Category: Finance

Managing your accounts can be the most daunting part of running a business. Fortunately, there are lots of apps out there that can make crunching the numbers a breeze. So, to celebrate Get Ahead VA’s 8th birthday, we’re bringing you 8 apps to help you nail your business finances, as recommended by our team of virtual assistants!

  1. QuickBooks

QuickBooks is one of the most popular apps around for managing business finances. There are two versions of the app. QuickBooks Self-Employed includes everything you’ll need as a sole trader, including invoicing, mileage tracking and tax estimations. QuickBooks Small Business offers all that, as well as VAT calculation, payroll, and employee time tracking. You can even invite your accountant to collaborate on the app with you!

  1. HMRC

Did you know that the government offers an official HMRC app that covers everything to do with your tax return? You can use it to check your tax code and National Insurance number, renew your tax credits, calculate the tax you owe, and keep track of any communications you’ve had with the HMRC. Even better, the app is free!

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You may be aware that next week (3–7 September) is National Payroll Week, which is designed to “raise the profile and awareness of payroll in the UK”. But what exactly is payroll, and why should we celebrate it?

Essentially, ‘payroll’ refers to everything to do with paying employees and collecting taxes from them, and it has a significant impact on the country’s economy. According to the Chartered Institute of Payroll Professionals (CIPP), payroll contributes £4.46 billion to the economy each year through income tax and national insurance.

Exactly what form your payroll takes will depend on the type and size of business you own: perhaps you handle all payroll matters yourself, or maybe you have one or two employees, or even an entire department, dedicated to it. Whatever your payroll looks like, it’s a vital part of your business, and next week’s celebrations are a great opportunity to recognise that. With that in mind, here are a few of the ways you can prepare your business for National Payroll Week.

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Thursday 5th April will be the last day of the 2017/18 financial year, and if you’re a freelancer, sole trader or business owner, this will obviously be an important date for your diary. However, this can also be a stressful time for the self-employed, especially if the thought of spreadsheets and tax returns makes you shudder.

The best way to deal with the transition is to get organised. Now is the time to put your finances in order and prepare yourself to fill out your tax return. Not sure where to start? Here are four essential tips for dealing with the end of the financial year as a self-employed person.

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