Flawless Beauty Accounting

Flawless Beauty Accounting Helping Beauty Business Owners to navigate through the crazy world of business finances & taxes.

Training and courses can cause a little bit of confusion when it comes to what you can and can't claim for but hopefully...
02/09/2024

Training and courses can cause a little bit of confusion when it comes to what you can and can't claim for but hopefully, after reading this post you'll have a better idea!

For more finance and accounting tips for your beauty business make sure you're following 💕

Registering as self-employed is easier than you think! Make sure you save this post so you can refer back to it before y...
19/08/2024

Registering as self-employed is easier than you think!

Make sure you save this post so you can refer back to it before you register and if you have any questions then drop them in the comments down below 💕

For more finance and accounting tips for beauty business owners then make sure you're following 💁‍♀️

Money blocks are more common than you think and a lot of us are affected by them without even noticing 👀 If you're wonde...
09/08/2024

Money blocks are more common than you think and a lot of us are affected by them without even noticing 👀

If you're wondering what a money block might be then a few examples are:

➡️ Not putting up your prices because you're worried that your clients won't be able to afford your services.

➡️ Making money has to be hard.

➡️ Hiring an accountant (or outsourcing) is an expense

➡️ I don't make enough money to budget/plan

➡️ I wasn't taught anything about money and I'm bad with numbers.

If you're reading this post and coming to the realisation that you have money blocks then don't panic. It's actually a positive that you can identify them because it means you now have the opportunity to work on them!

If you feel happy to, share a money block below that you had that you've overcome or you're currently trying to overcome 👇

I'm here to break down the financial jargon that business owners see all the time and to tell you what it actually means...
02/08/2024

I'm here to break down the financial jargon that business owners see all the time and to tell you what it actually means!

Let's talk about profit margins. If you've ever thought what the 🦆 is a profit margin and what is a 'good' profit margin then let me explain it for you.

➡️ Profit margin is a financial ratio that measures the percentage of profit earned by a business in relation to its revenue.

➡️ Expressed as a percentage, it tells you how much profit you make for every £ of revenue generated.

It’s a great tool to determine how well your business is operating and how to improve it. You need this for goal setting!

To give you an idea on what a good profit margin looks like for a home based beauty business, once your beauty business is well established (probably about 2 years in), and you are in control of your expenditures/stock, a healthy profit margin is above 65%. If it is any lower, your business is leaking money somewhere! For a salon with employed staff a healthy profit margin is anything over 15%.

If you're a beauty business owner then make sure you give me a follow for more financial tips and advice!

There are 6️⃣ months left to file your self-assessment. Let's recap on what you cannot claim for! 🚗 Car and travel expen...
29/07/2024

There are 6️⃣ months left to file your self-assessment. Let's recap on what you cannot claim for!

🚗 Car and travel expenses: Travelling to your salon or permanent place of work - sorry! Non business-related travel
Fines – speeding fines
Parking tickets – even when on business travel

👚 Clothing:
You cannot claim for everyday clothing that you wear when you are working unless it is branded!!!

👩‍🦰 Staff:
Unfortunately, you cannot claim for nannies or childcare – trust me. I wish we could.

🖊 Legal and financial costs:
Fines for breaking the law

💳 Bank, credit card and other financial charges:
Loan repayments Overdraft repayments Finance arrangements

🎶Entertainment:
Entertaining clients and suppliers

📖 Training:
Training courses that help you start a new business different to the current business you already have OR to help you offer a new treatment.

Don't forget to save this post for when you're doing your self-assessment 💁‍♀️

Use of your home - What you can claim 👇❗️Before we dive into this, this is for sole traders only ❗️There are two ways to...
26/07/2024

Use of your home - What you can claim 👇

❗️Before we dive into this, this is for sole traders only ❗️

There are two ways to do this:
1️⃣ You can claim a proportion of the costs to run your home.
2️⃣ You can use the HMRC Simplified Expenses calculator for working from home.

Option 1️⃣: if you're planning on claiming a proportion of the costs to run your home then you can claim for THE BUSINESS PORTION OF YOUR Electricity, GAS, Council tax, Mortgage interest or rent and Internet.

Option 2️⃣: If you work more than 25 hours a month from home you can use the following.

➡️ 25 - 50 hours = flate rate of £10 per month.
➡️ 51 - 100 hours = flat rate of £18 per month.
➡️ 101+ hours = flat rate of £26 per month.

Was this post helpful? Give it a like to let me know if it was and don't forget to hit the save button so you can refer back to it when you're doing your self-assessment!

Tap to reveal the answer 👇The number of times that a tax payment is due for sole traders a year is 2️⃣One payment is due...
17/07/2024

Tap to reveal the answer 👇

The number of times that a tax payment is due for sole traders a year is 2️⃣

One payment is due by midnight on January 31st and the other payment is due by midnight on July 31st.

If the thought of paying your tax bill fills you with dread then my advice to you is to file your self-assessment as early as possible as this will give you the maximum amount of time to save for your tax bill!

