by setting up your Xero Business Account.

And if you’re a visual learner, don’t worry… a full video showing each of these points step by step can be found on our YouTube channel.


  1. Getting Started – Confirm your details via email

To start, go to Xero.com and try it for free.

Enter your details, agree to the terms and conditions, and click “Get Started”.

Then, Xero should send you an email to confirm your details.

Go to your inbox, find the email, and click the link to get started.


  1. Activate your account with a password and details of your business

Next, enter a secure Password and then click activate your account.

Xero needs a few more details to complete the initial setup.

Begin by entering your organisation name, which Xero will display on your invoices.

Then, check that your country and currency are correct, as once you start the trial, you won’t be able to change this information.

Next, enter what your organisation does.

Start typing your industry and select the best option that applies to your business from a dropdown.

Xero will use this information to recommend connected apps for your business.

Set your financial year-end, which feeds into your reporting.

And finally, select your current accounting solution.

When you’re done, click “Start Trial”.


  1. Navigating the Xero Dashboard

Once you have completed the above, the first thing you’ll see is the Xero dashboard.

First, watch the introduction video to get an overview of the setup process.

As you start to use Xero, you’ll see more information on this dashboard—for example, invoices owed to you.

To manage your trial account, click on the organisation name and select my Xero.

There are a few things you can do here when you’re ready to convert your trial account. Click pay now and follow the steps to buy a subscription.

If you run multiple businesses, you can click “Add an Organisation” to create another Xero account for the same login.

Xero provides each user with their own demo company.

You can use this to practice new skills and try new features.

It consists of test data that resets automatically every 28 days.

It’s also handy to know that you can also manually reset it any time you want.


  1. Accessing Xero Support Features

If you have a question or need support, click the help icon and click any of the links provided.

For example, go to Xero Central to explore help articles.

Alternatively, enter a search criteria and press enter.

If you still can’t find what you’re looking for, scroll down and click “Contact Xero support”.

This takes you to Xero Central, where you can submit a query, enter detailed information, and click Send.

Xero guarantees that a support specialist will contact you within 24 hours.

And with that, you’re all done.


Need expert bookkeeping support?

Teri Cotta is joined worldwide by Rosemary Bookkeeping’s network of Xero-certified bookkeepers.

So, whether you need help choosing the right software for you, using Xero or outsourcing your books, our experts will be able to help.

Take the hassle out of your bookkeeping and get the time back to focus on what matters most by contacting your nearest Rosemary Bookkeeper today.

All you need to know about the new advisory fuel rates for company car users.

For any business, keeping track of your financials is vital.

So, keeping track of relevant legislation that will affect them is imperative.

On March 1st 2024, HMRC reviewed current Advisory Fuel Rates (AFR) for company car drivers claiming back fuel expenses from their employer.

In this blog post, our experts have compiled a guide on everything you need to know about the new Advisory Fuel Rates.


Who is affected by changing Advisory Fuel Rates?

Mileage rates and any changes apply in certain circumstances for employees who use company cars.

These rates only apply when:

Reimbursing employees for company car business travel:

According to guidance from HMRC, if the mileage rate you pay is lower than the AFR for the engine size and fuel type of the car, there will be no taxable profit and no Class 1A National Insurance to pay.

If your cars are more fuel efficient or the cost of business travel is higher than the AFR, you can use personalized rates to reflect your situation.

However, if your mileage payments are only for business travel or you pay rates higher than the advisory rates but cannot show that your fuel cost per mile is higher, there will be no fuel benefit charge.

Instead, you’ll have to treat any excess as taxable profit and earnings for Class 1 National Insurance purposes.

Employees repay the cost of the fuel for private travel:

If you correctly record all private travel mileage and use the correct rate (or higher) to calculate how much your employees repay you for fuel used for personal travel, there will be no fuel benefit charge.

You will also not need to use the advisory rates, where you can show that employees cover the total cost of private fuel by repaying at a lower mileage rate.


When are Advisory Fuel Rates changed?

Advisory Fuel Rates are subject to regular change. HMRC reviews rates quarterly.

The most recent review happens on the first of March.

They are reviewed on:

  • 1st March
  • 1st June
  • 1st September
  • 1st December

How changes are calculated

The changes made by HMRC reflect fuel and energy prices.

Previously, when reimbursing electric company car drivers, the rate used by many companies was based upon annual figures from the Department for Business, Energy & Industrial Strategy (BEIS) and the electrical energy consumption values from the Department for Transport (DfT).

Starting March 2023, HMRC also incorporated figures published by the Office for National Statistics (ONS) to inform electricity rates.

This year, they’ve utilized data from annual car sales volumes to businesses (Fleet Audits average for the last three years).


How are the new Advisory Fuel Rates calculated?

Advisory Fuel Rates are calculated when the mean miles per gallon (MPG) is taken from manufacturers’ information.

This considers annual sales to businesses (Fleet Audits average from 2020 to 2022).

For liquefied petroleum gas (LPG), the MPG used is 20% lower than for petrol due to lower volumetric energy density.

The ‘rates per mile’ are rounded to one decimal place.

The final advisory fuel rates are rounded to the nearest penny.

Rates per mile, which end in 0.5, are rounded to the nearest whole penny for the advisory fuel rate when the underlying unrounded figure ends in a number less than 0.5.

When the underlying unrounded figure ends in a number greater than 0.5, it is rounded to the nearest whole penny.

The DESNZ cost for pence per kilowatt hour is updated by the ONS consumer prices index for electricity.

This is to account for quarterly price variations.

Then, the value of the annual equivalent rate is calculated through the cost of electricity per mile for each model provided by the DfT and electricity price data from DESNZ and ONS.

A weighted average value of the electrical costs per mile for a fully electric car is then calculated using company car sales data across the last three years.

The advisory fuel rates are worked out from the fuel prices in these tables.

Hybrid cars are treated as petrol or diesel cars for advisory fuel rates.


How have Advisory Fuel Rates Changed?

The headline changes are the increase in LPG rates, immobility of electric rates and a decrease in petrol and diesel rates.

You can use the previous rates for up to 1 month from the date any new rates apply.

Petrol:

Rates for petrol cars have reduced, with petrol vehicles rates of 1,400cc or less down to 13p.

Petrol cars of 1401cc – 2,000cc are now 15p

And Petrol cars over 2000cc are 24p

Diesel:

Diesel rates have also decreased in a couple of areas.

Engines of 1600cc or less are now 12p, 1601-2,000cc are 14p, and over 2000cc are 19p.

LPG:

LPG rates have increased to 11p for engines up to 1400cc, 13p from 1401cc-2000c, and 21p for engines over 2000cc.

Electric:

On the 1st March, fully electric cars increase from 9p per mile (ppm) across the board.


Is all a bit much?

With legislation changing regularly, keeping track of expenses as a small business can be difficult.

And with fuel rates changing three times a year, it can feel impossible to get a handle on what to do and when.

At Rosemary Bookkeeping, we are on top of all current legislation and are experts in ensuring you know which way is up with your business financials.

By contacting your local expert, you benefit from regular advice and support on all the latest changes to AFR and much more, as well as bespoke and professional management of your bookkeeping needs.

To see how outsourcing your books to your friendly local bookkeeping service could help you, find your nearest Rosemary Bookkeeping business or call 0345 862 0072 today.

Meet Dean Kokshun, the bookkeeping expert opening a new Rosemary Bookkeeping business in Croydon.

In need of a bookkeeper in Croydon?

Rosemary Bookkeeping has expanded its expert bookkeeping services into Croydon and the surrounding areas for the first time under the expert supervision of Dean Kokshun.

Dean’s expertise in bookkeeping is unparalleled.

He holds multiple prestigious qualifications and decades of experience supporting him in helping business owners with their bookkeeping needs.


Who is Dean Kokshun?

Dean’s journey in accountancy began in 1985.

This began with him joining the bookkeeping and external audit departments of KPMG Mauritius – then known as Peat Marwick.

He then qualified with the ACCA in the UK in 1993.

Dean was later admitted as a member in 1996 and achieved fellowship (FCCA) status in 2001.

As a qualified accountant, he has held senior positions within small UK accountancy practices, accumulating 30 years of experience.

Throughout his career, Dean has excelled in external auditing of small to medium-sized entities, financial reporting, and management reporting.

This has taken him across diverse industry sectors, including retail, services, manufacturing, hospitality, and investment.


Outside of his professional life, family caring duties and social commitments, Dean loves to relax and recharge by spending time out in nature.

Whether it is” a stroll in the local parks and gardens, exploring the countryside or enjoying the serenity of the coastline,” Dean has “a deep fascination with the beauty of the natural world and appreciates the simplicity and tranquillity that nature offers.”

“I also enjoy various individual and team sports, but if I must pick one which I practice the most, it has to be badminton,” he says.


Expertise

Dean’s extensive background and experience in accountancy have also provided him with a comprehensive understanding of the intricacies of financial reporting and external auditing.

Moreover, having worked with businesses in various sectors and clients in the UK and EU, he has developed a versatile skill set in navigating different accounting systems and processes.

His expertise in preparing financial statements following the UK GAAP and conducting external audits for small to medium-sized companies has equally equipped him with “a keen eye for detail and a commitment to compliance,” he says.

This experience has provided Dean insight and directly informs his approach to providing professional bookkeeping services for local businesses in Croydon and its surrounding areas.


Bookkeeping in Croydon

Drawing on his deep familiarity with the London Borough of Croydon, where he has lived since 1987, Dean is uniquely positioned to understand the local business landscape.

His decision to enter the bookkeeping industry stems from his passion for numbers and problem-solving.

“With 30 years of experience at the senior level in accountancy practices, I want to leverage my skills to provide essential financial services to businesses in my local area, Dean says.”

“The bookkeeping industry allows me to combine my expertise with the opportunity to support businesses in maintaining accurate financial records, ultimately contributing to their business success,” he adds.

“My commitment to delivering excellence in bookkeeping services aims to provide local businesses in Croydon and its surrounding areas with the support they need with their books and records.”


Furthermore, with the introduction of Making Tax Digital (MTD) for Income Tax by HM Revenue and Customs (HMRC) from 6 April 2026, bookkeepers will play a crucial role in helping businesses navigate the new system as they will be responsible for maintaining accurate and up-to-date financial records, ensuring that the data is entered correctly into the MTD-compliant software, and submitting quarterly updates to HMRC.

Dean’s clients in Croydon can expect a comprehensive range of bespoke bookkeeping services tailored to their unique needs.

These services include:

  • Accurate financial record-keeping
  • Meticulous attention to detail in all aspects of bookkeeping
  • Preparing and submitting VAT and CIS returns
  • Timely preparation of periodic and annual management reports
  • Coordinating with accountants and external auditors
  • Providing reports and information to prepare (and audit) year-end financial statements and tax returns
  • Provide support with their books and records and assist and ensure compliance with filing obligations with HM Revenue and Customs.

The beginning of a beautiful friendship

Dean says his adaptable nature and passion for learning have prepared him to embrace his new business.

“I believe that my strong work ethic, effective communication skills, and dedication to finding solutions to complex problems will contribute to the success of the venture, ensuring that clients receive high-quality and tailored bookkeeping services,” he says.

“I’m excited to bring this wealth of expertise to my franchise business, eager to provide top-notch bookkeeping services to the local businesses in Croydon and its surrounding areas, helping business owners with their books, saving them time and money and allowing them to focus on the things they do best – like running their businesses.”

Dean’s aspirations for his business align with the opportunities presented by Croydon’s strategic development plan.

As the area undergoes urban regeneration and economic growth, Dean promises to be a key player in supporting businesses to thrive amidst these positive changes.

In line with the Croydon Council’s four-year business plan, he envisions expanding his portfolio of clients and contributing to the economic opportunities flourishing in the area.

“My commitment is to stay attuned to the evolving needs of the local business community, providing exceptional bookkeeping services and contributing to the economic vibrancy of Croydon and its surrounding areas.”


Yasmin Chaudhari, Commercial Marketing Manager for ServiceMaster Brands UK, says,

“We’re so excited to have Dean join the Rosemary Bookkeeping network as we expand our services to the local businesses of Croydon and surrounding areas.”

“Dean joins us with a wealth of experience in finance, and we wish Dean all the best with his new venture with Rosemary Bookkeeping.”

