Posts

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.

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.

Tools of the trade that will save you time and effort in bookkeeping.

As a small business owner, your time is gold dust.

And with so much to do, your bookkeeping is a chore that takes up that valuable time.

But bookkeeping is not something you can skip out on, particularly with the growing need to keep a digital record.

Luckily, there are many tools on hand that small business owners can use to make bookkeeping easier.

At Rosemary Bookkeeping, we know there’s a lot to consider. What works for one business may be the wrong fit for another.

That’s why we’re breaking down the tools of the trade so you can figure out what bookkeeping aids work for you.

Quickbooks

If you’re doing your research, you might’ve noticed that many small businesses use QuickBooks Online.

But what makes it so good?

Pros: 
  • Scalable
  • Commonly used by professionals (including us!)
  • Integrates with 3rd party systems and Quickbooks Payroll
  • Cloud-based and available on mobile
  • Easy to use: All features are accessible through a central dashboard
  • Has a plethora of online resources to give you the support you need
  • 30-day trial
  • 4 Subscription plans that vary in price for business size, but can be upgraded as your business grows
  • More advanced plans offer more advanced features – though most small businesses will find the Simple Start Programme (£14/m.o) will suffice
  • Customisable options with mobile app
Cons: 
  • Requires an upgrade for additional users
  • Can suffer from syncing problems with banks and credit cards

Xero

Another popular accounting tool, Xero is rapidly growing into a bookkeeping giant. And like QuickBook, Xero is that it is designed to grow with your business across its different subscription options.

It also integrates with hundreds of third-party business solutions, many of which you likely already use like Gusto for payroll.

Here’s the full lowdown:

Pros:
  • Cloud-based and available on mobile
  • 3rd party payroll integration through Gusto and app marketplace
  • Integration with 3rd party services allows online payment collection
  • Simple inventory management
Cons:
  • Limited customer service and reporting
  • Fees charged for ACH payments

FreeAgent

Another cloud-based software, as a FreeAgent partner, we recommend it for freelancers, consultants, and other project-based businesses.

Pros:
  • Cloud-based and available on mobile
  • Doesn’t limit transactions behind a paywall
  • Supports unlimited users, clients, invoices and transactions for one monthly price
  • Ideal for keeping track of billable hours and expenses
  • Runs fully RTI-compliant payroll
  • Allows you to create and send estimates and invoices
  • Uses personalised Tax Timeline of upcoming deadlines and amounts due, cash flow, and profitability
  • Files VAT, RTI payroll and Self Assessment tax returns directly to HMRC (ideal for sole traders and limited companies)
Cons:
  • App development and compatibility for Android is lacking, but underway
  • Tax Timeline doesn’t offer a comparison of year-on-year comparison

Sage

Sage is one of the bigger brands, and it’s been around a lot longer than most.

Sage Business Cloud Accounting is specifically geared towards the needs of small to medium-sized corporations and offers two plans for small business owners.

However, it has been described as overly complex and difficult to use.

Here are the pros and cons:

Pros:
  • Cloud-based and available on mobile
  • Offers a free trial or demo before buying
  • Offers invoicing, expense management and reporting, as well as the creation of quotes, estimates, tracking, and inventory management
  • Provides monthly, quarterly, and annual financial reports and reports. These include balance sheets and income/cash flow statements
  • Produces comparison of financial statements e.g. year-to-year.
  • Many features are preset  and ready for the user to make management streamlined but also offer multiple customisation opportunities
  • Offers capabilities for budgeting or cash flow forecasting, job costing, auditing, and automated workflows, as well as industry-specific features.
  • Uses a central dashboard to access information and data in one place
  • Link your credit cards and bank accounts
  • Integrates with third-party apps
Cons:
  • Difficult to use and set up. May need a Sage expert to support you (Luckily, we are!)
  • Features can be complicated to use and need expert support
  • Homepage can become cluttered if not customised
  • Geared towards larger businesses.
  • Lack of documentation and support, often necessitating further support

How Rosemary Bookkeeping helps your business

Each online bookkeeping aid offers something different, with both strengths and weaknesses.

And many can be difficult to use without the right support.

At Rosemary Bookkeeping, we work with accounting tools to offer you and your business bespoke support with getting the most out of each software.

By regularly consulting your local Rosemary bookkeeper, you’ll be able to receive support specially tailored to you and your business, and we can take care of your bookkeeping for you.

From helping you choose the right software to use, software supply, training and data migration to a complete outsourced bookkeeping service – we can help.

