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5 Benefits Of Outsourcing Bookkeeping

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Many businesses think outsourcing bookkeeping could cost their business and it is a process they can complete themselves. However, outsourcing your bookkeeping could save you money in the long-term and ensure your finances are managed correctly.

Coleman & Co can provide professional bookkeeping for every business across many industries. If you require assistance managing and monitoring your finances, we can always help.

Maximise Resources

Completing your own bookkeeping means making your own resources to manage and monitor our finances. By outsourcing your bookkeeping, you lose no time focusing on finances, but you still have the resources available to manage your financial performance easily. Outsourcing will allow these resources to be created easily and give you a wide range of details for your finances from professional bookkeepers.

Creating your own resources can be extremely time consuming and take you away from your actual business. Our bookkeepers can provide data on all your finances and give you the resources you need, without you doing any extra work. You’ll have the knowledge to push your business forward and improve financial performance without completing any work yourself.

Prepare For Tax Payments

If you struggle to understand your tax returns, outsourcing your bookkeeping will ensure tax payments are accurate and meet all deadlines you have. Bookkeeping will ensure every transaction throughout your tax year is recorded and will then be used to accurately decide on the tax payments you must make before the deadline.

If you fail to record your own incomings and outgoings over the year, you will struggle to make an accurate payment to the HMRC. This could leave you paying more or less money than necessary and even lead to a fine or penalty if you fail to meet deadlines or make an accurate payment on several occasions.

Reduce Costs

Although you may think professional bookkeepers will cost you more money, long-term bookkeepers should save you money on a regular basis. Not only can bookkeepers identify problems with your finances, by managing and recording all your finances, you can use this to improve financial performance for the future.

If you still complete your bookkeeping and accounting manually, this will also save you money on paper as well, through submitting forms or filing paperwork. Using the correct software, we reduce any errors to ensure finances are completely accurate and no fines will come with poorly calculated or recorded finances over the past year.

Although you may complete bookkeeping yourself, finding ways to improve finances can be difficult. By outsourcing your bookkeeping needs, your finances can always be improved upon.

Bookkeeping Software

The best way to correctly record your finances is using the best bookkeeping software for all transactions and financial detail. Our bookkeepers always use the most modern and high-quality software to get the best resources for all businesses as well as accurate finances throughout the year.

Using the correct software can not only create the data you need to successfully manage your business, but it will reduce errors in all bookkeeping work that you complete. Although you can install the software yourself, outsourcing ensures that the software is always used to its full potential for the best resources. If you decide to use this software yourself, it may not be used correctly, or all the applications will not be used to your advantage.

Experience & Expertise

Professional bookkeepers have the experience and knowledge within the accounting industry to help every business improve. Having worked with many businesses before, Coleman & Co can help every business improve and bookkeeping correctly is essential.

If you have no experience in bookkeeping, having advice or outsourcing finances still provides the security you need, but saves you time and guarantees accuracy with all finances. This can help your business keep a positive cash flow as well as being prepared for any future costs and the revenue your business will make.

Outsourcing will always give you the help your business needs to improve financial performance. This can be very time consuming for you to complete yourself and using professional bookkeepers is often the best option.

Contact Us

Outsourcing your bookkeeping could be the best option for every business and we are happy to provide advice. If you would like guidance or more information on the bookkeeping services we have available in Lisburn, do not hesitate to contact us. Call Coleman & Co today on 028 9266 3599 or fill in our contact form to make an enquiry.

Using Digital Financial Management Services

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Digital and online applications are constantly updating throughout 2018, using digital services for financial management could significantly improve your business. Your business should always be taking advantage of these financial methods for the best outcome.

Coleman & Co can provide every business with correct digital financial management tools to use every day, whether you decide to outsource accounting or monitor it yourself.

Improving Productivity

Digital accounting is a much easier process that completing tasks manually, leading to a much-improved productivity. The faster you can complete your accounting, the faster other tasks within the business can be completed.

Although speeding through your accounting may seem risky, using accounting software will remove many errors.  This ensures as you continue to use digital financial management, data will be completely accurate and give you the resources you need to successfully manage the business. The speed that you can complete tasks is a massive improvement and something that can not be caught by manual accounting.

