Shan Hanif

For Bookkeeper Beginner A bookkeeper in the UK is responsible for recording and maintaining a business's financial transactions, including income, expenses, and payments. As a beginner, it's essential to understand the basics of bookkeeping and the documents required. *Bookkeeper's Role:* 1. *Recording Transactions*: Accurately recording financial transactions, such as sales, purchases, and payments. 2. *Managing Accounts*: Maintaining and reconciling accounts, including bank statements, invoices, and credit notes. 3. *Financial Reporting*: Preparing financial reports, such as balance sheets and profit and loss statements. *Documents Required:* 1. *Invoices*: Sales invoices, purchase invoices, and credit notes. 2. *Bank Statements*: Bank statements, including transaction records and reconciliations. 3. *Receipts*: Receipts for expenses, including petty cash and business expenses. 4. *Expense Claims*: Employee expense claims and reimbursement records. 5. *VAT Records*: VAT invoices, returns, and payment records (if applicable). 6. *PAYE Records*: Payroll records, including employee details, pay slips, and tax deductions (if applicable). *Bookkeeping Software:* 1. *Cloud-Based Accounting Software*: Popular options include QuickBooks, Xero, and Sage. 2. *Spreadsheets*: Some bookkeepers use spreadsheets, such as Excel, to manage financial data. *Skills and Knowledge:* 1. *Basic Accounting Principles*: Understanding of accounting concepts, such as assets, liabilities, and equity. 2. *Bookkeeping Software*: Familiarity with bookkeeping software and tools. 3. *Attention to Detail*: Accuracy and attention to detail when recording financial transactions. 4. *Organizational Skills*: Ability to manage and maintain financial records and documents. *Training and Qualifications:* 1. *Bookkeeping Courses*: Various courses and training programs are available for bookkeepers in the UK. 2. *AAT Qualifications*: The Association of Accounting Technicians (AAT) offers bookkeeping qualifications. 3. *Certified Bookkeeper*: Some bookkeepers may choose to become certified through professional bodies, such as the International Association of Bookkeepers (IAB). As a beginner bookkeeper in the UK, it's essential to understand the basics of bookkeeping, including the documents required and the skills and knowledge needed to perform the role effectively

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MTD IT IS COMING 😱 Making Tax Digital for Income Tax (MTD IT) is the biggest change to the UK tax system in decades 🤒 From April 2026, sole traders and landlords earning over £50,000 must keep digital records and submit quarterly updates to HMRC using compliant software ✅ (PS Dext have one of those compliant softwares called Dext Solo 😂 ) As an accountant or bookkeeper, MTD IT is going to change how you price services, engage clients and manage workflows, its a lot! 🤯 But MTD IT is also about opportunities, not just obligations 🫡 The MTD Oracle (AKA Paul L.) has produced a top tier guide for free for you to use to get your head around whats to come 🤩 Interested? Link in comments! 🥳 PS Nick Charnley my good pal also works in tax and is my pal in the picture 🥸 #mtd #mtdit #hmrc

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Yesterday another accountant asked me a question I get a lot: Liam, how have you scaled Elevate so quickly for an accountancy business?” The truth is, it hasn’t been one magic trick, it’s been layers of strategy, focus, and execution. Here are a few things that made the difference: Processes first. We’ve streamlined everything from onboarding to sending out work for approval. A strong foundation lets you scale without the chaos. Client experience at the centre. We set an internal benchmark to respond to clients within 4 working hours. We run surveys, webinars, tax planning updates, and regular check-ins. Clients can reach us in multiple ways, and we make sure they feel heard. A high performing team. Every team member knows their KPIs, their responsibilities, and most importantly cares about our clients’ success. No one likes to see a client struggle, and that shows in the work. Pricing for value, not competition. We didn’t undercut others just to win business. Instead, we looked at the value we provide and priced accordingly. Niche expertise. We’ve developed specialisms in franchising, care, property, professional services, and influencers. Helping us stand out in a crowded market. The result? We’ve achieved 20 years of growth in just 2 years. Of course, there’s always a bit of luck in the mix. But mostly, it’s been strategic planning, hard work, and a relentless focus on doing things properly. Scaling an accountancy business is possible, but only if you build with intention.