Whether you’re just starting or looking to hire a bookkeeper to support your growth, the best bookkeeping tool for any small business is still a Rosemary Bookkeeper.

To take your first step towards stress-free bookkeeping, find your nearest Rosemary Bookkeeping branch to schedule a free, no-obligation consultation with your local expert 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

How to choose the best accounting software for your business.

For any small business owner, keeping track of your incomings & outgoings is one of your most vital tasks.

Due to recent government initiatives around MTD (or Making Tax Digital), having a digital record of your finances is essential.

Thankfully, there is a wide range of online software options available. All of which claim to offer you the best possible service.

Some advertise more often and are more well-known, like QuickBooks and Xero.

At Rosemary Bookkeeping, we know businesses are as varied and unique as the people who run them.

What works for one person’s business doesn’t work the same for another.

To make the best move for your business, you need to look at what each service offers and figure out what works for you.

That’s why we’ve compiled a list of factors you should consider when selecting your accounting software.

What are the costs?

One of the main things to think about is, of course, price. And the price for accounting software can vary considerably.

There are packages at the lower end of the price range, but these will often be a more basic package.

Think about your business requirements now and in the future. Will a basic package be enough, or will you need more features further down the line?

Usability

The size and structure of your business will affect how many users there will be accessing your accounting software. Do more users mean more cost? Is it scalable if needed later?

Do you want your accounting software to be installed on a particular desktop, for example?

Something like this considerably affects your pool of available choices, as most systems are now cloud-based.

Especially with the new MTD regulations, we recommend a cloud-based system that you can access anywhere, without limiting your number of users.

However, if your preference is a desktop, there are still some good options such as the free, open-source, desktop software GnuCash.

Features

Work out what you need from the accounting software and what you need it to do.

Do you need both accounts receivable and accounts payable tools? Which reports do you need it to generate?

Do you need it to track inventory? Do you need it to include ancillary services, like time tracking, project management, and payroll?

Which to choose?

Of course, as bookkeepers ourselves, we have our preferences when it comes to software.

We work with all sorts of platforms and packages but there are a few we see time and time again.

These are:

Xero

Widely acknowledged as one of the top pieces of accounting and bookkeeping software – especially if you’re working on a Mac.

Xero is great if you’re just starting, or if you need your accounting to be straightforward. Another plus of Xero is that it is designed to grow as your business does.

We like that it’s affordable, easy to use, offers a ton of add-on features and integrates with hundreds of third-party business solutions, many of which you likely already use.

There is also a 24-hour email and live chat support function, meaning there’s always someone there to help you whenever you need it.

FreeAgent

Unlike many bookkeeping and accounting software products that limit your transactions, unless you purchase a more expensive package, FreeAgent supports unlimited users, clients, invoices and transactions for one monthly price.

Like many of its competitors, it is cloud-based software, but it also comes with a built-in project management feature.

These make it ideal for keeping track of billable hours and expenses. As a FreeAgent partner, we recommend it for freelancers, consultants and other project-based businesses.

QuickBooks

QuickBooks is another of the most popular accounting software packages out there (and for good reason).

QuickBooks works for all types of small businesses, with three different small business plans to choose from, plus a separate plan for the self-employed, freelancers and contractors: it’s got something for everyone.

Both new start-up businesses and bigger, established businesses have benefitted from its range of features, which cover basic bookkeeping to advanced accounting and business analytics.

Sage

Sage is one of the bigger brands, and it’s been around a lot longer than most.

Sage Business Cloud Accounting has two plans for small business owners, starting with invoicing, expense management and reporting, as well as the creation of quotes, estimates, tracking, and inventory management.

It’s most popular with retail-based businesses due to its ability to integrate with POS systems.

Sage also appeals to businesses with large finance departments thanks to its support for multiple users and payroll systems.

How Rosemary Bookkeeping helps your business

Each online bookkeeping aid offers something different, with both strengths and weaknesses.

This might make one a great fit for how you run your business or, by the same token, a terrible fit.

At Rosemary Bookkeeping, we work with you. We know that every business is different, and our bespoke service reflects this.

By regularly consulting your local Rosemary bookkeeper, you’ll be able to receive support specially tailored to you and your business, and we can take care of your bookkeeping for you.

From helping you choose the right software to use, software supply, training and data migration to a complete outsourced bookkeeping service – we can help.

Whether you’re just starting, or looking to hire a bookkeeper to support your growth, we’d love to help you on your journey to becoming the best business you can be.