More Resources & Data

Creating the resources you need to manage your business can be a very time-consuming process. However, with digital financial management, you can create these resources, such as cash flow forecasts, without doing too much work. As digital software already contains the financial data of your business, analysing your business is much easier.

With 20% of UK small businesses struggling with financial management, this is a method you must use. We can take you through every process and create the resources you need to gradually improve your business. Reports created by digital software are always accurate and provide you with real-time data to monitor your current financial performance.

Preparing For Digital Tax

With all tax going digital in April 2019, preparing your account digitally now will certainly help your business. Whether this just gives you the understanding of digital software you need, or you decide to file all tax digitally, you can never start too early to master this process. Tax could cost your business a lot of money and if tax returns are incorrect it will cost your business even more.

This is something that is always avoidable and going digital early could be your solution. Digital accounting will ensure tax forms are completed correctly by assessing the data you have input for both payroll and your business revenue. Although this only applies to businesses with turnover above the VAT threshold, digital brings many advantages.

Secure Cashflow

Whether you are monitoring outgoing transactions or incoming payments from clients, it should always be secure. With digital financial management, security is always being upgraded and this provides a massive advantage over manual management. Your business cash flow should always be kept safe. Although it is easily accessible for you, software security protects any data from being stolen.

By keeping this data private, you are in complete control of your business and know exactly how your financial performance looks. If it needs to improve, other digital resources can help you achieve this by budgeting your business and managing your accounts correctly.

Our team can always provide these services, making your finances easily accessible to all parties. This ensures finances are monitored effectively, but you do not have to invest so much time into the process.

Contact Us

Digital financial management is the perfect option for every business. The earlier you switch, the more beneficial it will be. With the necessity of digital tax in April 2019, you should always be considering going digital. Coleman & Co can provide you with the advice and support you need as well as giving you accounting services using the correct digital and accounting systems. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

How Small Businesses Successfully Manage Finances

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Many small businesses get into the habit of making either poor or fantastic financial decisions, without knowing the consequences. How can you guarantee successful financial management and make the right decisions for your finances?

Coleman & Co can advise all businesses on your financial decisions. We ensure you can manage finances correctly by making the best decisions every time.

Regular Financial Reviews

Many businesses are happy with their financial performance so will not go into great detail over the actual finances. Having a regular review of your finances will allow you to closely monitor performance over the past week, month or year and ensure your business is heading in the right direction.

Although you may be content with finances, a review will find any areas where finances need to improve or where your cash flow dropped for a period of time. From this data, you can make the changes you need to successfully manage finances. Reviews should be completed regularly so you are kept updated on any drop or improvement in performance.

Organising Your Budget

Budgeting is an important factor within every business and if you fail to create an accurate budget, your business could find it difficult to manage finances. Whether a budget is created for the entire business or split into departments, it must be done. Having a budget will not only limit spending but prioritise different sectors of your business.

Many businesses use any money available as part of spending but saving and budgeting will make financial management easier. Having a budget means anything leftover for your business can be saved and put towards something much bigger in the future. By regularly saving, your business doesn’t constantly run out of money and you always have backup cash available. Creating this safety net is perfect for emergencies and problems that could occur instantly.

Not every outgoing transaction within your business is needed and prioritising your main needs will bring success. Your budget will ensure money is only spent when necessary, making it integral to manage finances.

Measure Your Progress

Every business is looking to make progress, whether this is financially or just in terms of business and staff performance. Measuring your progress over a certain time period gives you the incentives you need to move forward over the next few months. This allows you to set yourself and the business goals that can be achieved and how they will be met.

Once your targets are set, achieving them can be done in several ways, but financial management will be needed. Whether you spend less money, or invest more hoping for a better output, financial planning will help your business move to the next level. This can act as a great motivator for your staff, who will want to reach these goals if it offers a reward.

Finding Financial Alternatives

You will often depend completely upon your own performance and the finances that you bring into the business. However, using alternative financial routes could benefit your business and give you the money you need to succeed. This additional money could come from both loans or an equity stake and although money must be paid back, it would put you in a better position for the future.

