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Testimonials

ACG Accounting have been attending to my tax and accounting needs for several years now. Alan has always been efficient, helpful and very professional in all of our dealings. I find him to be very trustworthy which gives me peace of mind to get on with what I do best.
Kirsty Knott, Podiatrist, The Riverside Foot Clinic.

Accounting for Small Businesses and Sole Traders

If you are starting up in business as a sole trader, the good news is that your bookkeeping work can be kept to a minimum. We would advise you to keep things simple. However, there are certain things that you must do:

  • You must register with HMRC within 3 months of starting up or face a £100 fine.
  • Keep track of all monthly income and expenditure (hold on to all invoices and receipts).
  • You could manage your accounts by hand but it is easier to use a spreadsheet on a computer or software package, call us for advice.
  • Keep track of all invoices along with the date’s issued and paid.
  • Keep all receipts for work related transactions. This could be rent, telephone bills, heating, electric etc. If you work from home, some of your household expenditure may be tax deductible. Check with us for advice.
  • It’s painless and all this should only take you about 2 hours a month to keep you on the right track!

Please note due to the Money Laundering Regulations 2007, we are required by law to check the identity of our clients. This simply means taking a copy of your passport or similar government issued document along with a utility bill/bank statement. All information kept on file is strictly confidential.