To take your first step towards stress-free bookkeeping, find your nearest Rosemary Bookkeeping branch to schedule a free, no-obligation consultation today.

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.

With the New Year upon us, there are many things to consider for small business owners across the UK, including the imminent January Self-Assessment Tax Return. At Rosemary Bookkeeping, we understand that the process of keeping up with your books and finances can be challenging and daunting for many, especially with so many other things to think about and juggle.

So, why not make a new year’s resolution now: Don’t struggle alone, get help from the professionals. Rosemary Bookkeeping provides expert financial and bookkeeping advice and support to businesses of all sizes across the United Kingdom.

How we can help

Put simply, bookkeeping is the day-to-day process of accumulating, categorizing, and recording financial transactions. It is a foundation of your finances, providing vital information for reports, financial statements and tax returns. The main role of bookkeeping is to keep all financial transactions record up to date in a proper and systematic manner. Bookkeepers are responsible for a number of tasks like:

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

Couldn’t I just hire an accountant?

If you are struggling to manage your finances, your first thought might be to look into hiring an accountant. Whilst there are some clear similarities between the role of an accountant and a bookkeeper, there are some key distinctions that can make quite the difference.

The role of accounting is more to provide a picture of the actual profitability, trends, cash flow and other key financial indicators. In general, bookkeepers produce the data, and accountants review and interpret reports providing insights into the business although an experienced bookkeeper can assist with this too.

In this instance, bookkeepers like Rosemary are here to provide more practical support in taking care of your books and finances for you. Leaving your books to us means that they are maintained monthly by qualified professionals with expert financial knowledge so that you can focus your attention on more important things like the actual day-to-day running of your business, and maintaining a healthy work-life balance.

Outsourcing your books to Rosemary means:

  • Your books are done regularly – so you can see what is going on in your business
  • You don’t have to spend your valuable time doing the books – so you can do things more beneficial to your financial income
  • Paying less than you would for an accountant
  • You don’t need to hire any additional staff. You only pay for the work done
  • You don’t have to do a job you loath

If you need help with your bookkeeping, you can trust Rosemary Bookkeeping. It’s what we do. 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 here.

We’ve made a list of festive expenses that you may be able to claim back as a business expense.

Christmas time can be a busy and expensive time for many businesses – big or small. But with the January Self-Assessment Tax Return coming up, here are some festive expenses that you might not have thought about reclaiming.

Decking the Halls

If ‘business as usual’ has resumed in your office, then you may have decided to also carry on the festive tradition of decorating your office for the holidays. What you might not be aware of, is that you can actually claim back decorations like a Christmas tree, tinsel, and wreathes as tax by logging them on your accounts as running costs for the office. Bear in mind that this doesn’t extend to employees working from home however, as HMRC judges this as personal enjoyment, not office related.

A Christmas Party

Providing that you went ahead with a Christmas do this year, be it virtual or in person, you may be liable to claim expenses back as tax. However, this depends on who was in attendance.

If the event is/was open to all of your employees, then the whole thing will be taxable, no matter the number of people in your operation. However, you cannot claim expenses if there were also clients and/or associates in attendance, as this is not acceptable for corporation tax or VAT purposes as HMRC classes this as business entertaining. Furthermore, any even that is not open to all employees will also not be liable.

As a result – if you do decide to invite clients and/or associates to a Christmas event, remember to allocate sufficient funds to cover their expenses because you won’t be able to claim any tax relief, or reclaim any VAT on costs. Bear in mind that you should still record this in your books, and add the costs back on when you come to calculate your profit for tax.

Presents

As it is Christmas, you may choose to buy gifts for staff or clients. In the case of clients, you are able to record these as a business cost on your books, provided that these gifts meet the appropriate guidelines so as not to constitute potential bribery. This means:

  • You must not spend more than £50 (p.a.) on gifts for any one client.
  • You must not gift a client an item that can be exchanged for goods or money – such as cash or vouchers.
  • You must include a conspicuous advert for your business. For more information regarding gifts to clients, please visit the HMRC website.

In the case of your staff, there are other key tax considerations regarding gifts:

  • If the gift has no cash benefit, then it may be accepted by HMRC as trivial benefit, which means that you will not need to pay extra tax or National Insurance, or report it on the employee’s P11D form.
  • If your gift does include cash payment to staff – they will be classified in the same way as regular earnings by HMRC so should be put through payroll as normal – and might require a National Insurance payment.

More guidance and information on gifts for staff can be found on the HMRC website.

