Southside Accountants Wimbledon

Accounting takes almost 20% of small businesses time

Jan21 Leave a Comment

As a small business owner, how much of your time is taken up with accounting in your spare time?

According to research released this month by Starling Bank, small businesses spend on average almost 2 hours a week on accounting, equivalent to 20% of a small businesses time. Furthermore, 32% of small business owners cite accounting as the most stressful part of running their business.

What can you do to mitigate the loss of time and relieve stress while running a small business?

According to the same research, 16% of small business owners saw the benefit of integrating their bank account to online accounting software, such as QuickBooks or Xero.

20% of other small business owners saw the benefit of being able to see all their business financial information in one place would make a huge difference to the time spent on finance in their small business.

The importance of small businesses can’t be overstated. They make up the majority of enterprises in the UK, employ almost nine million and generate nearly a trillion pounds in revenue each year.

Southside Accounting supporting small business

Southside Accounting are your local cloud accountants in Wimbledon and London. We’re local, like you. And we’re a dynamic small business. Just like you.

We are fully chartered, certified accountants so we’re well qualified to be the trusted advisers you need to help make your company a success.

All our clients are on the cloud and have access and support on cloud accounting software, in both QuickBooks and Xero.

Our fixed fee structure means there are no surprises. And our smart Service Plans are tailored to meet the particular demands of your business.

So whether you’re a sole trader just starting out, a Limited Company, PAYE, or an established business with employees, we can help.

Call us to book a free no-obligation meeting today.

We always offer an initial free face to face meeting with prospective clients, so we can get to know you and your business and understand your unique circumstances and business goals.

Written by Shaima Todd.

3 reasons why you should file your tax return early

Jan14 Leave a Comment

The tax return deadline is looming, are you ready?

It is certainly tempting to wait until the eleventh hour to submit your Self Assessment Tax Return, and according to HMRC statistics, there is a surge of submissions close to midnight on 31 January each year. Here are 3 reasons why you should file your tax return early!

1. Timing is everything

Rather than rushing around a couple of days before the deadline to get your books in order and seeking out receipts from more than a year ago, if you start and organise early, you will hopefully avoid the annual panic that comes around every January!

2. Working on HMRC timescales

If this is the first year you are completing a tax return, you may not realise that it takes 1-2 weeks to register with HMRC, who send you a PIN code via post, which is required to submit your return.

Remember, if you miss the 31 January deadline, you will be immediately penalised with a £100 fine, so it’s worth getting organised now!

3. More time to budget and pay your tax bill

Did you know that you can submit your tax return as early as April after the tax year in question, for example for the 2018/19 tax return due by the end of this month, you could have completed this as early as April 2019!

By getting organised and completing your tax return as early as possible, you are gifting yourself more time to plan and budget for your tax bill, which is still due by the 31 January deadline no matter how early you submit your tax return!

I wish you had told me sooner, I think I am going to miss the deadline, what can I do?

The good news is that you won’t be hunted down by the taxman or the police with a late night knock on your door – phew! – although you will incur an immediate £100 penalty fine from HMRC as well as interest on any unpaid tax you are due.

The best next step is to complete and submit your tax return as soon as possible if you miss the 31 January deadline as the penalties will only keep going up. If you want to know what penalties you are liable for, HMRC have a handy calculator to check.

If you’re a sole trader or director of a Limited Company, we would be happy to help you through the self assessment process and get your tax return submitted as soon as possible. We may even be able to help you reduce any penalties you have incurred if you have a good enough excuse.

Please get in touch to see how we can help.

Happy new year from team Southside!

Jan1 Leave a Comment

Team Southside wish all our clients and contacts a very prosperous year ahead, whatever your business ambitions may be!

Make 2020 your year for success and growth in your small business

This is a fantastic time to take the opportunity to take stock of your business and personal finances and consider if you would do anything differently.

Are you happy with your finances? Are you getting the support you need from your accountant currently, support that will help drive growth or sustain cash flow, so your small business can thrive? If not, get in touch; we may be able to help.

Southside Accounting are a team of chartered accountants in Wimbledon and London, supporting sole traders and limited companies through state of the art cloud accounting software, with transparent and fixed monthly fees.

Our smart Service Plans are tailored to meet the particular demands of your business.

So whether you’re a sole trader just starting out, a Limited Company, PAYE, or an established business with employees, we can help.

Call us to book a free no-obligation meeting today.

We always offer an initial free face to face meeting with prospective clients, so we can get to know you and your business and understand your unique circumstances and business goals.

Written by Shaima Todd.



4 expenses you should be claiming this Christmas

Dec17 Leave a Comment

Tis the season of giving, don’t miss out on these tax reliefs this festive season

We can all appreciate Christmas is an expensive time of year both in business and personally, whether it’s buying gifts for loved ones and colleagues or increasing your advertising budget. So here are four Christmas business expenses you should be claiming this festive season to help with cash flow into the new year. Let’s just call it an early Christmas present from us at Southside Accounting – you’re welcome!

… Continue Reading

Small business accounting tax calendar 2020

Dec12 Leave a Comment

Below is a comprehensive list of what a small business needs to be remember in the tax year to help keep on the right side of HMRC.

Small Business 2020 Tax Calendar

If you work for yourself, you may not have anyone to prompt you to remind you of the important dates you need to remember your obligations.