“For businesses based within Croydon looking for smarter ways to manage their books, maximise their investments and get the support they need to scale up their businesses, it’s your lucky day!”


Need a bookkeeper?

If you’re in Croydon and the surrounding area and need support on your bookkeeping, contact Dean on 0208 191 2958.

Or, nationwide, find your nearest Rosemary Bookkeeping business to see how we can help you today.

Introducing Hanaa Raydan and Ahmad Aboul-Hosn, the new owners of Rosemary Bookkeeping Wembley. 

Rosemary Bookkeeping is bringing its expert bookkeeping services to Wembley and the surrounding areas for the first time under the expert supervision of Hanaa Raydan and Ahmad Aboul-Hosn.

We sat down with Hanna and Ahmad to discuss their new adventure and how they’ll be delivering value to business owners in Wembley.


Who are Hanaa and Ahmad?

The business partners are keen entrepreneurs with experience living and working in North London’s thriving business community.

A mother of three girls and the holder of multiple qualifications in business development, accounting and bookkeeping, Hanaa has wanted to own and operate her own bookkeeping business for many years.

After working as a part-time bookkeeper since 2015, she has finally achieved her dream of supporting her local community with the support of a trusted and expert brand behind her, alongside her business partner.

Ahmad Aboul-Hosn is a local entrepreneur who has lived and worked in the Golders Green area for over fifteen years.

He is a father of two boys and loves spending time with them, his dog, and cycling when he is not growing and nurturing his businesses.

It is in the shipping business that Ahmad owns that his and Hanaa’s work overlapped, as she worked within this business while working as a treasurer for a local charity.

Ahmad is passionate about the businesses in the Wembley area and, having studied bookkeeping is excited to help support Hanaa as part of Rosemary Bookkeeping Wembley.


What Rosemary Bookkeeping offers

Rosemary Bookkeeping Wembley welcomes any business owners on the lookout for ways to work smarter, maximise their profits and future-proof their businesses for steady and ongoing growth.

Backed by a national brand experienced in servicing businesses for over 20 years, Rosemary Bookkeeping’s affordable, tried, tested, and accountant-approved bookkeeping system means we’re a name you can trust.

We use the latest systems in bookkeeping and keep up with changes in industry and operations.

Hanaa says she is excited to grow alongside her clients and business partner and support the community where she has lived and worked for a long time.

With Rosemary, she says, “I can make connections with the community while providing services in a professional way.”

Yasmin Chaudhari, Senior Marketing Executive and Marketing Manager for Rosemary Bookkeeping, adds:

“I’d like to personally welcome Hanaa and Ahmad to our ever-growing Rosemary Bookkeeping network.

This is a really exciting time for the brand and Hanaa and Ahmad in particular as we look to extend our services to businesses within the locality of Wembley.

Their experience and business mindset make her a great addition to the network of franchise partners, and we look forward to supporting her as she grows her business in the years to come.

If you’re a Wembley-based business, look out for something BIG!”


Need an expert bookkeeper?

If you’re in Wembley and the surrounding areas and would benefit from the support of a professional, accredited bookkeeper who can help grow your business or help it streamline its accountancy processes, call Hanaa on 0208 5750286 today.

Or nationwide, find your nearest Rosemary Bookkeeping business to see how we can help you.

Meet Zoe Barnard-Rowland, the brand-new owner of Rosemary Bookkeeping in Exeter.

Rosemary Bookkeeping Exeter is now under the new and expert supervision of Zoe Barnard-Rowland, an FCCA-qualified accountant with over 25 years of experience working for over 30 companies, optimising their bookkeeping processes.

We sat down with Zoe to discuss her new adventure and what her clients can expect from Rosemary Bookkeeping Exeter.


Background

During her 25 years in accounts, Zoe has worked her way up by working long-term and in temp positions for different companies, gaining experience and qualifications as she went.

Having worked in multiple sectors, from insurance to energy supply, media and home care, in roles from accounts assistant to financial controller, Zoe says she has “seen pretty much every financial system that’s going.”

While working across sectors, she became adept at identifying these packages, picking them up quickly, identifying similarities to other packages and taking that information forward to streamline processes for the companies she’s worked for.

“I can do bookkeeping with my eyes closed,” she says.

Her expertise in accounts has also followed Zoe outside of work as she was the treasurer of her local bowls club, which she also enjoys playing, having bowled for several counties.


What to expect from Rosemary Bookkeeping Exeter

Taking over from the previous owner, Zoe takes on an existing client base alongside supporting new small business owners who want support with their bookkeeping to grow their business or streamline their processes.

Having achieved a Xero certification in a matter of weeks as part of her onboarding into the business, Zoe is a fast learner who can quickly integrate with the preferred way of working for her clients.

She offers hands-on support backed by 25 years of experience to help local businesses grow or enhance their methods and is looking forward to growing alongside them while getting the best for them and their development.

As her husband will also be supporting her within the business with data entry, she jokes:

“At the moment, Lee is excited about bookkeeping. I’m excited about checking his work and adding value to clients.”


Need an expert bookkeeper?

If you’re in Exeter and the surrounding areas and would benefit from the support of a professional, accredited bookkeeper who can help grow your business or help it streamline its accountancy processes, call Zoe on 01404 819151 today.

Or nationwide, find your nearest Rosemary Bookkeeping business to see how we can help you.

Meet the owner: Waqas Chughtai from Rosemary Bookkeeping Reading shares his story.

There are as many reasons to start a Rosemary Bookkeeping franchise as there are people.

Our business owners work for themselves but not by themselves to deliver personalised and expert bookkeeping services to commercial clients and small business owners nationwide.


Professional Background

As a qualified Chartered Management Accountant (CIMA) and Certified Chartered Accountant (ACCA) with enormous experience in practice and across different industries, Waqas is an expert in personal tax corporation, Tax and VAT.

Already the founder of his practice, WAC and Co Accountants and E-Accountants Limited, Waqas’ decision to take over Rosemary Bookkeeping Reading in 2022 was “driven by a passion for accuracy and a commitment to client satisfaction.”

 “We offer a comprehensive suite of bookkeeping and value-added services, from meticulous accounting to strategic financial planning. Upholding the highest standards of integrity and ethics, I ensure our practices inspire confidence in our clients,” he says.


Why Rosemary Bookkeeping?

As a result, Waqas says that he chose to own a Rosemary Bookkeeping franchise due to the brand’s commitment to excellence. A value that he shares.

“Rosemary’s dedication to top-tier bookkeeping services aligns seamlessly with our focus on precision and personalised client care.

This partnership provides a robust framework for innovations, ensuring we deliver cutting-edge solutions. The collaborative community within the Rosemary network enhances our growth and knowledge-sharing opportunities, reinforcing our position as a trusted leader in the accounting industry,” he says.


The benefits of a Rosemary Bookkeeping business

Through the tried and tested Rosemary Bookkeeping model, Waqas could achieve his aspiration of contributing to society by creating employment and helping smaller businesses grow.

“Beyond financial expertise, we are dedicated to community dedicated to community engagement. As the owner, I have the flexibility to support initiatives that contribute to the greater good,” he says.

With a focus on expertise, innovation, and a client-centric approach, owning Rosemary Bookkeeping Reading also allows Waqas to deliver cutting-edge solutions and build lasting relationships.


The story so far…

Waqas’ journey with the Rosemary Bookkeeping has been marked by significant milestones and achievements.

He has experienced steady growth, expanding their client base and service offerings and achieving a notable increase in client satisfaction scores by pushing the boundaries of what can be achieved by offering end-to-end solutions for all their client’s needs.

“We’re proud to have exceeded the performance benchmarks set by the franchise,” says Waqas.

“Our team has completed advanced training programs, enhancing our aspiration to continue this trajectory and further solidifying our position as a trusted financial partner.

We are committed to surpassing our goals, delivering exceptional service, and contributing to the continued success of the Rosemary Bookkeeping franchise.”


Words of Advice

Waqas has some expert words of advice looking for business owners or aspirational individuals looking to start a bookkeeping franchise:

“Embark on success with Rosemary, merging strategic vision and unparalleled support. Align your goals with Rosemary’s proven excellence in bookkeeping, benefiting from robust support for business growth. Ensure seamless synergy between your skills and Rosemary’s renowned services, creating a powerful combination for client satisfaction. Tap into the network of successful Rosemary franchise owners, gaining valuable insight by taking full advantage of the brand that has created an exceptional reputation,” he says.

“Experience the empowering commitment to excellence and continuous learning, achieving measurable success. Build a reputation for outstanding customer satisfaction with Rosemary’s client-centric approach. Leverage adaptability for resilience in dynamic markets, operation confidently with a commitment to legal standards.

Choose Rosemary for elevated business standards and a path to sustained success.”


Need a bookkeeper? 

To contact Waqas and receive his expert help with your bookkeeping, call 0118 324 0322.

Or nationwide, find your nearest Rosemary Bookkeeping business today to book a free quote from one of our experts.

Sarah Connop, owner of Rosemary Bookkeeping Shrewsbury and Telford, shares her experience as a Rosemary Bookkeeping Franchisee.

Rosemary Bookkeeping is one of the UK’s only bookkeeping franchises.

Our business owners work for themselves but not by themselves to deliver personalised and expert bookkeeping services to commercial clients and small business owners nationwide.


About Sarah Connop

Sarah Connop opened her Rosemary Bookkeeping franchise, Rosemary Bookkeeping Shrewsbury and Telford, in September 2021, having been an accountant for over 15 years in various sectors, including retail, insurance, and financial services.

Due to her passion for numbers and helping people, Sarah said she loved these roles as they allowed her to help people make sense of their numbers.


Why did Sarah join Rosemary Bookkeeping?

As the mother to a young family and a Labrador who loves long hilly walks across Shropshire, Sarah wanted a business that would utilise her experience and let her be in charge of her time and future.

This meant that when she found out about Rosemary Bookkeeping through a close friend who was part of our network, it was a natural fit for her, as she “wanted to do something I was proud of and to support [her] local thriving small business community, with the flexibility of being there for [her] children.”

Furthermore, she was attracted to the Rosemary model because “Rosemary was highly recommended by its franchise owners.”

“I was attracted to the level of support offered by the head office and fellow franchise owners,” she says.


How’s it going?

Even opening her business in the wake of the COVID-19 pandemic, Sarah hasn’t been held back.

Sarah has used the tried and tested Rosemary model, which grants business owners the unique opportunity to achieve an attractive turnover based on recurring income from loyal clients.

Sarah has achieved more than 200% growth from year one to year two and is on track to achieve a minimum of 33% growth from year two to year three!

Thrilled with her progress and aiming to grow the business by 40% each year, Sarah says she is overjoyed with what she has achieved in her business.

“I have been able to successfully start the business, run the business, and be there for family more, which is everything I had hoped for,” she says.


Words of advice

As a thriving Rosemary Bookkeeping franchisee, Sarah has some advice for anyone looking to start a new business:

“It can be daunting and hard work owning your own business,” she says, “but the rewards of being own your boss and being in control of your future are worth it!”

“Do your research into the local community to ensure there are plenty of opportunities for bookkeepers. For example, I knew Shrewsbury had a thriving small business community.”


Need a bookkeeper? 

To contact Sarah and receive her expert help with your bookkeeping, call 01743 650687.

For those elsewhere in the UK, find your nearest Rosemary Bookkeeping business today to book a free quote from one of our experts.

Nirmal Thakkar, owner of Rosemary Bookkeeping Garden City, shares her experience as a Rosemary Bookkeeping Franchisee.

Rosemary Bookkeeping is one of the UK’s only bookkeeping franchises.

Our business owners work for themselves but not by themselves to deliver personalised and expert bookkeeping services to commercial clients and small business owners nationwide.

Nirmal Thakkar opened her Rosemary Bookkeeping franchise, Rosemary Bookkeeping Garden City, in July 2022 after the brand was recommended by a friend who is a CIMA-qualified accountant.

Upon having a brand intro call with ServiceMaster Brands UK Franchise Sales, Nirmal was sure she and Rosemary were a perfect match.

“When I met people at Rosemary, I felt that I could be a part of the family, and I will never feel left out.”

“I feel proud to be a part of the Rosemary Franchise,” she says.


Who is Nirmal Thakkar?