If navigating this all feels a little daunting, why not entrust your bookkeeping to the professionals? You can find more information on the upcoming January tax return here, and to find your nearest Rosemary Bookkeeping business, click here.

Inflation rates are projected to reach highs of 4% before the end of this year. This could have a big impact if you own and run a small business. Here’s what you need to know:

British inflation has hit decade highs, caused by a combination of factors including COVID-19, Brexit, rising energy and fuel prices, higher costs of raw materials and goods in factories, and higher bills in restaurants and hotels. In October, the UK Office for National Statistics reported that inflation had hit 4.2%, a 1.1% increase from September – a significantly bigger increase than had been predicted by experts.

So what does this mean for small business owners?

Well, this could have a number of knock-on effects that small business owners should be aware of, including:

  • A rising in costs of labour to compensate for increasing inflation
  • Rising costs of products and services
  • Labour shortages and supply chain issues

This will only be exacerbated by The Bank of England’s inconsistency on the topic of interest rate rises. As this is the mechanism used to control inflation, this will make more money more expensive to borrow – which would further reduce demand. This, in tandem with a fixed supply, means that price increases slow down, and businesses are faced with decision of whether or not to lower prices in order to maintain sales, or raise them to maintain profit (and risk losing customers).

So what can you do?

Unfortunately, the current situation leaves businesses with a dilemma and a bit of a no-win scenario. This will only change when either demand reduces or supply chains resume normal service. Meaning that, at present, the solution is in finding a balance between increasing costs and maintaining profits.

If you find the prospect of managing your finances in this difficult time daunting, why not contact Rosemary Bookkeeping? We can take care of your books for you and help you manage your finances. Hiring a professional bookkeeping service like Rosemary can greatly benefit you as we are able to help with tracking the cost and profit in your business.

Outsourcing your books to Rosemary also means:

  • Your books are done regularly – so you can see what is going on in your business
  • You don’t have to spend your valuable time doing the books – so you can do things more beneficial to your financial income
  • Paying less than you would for an accountant
  • You don’t need to hire any additional staff. You only pay for the work done
  • You don’t have to do a job you loath

To outsource your books today, and receive financial advice from our experts, give us a call on 0345 862 0072, or find your nearest Rosemary Bookkeeping business here.

If you own a small business and are approaching the holidays worrying how you’re going to manage your books, why not make these tips part of your New Year’s resolution?

The prospect of maintaining your books can be a daunting one for many small business owners. Juggling a steadily growing pile of receipts and invoices can certainly start to feel like quite the balancing act. But not to worry, we are here to help alleviate any anxiety about managing your books. Simply follow these tips to stay on top of your finances:

  1. Keep personal and business finances separate

Have separate bank accounts when you are running your own business, by separating out the two, you will be able to avoid any messy mix-ups in your finances.

  1. Don’t get rid of receipts and invoices

In a small business, nothing should go to waste. Make sure that you and your staff receipts and/or invoices for any and all expenditure, and attach them to expenses claims. To be safe, keep all records for at least six years.

  1. Maintain filing system

These records should be simple and easily organised. Sales invoices should be raised and filed in order, and purchases should follow a system that is logical to you.

  1. Keep your time similarly organised

Working closely with a plan or schedule can help you to best stay on top of your finances. Allotting diarised time to reconcile your bank accounts or update records will mean that it becomes part of your routine, and this can help it to feel like less of a chore. It also means that it doesn’t become forgotten amongst all of the other things you have to do.

Be sure to raise sales invoices quickly and file your paperwork on time. You may be able to remember what happened last week, but not last month or the month before.

  1. Stay on track of petty cash

In the same vain, you should be keeping receipts for your petty cash, and reconciling amounts regularly.  Keeping a keen eye on your cash will help to reduce the risk of loss or theft.

  1. Bank payments quickly

Once you have these cash or cheque payments it is important to stay on top of them and get them in the bank fast – even if they might feel old school. By doing this, you will reduce the risk of losing them or spending them quickly. Plus, the quicker they are in the bank, the better your cash flow.

  1. Chasing debtors

Slow payers can cause real harm to your business, and damage your cash flow. Set a clear policy for chasing up debtors. You aren’t loaning money, so your clients need to pay.

  1. Plan ahead by putting money aside

Putting money aside, perhaps in another account, will mean there are extra funds available in the event that you need them. There will always be future expenditures, such as VAT, so be sure to be prepared by planning ahead.