Do you have any bookkeeping or finance questions that you'd like to know the answer to? Comment them down below and I'll answer them in a post or a story for you 💕

Do you have all of your business receipts from the last 6 years? If you don't read this post!You might be wondering why ...
08/07/2024

Do you have all of your business receipts from the last 6 years? If you don't read this post!

You might be wondering why I’m asking you this. 6 years seems like a longggg time right? We're talking about 2018!

Well, you might be surprised to hear that it is a legal requirement to keep a record of all of your business transactions as well as your sales and purchase invoices for 6 years. At any point, HMRC can ask to review them and if you don’t have them it could result in a hefty fine (we're talking up to £3k 👀)

If you’re starting to panic about your receipts then don't worry!

My top tip for you is to store all of your receipts using a tool like QuickBooks. The thing with physical receipts is that they start to lose their ink after about a year. Using a digital tool like Quickbooks to store them will keep them organised in one place and you won't run into the problem of them being illegible after a year.

Did you know that you had to keep your receipts for 6 years? If you didn't let me know in the comments down below 👇

Calling all SOLE TRADERS 🚨 Do you know how to pay yourself? If not then read this post 👀Let’s face it, whether you're ju...
03/07/2024

Calling all SOLE TRADERS 🚨 Do you know how to pay yourself? If not then read this post 👀

Let’s face it, whether you're just starting out in the beauty industry or you've been in the industry for a while the accounting and finance side of your business can often feel overwhelming 🙈

I’d love for you to drop your accounting and finance questions down below so I can make my social media as beneficial as possible for all of you - don't forget that there's no such thing as a stupid question!! 💕

Sole traders ➡️ Could you tell me what taxes you owe and how much you owe for each of them? If you can't then don't pani...
24/06/2024

Sole traders ➡️ Could you tell me what taxes you owe and how much you owe for each of them?

If you can't then don't panic! Your job isn't to know all the financial jargon that an accountant knows however as a business owner it is really important that you either invest the time to get knowledgeable about your finances or invest in someone who can look after them for you!

The good news is there are two ways I can help you! 👇

➡️ Book a power hour with me - if you're happy to do your own bookkeeping and self-assessments then the power hour is perfect for you! Pick my brains and let's make sure that you're not overpaying on your taxes.

➡️ Sign up for my bookkeeping package - If you are ready to say goodbye to the stress of doing your own bookkeeping and you want to make more time to either get a few more appointments with clients or maybe spend more time with your family then working with me to manage your bookkeeping is a great solution for you.

To discuss either of these options and to find out which is best for you comment INFO down below and I'll shoot you a message 💕

Burying your head in the sand won't sort your tax bill out but taking action will 👇I get it. It can feel terrifying know...
21/06/2024

Burying your head in the sand won't sort your tax bill out but taking action will 👇

I get it. It can feel terrifying knowing you have a humongous tax bill waiting for you.

I cannot tell you the number of beauty business owners who have come crying to me in this very position. The thought of their tax bills has kept them up at night and some people have even told me that they've thought about leaving the country!

It can feel so overwhelming but I promise you that avoiding it isn't going to make the situation better, in fact, it could make it a lot worse!

I know you're thinking 'Why is she telling me this? It's just making me feel worse'. But here's the thing it's not all doom and gloom 👇

I was approached by a lady who was expecting a 10k tax bill. The thought of it was eating away at her. When she came to me I knew that I could help her because 93% of businesses OVERPAY on tax each year (you can thank Forbes for that stat).

I went through her business finances and discovered there were expenses that my she hadn’t claimed for, which she was able to. After claiming for these expenses, I was able to reduce my client's tax bill to £2,500.

If she had just kept avoiding the problem and not reaching out for help then she'd be still struggling to pay off a 10K tax bill.

If you're worried about your tax bill then drop me a message today - I promise that the sooner you take action the better the situation will get 💕

It Could Cost You Thousands 👇Don't fall into the trap I see that catches beauty business owners out all the time. AI is ...
17/06/2024

It Could Cost You Thousands 👇

Don't fall into the trap I see that catches beauty business owners out all the time. AI is awesome but it's not a substitute for your account 🚨

No matter what accounting software you use it will never be your bookkeeper!

I myself use QuickBooks for all of my clients BUT I use it to store their digital records, not to do their monthly bookkeeping or their self-assessments.

Beauty business owners are OVERPAYING on taxes each year and not getting the rebates they deserve because they're opting for the "cheaper" option and signing up for an AI tool to do their bookkeeping.

What they don't realise is it's "cheaper" at the time of signing up but it will cost them THOUSANDS when it comes to self-assessment time!

Make the smart decision and work with an accountant instead who specialises in your industry and can provide accurate, tailored advice that software simply can't match.

💁‍♀️ Want a Free Call with Me?

🚨 Comment INFO down below and I’ll send you the link for a free 30-minute discovery call with me where we can talk about the best options for your business! 🚨

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