LI Accountants

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LI Accountants

Accounting and bookkeeping services affordable for all small businesses

09/04/2025

The new tax year is here! 🥳

It's time to start thinking about your 2024/25 self-assessments. Sure, the deadline is January 31, 2026, but why wait? 🙌

Here’s why you should get it done early:

✨ Get ahead on saving and paying any tax owed—no last-minute rush before January 31st

✨ Faster refunds in your pocket! 💰

✨ Say goodbye to late fees and penalties

✨ Less stress—no more worrying about your taxes until next April!

Need help? Let’s make it easy for you! Send us a message and we’ll take care of the rest! 📩😊

14/03/2025

Spring Clean Your Business Finances! 🌱✨

With the new tax year around the corner, it's time to get your finances in shape! Here’s how:

✅ Review Expenses – Cut out unused subscriptions & unnecessary costs.

✅ Organise Tax Records – Stay on top of invoices & receipts.

✅ Check Your Pricing – Are you charging what you're worth? Time for a review!

✅ Plan for Tax – Set aside a % of income now—future you will thank you.

✅ Chase Overdue Invoices – Follow up & automate reminders to get paid faster.

✅ Set Financial Goals – Where do you want to be in 6 months? Make a plan.

✅ Review Business Structure – Sole trader? It might be time to go limited.

✅ Automate Bookkeeping – Use Xero/QuickBooks (or let us do it for you!).

✅ Get Expert Support – Finances feeling overwhelming? We’ve got you!

Spring is the perfect time for a fresh financial start. Need help? Let’s chat! 💬

03/03/2025

A new month means a fresh start, but before diving into new goals, it’s important to stay on top of your finances. Here’s a checklist to keep your business finances in order:

✅ Reconcile Bank Accounts – Match transactions to ensure accuracy.

✅ Review Income & Expenses – Track where your money is going and look for ways to cut costs.

✅Check Outstanding Invoices – Follow up on any unpaid invoices to keep cash flow steady.

✅ Process Payroll & PAYE – Make sure employees (or yourself!) are paid on time.

✅ VAT Returns & Deadlines – Prepare and submit if needed.

✅ Tax & Compliance Review – Stay ahead of upcoming tax deadlines.

✅ Financial Reports – Review profit & loss statements to track progress.

✅ Plan for Growth – Set financial goals for the next quarter.

Staying on top of your books now saves stress later! 📚 Need help with your bookkeeping? Let’s chat! 💬

27/02/2025

Are You Missing Out on These Sole Trader Expenses? 💰

As a sole trader, every penny counts—so why leave money on the table? Here are some common expenses many business owners forget to claim:

✅ Use of home as an office – If you work from home, you can claim a portion of your household bills.
✅ Phone & internet costs – If you use your personal phone or internet for business, you can claim the business portion.
✅ Mileage & travel – Business-related travel, whether by car, train, or even bicycle, could be deductible.
✅ Professional fees & subscriptions – Memberships to industry bodies or software like accounting tools count too!
✅ Training & development – If it improves your business skills, it could be an allowable expense.

Don't leave money on the table—make sure you're claiming everything you're entitled to! Need help? Drop us a message. 💬

25/02/2025

When Do You Need to Register Your Business with HMRC?

If your total sales income hits £1,000 within a tax year (from 6th April to 5th April the following year), you must register with HMRC—this is based on your total income before deducting any expenses, not just your profit.

🏡 Renting out a property? You’ll also need to register!

📅 The deadline to register for Self Assessment is 5th October in your second tax year—so don’t leave it too late!

Need help getting set up? Drop us a message—we’ve got you covered! ✅

21/02/2025

Do you know when to register for VAT?

You must register for VAT if your turnover (sales, not profit) goes over £90k or you know that it will.

You can also register voluntarily.

You must register for VAT if:

✨ You expect your turnover to be more than £90,000 in the next 30-day period

✨ Your business had a turnover of more than £90,000 over the last 12 months

You can register voluntarily if your business turnover is below £90,000.

You must pay HMRC any VAT you owe from the date that register you.

Need some guidance? Drop us a DM 📩

What are your thoughts on this change? Have you already started preparing for MTD?