  1. Learn the basics

It’s true that you should always have a professional handle your finances for you, but knowing the basics can help you a lot from day to day. If you would like to learn more about finances and bookkeeping, you can find a lot of useful information and tips on our news page – under the bookkeeping tab.

  1. Trust the professionals

The best way to manage your finances is to enlist the help of a professional. Managing your books can be difficult, especially when trying to manage it alongside everything else you need to do as a small business. Outsourcing your bookkeeping to Rosemary means that your books are maintained regularly, but you don’t have to spend your valuable time doing them yourself. You also won’t need to hire any additional staff – you only pay for the work done – and a bookkeeper is cheaper than an accountant!

If you think it’s time to outsource your bookkeeping, get in touch with Rosemary Bookkeeping, or find your nearest branch here.

The Holiday season approaches – a very busy time for most businesses. Whilst it may be easy to get carried away with festivities or Christmas rushes, don’t forget that you can carry out your self-assessment months in advance.

By now, whether you are self-employed, a partnership, or neither, you should have registered for your tax return self-assessment. The deadline for the assessment may be the end of January next year, but we are just about to head into a very busy period for most businesses, and that time will be gone in a flash. So, it’s well worth getting a head-start on the process now.

‘But I simply don’t have time!’ you say. This winter period is a busy one for businesses the world over, so the temptation to put off that January tax return is a strong and understandable one. Unfortunately, it is not an option. Tax returns are not voluntary, and have to be completed no matter what. Luckily there is still plenty of time before that rush period really starts, so you still have the option to get it done now, early doors. Plus, it makes much more sense to stay on top of these things as they go, and keep your 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.

There are instances in which the deadline is different:

  • If you are eligible, you can submit your online return by 30th December 2021, provided you want HMRC to automatically collect tax from your wages and pension.

In this case, HMRC must receive a paper tax return by 31st January 2022 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.

HMRC may also write or email to give you a different deadline. More details can be found on their website.

  • Partnership returns if you have a company as a partner.

If your partnership’s accounting date is between 1st February and 5th April and one of your partner’s 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 has 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.

But for the sake of tardiness, these fines are not worth the risk. It would be better to make sure of 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.

And if absolutely none of this has convinced you that it’s best to pay early, and the idea of sorting out your own tax returns this Christmas makes you say ‘Bah Humbug’, then don’t worry. We’ll do it for you!

Outsourcing your books to Rosemary means:

  • Your books are done regularly (so you can see what is going on in your business)
  • You don’t have to spend your valuable time doing the books (so you can do things more beneficial to your financial income)
  • A bookkeeper is cheaper than an accountant (who doesn’t like to be cost-effective?)
  • Outsourcing means no additional staff (you only pay for the work done)
  • You don’t have to do a job you loath

 

Leaving your assessment to Rosemary leaves you with a clear mind and the space to spend your holidays free of worry, and getting on with doing business you love.

If you think it’s time to outsource your bookkeeping, get in touch with Rosemary Bookkeeping, it’s what we do best.

The government have introduced a Plastic Packaging Tax that is coming into force in April 2022. The tax will apply to plastic packaging produced in, or imported into the UK, that contains less than 30% recycled plastic.

Plastic Packaging Tax Information

Plastic packaging with less than 30% recycled content will be taxed at £200/tonne and even if you’re not direct manufacturers the cost of the additional tax may be passed through the supply chain.

If the packaging has multi-material components and is predominantly made up of plastic it will be classed as plastic packaging and this is decided by weight, for example:

100g packaging = 40g not recycled plastic + 30g wood + 30g paper is classed as plastic packaging for the purpose of this tax.

Plastic Packaging Tax Exemptions

Producers and importers of small quantities of plastic packaging (under 10 tonnes in 12 months) will be exempt.
Other exemptions:

  • Transport packaging is used when importing goods into the UK
  • Plastic packaging used in aircraft, ships, or railway stores for international journeys
  • Plastic packaging produced or imported for use in the immediate packaging of human medicine
  • Components that are permanently designed or set aside for non-packaging use.

It’s a good idea to plan ahead for the future and understand the composition of the packaging that’s being used within your company and possibly look into reducing the unrecycled plastic content in it.

We recommend the recording of the webinar from HMRC that goes more into detail:

  • To reduce the financial impact on their business and help the environment
  • What are the exemptions
  • When your client needs to register
  • Who is liable to pay the tax

Government website information HERE

For help with your bookkeeping find your nearest Rosemary Bookkeeper HERE