My main duties are VAT, Preparing Self-Assessment Tax Returns and preparing Limited Company Accounts. When I am not working I am looking after my 3 children and when I have spare time I love to read. Meet the team and find out what they get up to when they are not at work…

I am an avid Foodie, who loves cooking and baking or sitting in the conservatory with a good book. Unfortunately, the Revenue doesn’t care about any of that – it expects tax returns on time, and accurate, regardless of the sector you operate in. ST Accountancy are accountants based in Suffolk specializing in accounting services and tax advice for SME’s. At the opposite end of the scale, an entry-level bookkeeper should not be handed accounting duties.

Colorful Summer Reading Logs, book tracker, book lists – Encourage Reading Habits for Kids

Most of the high-profile IR35 cases are from the world of media and HMRC seems particularly obsessed with TV presenters, many of whom left full-time jobs with the BBC or ITV to work through personal service companies (PSCs). You might have seen this story about Lorraine Kelly, for example, in March 2019. Early examples of fines include the Weregild or blood money payable under Anglo-Saxon common law for causing a death. The murderer would be expected to pay a sum of money or goods dependent on the social status of the victim.

You can also ask a question via the Twitter channel @StudyAAT, which is run by AAT’s Student Recruitment team. I successfully completed my Level 4 AAT and am hoping to become a full member of AAT (MAAT) this year. When I am not at work running Smart Online Accountants, I am juggling family life with two young boys and our Hungarian Vizsla, Rossi. A lot of photographers get busy in the summer, for example, and if you’re in events management, summer and Christmas can be really frantic. A fine of lands (sometimes called a final concord) was a species of conveyance (abolished in England in 1833).

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Business owners, especially startups and SMEs, use the terms accountant and bookkeeping interchangeably. They are two separate professions, and each offers a specific range of financial services. Although there may be companies, who offer both accounting and bookkeeping services online. Our bookkeeping services for Ipswich businesses are a strong testament to the duality of accounting work. If your SME is based in the Suffolk county town or further afield within the county itself, we can give you ready access to a bookkeeper who doubles as an accountant. In the first scenario, a company that just offers virtual accounting will be sufficient.

The objective here would be to better protect your business against economic shocks in certain sections of the market. A retail firm that opens outlets in overseas territories, for example, will be able to limit the inconvenience to itself if its home market starts failing to bear as much fruit as it once did. Let’s assume that the accountant finds you rely too heavily bookkeeping for startups on one specific type of revenue stream. They could put forward ideas for other routes that they believe would warrant your consideration. You could then work on adding to your revenue sources and making them more varied. This ledger can be something as simple as a sheet of paper or as sophisticated as specialised bookkeeping software — like Intuit QuickBooks.

Tax for creatives – company structures, R&D relief and IR35

As a finance professional specialising in bookkeeping is not trained as rigorously as an accountant, the former will have many gaps in their accounting skillset compared to the latter. However, given that your company’s growth can come to depend on multiple revenue sources, you could find that in-house staff struggle to keep track of them all. This would underline the case for you outsourcing those accounting and bookkeeping responsibilities to a third party.

• Business owners, especially startups and SMEs, use the terms accountant and bookkeeping interchangeably.
• To put a long story short, then, a bookkeeper not only directly records all purchases, payments, and sales a company makes, but also retains the documentation that results from this.
• My main duties are the prompt response to telephone and email enquiries, customer liaison, diary management, preparation of customer files, credit control and the successful general day to day running of the office.
• Depending on the specific creative sector you’re in, the chances are that your year has its own ebbs and flows.