With a Master’s in Business Administration and having worked in the financial industry for about 15 years, and as part of a family of accountants, Nirmal supports her clients with years of knowledge and experience.

“My husband is a Financial Director of his property-based company in the UK. He is an accountant. All the men in my family are accountants.”

“Bookkeeping runs in my blood,” she says.

As a mum in a family of four, Nirmal balances her responsibilities as a Rosemary Bookkeeping franchise owner, mother, and committee member of her local Indian Cultural Association, which includes planning events and cultural activities throughout the year like Holi, Diwali and Navratri.


Why Rosemary Bookkeeping?

As a busy, family-oriented businesswoman who is entrenched in her local community, Nirmal chose Rosemary Bookkeeping to “work for [herself] and have control of [her] work-life balance.”

Franchisees like Nirmal also benefit from being part of a trusted brand, a nationwide network of bookkeepers, and a centralised and dedicated franchisor support team that helps with queries, best practices, sales, marketing, and operations.

The tried and tested Rosemary Bookkeeping model ensures they are on track to succeed in all they do – with the unique opportunity to achieve a turnover of £135,000 in just five years, based on an average commercial job value of £2,100 pa.


The Rosemary Bookkeeping Experience

Nirmal says the fundamentals of running a successful Rosemary Bookkeeping franchise have been to take small steps and work to her strengths.

“My people skills have [seen] me achieve success,” she says. Having also received esteem for her interpersonal skills, Nirmal knows that she can use this to her advantage when faced with the things she finds harder – like aspects of marketing.

“Face-to-face marketing helps a lot, as it shows your confidence and commitment in what you do, and the business owners can feel the same,” she says.


Words of advice

She says this commitment is what will enable your success as a franchisee.

“No matter who you are and what you have done, your commitment will make you successful.”

“If you are ready to work for yourselves and are passionate about your business, you will always succeed.”


Need a bookkeeper? 

To contact Nirmal and receive her expert help with your bookkeeping, call 01462 41944.

For those elsewhere in the UK, find your nearest Rosemary Bookkeeping business today to book a free quote from one of our experts.

How Rosemary Bookkeeping takes the fright out of your bookkeeping

At Rosemary Bookkeeping, we know that your bookkeeping can be scary.

There’s the pressure to avoid mistakes, coupled with anxiety around your technical know-how, plus frequently changing or appearing legislation that feels like it’s out to trick you.

As experts in bookkeeping for over 20 years, we provide expert bookkeeping services to small businesses across the UK so they can focus on what matters to them and not their books.

This Halloween, we’re here with one piece of guidance: your bookkeeping doesn’t have to be frightening.

How a bookkeeper can help you

Bookkeepers like Rosemary Bookkeeping can help with all aspects of your bookkeeping and finances.

This includes:
  • Taking the hassle out of sorting all your invoices, receipts and bank statements
  • Having your VAT return prepared for you in good time
  • Liaising directly with your accountant
  • Having reports and figures every month that help you make decisions on your business growth
  • 121 bookkeeping support

Maximising your time by outsourcing

Most business owners don’t maximise the impact of their time.

Consider what activities you do that generate the most revenue.

It’s probably not the bookkeeping.

Although it is vital to keep track of cash flow and understand where the most profitable parts (or not) of your business are.

Outsourcing your bookkeeping to us means it is in safe hands.

We focus on your books while you focus on your business.

The benefits of the Rosemary System

There are many benefits to choosing to work with your local Rosemary Bookkeeper.

Transparency

Our charging system is transparent, so you always know exactly what you are paying for.

Standardised Paperwork

We standardise the paperwork, ensuring you and your accountant receive the paperwork in the same way.

Safeguarding

Safeguard your business using our Rosemary System®, which delivers systemised efficient processing – this means ANY of our bookkeepers can complete your bookkeeping should your usual bookkeeper be ill or on holiday.

Local knowledge, national brand

At Rosemary Bookkeeping, we operate as part of a nationwide franchise network, with our business owners working locally.

This means you benefit from a winning formula of local knowledge combined with the expertise and experience of a national brand and nationwide systems and processes for success.

Contact us

Take the hassle out of your business and give yourself the time to focus on what matters by finding your nearest Rosemary Bookkeeping business or calling 0345 862 0072 to see how we can help you today.

The great value a bookkeeper can bring to an accountant.

While there is overlap in their work, meaning the two often get confused, bookkeepers and accountants have distinct roles and responsibilities.

They often work well together, as the work of a bookkeeper plays a part in supporting the work of an accountant.

At Rosemary Bookkeeping, we are experts in bookkeeping, supporting clients across the UK, from small businesses to accountants with bookkeeping and finances.

But what can a bookkeeper do for an accountant?

How bookkeepers help accountants

Bespoke client support

The work of a bookkeeper is to understand the needs of their clients.

Our work is personal and bespoke as we tailor our services to work around what you need.

The relationships we build with our clients can also help us to be the bridge between the small businesses we serve and accountants.

Support with existing clients and workload

It’s not just new clients that a bookkeeper can support accountants with.

A bookkeeper can also help accountants with their existing clients.

If accountants recommend their ‘troubled’ or tricky customers to a bookkeeper like Rosemary Bookkeeping, we can support them with their accounts.

Furthermore, during busy periods like the new tax year, we can support accountants and help with capacity.

Streamlined and easy processes

Bookkeepers also work to tight deadlines and work with accuracy, minimising the back and forth to get things done correctly ahead of deadlines.

Rosemary bookkeepers can do all the monthly and quarterly chasing to ensure the experience is stress-free and smooth for everyone involved.

All Rosemary reports and documents are uniformly formatted, making life a breeze for accountants.

See how a Rosemary Bookkeeper can help you

These are just some ways a bookkeeper can help an accountant derive a higher value from their time and services.

Whether you’re an accountant or a small business, a bookkeeper can help streamline your financial processes.

By contacting the professionals at Rosemary Bookkeeping, you receive personal and expert support on all aspects of bookkeeping.

Find your nearest Rosemary Bookkeeping business to see how we can support you today.

How is a bookkeeper different to an accountant?

Often bookkeeping and accounting are considered to be the same profession.

Although they seem to have very similar roles and work there are some major differences between the two.

The real value of any business is achieved when both work closely together.

What is the difference between Accounting and Bookkeeping?

Bookkeeping is the day-to-day process of accumulating, categorizing, and recording financial transactions.

Bookkeeping is a foundation of your finances, providing vital information for reports, financial statements and tax returns.

The main objective of bookkeeping is to keep all financial transaction records up to date in a proper and systematic manner.

Bookkeepers are often responsible for:
  • Data entry
  • Balancing bank ledgers
  • Preparing bank reconciliations
  • Tracking income and expenses
  • VAT returns
  • Maintaining the general ledger
  • Completing payroll
  • Producing monthly financial statements and reports (e.g. profit and loss reports)
Accounting is the process of:
  • Recording
  • Measuring
  • Classifying
  • Verifying
  • Summarising
  • Analysing
  • Interpreting

And communicating financial information compiled during the bookkeeping process.

Accounting produces:
  • Conclusions
  • Reports
  • Forecasts
  • Financial statements
  • Tax returns

Strategies and models that can be used by business managers to make key business decisions.

As a result, it provides a picture of the actual profitability, trends, cash flow and other key financial indicators.

Put simply: Bookkeepers produce the data, while accountants review and interpret reports, providing insights into the business.

Similarities

  • Bookkeepers and accountants both work with financial data.
  • Working with small businesses bookkeepers’ and accountants’ roles sometimes overlap, as bookkeepers can generate financial reports through bookkeeping software.
  • Both are tax-compliant.
  • Both share a goal of improving your business’s financial health.

Differences

Bookkeeper:

  • Records and classifies all financial transactions
  • Processes receipts, payments and other financial transactions
  • Processes sales and purchase invoices
  • Maintains and balances subsidiaries, general ledger and historical accounts
  • Reconciles bank statements
  • Track income and expenses for the tax periods
  • Prepares initial financial statements
  • Manages accounts receivable and accounts payable
  • Prepares and files VAT returns
  • Can also facilitate payroll

Accountant:

  • Analyses/interprets, and provides subjective advice based on data from the bookkeeper
  • Adjusts entries
  • Generates financial statements and reports
  • Files income tax returns
  • Submits annual accounts
  • Advises on tax strategy and tax planning
  • Prepares financial forecasts
  • Analyses business performance
  • Prepares budgets, business plans and cash flow forecasts
  • Provides financial management advice
  • Audits

A bookkeeper’s and accountant’s work can overlap.

But in general, a bookkeeper’s priority is to record transactions and keep them organised whilst accountants provide consultation and analysis, and often are more qualified to advise on tax matters.

When deciding if you need a bookkeeper you’ll need to review the benefits, as it might be more beneficial for you to concentrate on your business and hire a bookkeeper to look after your day-to-day finances.

A bookkeeper can also liaise with the accountant for you to allow you to focus even more on your business.

In summary, bookkeeping is the completing of day-to-day financial tasks and accounting is the analysing and summarising of information produced by a bookkeeper.

Both have a big role to play in the business and together bookkeepers and accountants can help you better understand your business and take it to the next level.

Find out more

Ensure your business is in safe hands by leaving your bookkeeping to your nearest Rosemary Bookkeeping expert.

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.

Mental health means different things to different people.

And because the impacts can be invisible, it is often not taken as seriously as physical health.

However, the impacts of mental health are more widespread than you think.

According to NHS England, one in four adults and one in ten children experience mental illness during their lifetime.

That’s why the World Health Organisation aims to make mental health a global priority for all this year by recognising 10th October as World Mental Health Day.

Lots of factors can impact your mental health.

From the ins and outs of your daily routine to external factors like the cost of living crisis.

The latter of which is currently having a sizeable impact on the mental health of UK citizens, as many of us brace for the uncertainty of the next few months.

In times like this, we tend to worry only about the tangible factors of the situation and not how we’re affected mentally.

But, stress and other mental health issues can make matters worse and should be treated the same as any other physical condition.

Here’s why:

The value of your mental health

No matter your age or lifestyle, mental health plays a big role in your life and overall health.

The benefits of improved mental health are broad and include:

  • Improved physical health and life expectancy
  • Better educational achievement
  • Reduced health risk behaviours such as smoking and alcohol misuse
  • Reduced risk of mental health problems and suicide
  • Improved employment rates and productivity
  • Reduced anti-social behaviour and criminality
  • And higher levels of social interaction and participation.

So how can you improve your mental health?

Ways to improve your mental health

There are many ways to improve your mental health, particularly against stress and issues that can arise from isolation. The NHS recommends that you:

  1. Connect with other people

Maintaining good relationships with others can work wonders.

For example, the sense of belonging to a group can improve self-worth and provide emotional support.

Using technology as a crutch has become an easy habit to fall into in recent years, but the importance of connecting with people outside of your sphere cannot be underestimated.

  1. Be physically active

Similarly, remaining active causes chemical changes in your brain through the release of endorphins.

This can improve your mood and raise your self-esteem.

The nature of exercise also makes it a great way to improve your self-worth by setting and achieving regular goals and targets.

But, it’s not the only way to do this.

You can also receive the same effect through your work or by learning new skills.

  1. Learning new skills

This can be great for your self-esteem and self-worth by helping you build a sense of purpose in an activity and is another way to connect with others.

  1. Give to others

Exercising kindness day-to-day can be beneficial to you and the receiver.

The act of giving creates a positive feeling in your body through the sense of reward that comes from gratitude.

Being kind helps forge the right connections essential for prosperous human survival and is the cornerstone of building a healthy community.

Giving back is an essential tenant of mental health. Both in improving your own, and the mental health of those around you.

All of which feed into the spirit of World Mental Health Day.

  1. Pay attention to the present moment

This boils down to the practice of mindfulness, a familiar term to many.

But what does it mean?

Essentially, mindfulness is paying attention to the present moment, including how you feel in your mind, body, feelings, and the world around you.

At an appropriate time, give it a try.

Sit with yourself and reflect on the world both inside and around you.

How does food taste, what sensations do you feel moving through the world, and what happens if you do something a little differently?

How Rosemary Bookkeeping can help

At Rosemary Bookkeeping, our priority is supporting you.