This isn’t the right move for every business, but if you are struggling to perform, it’s an option worth exploring. Another great way to avoid high costs whilst keeping income high is through your clients. If your products are good and trusted by clients, collecting monthly payments and payments in advance for your service can still source income without you having to invest at the same time.

Contact Us

Coleman & Co can provide advice to every small business to manage finances correctly. We also offer a wide range of services to allow budgeting, planning and reviewing your finances much easier. If you would like our services within Lisburn or surrounding areas, we are happy to help. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

Why Do Small Businesses Struggle With Financial Management?

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UK small businesses often struggle day to day with all aspects of their financial management, but why does this happen? Every business has areas to improve and identifying your financial weaknesses will set you on the right path.

Coleman & Co can provide expert advice to every small business, ensuring you have effective financial management to guide your business through every situation.

Businesses Struggling

20% of UK small businesses admitted to struggling with daily financial management, with 30% saying finances were a major concern. Providing for both customers and staff members, this can become a major problem for every business.

Businesses should always be prioritising, seeking advice and stressing the importance of finances. If your small business is worried about finances, having the issue high on your agenda gives you the best opportunity to improve. If you continue with poor management, it will impact your business in a negative way for everyone involved.

Moving Digital

Many businesses who fail to go digital, will also fail to manage their finances correctly. Using digital software to keep control of finances and record transaction saves time and improves accuracy for your business. If you carry on recording finances manually and on paper, efficiency of financial management won’t improve.

Going paperless also has other benefits as you reduce the costs of creating these financial records. By having the correct software installed for a one-time fee, you are guaranteed accuracy of all finances. This can help you improve your business through the features it has, whilst also being able to monitor cash flow easier. Systems will process finances much quicker than you, allowing simpler management.

We can provide the installation of quality accounting systems, whilst managing your finances through the software. This ensures finances are always being managed closely with little risk to your company.

Inaccurate Cash Flow Statements

Monitoring cash flow is important for every business and every transaction needs to be recorded for an accurate cash flow. Decisions must be made quickly within every business and to have good financial management, you must understand the financial condition of your business. Finances can get out of hand if you fail to manage them correctly. Monitoring your cash flow should be an essential for every business to stay organised.

As long as you record transactions correctly, your cash flow statements will also be accurate. Having a cash flow allows you to create forecast for the months ahead; financial planning is of high importance for successful financial management and for small businesses to avoid possible struggles.

Outsourcing Financial Management

Small businesses who are struggling with their daily financial management could find outsourcing to be their best option. Accountants have fantastic knowledge of financial management within every industry and outsourcing will save you time and money. Although the cost of accountants may seem like an added cost you don’t need, it can benefit you greatly.

By having great experience working with many small businesses, accountants can advise you on the budgets you need to create and the expected revenue from your cash flow forecast. Financial planning with help you manage money more effectively, building more success for your business’ future. By outsourcing to accountants, you have the best opportunity for your business to stay in control of financial management.

Contact Us

With one in five businesses struggling with daily financial management, finding an alternative to turn this around can be difficult. Coleman & Co can help all small businesses throughout the Lisburn area and beyond. With financial planning service, we can effectively manage your business for greater success. Contact us on 028 9266 3599 or fill in our contact form today.

Avoid Common Business Tax Return Mistakes

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Businesses can make tax mistakes much easier than you realise, but why is it so simple for mistakes to be made? They could cost your business a lot of money and you should always prioritise avoiding any tax errors with accurate tax return.

Although you may not enjoy paying tax, it is essential for your business to contribute in your tax return. Avoiding mistakes will save you money, something Coleman & Co can provide advice and assistance for.

Generating Tax Debt

Tax return must be filed on time, every time. Although initial warnings may seem like a let off, continuing to make errors and lateness’s when submitting your tax return could result in big penalties which over time, generate a huge debt. Filing your tax return just 1 day after the tax deadline will result in an immediate £100 fine. If this happens three times in a row, fines will be increased to £500.

It is easy for your business to become complacent when making a good profit, but failure to organise your taxes will result in hefty fines. Although some penalties will allow appeals, if tax returns come in six months late or longer, no appeal will be allowed. This will also result in the HMRC estimating corporation tax, which you must pay as a penalty.