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Becoming VAT registered can be scary. But not if you understand how to tweak your pricing. Your pricing (and your ability to change it) is going to determine if you will still be making the same profit or not. If you've gone VAT registered by choice, or you've reached the £90,000 threshold in a 12 month period, you will now have to account for VAT on your sales. (Let's forget for the moment there are some services/products without VAT, or at a "zero" rate - let's keep it simple) The standard rate of VAT is 20%. Taking a service you are currently selling for £100, which costs you £60 to deliver gives you a profit of £40. Let's also presume you are being charged VAT on that £60 cost, which once you get registered you can reclaim. This will mean you have a few options on the price: 1. Keep selling at £100 because you believe you *cannot* sell for more due to the market - you will make less profit. 2. Add the VAT in full, making your sales price £120. You will actually make slightly more profit but you just became more expensive. 3. Charge £108 and make the same profit for a little more extra on the price. So it's time to think about your pricing if you are about to be VAT registered (or considering it). Having the right pricing can make or break the profits.

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What would you do if you only had £23,000 in the bank and you need to sort payroll? A client payment you were relying on is now late? 😱 This is how cashflow spirals start. Not with huge losses, but with timing and guesswork. Chances are, if you’re a good business owner, you’d never let it get to that point, but here’s how you can stay far removed from it. Tomorrow, I’ll show you how to build a simple 4-week rolling cashflow. No complex formulas just visibility. 👀 Watch this space.

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HMRC is quietly increasing its scrutiny of small businesses, especially those run by sole directors or anyone who’s previously claimed VAT refunds or received COVID-related support 😱 If you fall into that category, it’s worth knowing what might trigger a closer look. Things like unusually high expenses, late submissions, or VAT claims that don’t have solid documentation behind them can all raise questions. Even activity that doesn’t quite match your usual pattern can be enough to prompt a review ❌ Now’s a good time to take stock. Go back over your past returns. Make sure your records are complete and easy to follow. If you’re still relying on spreadsheets and email chains, consider switching to proper accounting software that captures receipts and tracks everything in one place 🧾 And if you’ve been managing it all yourself up to now, it might be time to bring in a second pair of eyes. An accountant can spot issues before HMRC does and help you fix them 👨‍💼 The more your business grows, the more attention it attracts. Being proactive now could save you a lot of stress later 💪🏻 #accountantdunstable #auditamy #hmrcchecks #vatinvestigation #compliancecheck

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The one and only Chris Downing joined me to breakdown everything you need to know about preparing for HMRC's Making Tax Digital (MTD)… What You'll Learn: ✅ Key MTD deadlines and compliance requirements ✅ Step-by-step preparation strategies for businesses ✅ Common pitfalls to avoid during the transition ✅ Expert tips for seamless HMRC integration ✅ Real-world implementation best practices for business owners and accountants! Watch it now! https://lnkd.in/ebPdah_Y

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#MTD Lots of great questions from The TAG Tax Community! My MTD talk today was a focus on the need to communicate to clients. We only have 6 months before the go-live date. My key tips for Sole Trader & Landlord Accountants: 1. Analyse your customer database 2. Work out the gross sole trader income + gross rental income. 3. Decide on your your strategy • offering MTD services (or not)? • collaborating with a bookkeeper? • client does the books & MTD filing? • retire? 4. Communicate with your clients - especially those who are expected to be mandated in April 2026 - make sure they receive your message - check that they understand the message - help them to decide on software - help them to register for MTD - help them to understand their responsibilities (to keep digital records and to submit quarterly). If you do nothing, your client may think you don't care. There may be repercussions! The letters for mandation will not be sent out until after the 24/25 return is filed. If their tax return is submitted 31/1/2026, the letter will not arrive until February or March (or may go to an old address). ☆☆ Its not a lot of time to get sorted.☆☆ The time to communicate is NOW. Before the budget. Before Christmas. Before January. Please don't put it off.

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