By outsourcing your bookkeeping to us, you’re letting go of all the stress and worry of managing your finances alone and leaving it in the hands of your financial experts.

We work with you to take the stress out of your bookkeeping so that you can focus on the things that matter to you.

Your local bookkeeper can help with more than the numbers and can give you advice on changes in the financial world and how to manage issues like the cost of living crisis.

Having regular meetings with a bookkeeper also helps you to make informed decisions about your business’s finances.

The economy is changeable, and with recent legislation like MTD, a well-informed bookkeeper can help you to know what is happening with your money.

All this benefits the health of your business and your mind, as you can put the proper plans in place and not spend your day agonising over making the right decisions.

One of the best ways to improve your mental health is to not suffer alone.

Seeking out the support available to you, particularly within your community, will make a massive difference.

Whether this is talking to loved ones, a mental health specialist, or getting the right help to tackle the problems you’re facing.

Contact your nearest Rosemary Bookkeeper for a free quote on our services for the right support for your business.

Important bookkeeping dates for your diary for August 2023.

August is a busy month for us bookkeepers, with deadlines abounding everywhere you look.

As a small business owner, you must navigate the next few weeks properly and ensure any payments and returns you must adhere to are in hand.

Here are the essential dates you might need in your diary for the coming month.

3rd August 2023

P46 Submission

This is the final day to submit P46 for employees whose car/fuel benefits changed during the quarter to 5 July 2023

7th August 2023

VAT Returns

VAT returns and payments are due for the Accounting Quarter period ending 30 June.

19th August 2023

Deadline

Deadline for postal PAYE, NICs and CIS payment to HMRC.

22nd August 2023

Deadline

Deadline for electronic remittance of PAYE, NICs and CIS to HMRC.

30th August 2023

Deadline

Deadline for filing of accounts with Companies House for accounting

August 30th, 2023

Tax Return

Corporation Tax returns are due for accounting periods ending 31st August 2022.

30th August 2023

Tax Return

The Corporation tax return is due for payment for accounting periods ending 30th November 2022.

Need help with your bookkeeping?

If this seems like a lot of work to remember, leave your bookkeeping to the professionals.

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 learn more about our services and how Rosemary Bookkeeping can help you, find your nearest Rosemary Bookkeeper or call 0345 862 0072 today.

Our 10 tips to bookkeeping like a pro.

Bookkeeping can be confusing.

At Rosemary Bookkeeping, we know that better than anyone.

So, sometimes you might need a helping hand.

Here are some top bookkeeping tips from our experts that’ll make your bookkeeping a breeze.

  1. Procrastinating is a no-no

Are you a procrastinator who leaves everything until the last minute?

Well, with bookkeeping, you can’t be!

It can quickly get out of hand and pile up on your desk.

As a small business, it is imperative that you keep to financial deadlines like Making Tax Digital (MTD).

If you don’t have time to do your bookkeeping while running your business, it might be time to outsource to help your capacity.

  1. Avoid bad filing systems

You must keep your old receipts and file them correctly alongside relevant paperwork.

If you’re reading this and thinking, “Oh dear, I don’t keep my receipts,” – don’t worry.

There are plenty of business owners like this around the UK. Trust us!

Here’s a good habit to get yourself into:

When you get in the office every morning, pop your receipts in a folder.

Even if this is being filed correctly later that day, at least you’ve made a start.

Are all of your invoices and bills in sequential order?

If they aren’t, then they should be!

This will make life much easier when dealing with deadlines, audits etc.

  1. Don’t mix business and personal expenses

If you’re bookkeeping for yourself while mixing your business and personal expenses, you’re making your bookkeeping a lot harder.

You would have to sit and sift through hundreds of receipts and separate them into business and personal.

Keeping these expenses separate will spare you this headache and give you time to do other things.

When the tax return deadline comes around, if you’re organised and have split your business and personal expenses, you’re more likely to pay the right amount of tax for your business.

  1. Be consistent

Set a monthly date to sit down for a few hours to get your bookkeeping and accounts for the last calendar month.

If you feel like you’re bogged down with too many other tasks, you can always contact Rosemary Bookkeeping to take over the bookkeeping side of your business.

  1. Pay electronically

An easier way to keep an eye on and make your bookkeeping easier is to ensure all business transactions are paid on your business card and not with cash.

This is obviously, because of the information your bank would provide on a statement; amount, date and the recipients/company name.

  1. Have distinct employee classifications

Many businesses have different classifications of employees.

Be they full-time employees, part-time employees and independent contractors.

Keeping these separate and correctly classified is vital to avoid overpaying taxes or misfiling.

  1. Backup, backup, backup!

We all know what technology is like.

It can turn off or have an inconvenient error at any time.

This is why backing up your data securely on a cloud-based platform is extremely important.

You must ensure this is a secure platform that complies with GDPR to guarantee the safety of your data.

  1. Concentrate on a bit of light reading

You would be surprised how many business owners don’t read financial statements and add them to their procrastination pile.

There are plenty of reasons why financial statements can help with your business and avoid a financial breakdown.

Here are a few:

  • See current/upcoming financial trends within your business sector
  • Gain insight into maximising your tax deductions for the year
  • Share with existing/potential investors how your business is performing
  • Stay in control of all of your cash flow
  1. Choose the right bookkeeping software

It’s vital to choose the right bookkeeping software for your business.

There are many different types, from cashbook-only software to that that covers everything from ledgers to foreign currency transactions.

Here is our recent comparison of some of the different bookkeeping software.

  1. Outsource your bookkeeping

If you, the business owner, are also doubling as the office administrator/bookkeeper, you won’t have time to do the most crucial thing, grow your business.

That’s why outsourcing your bookkeeping can benefit you and your business.

Outsourcing is also cost-effective and more accurate.

You’ll only need to pay for the hours worked on your accounts rather than paying a monthly wage for an in-house bookkeeper.

You will also get the necessary work done on your accounts professionally, so you can be confident they are consistently correct.

If you are confused by the bookkeeping side of your business or don’t have time to dedicate to bookkeeping, find your nearest Rosemary Bookkeeping expert to see how we can help you today.

Rosemary Bookkeeping’s guide to understanding cash flow and how it relates to your business.

Cash flow is a crucial aspect of managing a successful business.

It refers to the amount of money coming in and going out of a business over a specific period.

It can be positive or negative.

A positive flow means a business generates more money than it spends.

A negative flow means it spends more than it earns.

In this blog post, we discuss the importance of cash flow, how to manage it effectively, and provide tips for forecasting and improving it.

Importance

Cash flow is vital.

It impacts your ability to pay bills, invest in new projects, and meet financial obligations.

A positive flow is good.

It allows a business to expand, invest in new ventures, and pay its creditors.

On the other hand, a negative flow can spell trouble.

It can lead to missed payments, bad credit scores, and even bankruptcy.

Therefore, understanding and managing it is essential for every business owner.

And to understand cash flow, you should know how to forecast it.

Forecasting

Forecasting cash flow involves estimating the amount of cash coming in and going out of a business over a specific period.

This can help businesses plan for future expenses, investments, and cash shortages.

So, how do you do it?

To forecast, create a cash flow statement.

A good statement should outline your expected cash inflows and outflows.

This should include:

  • Projected sales
  • Expenses
  • Any outstanding debts or receivables.

Monitoring

Monitoring involves regularly reviewing business inflows and outflows to ensure they stay positive.

This can be done using specialist software or a simple spreadsheet.

By monitoring the flow of cash in your business, you can identify potential shortages and take appropriate action to address them.

Regular monitoring can also help identify areas where a business can improve its cash flow.

How?

Improvements

This involves increasing the amount of cash coming into a business while reducing the amount going out.

There are several ways to improve cash flow, including:

  1. Reducing expenses: This can be done by negotiating better rates with suppliers, lowering overhead costs, and cutting unnecessary expenses.
  2. Improving payment terms: Offering incentives for early payments, setting up automatic payments, and sending out regular reminders can help businesses receive payments faster.
  3. Increasing sales: This can be achieved by expanding the customer base, increasing marketing efforts, and introducing new products or services.
  4. Managing inventory: Controlling inventory levels and reducing excess inventory can help businesses save money and improve cash flow.

By forecasting, monitoring, and improving cash flow, business owners can ensure that their business remains financially healthy and can meet its financial obligations.

As a business owner, it’s vital to understand its importance and take steps to manage it effectively.

Need help with your finances?

At Rosemary Bookkeeping, our local experts are expertly placed to provide professional bookkeeping services, from support and guidance on legislation to outsourcing.

Our experts will liaise with you at your discretion to ensure you feel in control of your finances without worrying about doing the work yourself.

They can help you at every step, from creating statements to monitoring your inflows and outflows.

Whatever you need: we do the books, you do the business.

To see how we can help you, find your nearest Rosemary Bookkeeping business or call 0345 862 0072 today.

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.

To see how we can help you, find your nearest Rosemary Bookkeeping business or call 0345 862 0072 today.

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.

  1. 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.

  1. 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.

  1. 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.

As such, outsourcing generally saves between 30% and 75% of your current costs.

  1. Scalability

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.

  1. Accuracy

Professional bookkeepers are less likely to make errors compared to non-professional bookkeepers.

This can help you avoid costly mistakes and penalties.

  1. 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.

How to sidestep common bookkeeping pitfalls.

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.

Ensure your business is in safe hands by leaving your bookkeeping to your nearest Rosemary Bookkeeping expert.

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.

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.

Helpful budgeting tools

There are many tools available to small businesses to help with budgeting.

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.

We’ll do the books so you can do business.

For a free, no-obligation quotation on budgeting, software, and more, find your nearest Rosemary Bookkeeper today.

Looking for ways to commemorate the coronation as a business? 

The Big Help Out is a coming together of thousands of organisations nationwide, uniting to support local communities.

What is The Big Help Out?

Organised in conjunction with celebrations for the upcoming coronation of King Charles III, starting on Monday 8th May, The Big Help Out is a voluntary initiative supported by some of the UK’s largest volunteer organisations, like the National Trust, Scouts and the RSPCA, to raise awareness of volunteering throughout the UK.

Activities throughout the day will provide opportunities for people to experience volunteering and make a difference in their communities.

How do I take part?

There are many ways to get involved in The Big Help Out.

If you are interested, you can participate as:

  1. An individual
  2. An organisation
  3. A business

To register as any of these participants, access the official app.

What can I do?

As Big Help Organisers state,

“There will be opportunities for everyone to join in. No matter what you are good at, there’ll be something to suit helping hands of all shapes and sizes! From checking in on someone who’d like a bit of company or volunteering for a charity. The more of us who join in, the bigger help we will be.”

Activities can include events benefitting:

  • Animal Welfare
  • Community
  • Crisis and Welfare
  • Health and Social Care
  • Older people
  • Sports, Arts, and Culture
  • Sustainability and the Environment
  • Young People and Children

There’s plenty to do, so get involved however you can.

We’ll see you there!

Give your business a royal treatment

Whatever the size of your business, having a good handle on your finances is vital.

At Rosemary Bookkeeping, our dedicated experts can provide a range of support in your bookkeeping.

Whether you need support on processes and legislation like MTD and Advisory Fuel Rates or you want to outsource your books to a local professional, Rosemary Bookkeeping can provide the help you need.

Give yourself peace of mind and the time to focus on running your business by finding your nearest Rosemary Bookkeeping business or calling 0345 862 0072 today.

How a bookkeeper improves your health.

Mental health means different things to different people.

Because the impacts can be invisible, it is often not taken as seriously as physical health.

However, the impacts of mental health are widespread. Wider than you might think.

World Health Day

The World Health Organisation recognises 7th April as World Health Day, commemorating the anniversary of its founding in 1948.

When you think of the benefits of bookkeeping, you may not immediately think of the impact that managing your finances has on your health.

But according to NHS England, one-in-four adults and one-in-ten children experience mental illness during their lifetime, and many more of us know and care for people who do.

Lots of factors can impact your mental health. From the ins and outs of your daily routine to external factors like the cost of living crisis.

The latter of which is currently having a sizeable impact on the mental health of UK citizens, as many of us face increasingly stressful living conditions.