Never Borrow From Payroll

Some business may not know, and others might do it anyway, but you should never borrow taxes from payroll. Paying your business tax using employee’s payroll is against the law and means employees would not pay their fair share of personal income tax that goes to the government.

By borrowing from payroll, you are completing your own business tax with the money taken away from staff members as tax. When filing tax returns, every business must have their own separate taxes to pay based on income, in addition to staff payments. These two can never be combined so the business pays less money overall.

As well as being against the law, staff members will not thank you for taking taxes they have paid. Make sure the taxes you submit are correct for what the business has earned in the previous tax year.

Accurate Bookkeeping For Tax Return

Every transaction needs to be accounted for when calculating your tax returns. There is no income that you can not monitor as your overall revenue will always affect the amount of tax you eventually pay to the HMRC. By having every financial transaction stored manually or in the accounting tax software makes it easier to calculate your final tax returns.

By having this data available, you will avoid paying too much money on taxes or being fined for paying too little. Tax records should be kept for 22 months after the deadline they are used for. This means if the HMRC ever need more evidence of accurate tax returns, you have the information to back up any returns through effective bookkeeping and tracking all cash flow.

Monitoring Your Cash Flow

In addition to recording all transactions, you should regularly monitor your cash flow to spot any unexpected costs or revenue. You never know what could make a big impact on your tax returns and if there are ongoing costs within your business that you don’t know about, it could make a big difference to submitting a correct or incorrect tax return.

You need to know what income will have to be taxed and what can be left. If you constantly in take unexpected payments, more money will have to be taxed and these payments will always need to be considered. Monitoring your cash flow is vital to avoid any errors and ensure the correct amount of money is taxed in your business.

Contact Us

Every business should have the best possible knowledge of tax laws. Submitting tax returns on time and accurately will save you money over time and something Coleman & Co can always assist in. You can always use our advice or outsource your tax needs to our team. Contact our team today on 028 9266 3599 for accountancy advice in Lisburn.

4 Reasons You Should Go To Digital Accounting

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Living in a digital world, everything seems to go through technology whether this is in business or your personal life. Your accounting and tax is no different and there are several reasons why moving to digital accounting could benefit your business.

Coleman & Co can make going digital a smooth transition for your business, offering the advice you need to keep in control of digital accounting whilst using new technology. Our team are always available to support businesses throughout the Lisburn area.

Managing Your Tax

Calculating your tax can be difficult to do perfectly and you may always be prone to mistakes. Submitting these taxes may also be difficult if you do not know your deadlines and having taxes prepared for you digitally makes this process much easier. Going digital with your taxes is currently not compulsory but could benefit your business massively. Accuracy will always be perfect, with HMRC deadlines always being met.

By going digital, you current don’t need to keep digital records unless turnover exceeds £85,000. This allows small businesses to easily submit taxes without having to keep track of this financial data. From April 2019, businesses above the threshold will have to provide information through digital software. Making the change now could save you time in the future and allow you to understand any complexities with digital systems. Changing now will prepare you for carrying out accounting in the future.

Specific Software

Digital accounting allows you to use systems that are created specifically for accounting. This means you can cut out a lot of the manual tasks you complete daily to keep your accounts under control. Using computerised accounting systems and software means your financial information will be stored. Hence, it can be easily transported between different devices.

Whether you can use the software or not, Coleman & Co are happy to provide the training you require to use accountancy software effectively. This is a massive upgrade to inputting information manually, due to it being less time consuming and leading to less errors.

Increased Security & Safety

Nobody wants to risk losing important information, especially financial details that matter to your business. When going digital, you have the added security around all financial records you decide to store. Filing systems do not offer the same security that specialist software and digital accounting would for your business. This easily makes it the better option.

With digital accounting, you have the peace of mind knowing information is secure and safe from any threats. At the same time, increased security does not mean more difficult accessibility. This information is still easily accessible to you and any other devices or personnel who you want to give access to.

With digital accounting, there is never a risk of information being lost, stolen or harmed. Despite this, access is much easier to those who you want to see financial data.

