Income over £50K and receiving child benefit? Only a few days left to register

If you earn over £50,000 and have received Child Benefit Payments since 7 January then you must register for Self Assessment by 5 October 2013 to pay the charge.

To find out if you're liable, what this means to you and what you need to do see the link http://www.hmrc.gov.uk/childbenefitcharge/   for more information.

RTI still a learning curve

http://oakbookkeepingservices.co.uk/         An independent bookkeeper in Reading.

 From accountancylive.com: http://bit.ly/19d3aTJ    

This update advises that SME's are still trying to get to grips with RTI.  After setting up a new client's payroll this month I have to agree.  The Payroll run once I had obtained all relevant information was no problem as expected however when I came to do the RTI part that's when the fun started. 

This was the first time I had set up a new client halfway through the tax year so expected a few problems.  Thankfully a couple of hours later after much to-ing and fro-ing it was all up and running with HMRC finally happy.  

Can't wait to see what the next query on RTI is going to be.  Unfortunately like most things you don't know what you don't know till you need to know it. 

I could never be a luddite

www.oakbookkeepingservices.co.uk    Your independent bookkeeper in Reading

Having worked in accounts since the early days of computers I wonder now how we coped without them.  The first accounting system I ever used was with an Olivetti ‘machine’ that looked like a giant typewriter.

Now everyone has a computer of some sort whether it’s a desktop, laptop, notebook, tablet or smartphone. We all use them for keeping in touch with friends, colleagues and acquaintances. 

With a love of travel I’ve always subscribed to different travel companies which has always helped me decide where to visit next. The web has also helped me with two of my hobbies geo-caching and genealogy. But it’s now that I am self-employed that it has come into it’s own.

LinkedIn and Twitter regularly keep me updated with accounting events in the news as well as well as new rulings by the HMRC etc.  The Institute of Certified Bookkeepers (ICB) which is the professional body I have qualified with and other accounting bodies all have websites and forums that help me keep on top of new rulings and allow me to discuss any queries I have.  If we didn’t have computers I would be tripping over the pile of books I’d need instead. 

Being able to send information and ‘paperwork’ such as payslips, direct to a client in an instant makes my life easier and no longer can they say ‘I didn’t get the invoice’. In fact in most cases I would say the computer has improved my life greatly.

 Now if I could stop those emails telling me it’s 100 days to go till Christmas……….

You know you've made it when......

You know you've made it when your trademark is used in a generic term. 

How many of us Hoover rather than vacuum or Sellotape presents instead of using sticky tape.  That post it note we used rather than the sticky note.  All of these are trademarks that have come into general use over the years. 

The number of times I have asked for a Coke in a pub (ok not too often as its more likely to be a glass of wine) but get given a Pepsi.  If I was to ask for a specific beer by name the barman would likely say they haven't got it would you prefer xx brand. Almost did 4 there but didn't want to use another  brand name.  With Coke that never happens.  

We all Google rather than search on the web. I was surprised when googling what words were now used that are still brand names. 

That item that needs Bubble-wrapped before FedEx-ing to a client.  The kids play with a Lilo in the water before playing with their Frisbee. 

There are many more that are slowly becoming generic.  I wonder what words we will have in ten years time that are only just trademarking now.

Networking and Referrals

Your bookkeeper in Reading
www.oakbookkeepingservices.co.uk

‘People buy from people’ is a mantra you will hear at many a networking event.  We want to work with people we like and trust.  It’s the reason we are happy to refer the plumber or builder who did work in the house. 

Networking and referrals are the mainstay of many a small business.  Which is why I cannot understand why at several recent networking events there is nearly always someone who either comes up to me while I’m in mid conversation with someone, butts in and says ‘can’t stop but I’m  Joe X, I do this, here’s my card, gotta go’. Alternatively we’ll be in a group listening to a conversation and you can see one of the ‘listeners’ has switched off and eyes have glazed over.  OK I can understand it’s because they’re not interested in X’s product but either excuse yourself or feign interest.   I know both these types of people are not going to get my referral if I get asked to recommend someone in their profession. 

I always say that it’s not likely to be the contact I meet at networking that’s likely to be my client but a contact of theirs, current or future.  In the same way I may not have need of their skills but may know / meet someone who does.

There are some people I see regularly at various networking or trade shows and we always ask how the others getting on, what they’ve been up to etc, and these are the ones that I’m more likely to  remember when someone asks ‘can you recommend’ or ‘the type of contact I’m after is’…….

 

Check out my website or email me on liz@oakbookkeepingservices.co.uk if I can be of assistance.

Bookkeeping for hairdressers and beauticians ..... guest blog for another website.

oakbookkeepingservices.co.uk       Your local independent Bookkeeper covering Berkshire and the surrounding areas.

I was asked to do a guest blog for bookkeeping for a mobile hairdressers and beauticians website.  Read it at http://www.thevirtualsalon.co.uk/janines-blog/      

Credit control - you either love it or you hate it.

www.oakbookkeepingservices.co.uk             Your Reading based bookkeeper

At a bookkeeping meeting yesterday I heard about a client that hates to chase her clients for outstanding invoices because ‘they’ don’t like it.  Now that company is struggling to stay afloat. 

Although this business deals with high end clients they are afraid to chase their clients too much in case they lose the regular business. 

While it is great having your own business if you are afraid to ask for monies that are owed to you your business will not last. Once you have decided on your credit terms and agreed them with your client you should stick to them. The best way to do this is to ensure that the invoice is sent to the client as soon as the work is done or on a specific date of the month, depending on the type of service you have provided.  If they start to delay payments then ring them up a few days before the payment is due to check it is on their system and confirm the date the payment is going to be made. 

Requesting them to pay by bank transfer means payment can be made quicker. Sending a monthly statement showing everything due means there is no excuse if they say they have not received the invoice.

If it is a product you provide then ensure a credit limit is set, this way if they are near their limit then request payment before the next order is completed. If the client is unhappy about this then consider whether you really need this client.  At the end of the day you are a business not a charity.  Providing credit is the bank’s job not yours.  Late payment by your client’s will also affect your cash flow and your ability to pay your creditor’s which affects future purchasing power.

If you do not like asking for payment then outsource this to someone who can do it.  There are credit companies that specialise in this or ask your bookkeeper to include it within their remit.

I personally have it in my engagement letter that if payment is not received by me by the required date I have the right to stop working until payment is made. As yet I have not had to do this but I would rather spend my time on clients that are going to pay than on those that are not.