Stress and other mental health issues can make matters worse and should be treated the same as any other physical condition. Here’s why:

The value of your mental health

No matter your age or lifestyle, mental health plays a big role in your life and overall health. The benefits of improved mental health are broad, and include:

  • Improved physical health and life expectancy
  • Better educational achievement
  • Reduced health risk behaviours such as smoking and alcohol misuse
  • Reduced risk of mental health problems and suicide
  • Improved employment rates and productivity
  • Reduced anti-social behaviour and criminality
  • And higher levels of social interaction and participation.

So how can you improve your mental health?

In commemoration of World Health Day, we’re providing our top tips for improving your mental health, alongside getting a bookkeeper.

Ways to improve your mental health

There are many ways to improve your mental health, particularly against stress and issues that can arise from isolation.

The NHS recommends that you:

  1. Connect with other people

Maintaining good relationships with others can work wonders.

For example, the sense of belonging to a group can improve self-worth and provide emotional support.

Using technology as a crutch has become an easy habit to fall into in recent years.

But the importance of connecting with people outside of your sphere cannot be underestimated.

At Rosemary Bookkeeping, we believe in connection, as well as collaboration.

As your personal bookkeeper, your local expert will forge a connection with you to build a trusting and committed relationship as we support you in managing your finances.

Our services are bespoke, meaning you can see us as often as you need to feel comfortable.

That could be as regular as once a week or even just once a month.

  1. Be physically active

Similarly, remaining active causes chemical changes in your brain through the release of endorphins.

This can improve your mood and raise your self-esteem.

The nature of exercise also makes it a great way to improve your self-worth by setting and achieving regular goals and targets. But, it’s not the only way to do this.

You can also receive the same effect through your work or by learning new skills.

  1. Learn new skills

This can be great for your self-esteem and self-worth by helping you build a sense of purpose in an activity and is another way to connect with others.

At Rosemary Bookkeeping, we work with you to help you understand the processes behind your bookkeeping.

Should you wish, we don’t just outsource books, we also provide expert support, so you can work on mastering your bookkeeping for yourself.

  1. Give to others

Exercising kindness day-to-day can be beneficial to you and the receiver.

The act of giving creates a positive feeling in your body through the sense of reward that comes from gratitude.

Being kind helps forge the right connections essential for prosperous human survival and is the cornerstone of building a healthy community.

Giving back is an essential tenant of mental health.

Both in improving your own, and the mental health of those around you.

All of which feed into the spirit of World Health Day.

  1. Pay attention to the present moment

This boils down to the practice of mindfulness – a familiar term to many. But what does it mean?

Essentially, mindfulness is paying attention to the present moment, including how you feel in your mind, body, feelings, and the world around you.

At an appropriate time, give it a try. Sit with yourself and reflect on the world both inside and around you.

How does food taste, what sensations do you feel moving through the world, and what happens if you do something a little differently?

How Rosemary Bookkeeping can help

At Rosemary Bookkeeping, our priority is supporting you.

By outsourcing your bookkeeping to us, you’re letting go of all the stress and worry of managing your finances alone and leaving it in the hands of your financial experts.

We work with you to take the stress out of your bookkeeping so that you can focus on the things that matter to you.

Your local bookkeeper can help with more than the numbers and can give you advice on changes in the financial world and how to manage issues like the cost of living crisis.

Having regular meetings with a bookkeeper also helps you to make informed decisions about your business’s finances.

The economy is changeable, and with recent legislation like MTD, a well-informed bookkeeper can help you to know what is happening with your money.

All this benefits the health of your business and your mind, as you can put the proper plans in place and not spend your day agonising over making the right decisions.

One of the best ways to improve your mental health is to not suffer alone.

Seeking out the support available to you, particularly within your community, will make a massive difference.

Whether this is talking to loved ones, a mental health specialist, or getting the right help to tackle the problems you’re facing.

Get in touch with your nearest Rosemary Bookkeeper for a free quote on our services for the right support for your business.

What is tax payment interest and how has it changed?

With March in full swing, two changes are in effect surrounding the interest of tax repayment.

Tax interest rates, enforced by HMRC, are set in legislation and linked to the Bank of England base rates.

There are two rates:
  1. Late payment interest
  2. Repayment interest

Why are late payments and repayments different?

These two rates are separate to remain in line with the policy of other tax authorities worldwide.

According to HMRC, it compares favourably with the commercial practice for interest charged on loans or overdrafts and interest paid on deposits.

What are the changes to tax payment interest?

In early February, the Bank of England’s Monetary Policy Committee met and voted to raise interest rates to 4%.

A move which they hope will tackle rising inflation pressures.

This is the tenth vote following which the committee has increased interest rates.

The changes, enacted on 13th February for quarterly instalment payments and 21st February for non-quarterly instalments payments, make rates their highest since November 2008.

This means the late payment interest rate applied to the taxes HMRC charges interest on increases to 6.50%. An increase of 0.5%.

Meanwhile, the repayment interest rates increased by 0.5% to 3%.

This repayment rate is set at the Bank Rate minus 1%, with a 0.5% lower limit.

What is the lower limit?

According to HMRC, the lower limit for repayment interest ensures taxpayers still get 0.5%, even when the base rate fell to 0.1%.

Repayment interest will be paid at 0.5% until the Bank of England raises the base rate above 1.5%. It will then increase with the base rate.

Late payment has been set at base rate plus 2.5%

Need help managing the numbers?

With rates changing all the time, it can be hard to keep track.

At Rosemary Bookkeeping, we are on top of all current legislation and are experts in ensuring you know which way is up regarding your business financials.

By contacting your local expert, you benefit from regular advice on the latest tax changes.

As well as bespoke and professional management of your bookkeeping needs.

Know what tax rates are and how to avoid them, trust your local expert.

To see how outsourcing your books to your friendly local bookkeeping service could help you, find your nearest Rosemary Bookkeeping business or call 0345 862 0072 today.

Tom Page from ServiceMaster Brands UK sits down with ‘paperwork queen’ Karen Mann, the accountancy professional bringing Rosemary Bookkeeping services to North Dorset and Salisbury.

Like many things in recent years, the shadow of the pandemic hangs over my chat with Karen Mann from Rosemary Bookkeeping North Dorset and Salisbury.

Some of these things are merely semiotic: our conversation is conducted virtually, with Karen in her home in Dorset and I, in mine, miles away in Leicester.

And yet, there is still a palpable sense of excitement in the air. Karen, who is backed by a shelving unit filled with family photo frames and dressed smartly in a blazer and orange blouse as a subtle compliment to the branding of her new business, is quietly content.

As we start our discussion of her life and her brand-new fresh start, it becomes abundantly clear as to why.

From a young age, Karen loved figures, paperwork and numbers. She says when she was at school she always thought about being an accountant. But life took her on a different path.

On her work background:

“I’ve been working for a waste management company for the last 17 years.

I started in their customer service department and, within nine months, I was promoted to running their accounts office.

I was what they used to call an Office Manager overseeing everything. Nearly eight years ago now, our financial director retired and I was offered the opportunity to become a company director.

So, for the last seven and a half years, I’ve been the Administrative Director for the company, running the accounts side of the business.”

What did that involve?

“All administration, liaising with the accountant, doing the management accounts and sending it all off to him for him to validate and everything like that.”

On her personal life:

“I like playing golf. But I’m not necessarily very good [laughs].

And I’ve got a boxer dog that I’m absolutely mad about.” Her face softens, “She’s my lil’ baby.”

You’ve got a lot of really valuable professional experience. How do you think that has prepared you to start your own business?

“I’ve got the technical knowledge, which is going to help with the actual day-to-day in the business. But what I’ve also gained over the years is managing my time properly.

I had a team just before COVID, there were 25 people in my team reporting to me, so I’m used to the trials and tribulations of organising other people’s work and making sure that they’re performing to expectations and spotting when people aren’t.

I was able to pick up with them whether they’ve lost confidence in something they’re doing, whether they need further training and all that kind of thing.

I also worked very closely with the chairman and managing director of the company and was involved in conversations about marketing and different avenues to go down to sales.

So, even though I might not have done it myself, I have been around it so by osmosis, it’s gone in.”

What made you decide to make the change and start your own business?

“I had been working for the same company for 17 years and it just felt that now it was my time to do something for myself.

Rather than go and get another job I thought, why not run my bookkeeping company?

I came across the Rosemary franchise and reading through the BFA member profile about yourselves and speaking to Emma [ServiceMaster Brands Franchise Sales Manager], it just instantly felt like it was going to be a really good fit.

It suited my personality and my experience, and having a support network behind you gives you that reassurance that if there is something you haven’t come across before, there’ll always be somebody you can ask what to do in a situation.”

So, you weren’t looking into franchising specifically at that time then?

“No, I had no idea that there was any such thing as a bookkeeping franchise!”

“I’d worked with customers who are owners of franchises: fast food and things like that. But it didn’t even enter my head that there could potentially be a bookkeeping franchise out there!

And when I was thinking about [starting my own business], that was the one thing that had held me back from actually setting up myself, the question of what do I do if I’ve got a client and I’ve never come across that situation before?

Upon finding the Rosemary Bookkeeping franchise I realised that the support of a network behind you covers that worry.

You’re never going to be on your own. There’s never going to be something that you can’t find the answer to, somebody will always be able to either let you know or direct you to where to find it.”

That’s lovely to hear. And now you’re here! How have you found the academy and the sale process?

“I really enjoyed the whole thing.

Hitting the academy and starting to see how everything will work in practice is really good because it is marrying up with everything that and every conversation I’ve had with Emma up to now and Nina [Rosemary Bookkeeping Brand Manager] and I can see everything now slotting into place and how it’s all going to work.”

Now you’ve gotten into the operations side of the business, is there a service in particular that you’re looking forward to providing?

“Just the whole thing. I am a bit of a paperwork queen.

I love paperwork, I love excel, and figures are what I’m about.

When I was at school, I was thinking about being an accountant and life took a step in a different direction. The whole of bookkeeping, I love it.

So, I’m looking forward to getting really stuck into things with customers, solving their issues and getting it all nice and straight for them.”

What do you think sets Rosemary Bookkeeping apart from other franchise opportunities? 

“I think Rosemary was great for me as someone with not much experience in many sectors.

Bookkeeping covers so many different businesses so there will always be a situation, I think, that you won’t have come across before.

If you’re on your own, it could take you hours of Googling so you could end up costing yourself more money in time.

Whereas having the franchisor behind you who can direct you to the right place will save you hours of that trudging.

You still might need to do a bit of research yourself. But you’ll have been guided to the right point or the right person to ask the question of.”

Need a bookkeeper?

Bookkeeping can be complex and time-consuming, but with the right support, it doesn’t have to be.

If you’d benefit from expert bookkeeping support from your local expert, find your nearest Rosemary Bookkeeping business to see how we can help.

Or, if you’re in the North Dorset or Salisbury area, get in touch with Karen today on 01202 094387 / 07590 554797.

We sat down with ‘paperwork queen’ Karen Mann, the accountancy professional bringing Rosemary Bookkeeping services to North Dorset and Salisbury.

From a young age, Karen Mann has loved figures, paperwork, and numbers. She says when she was at school she always thought about being an accountant.

But, as she tells me, during our sit-down following her completed induction academy to Rosemary Bookkeeping, life took a different path.

Prior Career

Karen has worked for a waste management company for the last 17 years. She began in their customer service department, but within nine months, had been promoted to running their accounts office.

As an office manager, Karen oversaw the operation of accounts and managed a team of 25 other people. So, when the Financial Director retired, she was well-prepared to take up the position of Company Director.

This entailed running all the accounts side of the business, handling all administration, and doing the management accounts to be sent to the company accountant.

This work has given Karen expert technical knowledge and a wealth of experience in management, as well as the ability to work alongside others and help them with things they have found difficult. A skill which she knows stands her in great stead as a bookkeeper.

During her time in this role, Karen also worked very closely with the Chairman and Managing Director of the company and has observed in detail every aspect of running a successful business.

Finding Rosemary Bookkeeping

Following the COVID-19 pandemic, Karen decided that after 17 years in the same place, she wanted to do something on her own and start her own business.

“I had been working for the same company for 17 years and it felt like it was time to go and do something for myself.”

With her experience and love of figures, the path was clear to Karen:

“I thought, why not run my own bookkeeping company?”

It was then she found Rosemary Bookkeeping. Karen says that she was drawn to the support we offer and how this impacts our clients.