19/02/2025

MTD is expanding!

By April 2026, anyone earning over £50k
must comply with Making Tax Digital. The threshold then drops to £30k by 2027.

This is a game-changer for how financial records are managed-gone are the days of paper records or manual spreadsheets.

What does this mean for you? 🤔

It's time to embrace digital record-keeping systems that streamline your tax reporting and keep you compliant with HMRC's requirements. While 2026 might feel like a long way off, it's never too early to start preparing.

Action Steps to Get Ahead:

✨Invest in software now: Platforms like Xero, QuickBooks, or FreeAgent are great options to get started with digital record-keeping. They're user-friendly and make managing your finances much simpler.

✨Start practicing digital record-keeping: Even if it's not mandatory for you yet, getting into the habit now will save you a lot of stress when the deadlines hit. Plus, you might find it improves your financial organisation overall!

Why act now?

Waiting until the last minute often leads to panic, rushed decisions, and avoidable mistakes. Starting early not only ensures compliance but also gives you time to discover the efficiencies that digital systems can bring to your business.

Let's embrace this shift to modern accounting together-your future self will thank you.

Need some guidance? Drop us a DM 📩

What are your thoughts on this change? Have you already started preparing for MTD?

17/02/2025

How long should you keep tax records 🕣

- Self-employed? Keep records five years after the 31 January filing deadline of the relevant tax year. Example: For your 2023-24 return (due 31 Jan 2025), keep records until 31 Jan 2030.

- Limited companies? Hold onto those records for six years after the end of the relevant financial year - or longer in certain cases, like late filings or HMRC investigations.

Record keeping for sole traders & partnerships

1️⃣ Choose your accounting method:
- Cash basis: Record income/expenses when cash moves (e.g., invoice paid).
- Traditional accounting: Record income/expenses when invoiced/billed.

2️⃣ What to keep:
Sales, expenses, VAT/PAYE records, personal income, grants, and more.

3️⃣ How to keep it:
Save receipts, invoices, and bank statements.

Use tools like accounting software to stay organised.

Pro tip: Lost records? Tell HMRC ASAP and
explain if figures are estimated.

Record keeping for limited companies:

1️⃣ Company records:
Track directors, shareholders, votes, loans, and more.

2️⃣ Accounting records:
Include income, spending, assets, stock, and tax figures.
3️⃣ Top tips:
- Hire a professional accountant if needed - they're worth the cost for peace of mind.
- Use software to manage records and stay compliant.

General tips for smooth record keeping
✨Keep personal and business bank accounts separate.
✨Reconcile your accounts monthly.
Set up a filing system that works for you (and stick to it!).
✨Good record keeping = less stress and more time for running your business.

12/02/2025

5 Simple Bookkeeping Tips for Small Businesses!

✨Separate Business & Personal Finances - Open a business bank account to keep your money organised & tax time stress-free!

✨Use Accounting Software - Tools like Xero or QuickBooks automate invoicing & tracking—saving you time & reducing errors!

✨Stay on Top of Records - Set a regular bookkeeping routine & keep digital copies of receipts for smooth finances.

✨Know When to Get Help - Feeling overwhelmed? A professional accountant can keep your books accurate & tax-efficient!

✨Save for Taxes - Put aside a percentage of income in a separate account—no more last-minute tax surprises!

Need help with your bookkeeping? Drop us a DM! 📩

29/07/2024

Attention Sole Traders and Directors! 📢

If you complete a self-assessment, your payment on account is due this Wednesday (31st July)!

Whether you're a sole trader or receive dividends as a director, it's crucial to understand and prepare for this tax obligation.

What is Payment on account?

Payment on account is a way of paying your income tax and Class 4 National Insurance contributions (NICs) in advance. It’s required if your last self-assessment tax bill was more than £1,000 unless you’ve already paid more than 80% of all the tax you owe through PAYE.
These payments are made twice a year, usually on January 31st and July 31st, to spread the cost of your tax bill.

Address

Droitwich
WR99HZ

Telephone

+447542826742

Website

http://www.liaccountants.co.uk/

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