Accurate Reports & Data

Another drawback of using manual tools to complete your accounting is the lack of data and information it gives back to you. This is never the case with digital accounting. With the software already having your financial information stored, it can be used to easily create reports and more figures that could benefit your business.

Completing accounts manually and creating reports or graphs to improve success would be incredibly time consuming. Generating reports to help evaluate your business’ success can only improve productivity in your workplace. As a result, the best way to receive this data is through going digital and taking advantage of the software.

Contact Us

For more information regarding the services that we have available to business throughout the Lisburn area, contact our team. Digital accounting is a great option for every business and something you must consider for the future. For any advice and information, contact Coleman & Co today on 028 9266 3599.

New Year Accounting & Financial Changes

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Your business should continue to grow throughout 2018 and making the correct financial decisions will ensure this happens. But what financial changes should you be making to guarantee a successful year for your business?

There are always many financial changes that you can make to your business and Coleman & Co can provide you with the accounting tips you need to be successful.

Reviewing Your Finances

With the new year beginning, it means you have financial data from 2017 that you can use in several ways. You can constantly monitor your new financial performance through comparisons to your previous income and outgoings. This should help you prepare for the year ahead as well as avoiding any mistakes that you have previously made.

Using the past year to prepare your business is an easy option to make sure you have big improvements. With our accountants, we can use your previous financial data to help set targets for the new year and forecast your cash flow.

Prepare For Growth

Part of improving your business is growing it effectively, allowing you to make a higher profit. By planning out your growth in 2018, you know when to spend, save and invest money into your business. Creating cash flow forecasts to predict the money you will have throughout the rest of the year, you will be fully prepared to grow your business.

Even if you do not have the biggest intentions to grow, there is always room for improvement within your company. If you do not have the money available in these moments, it is difficult for you to make improvements and remove problems that may arise.

Planning at the beginning of the year allows you to see when it would be best to grow your business. This can decide whether you should grow or maintain your current size based on your performance.

Set Your Targets

At the start of every year, you should have goals and targets that your business and staff members set out to achieve. Throughout the year, you may amend these targets to be higher or lower based on performance, however this is the best time to set your initial aims. Based on your performance over the previous 12 months, your targets should be an improvement from last year. This will keep your business advancing.

Saying you want to spend less money or make 5 times more money is not enough. You should be thoroughly planning how you are going to manage this and reach your targets. Once targets are set for each department within your business, staff will be more motivated to work harder and reach these targets, especially if there are incentives involved.

Creating A Budget

Making a good profit every year will always depend on how much money your business spends. Even if you make a fantastic revenue, profit will be hard to come by if you do not control expenditure. Although you may have unexpected costs throughout the year, the majority of your costs you can plan for.

Our accountants can help you create a successful budget for the year, whilst planning out your expected costs month by month. This means you will never spend more than you expect to. Budgets can be adjusted for any additional costs and financial changes you may have to make. Creating an accurate budget will ensure if revenue drops in certain months, a profit can still be made as you are fully prepared for this scenario.

Outsource To Accountants

Finances can be difficult to manage effectively. If you have had a poor year, take advantage of professional accountants to ensure it doesn’t happen again. Using the correct systems, finances will be recorded and used to give you data and information regarding your business.

Managing finances can be extremely time consuming. Having accountants to do this for you will save you time and ensure accuracy with costs and revenue. You should be removing any errors that were made last year and make 2018 successful for your business.

Contact Us

Whether you need advice for your business or would like any of our services, contact Coleman & Co today on 028 9266 3599. We are happy to assist all sized businesses throughout the Lisburn area and keep your finances under control in 2018. You can always make financial changes to improve your business, we are happy to help identify these changes.

Balancing Your Business’ Profit With A Christmas Budget

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Spending can always get a little out of hand at Christmas time and making sure your business does not cost too much can be difficult. Budgeting all year around allows you to limit your costs, and even at Christmas this is something you should always do.

Coleman & Co can help every business plan their Christmas budget and forecast finances several months in advance. Even at Christmas, our team will continue to help you make a healthy profit.

