Small Business Accounting

Small business accountants

Small businesses play a vital role in today’s economy by driving innovation and creating new jobs.

At Treetops Chartered Accountants, we understand the challenges small business owners and self-employed individuals face. Managing your business finances can be daunting, especially when you have to juggle the many other roles and responsibilities of running your own business. That’s why we are always happy to step in and help.

Accounting for small businesses and self-employed

At Treetops Chartered Accountants, we offer quality accounting services for small businesses and self-employed individuals. Our mission is to alleviate the stress of small business accounting by providing a reliable and friendly service to guide you through the daily tasks.

We are a highly skilled team of chartered accountants and experts with various specialisms, including bookkeeping, payroll, and administrative support. The great thing about partnering with Treetops as a small business owner is that you can access top-level expertise specifically tailored to your needs. So whether you just need some light bookkeeping support or full accountancy services, we’ll be able to help.

As your small business accountants, we will listen to your needs and ensure that we find the right solution to address your current challenges and future goals.

Contact us today to learn more about our small business accounting services and how we can help you.

What counts as a small business?

Small businesses are typically defined by their turnover and number of employees. While they may operate on a modest scale, they can span many enterprises, from budding startups to established ventures.

In the UK, a small business is defined as a company having two of the following: a turnover of under £10.2 million, a balance sheet of under £5.1 million, or under 50 employees.

Do I need a small business accountant?

As a small business owner, you have a lot of responsibility on your shoulders to maintain a smooth-running business while ensuring everything is A-OK behind the scenes. Not only does it take a lot of work, but it can be overwhelming when you have very little time to do anything else. This is where a dedicated small business accountant, like Treetops, can make all the difference.

Whether you’re struggling to get on top of cash flow issues or need a helping hand to file your Self-Assessment tax return, with the responsibilities piling up, our team of small business accountants are available all year round.

Our small business accountancy services

At Treetops Chartered Accountants, we help small businesses and sole traders manage their finances.

As your dedicated accountant, we will start by getting to know your business inside and out. Since no two businesses are the same, this allows us to tailor our approach to suit the specific needs of your small business.

Here’s how we help small businesses like yours:

  • Gain back more time as we handle the bookkeeping processes. We offer a simplified and efficient system for tracking business transactions, monitoring cash flow, and updating records.

  • With our team preparing regular management accounts, you’ll have better financial clarity and the on-hand support to make easier and smarter business decisions.

  • Relax with a simple tax returns process, as our expert small business accountants will remind you of the deadlines, keep on top of your accounts and let you focus on running your business.

  • Reap the benefits of satisfied and engaged employees with efficient payroll services that ensure your employees are paid accurately and on time.

  • We help you gain peace of mind by ensuring compliance with every step of the accounting process.

How can Treetops help?

With our team of small business accountants working effortlessly to get your finances in order, you get back more of your valuable time to focus on running and growing your business. We understand the nuances of running a small business, which is why our services are flexible to suit your needs and schedule.

Get in touch with one of our team for a free consultation, and let’s discuss how our small business accountancy services can support your business journey.

Frequently asked questions about small business accounting

What records must you keep as a small business?

As a small business owner, you are required to notify HMRC of your earnings and pay the relevant taxes depending on your business structure. In order to complete the tax returns and pay HMRC, you must keep records of all income and business expenses, such as invoices, receipts and bank statements. It is also beneficial to keep records of all important business documents, like tax documents, employee records and asset records.

Do VAT rules apply to self-employed businesses?

Yes, the VAT rules still apply to self-employed businesses, meaning if you are close to the VAT threshold of £90,000 (1 April 2024), you may be expected to register for VAT soon. Our VAT services can assist you in the registration and ongoing requirements of paying VAT.

What expenses can I claim?

If you own a small business, you may be able to claim some business expenses and save money on your taxes. There are various restrictions and conditions attached to the type of expenses you can claim, and all expenses must be wholly and exclusively related to trade.

These expenses include:

  • Office costs (stationery or phone bills)

  • Travel costs (fuel, parking and train fares)

  • Clothing expenses (uniform or safety clothes)

  • Staff costs (salaries or subcontractors)

  • Things you buy to sell (stock or raw materials)

  • Financial costs (bank interest or insurance costs)

  • Premises costs of your business (lighting and heating)

  • Advertising or marketing (websites)

  • Training courses related to your business (such as refresher courses)

  • Costs you can claim as capital allowances (equipment, machinery or vehicles)

An accounting expert from Treetops can call you back at a time that suits you.

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