Our Bookkeeping Support

“It’s not a case that we’re going to charge you by the hour because it could take someone a long time to do something,” Karen says.

“You can pick the elements of it that you like the sound of, or there are certain bits that you want to keep doing yourself and have control over, you can. There is a logical system for you to be able to follow without it costing any time out of your day, compared to sitting down and having to try and process everything.”

All this made Karen feel that Rosemary Bookkeeping was the right choice for her, as she felt our values and services aligned with the bookkeeper she wants to be.

“It just instantly felt like it was going to be a really good fit,” she says.

Karen’s new business

With the support of a renowned nationwide franchisor behind her, Karen has finally been able to realise her dream of working for herself as a bookkeeper as the owner of Rosemary Bookkeeping North Dorset and Salisbury. Now, she says that she is raring to get started helping customers and putting her love of bookkeeping to good use.

“I am a bit of a paperwork queen,” she says.

“I love paperwork, I love Excel, and figures are what I’m about. The whole of bookkeeping, I just love it.”

“I’m really looking forward to doing all of that and getting into the nitty gritty with customers and solving their issues and getting it all nice and straight for them.”

Need a bookkeeper?

Bookkeeping can be complex and time-consuming, but with the right support, it doesn’t have to be.

With a Rosemary Bookkeeper, you receive a transparent and expert service from your local expert, backed by a network of other experienced accountancy professionals.

If you think Rosemary Bookkeeping could be the right fit for you and your business, find your nearest Rosemary Bookkeeper today to take the headaches out of your bookkeeping.

And if you are in the North Dorset and Salisbury area, get in touch with Karen by calling 01202 094387 / 07590 554797 to book your free no-obligation consultation now.

With just over a month left to pay your self-assessment tax bill, here’s everything you need to know to get it sorted ASAP.

Self-Assessments are used by HM Revenue and Customs (HMRC) to collect Income Tax.

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:

Staying ahead

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.

This amount can be estimated on the HMRC website.

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.

If you think it’s time to outsource your bookkeeping, find your nearest Rosemary Bookkeeping business to see how we can help you today.

Say hello to experienced finance professional, Waqas Chughtai, who is taking the reins at Rosemary Bookkeeping Reading.

Waqas Chughtai has had an extensive career working in accountancy and finance and is now adding another string to his bow by taking over as the owner of Rosemary Bookkeeping Reading.

The business, which was previously run by Mike Wallace, has been placed in the capable hands of Waqas, following a sale earlier this year.

Prior Career

Waqas is no stranger to what it takes to run a small business. With many years of experience behind him in growing companies in the accountancy sector and undertaking multiple roles in his impressive career.

A senior and fellow member of the Chartered Institute of Management Accountants, Waqas started his career at KPMG and has since grown his position and career in many companies including GO-ERP and Avanade, before starting his practice – WAC & Co. in 2012.

These saw him taking on many roles, as he grew to Finance Manager, Financial Controller, CFO, and ultimately a Finance Director position.

Waqas says he “Left [his] permanent role in 2012 because [he] always wanted to be in practice and managing [his] own business.”

During the initial phase of growing his business, Waqas worked part-time, simultaneously working with Evernote, a sister company of Microsoft.

“I contracted with them for a few years,” Waqas says. “[Working on] system implementation on the financial module side of things and consistently growing my practice in the background.”

What’s next?

As such, Waqas is well-prepared to cover all processes required in supporting new and existing clients of Rosemary Bookkeeping Reading and to grow the business even further. It is providing this service to even more clients, particularly in an ever-changing financial landscape that Waqas says will be of high value to him.

“A lot is changing,” he says.

“In regards to, let’s say, MTD. MTD was a very recent phenomenon. Larger companies are prepared for this because they have the forms and the talent to guide them.

But smaller businesses in particular are confused as to how it affects them. So, [we want] to make sure that we are there to help them.”

Why Rosemary?

As a reputable booking franchise of successful bookkeeping businesses across the UK, Rosemary Bookkeeping and our franchise owners like Waqas are trusted and well-established accountancy professionals.

All of whom are here to help guide you through the shifting landscape that is financing as a small business.

Need help with your bookkeeping?

Are you a small business in Reading that would benefit from help in managing your books? Waqas and the team at Rosemary Bookkeeping Reading are here for you.

Whether it’s support and guidance, or someone to take care of your bookkeeping for you, your local Rosemary bookkeeper can give you your time back, so you can focus on your business, not just your books.

To get in touch with Rosemary Bookkeeping Reading, call 0118 324 0322 or find your nearest Rosemary Bookkeeping business today for a helping hand from your friendly, local bookkeeping service.

We sat down with Rosemary Bookkeeping business owner Nirmal Thakkar to chat about how she will be celebrating Diwali in her local community this year.  

Today is Dhanteras, marking the beginning of the festive season ahead of Diwali for 2022. Diwali, the festival of light and the new year, takes place on Monday 24th, signalling the end of the 5-day festivities for many in communities across the UK.

We sat down with Nirmal Thakkar of Rosemary Bookkeeping Garden City to talk about how she’s celebrating with her family and community.

Celebrating at home

Due to Diwali being the festival of light, Nirmal and many others hold religious celebrations with their families and decorate their homes and temples with hanging lights and candles.

Then, “on the actual Diwali day, we get together as a family with all my cousins and family and friends, and then we kind of cook lovely dinners. We, make a variety of foods, a sweet dessert and a full-fledged meal with delicacies included in it,” Nirmal says.

Community Diwali Celebrations

Within her local community in Stevenage, Nirmal also participates in an Indian cultural association within her area called ICA (Indian Cultural Association).

This includes a day celebration where the entire community within the Hertfordshire area get together to celebrate together. These normally consist of dinners among the 500 attendees and shows from the children where they act, dance, and show off their artwork.

“And then for the past couple of years we’ve had a DJ,” Nirmal says, “So we’ve had a Bollywood dancing night with everybody. We all dress up in our traditional clothes like either a Sari or something like salwar kameez, which is a traditional outfit as well.”

As someone who did a lot of stage shows when she lived in India, Nirmal is an experienced Bollywood dancer and has recently been enjoying sharing her love of dancing with her daughter.

After a few years in which celebrations like Diwali have been off the cards or hindered by COVID-19 for communities like Nirmal’s, she says she’s looking forward to being able to be with everybody again and celebrate together.

She tells me that her favourite part of Diwali by far is the night setting off fireworks and firecrackers with her family. (Not too late and having warned her neighbours, of course).

“I love it,” she says. “Getting ready, cooking all the different delicacies and doing the fireworks of the day. [Because] everybody takes part in it, and because it’s a festival of light when we light up a rocket or sparkler or something, it just makes you feel that your life is brightened up as well.”

Nirmal also says that it’s been interesting to watch over time how the local and ICA community has developed since she moved to the UK.

“When I came to this country in 2002, of course, I didn’t know about the [ICA], but it has been running for the last 40 years.

Every year more and more students come from India and neighbouring countries come and join us. [And their] English partners come through as well to see the dance and be a part of Diwali, learn how to kind of be a part of our community and learn the culture.”

Nirmal says that this is important to her particularly as it has helped her feel accepted where she lives and in her local area.

She is also excited to bring this openness to her new clients and expand her community to include them and is planning on treating some of them to some traditional sweets for Diwali in the years to come.

Need help with your bookkeeping?

If you would like to receive Nirmal’s help with your bookkeeping, get in touch with Rosemary Bookkeeping Garden City on 01462 419444 for bookkeeping services in the Stevenage area.

Or, nationwide, find your nearest Rosemary Bookkeeping business today to find out how we can help you take the stress out of your bookkeeping.

The cost of living crisis is affecting small businesses nationwide. We’re here to help.

Unfortunately, not only have small businesses had to recently combat working during COVID-19 but at the end of last year, there was a new looming threat: rising inflation rates. By the time we reached the new financial year in April 2022, inflation had reached a record high of 9%, the highest in 40 years. And now, business owners are also having to deal with the cost of living crisis.

We work closely with small businesses across the UK to help them manage their books, and there is one thing for certain: this is a difficult and scary time for many. But there is still hope. Our experts have put their heads together and compiled a list of resources and strategies to help small businesses manage the cost of living crisis.

What are the key issues being faced by small businesses?

A big factor in all of the issues being raised are rising prices across the board, from energy to fuel, to council tax, everything is going up.

This also impacts customers and their spending, giving your less business. But also, material costs are on the rise, and many businesses are finding it hard to recruit new staff to fill essential job roles in a tight labour market.

All this also has a physical and mental impact on business owners too, as the stress and worry of weathering this storm take their toll on the body and psyche. According to a survey by Newspage, 14% of the surveyed small business and charity owners said that the cost of living crisis has been having “a very negative effect” on their mental health.

Who can help?

One of the avenues you can go down for help and support is the government. During the more recent spring budget, the government announced that it will be increasing Employment Allowance from £4’000 to £5’000 to tackle the growing rise in inflation. For smaller businesses, this means you will therefore be able to claim up to £5,000 off of your employer’s National Insurance Contributions (NICs) bills, which has seen an increase of just above one per cent back in April.

There were other small changes made by the government as well, as fuel duty was also cut by 5p per litre as a way to help combat the rise in petrol prices.

However, many small business owners feel that this was too small a change or gesture for the size of the crisis they are facing, and still feel the need to make other changes to their business.

What changes can you make?

As many already have, small business owners may have to make changes to adapt to the growing difficulties. Here are some viable options for changes to save money:

Use accounting software

A great way to save money whilst you are getting an idea of your current financial situation is by using accounting software like Xero and QuickBooks to help you keep track of your finances. Making the transition can be tricky, but due to the government’s ongoing plan for MTD (Making Tax Digital), it is becoming a necessary one.

And there are ways to get support on using them. Your local Rosemary Bookkeeper can offer discounts on accounting software like Xero and QuickBooks, help you use it, if you need it, and also provide tutorials on operations, like how to create an invoice on Xero.

Remote working

If you are not already due to COVID-19, moving to remote work is a good option to save money during the cost of living crisis due to saving the cost of running an office space. And if you don’t want to lose out on your office space, there are flexible office space providers who offer hybrid solutions to providing a workspace. This all means you’re also not having to shell out further for extra running costs like office cleaners and are therefore offered a lot more financial flexibility.

Audit staff

Unfortunately, the rise in National Insurance rates and the national minimum wage may mean that keeping your current staff rates is not feasible. This does not mean that you have to make the undesirable choice to make redundancies, but you may be required to reduce staff hours or carry out reviews to better optimise productivity with your current staff levels.

Consider adjusting your prices

You may be able to make changes to things like your supply chain to make sure that you are saving money on the cost of your product orders for example. Or, rather than raise prices, you could apply optional service charges where you had not had one before. You may even choose to swap the products you use for cheaper alternatives.

Be more conservative by scaling back plans for growth

It is more viable in the current situation to be less optimistic about what may have been your prior growth plans for the year. By momentarily halting growth plans, you can conserve cash and increase your cash flow for when you need it.

In summary, this is going to continue to be a difficult time for many across the UK, and you may need to act to give yourself that little extra support.

At Rosemary Bookkeeping, we are experienced in supporting small businesses through thick and thin, and our financial experts can help offer you help when you need it most. Whether this is through helping you manage your books, or by giving you a helping hand in running online software, we are here for you.

To get in touch, find your nearest Rosemary Bookkeeping business today, or give us a call on 0345 862 0072.

Meet Nirmal Thakkar, the new business owner bringing Rosemary Bookkeeping services to Stevenage and surrounding areas.

Back in June, we sat down with Nirmal Thakkar, the brand-new owner of Rosemary Bookkeeping Garden City, at the end of her training academy to talk about her life and new business.

Nirmal tells me she loved taking part in her bookkeeping training and that she feels prepared to carry out the processes required to help her clients with their bookkeeping needs, and is looking forward to building even more skills that will come with practice.

Background

Nirmal came to the UK from India in 2002 and received an MBA from Hertfordshire University before working in sales banking.

She then took a break from the industry whilst on maternity leave and helped a friend build his business from the ground up.

More recently, Nirmal has been working within the NHS as a 111-call handler, which has seen her lead a team with 25 people and work as a trainer and auditor.