Plan Your Christmas Budget

Completely ignoring the fact it is Christmas means you are not adjusting your business when you are likely to spend more money. Whether this is through bonuses and gifts for staff members, purchasing festive decorations or any other additional costs, you should plan a new Christmas budget.

During this time, if you continue to plan your business with the same budget as every other period of the year, the same profit will not be made. As you are forecasting the same profit based on the budget you have set yourself, there could be a problem if you do overspend during this period. Preparing a new budget is always the safest option to adjust for any out-of-the-blue and unordinary costs.

Your Christmas Marketing

Whether you invest money into your marketing at Christmas or continue your ordinary marketing style, you should be planning how much money this is going to cost you. Coleman & Co can provide you with the financial reports you need, evaluating the amount of money you should spend within your business and what revenue this could make you.

By doing this, you have a good overview of how your business will perform based on your spending. Again, this allows you to adjust your budget to make sure a good profit is reached at the end of the month.

You also shouldn’t go crazy with Christmas deals. Although you are looking to increase sales and special offers could be a great way to do this, you must make sure a good profit is made.

Working Staff Members

Inevitably, your staff members are going to want time off over Christmas. As a small business owner, it is your job to meet their needs and make sure they are given the designated time off during this period. However, during this very busy time, you do not want to spend too much money on staff members when there is less productivity because of their absence.

You should always plan well ahead, and a great option can be to close over Christmas. This will reduce your costs and although staff wages may still be paid, there are no additional expenditures if you decide to temporarily close. By using accountants, finances can still be managed over the Christmas period using the correct systems. This ensures staff members’ payroll is correct and your expenditure is all in place.

Organising Your Christmas Party

Although the HMRC provides exemptions for Christmas parties, you should still be wary of how much you are spending. Of course, you want to treat your staff members to a fantastic night for the year of hard work and as long as you stay under £150 per head, it will be tax exempt.

At the same time, any Christmas parties should still be part of your bigger monthly budget during the Christmas period. This Is why you should create a bigger budget during this time, to ensure you are still not overspending which could potentially damage your business financially.

Budgeting during this period is essential to keeping your profit high, whilst also allowing staff members to enjoy themselves and receive the rest they need.

Contact Us

For advice on how to plan your Christmas budget effectively and make a safe profit during thisperiod, contact Coleman & Co today on 028 9266 3599. We can deal with all your finances throughout the year and help you forecast your business for the months ahead, assisting every business in the Lisburn area.

Should Sole Traders Outsource Their Accounting?

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As a sole trader, you can often get by without an accountant. However, if you really want your business to grow successfully, accountants could benefit you massively. There are a lot of aspects of your business you may not have time to monitor but with an accountant, this would never be a problem for any sole trader.

Coleman & Co can provide a wide range of accounting services to all sole traders in the Lisburn area. With our support your business can always flourish without you having to complete all the work.

Personal Accounting

As a sole trader, the reason for doing your own accounting can often be due to the control you have over your own finances. By outsourcing to our accountants, we will continue to offer a personal service and monitor finances with you having full knowledge of the accountancy services we provide to you. You will still have the same control but without having to invest as much time into your finances.

There are also many more services that professional accountants can offer to you. Using the correct software and systems to manage your finances, you have complete accuracy with every service we provide as well as more detail into every aspect of your business. Although you could do this yourself, it would be extremely time consuming to create all the financial details we offer.

Recording Details

Keeping track of every financial detail within your business is a big task but something that you must complete. Without recording all your business transactions, you cannot calculate tax properly or provide any evidence of the money you have made and spent over the course of a year. These are all things you should keep information of.

When submitting taxes to the HMRC, you must keep these records for 5 years after the 31st January submission deadline in the relevant tax year. If you fail to do this and the HMRC decide to investigate your business, you will have no proof of submitting the correct amount of money based on what you have made.

You can submit your returns with provisional or estimated figures if you have lost information. However, having an accountant will ensure bookkeeping is completed effectively and the details you need are always available.

Updating Accounts Regularly

Sole traders may not have a lot of time to work on their business as well as regularly monitor finances. Accountants give you the opportunity to have someone dedicate themselves to controlling your finances. This allows you to get the best financial results for your business.

