9th January 2025
Why do I need management accounts?
How Can You Reduce Your Tax Bill? It’s January, you have just been to your accountant to sign of your accounts and...
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At Spence Accounting, we understand that bookkeeping is the foundation of any well-managed business. Accurate and up-to-date financial records provide the clarity you need to make informed decisions and ensure compliance with tax regulations. Our collaborative approach to bookkeeping gives you the flexibility to choose a solution that works best for you – whether that’s taking charge of your records with our guidance or leaving the day-to-day tasks to our expert team.
We believe in teamwork. Our bookkeeping services are designed to help you save time, money, and stress:
With Spence Accounting, you’ll benefit from fixed monthly fees based on the number of transactions we process. No surprises, no hidden costs – just clear, predictable pricing that helps you plan your finances with confidence.
Our professional bookkeeping services are tailored to meet your business’s unique needs. Here’s what we offer:
Working with Spence Accounting for your bookkeeping services offers tangible advantages:
From 2026 Sole traders will be required to report there records quarterly to HMRC. In order to do this quickly and accurately we need have a system in place where your records are kept up to date. No longer will we be able to process 12 months of records in one go for certain businesses.
The first businesses going through will be sole traders and property income with a turnover of £50,000 per year combined income.
At Spence Accounting, we take the stress out of bookkeeping. With our support, you can focus on running and growing your business, knowing that your financial records are in safe hands. Contact us today to learn more about our bookkeeping services and how we can help you manage your finances effectively.
Get Started with Stress-Free BookkeepingWithin 3 months of starting to trade (making your first sale). Spence Accounting can help you complete the necessary paperwork and advise on what will happen next.
When you do register HMRC will then issue you with a fine of £100 for late notification. We, therefore, advise you to speak to us as soon as possible.
Yes, this is correct, if your income is below this level HMRC does not require you to report this income. This is turnover, total sales, not profit.
You will pay tax at 20% on your earnings over the tax-free allowance, which changes annually. If you earn over £50,000 per year your income will be taxed at a higher rate of 40%. (Per the current legislation 2020/21).
When self-employed you pay two types of national insurance. Class 2 and Class 4. Class 2 National insurance is a fixed annual amount and contributes towards state pension and benefits. This will be calculated as part of your tax position when you file a tax return. Class 4 National Insurance is payable on your profits over the basic rate national insurance threshold. This is at a rate of 9%. The basic rate national insurance threshold changes on an annual basis and is lower than the tax personal allowance.
Anything that is for business (wholly and exclusively). If you would like to talk to one of our advisors, we can give you a more detailed idea of what you can and can’t claim for your business.
This should be looked at on a case by case basis. For some people being Limited gives you protection and you might pay less tax than if you were self-employed. We would strongly suggest speaking to an advisor before making any decisions.