Nirmal balances her work life with home life as a Mum to her 10-month-old son and 11-year-old daughter.

When not working, Nirmal loves to travel and is a big fan of Bollywood dancing.

She tells me she has a keen interest in reading self-assessment books to access skills to improve in all areas of her life.

Looking ahead

She says if she had to pick one favourite quote from her reading to apply to her business and personal ethos, she would say: “We rise by lifting others.” from Robert Ingersoll.

It is this that Nirmal says she is most looking forward to about her new work as a Rosemary Bookkeeper.

She will be able to use her experience and expertise to uplift and help her clients to become more confident with their bookkeeping with their help.

The Rosemary Way

At Rosemary, all of our bookkeepers can be more interactive with clients by working through their books with them on a regular monthly business.

Small business owners like Nirmal can be in business for themselves, but not by themselves, as a Rosemary Bookkeeper can eliminate worry about managing their books by becoming a part of their support network.

As Nirmal knows from her own experience:

“It’s the small things that make a lot of difference.”

As part of an established franchise of experienced bookkeepers, Rosemary clients can receive regular and bespoke support from a brand trusted by small business owners across the UK.

Rosemary Bookkeeping Brand Leader Nina Skoczόłek says she is: “Really pleased to welcome Nirmal to the Rosemary Bookkeeping Network.”

“Nirmal is focused on helping local micro and small enterprises to thrive. She brings a great amount of knowledge, experience and ideas on how to coach and help others achieve their business financial goals. I’m looking forward to following and supporting her on her journey,” she adds.

Excited to help her clients and their businesses grow, Nirmal opens her doors to clients in Stevenage and its surrounding areas today.

Need a bookkeeper?

To contact Nirmal and receive her expert help with your bookkeeping, call 01462 419444 or visit her website.

For those elsewhere in the UK, find your nearest Rosemary Bookkeeping business today to book a free quote from one of our experts.

We sat down with the brand-new owner of Rosemary Bookkeeping HarrowNitin Patelto talk about his career and training, being a scout volunteer, and his new bookkeeping business.

Allow us to introduce the newest member of the Rosemary Bookkeeping network, Nitin Patel, who is joining us as the owner of Rosemary Bookkeeping Harrow, bringing our signature friendly bookkeeping experience to the Harrow area. Having completed his training academy with us in June, allowing him to get acquainted with our brand and processes, Nitin is now poised and ready to begin helping clients in his local area. Joining the Rosemary Bookkeeping network as an ACCA graduate of almost 30 years, Nitin has an extensive career history working in finance for well-known companies like GSK (formerly GlaxoSmithKline), Sainsbury’s and the BBC.

When his previous role became redundant, Nitin knew that he wanted to use his financing experience to make a change. Still, it can be a daunting choice to make a drastic change or new start, but Nitin also knew that any fears that he had about starting afresh or about being on his own in business could be aided by franchising. Now fully trained in both our systems and online software like Xero and QuickBooks, Nitin can immediately go into business without apprehension of what’s to come and hit the ground running.

He says what he is most looking forward to about being a Rosemary Bookkeeper is being able to build more of a relationship with his clients through seeing them regularly. Nitin says the biggest benefit to a bookkeeper is that unlike partnering with an accountant, you’re able to receive regular aid from an expert to help you manage your accounts – even handling them for you completely. Nitin tells us that it is carrying out this “timely managing of accounts for clients,” by seeing clients as regularly as once a month, that he is most looking forward to about being a Rosemary Bookkeeping business owner. Through our extensive network of finance professionals and experts like Nitin, there is no problem that a Rosemary Bookkeeper cannot solve, assuring you guaranteed quality whenever you contact one of our teams. As Nitin says, a bookkeeper can become a part of [your] business and [they] have the finance experience to talk about the numbers” both as an equal and as someone who knows first-hand the experience of running a small business. With a bookkeeper, as with a franchise, you can be in business for yourself, but not by yourself. There are real people like Nitin, with whom you can grow to count on through monthly meetings and developing a strong working relationship by having them look after your books for you as both an expert and a partner.

When he’s not working, Nitin is a keen car enthusiast and is keen to go back to volunteering at his local Scout group. Due to his strong interest in long-term investing, he also chairs a small yet profitable investment club.

Nitin’s keen interest in personal finance means he is passionate about helping people understand some of the finer details of personal finance and enjoys being able to use his expertise to help friends and family, who are looking for advice in this area.  He says this is very rewarding as you are not just helping someone manage their personal finances but also making a difference to their well-being.

Rosemary Bookkeeping brand leader, Nina Skoczόłek says she is “Excited to welcome Nitin as a Rosemary Bookkeeper. He brings to the network years of financial experience and a passion to help micro and small business owners get a better understanding of their business finances allowing them to make more informed decisions and grow their companies. I’m looking forward to supporting Nitin on his journey.

If you are in the Harrow area and would like some extra help with your books, get in touch with Nitin today by calling 0208 265 0791.

Written by Tom Page, Digital Content Writer

Mike Wallace, owner of Rosemary Bookkeeping in Reading has won the coveted PEOPLE Award for Bookkeeper of the Year.

Rosemary Bookkeeping Reading’s Mike Wallace has been awarded the prestigious PEOPLE Award for Bookkeeper of the Year. A highly desirable achievement for a bookkeeper, this award is based upon the nomination of their colleagues and is given to a bookkeeper who goes out of their way to support not just their clients, but their staff and peers.

Rosemary Bookkeeping Brand Leader Nina Skoczόłek says that Mike was a model candidate for such a distinguished award due to the depth of his support and expertise, describing him as, “A truly invaluable member of the Rosemary network.”

“Mike makes himself available to guide fellow franchisees, sharing a wealth of expertise, showing patience and willingness in doing so,” she says. “A key foundation of Rosemary is of supporting each other and [Mike] goes above and beyond in doing so.”

Rosemary Bookkeeping Marketing Manager Victoria Tayler echoes this, adding, “I was delighted that Mike was nominated for this award by one of his peers, Mike has always been exceptionally helpful to others within the network as well as the wider ServiceMaster brand. Mike is an invaluable member of the Rosemary Bookkeeping Network.”

Mike told us that he was especially humbled to win his award surrounded by the peers that nominated him at ServiceMaster Live. He says “As this was an award voted on by my fellow Rosemary Franchise Partners, I was particularly honoured & grateful to have received it. It was great that we were able to be presented with the awards at ServiceMaster Live, given the events of the last couple of years. To see & meet a number of fellow franchisees from the other ServiceMaster brands as well helped make it a really enjoyable and beneficial event.

We would like to once again extend our congratulations to Mike on his award. People are at the heart of franchising, and to be recognised by your peers for your hard work in such an environment is truly a special thing indeed.

If, you are in Reading and the surrounding areas and would like to receive expert help from a bookkeeper who always goes above and beyond for his peers and clients, give Mike a call on 0118 324 0322.

Written by Tom Page, Digital Content Writer

Fiona Perks, the owner of Rosemary Bookkeeping in Wyre Forest has won the prestigious INVEST Award for Commitment and Dedication for her devotedness to providing bookkeeping services to those in need.

Fiona Perks from Rosemary Wyre Forest has been awarded the coveted Invest Award for Commitment and Dedication at ServiceMaster Live! A highly prestigious achievement, this award is given to a bookkeeper who is committed to giving back and raising awareness of the need for quality bookkeeping services. This year, Fiona won the award for her commitment and investment in the Rosemary Bookkeeping name through her continuing work on the development of her bookkeeping services. Since starting her business in 2019 Fiona has truly embodied the Rosemary ethos of creating a GREAT PLACE TO INVEST, and always goes above and beyond in the work that she does. To us, bookkeeping is all about people and community, and due to the nature of her work as a franchisee for Rosemary, Fiona can be engaged in more than just their own business. She can truly work at strengthening a whole community of businesses, helping both Rosemary clients and owners invest in a brighter future.

Rosemary Bookkeeping Marketing Manager Victoria Tayler describes Fiona as “A delight to have in the Rosemary Bookkeeping network. She works hard in her own business whilst also sharing contributions and ideas to develop and improve the whole Rosemary Network, it was wonderful for Fiona to recommend Rosemary as a great business opportunity and have a new business owner in our network.”

At ServiceMaster Live! Fiona was recognised for her work amongst the community of bookkeepers from our nationwide Rosemary network that she works so hard to strengthen. Fiona says that “It was amazing to win the award at the ServiceMaster Live, the other franchisees in the network are brilliant so it was a real honour to be chosen.”

She also describes her investment in Rosemary as the result of a lot of hard work and a labour of love. “I have been working hard for the 3 years I have been with Rosemary to build my client base whilst keeping the Rosemary Brand at the front of my mind,” she says. “I absolutely love being a part of the Rosemary and ServiceMaster family and will keep pushing myself to meet my goals!”

We would like to once again thoroughly congratulate Fiona on her award and thank her for all her hard work and investment into Rosemary over the years, and we look forward to working towards her goals with her.

If you are in the Wyre Forest area and would like help from a professional bookkeeper with the strength of an entire bookkeeping community behind her, get in touch with Fiona today by calling 01299 333134.

Written by Tom Page, Digital Content Writer

The owner of Rosemary Bookkeeping in North Kent & Isle of Sheppey has won the North Star Award for Franchisee of the Year at ServiceMaster Live!

‘ServiceMaster Live!’, which took place this May, was a gathering of franchisees from across the ServiceMaster Ltd. franchise network, during which franchisees from each of our brand family members came together to learn from one another and celebrate each other’s successes over the past few years.

The awards ceremony, held at the close of the event saw many franchisees recognised for their excellent contributions to their respective franchise network, and the work they have done in the last 12 months. This included Rosemary Bookkeeping’s own Grant Dye from Rosemary North Kent & Isle of Sheppey, who was awarded the prestigious North Star Franchisee of the Year Award. The pinnacle of achievement for a franchise partner within the Rosemary network, this award is given to the franchisee that has truly embodied the ServiceMaster ethos of going above and beyond in all aspects of business ownership to deliver a truly first-class experience to both staff and customers.

This year the award goes to a Grant Dye, for his exceptional work in all areas of business management and development. Grant has fully embraced the Rosemary System, and been actively involved in the development of new solutions and services within the network, as well as new technologies. Chiefly, this has included working hard on automating their internal processes to constantly deliver a high level of customer service to their clients – as evidenced by the high volume of glowing reviews for his services.

Nina Skoczόłek, Brand Leader for Rosemary describes Grant as the perfect Rosemary franchisee “Grant is supportive and provides encouragement for growth towards other franchise partners in the network. He is a true Rosemary Bookkeeper – cut him in half – he’ll bleed orange,” she said, before presenting Grant with his award at ServiceMaster Live!

Rosemary Bookkeeping Marketing Manager Victoria Tayler added. “Grant thoroughly deserves this award. Grant truly embraces being part of the Rosemary Bookkeeping network and always is forthcoming with ideas, embraces the brand and the network as a whole and works hard to develop and grow his own business at the same time.”

Upon receiving his award, Grant says he was very particularly thankful to receive an award of such magnitude amongst his peers. “I was greatly humbled by receiving this prestigious award for Rosemary Bookkeeping franchisee of the year, as I was in the presence of great franchisee partners that I look up to,” he says.

He went on to thank his team and clients for all that they have done to aid him on his Rosemary journey. “I attribute my success to the great support and knowledge from the Rosemary franchise team and our family of franchisee partners; my fantastic clients who are a firm part of the current and future culture and a clear 3 years strategic and marketing plan that focuses my energies in the right direction, to achieving my objectives and goals.”

We would once again like to congratulate Grant on his award and look forward to seeing what he does next.

Grant covers the North Kent and Isle of Sheppey area, find out more about how Grant can help you here or give him a call on 07970 696391.

Written by Tom Page, Digital Content Writer

The owner of Rosemary Bookkeeping in Stratford is celebrating after winning the award for Rookie of the Year at ServiceMaster Live!

‘ServiceMaster Live!’, which took place this May, was a gathering of franchisees from across the ServiceMaster Ltd. Franchise network that allowed franchisees to network and celebrate each other’s successes over the past few years.

Part of this was an awards ceremony, held at the close of the event which saw many franchisees recognised for their excellent work over the particularly difficult period since the start of the COVID-19 pandemic.