Some of the dates may change year to year but the deadlines will fall broadly at the same time each year, so these are worth remembering or keeping a note off to keep you on track.

… Continue Reading

Can I claim tax relief on the office Christmas party?

Dec10 Leave a Comment

Christmas parties for staff: can I claim tax relief on the Office Christmas Party and must all staff attend?

Good news!

The cost of the Christmas staff party can be accounted for as ‘staff welfare’, forming part of general staff costs and is wholly tax deductible.

You can include costs such as transport to the party venue, venue hire, decorations and food and drink.

… Continue Reading

Taking time out from your small business

Nov26 Leave a Comment

If you are self-employed or run a small business, time may well not be on your side and taking time away from your business may feel tricky to justify. Perhaps you are run a small business with only yourself at the helm, or even with a small team in place, you may feel that you need to be around for clients all the time to retain business. Even if you know in theory the many benefits of taking time out for yourself, not least of all to support your business’ productivity, here are five reasons to do something about it.

1. Your mental health

The way we work has changed significantly and will continue to evolve and change over time. There are now more people than ever going it alone and setting up their own business and entering self-employment.

In the UK there are now 5.5 million small businesses and self-employed in the UK and 60 per cent of private sector employment is now in small businesses.

Stigma around mental health remains a big issue but is changing in larger businesses, where for example, mental health first aiders are being trained internally providing a confidential, on hand, help to employees.

As a small business owner, you are just as susceptible to mental health issues and could be argued even more so, with potentially more financial and time pressures.

There are a few straightforward tasks you can do now to improve your mental health immediately. For example, making time for exercise, whether this is half an hour in the gym or just going for a long walk. Being physically active will help to improve your mood as well as release any stress. Taking short breaks regularly throughout the day is another great way to boost your overall productivity.

Don’t disregard booking holidays or longer periods of time off either. If planned well and in advance, Lastly, if you can, booking holidays or longer periods of time off can really help you relax and recover.

2. Spend time with loved ones

Now that you are regularly taking short periods of time away from your small business, this is also a good time to re-connect and spend quality time with family and friends. You are more likely to get the support, love and time from your loved ones, giving you a boost to your mental health and well being.

3. Keep up with your hobbies

A work/life balance can enrich your daily routine and time away to spend on your other passions and hobbies can help give you perspective and potentially spur new ideas on your business.

Taking time out from your small business on your hobbies doesn’t necessarily need to be a daily occur you enjoy doesn’t need to be a daily occurrence. Even once or twice a week could make all the difference to your health and well being.

It’s important to realise that there is more to life than just your business. Although it is of course essential for you to work on your business, from starting it up to growing it, you do also need a healthy mind and a thought process which is not overstressed or overworked.

4. Good sleep is essential

Ensuring you get good quality sleep is incredibly important to your productivity, concentration and general well being.  Despite this, many people don’t set sleep as a priority, and the build of poor quality sleep can have a detrimental effect on health and well being.

Getting a good night’s sleep gives you the energy you need to get through your busy day and cope with inevitable curve balls and gives your body and brain time to rest and recuperate, ultimately making you more productive.

Sleep also alleviates stress further supporting your mental and emotional wellbeing.

Why not set a daily time to clock off work every day and do something relaxing away from your screen and phone to help you unwind and get the quality sleep you need.

5. The dreaded burnout

A burnout is repetitive, long-term stress on your mental and physical health leading to exhaustion.

Signs that you are heading for a burnout include persistent low moods and motivation and perhaps feelings of disillusionment with your business.

If left unchecked, burnout can impact your health, happiness and job performance, all of which puts your business at risk.

If you recognise any of the signs then take steps to rebalance your work/life balance and seek help if you need it.

Southside Accounting supporting small business

The importance of taking good care of yourself for the benefit of your mental health and the success of your business maybe obvious, but can be hard to enact. Why not get organised, outsource work if you need to, put clear procedures in place and plan longer breaks well in advance. Set aside some time each day to switch off, get your work-life balance in check and reap the rewards!

Southside Accounting supporting small business

Southside Accounting are your local cloud accountants in Wimbledon and London. We’re local, like you. And we’re a dynamic small business. Just like you.

We are fully chartered, certified accountants so we’re well qualified to be the trusted advisers you need to help make your company a success.

All our clients are on the cloud and have access and support on cloud accounting software, in both QuickBooks and Xero.

Our fixed fee structure means there are no surprises. And our smart Service Plans are tailored to meet the particular demands of your business.

So whether you’re a sole trader just starting out, a Limited Company, PAYE, or an established business with employees, we can help.

Call us to book a free no-obligation meeting today.

We always offer an initial free face to face meeting with prospective clients, so we can get to know you and your business and understand your unique circumstances and business goals.

Written by Shaima Todd.

Can I get a tax rebate on my tax return if I work from home?

Nov19 Leave a Comment

Claiming work from home expenses doesn’t need to be taxing, contact us to see how we can help

The number of self-employed individuals and small businesses in the UK is set to increasingly annually and by 2030, 50% of the workforce will be self-employed. If you’re one of the many self-employed and small business owners who spend some time working from home, are you claiming tax relief on your household expenses? If not, here’s how to work out how much you can claim.

… Continue Reading
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