Using the best computerised systems, we have the ability to complete detailed checks on your finances on a regular basis, allowing us to notify you of any unordinary transactions or movements in finances. This can also prevent you from making any mistakes that could massively impact a small business.

Whether this is the taxation of your own products and the income you are bringing in or planning the future of your business through budgeting and forecasting, mistakes can always be made. Using accountants guarantees you of accurate reports and monitoring of your finances.

Filing Your Tax Returns

Even as a small business owner, filing your tax returns correctly is essential. If you fail to do this correctly, then you and your business could face punishment through fines and penalties. Although it’s not something anyone enjoys, you do have to pay taxes. Accountants can make sure this is always done on time and accurately.

Using specialist tax software allows accountants to calculate tax simply and with complete accuracy. Accountants also stay updated with all new tax laws and developments. These are changes that you may not think about if you submitted taxes on your own. Taxes will always be submitted on time when your tax deadline approaches. This will leave you with no worries and complete peace of mind over tax returns.

This could help you save money in the long run. Although you are using an accountant, you will always avoid fines from the HMRC.

Contact Us

If you require accounting services as a sole trader, Coleman & Co are always happy to provide a range of services to monitor your finances. Contact our team today on 028 9266 3599 for more information on our services and advice in the Lisburn area.

Do You Need Accountants For Personal Income Tax?

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Whether you are a business calculating income tax for your employees or your profession allows you to contribute taxes yourself, you must get it spot on. If you are struggling to calculate personal income tax correctly, you may require the assistance of an accountant.

If you are unsure about whether to hire an accountant or file your own personal income tax, Coleman & Co can always provide advice for your business and provide leading software. We will help every business and person when it comes to your tax returns.

What Is Personal Income Tax?

Personal income tax is based on the amount of income you receive over your personal allowance and how much of your income falls within each tax band. Some of your income will be tax free, whereas the more money you earn, the more will be taxed. Income tax is what the government impose upon your financial income to be used for public services.

Whether you are a business or individual, you must file your personal income tax returns every year. This will always be dependent on whether you have acquired enough money over the previous year to pay taxes. This will confirm whether you owe any taxes once tax returns are paid or if you are eligible for a tax refund.

Standard personal allowance for this tax year is £11,500, meaning you don’t have to pay tax if you earn equal to or under this amount. After this, up to £45,000 is 20% tax, up to £150,000 is 40% and anything over this has a 45% tax rate.

Additionally, if you earn over £123,000, you no longer have a personal allowance, meaning all your income is taxed.

Accuracy & Time

When submitting your tax returns, it can be a very time-consuming process and may have to be completely redone if not accurate. keeping track of the previous financial year is essential to filing an accurate tax return. Whilst running a business or as an individual, you do not want to be caught up in the financial aspects and tax payments within your salary.

With the assistance of an accountant, you have the complete guarantee that taxes will be correctly submitted. If you do not keep track of your income and expenses over a business year, you should always consider the option of accountants. Using computerised accounting systems, taxes will always be calculated correctly using the figures we have stored in the system. This will then be submitted on time to the HMRC, avoiding any chance of fines and penalties.

Our tax accountants at Coleman & Co have a great understanding of all tax laws. This ensures we know exactly how much money should be paid with our bookkeeping service and dealing with the HMRC will never be an issue.

Avoiding Errors

Errors are simple to make and if you are completing tax returns all on your own, there is a high risk you will make a mistake. Without the correct software or the advice from professionals, you may not stay updated with tax laws and find it difficult to submit complete accurate returns. With accountants, errors will always be recognised and financial figures double checked to spot any errors.

This will then be put in the correct software, giving tan accurate calculation to ensure tax deductions are correct. When calculating personal income tax, you do not want to pay less than the correct amount and you also do not want to take too much money away from earnings. With our expertise, we ensure you earn the correct amount and save you money during the process.

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If you require assistance with your personal income tax, Coleman & Co are always happy to help. We can provide advice on all taxes and ensure you make the correct tax payments every tax year. Contact our team today for advice in Lisburn on 028 9266 3599.


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