One of these franchisees was none other than Rosemary Bookkeeping’s own Mohammad Hossain, who began his Rosemary journey at the beginning of 2021 after the early lockdowns caused him to take a step back and reconsider his career. Up until this point, Mohammad had been amassing a plethora of skills and experience within the bookkeeping and accounts sector – but decided that it was finally time to put them to good use in running his own business.

When we interviewed Mohammad in early May he told us of his aspirations at this time to grow his business through franchising:

“I wanted to be independent and be out on my own as I was very confident in the skills, knowledge and expertise I had in accounting and services like payroll, VAT, and CIS. I was fully confident that I can run my own business. But I knew it would be difficult for me to do this on my own without any kind of support to help me strengthen and grow the business. So, I decided not to go alone and to go with a franchise that could give me all the support I needed to grow.”

And grow Mohammad has, as evidenced by his winning Rosemary Rookie of the Year at ServiceMaster Live! This award is given to a franchisee in a new business who has successfully implemented the Rosemary model to substantially grow their business, build their local reputation and constantly improve their skills.

As a shining star of our network and a newer franchisee, Mohammad was the perfect candidate for such an award. “It is no wonder Mohammad has won Rookie of the year,” says Rosemary Bookkeeping Marketing Manager Victoria Taylor. “He has so much energy and enthusiasm for growing his Rosemary Bookkeeping Business and providing a highly valuable service to his clients, I am sure this is just the start of what will be an outstanding journey.

His award has also galvanised Mohammad to keep growing and develop further. “It feels wonderful to win Rookie of the Year 2021,” he says. “I feel grateful and inspired. But I attribute this success to the whole Rosemary Team, who have worked work to help me achieve this honour. Having a great award like this award is now inspiring me to set a new ambitious target for the future, and a business plan to achieve it.”

We would once again like to congratulate Mohammad on his award and look forward to working towards what is sure to be a certain and bright future with him.

If, like Mohammad, you would like to begin a franchising journey with us to grow your very own successful bookkeeping business, give our friendly franchise sales team a call on 0116 275 9005, or fill out a contact form today.

Written by Tom Page, Digital Content Writer

The effects of work-related stress and how having a bookkeeper could help.

Not only is April the start of springtime and a new tax year, but it is also International Stress Awareness Month. Held every April since 1992, this annual event is all about increasing public awareness of the causes and cures for stress.

This year the Stress Management Society, which heads the monthly initiative, is encouraging people to regain connection, certainty, and control in their lives through the use of daily challenges. They are encouraging members of the public to pick one action to benefit their physical, mental and emotional well-being and carry it out every day.

If you have a small business, you are probably no stranger to stress. There is a lot to remember and even more to juggle – especially if you are doing your own bookkeeping. At Rosemary Bookkeeping, we understand that not everyone who starts their own business is well-versed in the challenging and complex work that is often required to stay on top of your finances. So, you might put it off, or spend a prolonged period just struggling on your own. As a result, all of this work can keep piling up, creating more and more stress, and taking a toll on your wellbeing. But what actions can you take to better it?

How stress can affect you

Stress can affect you in all sorts of ways. A moderate amount can be good. Without stress, our ancestors would not have been able to stay alert to potential dangers in their environment. The environment may have changed – we are no longer in caves – and so have the dangers – we are no longer worried about the potential of being attacked by a sabre-toothed tiger. But the response in the body has stayed the same. According to the Stress Management Society, when we are stressed, our bodies go into what you have probably heard referred to as ‘fight or flight mode’, releasing a mix of hormones like adrenaline, cortisol, and norepinephrine to prepare us for action. This was useful when we have to flee from or face up to real danger. The problem comes when our bodies enter this state in inappropriate situations such as at home or work, or in response to a looming deadline.

The bodies’ response to stress will differ from person to person and can be emotional, physical, or behavioural, but it often exacerbates pre-existing problems an individual can have. This makes it hard to pinpoint specific or universal effects of stress. However, the University of Cambridge has observed common effects of work-related stress, including:

Behavioural Effects:

Substance misuse
Isolation
Lack of punctuality
Situational displays of ‘inappropriate behaviour’

Emotional Effects:

Depression
Anxiety
Irritability
Frequently fluctuating emotional state

Effects on the work organisation:

High absenteeism and labour turnover
Poor timekeeping, motivation, performance, and productivity
Low morale
Increased employee complaints, ill-health, and accident & incident reports

Physical Effects:

Sleep disturbances
Headaches
Gastrointestinal upset
Raised blood pressure

Prorogued stress can be especially bad for the body and, according to the Stress Management Society, can contribute to many serious health conditions like heart disease, hypertension, high blood pressure, strokes, ulcers, diabetes, IBS, tooth loss, joint pain, miscarriage, allergies, and alopecia.

How a bookkeeper can help you

So, what can a bookkeeper do? If you run a small business and are finding the work of staying on top of your finances is causing you stress, you may want to consider enlisting the help of a professional bookkeeper.

This is different from the role of an accountant, whose job is to give you an overview of trends, profitability, cash flow, and other financial factors. A bookkeeper provides more hands-on support in taking care of your books through the regular recording, tracking and management of your business’s financial transactions and data. This will allow you to reliably measure your performance and help to formulate the proper strategies to better position your business within its market.

A professional bookkeeping business can help you with the job of managing your books by:

Carrying out data entry
Balancing bank ledgers
Preparing bank reconciliations
Tracking income and expenses
Carrying out VAT returns
Maintaining the general ledger
And sometimes even completing payroll and also producing monthly Profit & Loss reports.

Save yourself from the stress of bookkeeping by outsourcing to Rosemary Bookkeeping today. To find out more about our services, or to chat with our experts, give us a call on 0345 862 0072, or find your nearest Rosemary Bookkeeping business now.

Written by Tom Page, Digital Content Writer

You can’t leave it all to tech.

Bookkeeping is tricky. Especially for small businesses, when you are juggling a million other things. So, it’s understandable that you want to ease the burden of this task any way you can. Nowadays we can turn to technology to solve most of our problems, and bookkeeping is no exception. You may have even seen adverts praising digital bookkeeping aids. Popular software like Xero and Quickbooks promise to make bookkeeping easy, help you track and manage expenses and stay on top of taxes. But how true is this?

What bookkeeping software does

Quickbooks promises three major things:

  • The ability to stay on top of taxes
  • The ability to track and manage expenses
  • Keeping data that allows for ‘no-nonsense’ payroll

This technology is all designed around one central premise: streamlining your bookkeeping experience. Everything bookkeeping software do is about using technology to save you time.

The bottom line is, using online software depends on you. Your ability to use this software depends on how much you know about bookkeeping and how up to date you are with recent legislative changes etc. For example, Quickbooks and Xero both rely on the use of VAT codes. But they do not provide support on what these are, and how to use them. For all their data and efficiency, they do not help much if you don’t know a lot about bookkeeping. As a result, relying on this software means taking a big risk depending on how much you know. If you are not confident with your books, you would still be better off using a bookkeeper.

What a bookkeeper does better

Having a personal bookkeeper involves all the benefits of bookkeeping software and more. They help you keep on top of your VAT returns, payroll and tax obligations. A bookkeeper also helps you track and manage your expenses, produces debtor and creditor reports to help with your cash flow and daily management of your business. They provide you with industry-specific knowledge and help you make more educated business decisions. This means you receive support all year round with any bookkeeping queries you might have. With a bookkeeper, you are not reliant on technology. QuickBooks and Xero are fantastic tools that can automate a big part of the bookkeeping process, but when it comes to technology, errors made by automated systems cannot be avoided and need somebody with experience and knowledge to check if the entries and codes are correct. Using a bookkeeper allows you not to be reliant on the software and automatic data entry. A bookkeeper also assures that your business is compliant, you meet all the deadlines, and your information is archived properly. Thanks to this you can avoid costly mistakes, save time and money. knowing that your business finances are in good hands.

For a reliable and professional bookkeeping service, contact your nearest Rosemary Bookkeeping business today.

It’s a question often asked. Small businesses the world over find themselves struggling with their books, but don’t want any extra expenses. So; is it really necessary to outsource your bookkeeping?

The simple answer is: there is no simple answer. It really does depend on you, your time, and your business. You have a lot of options, including purchasing accounting software to make it easier for yourself. But even with the help of these tactics, doing your own books can be daunting, tricky and time consuming.

The question you have to ask yourself is whether it is easy for you to do your own bookkeeping.

Naturally, circumstances differ from business to business. In many cases, a sole trader or small business will start off doing their own bookkeeping and manage to keep on top of it. The problem is, when you start to get busier, time is precious, and you need to decide how productive it is to be spending your time sorting out your receipts and invoices rather than concentrating on the activities that drive your business.

Bookkeeping is also one of those tasks people tend to put off. Especially when trying to focus on everything else involved in running a business, it is easy to fall into the trap of putting it in the diary or setting time aside every month, and then having something come along that then takes precedence. It’s about priorities, and bookkeeping – more often than not – falls into that dreaded “to do list”.

This tends to cause small business owners much more stress in the long run. All of a sudden, that small pile of receipts and invoices can develop in to a messy pile of paperwork that will take hours to sort through.

Ultimately, it comes down to a personal decision about productivity. If you spent the time working on your business instead of doing your own books, what would that translate to in monetary terms? If it’s likely to be more than the fee you will pay a Bookkeeper then the answer to your question is yes, you probably do need a Bookkeeper.

At Rosemary Bookkeeping, we aim to take the fear out of your bookkeeping. Outsourcing is a very realistic option for business owners so don’t be scared. If you are unsure, we are more than happy to come and help you find out about making tax digital, or simply conduct a 1-2-1 health check to give you the opportunity to decide for yourself if you think you could benefit. To get in touch with a professional and expert Bookkeeper in your local area with no obligation, contact your local Rosemary Bookkeeper today.

Everything you need to know to get your head around the new off-payroll working legislation ahead of the new financial year.

The Intermediaries Legislation (or IR35) for off-payroll working came into full force in the private sector last year. However, it can be difficult to see the full effects of a new legislation after so little time has passed. So, as we approach a year of IR35 in the private sector, we’ve put together a blog post of everything you need to know about the legislation to get prepared for the new financial year in March.

On April 6th 2022, at the beginning of the 2022/23 financial year, HMRC will be fully integrating IR35 in the UK’s private sector. This date signals the end of a ‘soft-landing’ period that had allowed affected businesses a grace period over the last 12 months in which HMRC did not charge penalties for non-compliance.

What are the new rules?

The new legislation is designed to create a more level playing field by taxing contractors at a similar rate to employment in order to prevent them from working as ‘disguised employees.In the private sector, this means that the onus to determining IR35 status no longer lies with the contractor, and instead with the entity that pays the contractor. Therefore, this is now a tax burden on all client businesses in the private sector that engage contract workers – with the notable exception of small companies.

From April 2021, if a client decides that IR35 does apply, the contractor is taxed as if they were an employee. However, because the contactor’s employment status does not change, they don’t receive the rights and perks of said employment.

Who do they apply to?

According to HMRC, the new off-payroll working rules can apply to workers (also sometimes referred to as a contractor) who provides services through their own limited company – or another type of intermediary – to a client. In these cases, the intermediary is usually the worker’s own personal service company. However, it can also be a partnership or an individual. Essentially, the legislation applies to all contractors that do not meet HMRC’s definition of self-employed.

Therefore, you may be affected if you are:

A worker who provides services through their intermediary
An agency that provides workers’ services through an intermediary
A client who receives services from such workers through their intermediary

To qualify for exemption as a small business under IR35 regulations, a company has to meet the following criteria:

An annual turnover of less than £10.2 million
A balance sheet total of less than £5.1 million
Fewer than 50 employees

In cases where a contractor is working for a smaller business, it remains the contractor’s responsibility to decide their employment status.

You can also use HRMC’s Check Employment Status for Tax (CEST) tool to find out if you or your worker, should be classed as employed or self-employed for tax purposes.  

Get prepared for the new tax year by leaving your books to Rosemary Bookkeeping. Enlisting the help of a bookkeeper means receiving expert support from informed professionals, dispelling any confusion on tricky matters like IR35, and having more time to focus on the things that matter most to you. Click here to find your nearest Rosemary Bookkeeping business, and find more about our services today.

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.