Tips to help improve your bookkeeping!

When it comes to business organisation is key! Having a systemic & easy to follow approach to your bookkeeping not only helps your accountant but also makes it easier for you to find records, chase invoices and reduce the stress running your own business can bring!

Don’t just throw your receipts in a Tesco carrier bag!

The simplest way to improve your bookkeeping is to keep a log of your income & expenses. A diary, spreadsheet, even a summary of your income/expenses can help you understand your financial position throughout the year. You can then keep track of your income and expenditure.


Having a basic knowledge of spreadsheets is an easy and cheap way of maintaining your bookkeeping. The best method is to create separate sheets for income, expenses and mileage. If you find this a bit tricky, just enquire and we can set up spreadsheets for you!

Income - Things to include:

·         Any income you have received in your normal day to day trading activities

·         Income from any rental properties- make sure you include the address & give a breakdown of income for each property

·         Any interest, shares, dividends & the sale of any assets need to be included also

·         Any employment and P11D details

Expenses - Things to Include:

·         Any expenses incurred in your normal day to day trading activities- group different suppliers together and annotate what the expenses are for e.g. B&Q (Materials), Aviva (Insurance), Shell (Fuel) etc. Once you have a column for each supplier with a description you can then add each receipt to the column- giving a total at the year/month end.

·         For rental properties we need expenses incurred solely on that property- these include mortgage payments (we also need to know if the mortgage is interest only or capital repayments) any repairs, letting/management fees, ground rent, repairs etc.

Expense - Things NOT to Include:

·         When inputting data into your expenses spread sheet be mindful of including expenses that do not fall within the tax year (06/04/201X)-(05/04/201Y). If any expense is not in the relevant tax year then remove the receipt & keep separately for you accountant to look at.

·         Do not include personal items that are not for use in your business.

Free Agent


When it comes to software that assists your bookkeeping there are thousands claiming to be the best on the market. Working in the accountancy industry for many years, Your Tax Shop has tried & tested many bookkeeping programs. We recommend FreeAgent as it offers everything you need from a bookkeeping package and more (at a discounted price if you sign up with Your Tax Shop)! FreeAgent can be used on both your computer & mobile devices so is ideal for every client.

Reduced Corporation Tax?

Good news about Corporation Tax! The Corporation Tax rate will be reduced from 20% (currently) to 17% in 2020!

What does this mean for you and your limited company? This measure will benefit over a million companies, large and small. It will ensure the UK has the lowest tax rate in the G20 (Group of Twenty).

  • ·         How much and when? The measure reduces the CT main rate to 17% for the Financial Year beginning 1 April 2020.
  • ·         This is an additional 1% cut on top of the previously announced CT main rate cuts which reduced the CT main rate to 18% from 1 April 2020.

Why? This measure supports the government’s objective of a more competitive corporate tax system to provide the right conditions for business investment and growth.

Financial Advice? We aren’t just accountants!

Here at Your Tax Shop Financial Services we help people take control of their financial planning, by working with our clients, to empower them with information, education and understanding, and then applying it to help them achieve their unique financial planning goals. We have a very clear view of what clients need and want from a financial planning company and it is in these views we believe we are very different to our competition.

Meet the Adviser:

Gary started his career in Financial Services with Barclays and progressed to the position of Bank Manager. In 2009 Gary decided a new challenge was in order and he qualified as a Financial Adviser and has since been building and maintaining meaningful relationships with his clients. In this time Gary has helped many clients with a wide range of financial planning needs including pensions, investments, protection, business planning and Inheritance tax planning.

As an experienced adviser, Gary is passionate about providing good quality advice and taking the time to understand what is important to his clients. He is a firm believer in keeping things simple and being able to convey information in a straightforward and easy to understand manner. Gary feels passionate about helping clients and businesses succeed in the local community.

Your Tax Shop Financial Services was created to give all of our clients the option of having all financial needs catered for under one roof. These include…

·        Investment advice

·        Pension advice

·        Personal protection advice

·        Business protection advice

·        Auto-enrolment

·        Inheritance Tax planning

Our in house financial adviser Gary is the go-to guy here for all of the above. If you think you might need to have a chat with him contact us on 01457837744 or email


Your Tax Shop Financial Services is a trading style of Cheetham Jackson JV LLP who are an appointed representative of Cheetham Jackson Ltd who are authorised and regulated by the Financial Conduct authority (FCA). Registered Address: 14-16 St Thomas's Rd, Chorley PR7 1HR. Registered in England & Wales number 7071622.

Do you have Overseas Income or Assets?

From April 2017 changes in legislation will be introduced which places obligation on taxpayers to put their past tax affairs in order!

Please note that penalties as high as 300% of the tax owed will be charged on those who fail to bring their tax affairs up to date.

What is foreign/ overseas income?

Foreign income is anything from outside England, Scotland, Wales and Northern Ireland. The Channel Islands and the Isle of Man are classed as foreign.

You may need to pay UK Income Tax on your foreign income, eg:

·         Wages if you work abroad

·         Foreign investments and savings interest

·         Rental income on overseas property

·         Income from pensions held overseas

UK Residence and Tax:

·         Your UK residence status affects whether you need to pay tax in the UK on your foreign income

·         Non-residents only pay tax on their UK income – they don’t pay UK tax on their foreign income

·         Residents normally pay UK tax on all their income, whether it’s from the UK or abroad. But there are special rules for UK residents whose permanent home (domicile) is abroad.


If you have any foreign income/assets e.g. overseas property or bank account which you have not informed us of or you are non-UK domiciled please contact the office as a matter of urgency!

Call the office on 01457 837744 or email if you think any of the above may apply to you or if you have any questions.