See great local Forest of Dean Businesses below

  • A R Website Design, based in The Forest of Dean offers bespoke, simplistic and easy-to-use websites. With over 4 years experience, contact us today for help with your website, SEO & Social Media. Website Design packages start from just £850.00.

    07564 920055

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  • Lansdown Insurance Brokers have been established in Cheltenham for over 50 years and our locally based staff have built up a reputation for excellent customer service. We can take the worry away with our expertise to make sure you have the right insurance cover whatever the type of business.

    0345 8734943

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  • A 5* home from home day & holiday dog boarding service licensed under Animal Welfare Regulations 2018 standards in the beautiful Forest of Dean. Pet sitting, dog walking and wedding services available. Fully insured and police checked. Providing a professional & reliable service.

    01594 563707
    07582 784417

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  • Based in the picturesque Forest of Dean, JB Leasing offer industry leading service as well as competitive pricing on both business and personal contract hire vehicles. Whether you‘re looking for a Peugeot or a Porsche, get in touch for a friendly, no obligation chat today.

    01594 369088

  • Crossroads is a charity supporting unpaid carers, people living with a disability or in social isolation. We aim to improve health and wellbeing of service users and promote their independence, empowering them to remain living safely at home.

    01594 823414

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  • Honey Bee Collection and Removal Services
    Professional and Ethical Bee Collection or Removal at Its Best.
    24/7. Call Now! on 07840 874567 or 07483 242141.
    Best Advice and Survey for all Bee Problems.

    07895 677123

  • Peachy Impressions design and create both luxury handmade and cost effective e-mailable/printable wedding and party invitations. All of our work is printed in-house using professional printers, high quality materials and assembled and finished by hand.

    07870 681752

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Who, What, When & Why would you need an accountant and/or bookkeeper? - 02/02/2015

forest traders

When thinking of an accountant or bookkeeper, it is easy to mistake why you would need them. You could assume you would only need one if you had a large Business, perhaps only if you‘re VAT registered or dealing with Company tax?

Did you know though that if you are doing any work outside of being employed, you should be declaring it to HM Revenue & Customs? You‘ll have heard everywhere about self assessment (SA), particularly as the annual deadline of 31st January looms closer. Does it actually apply to you though?

If you‘re doing any work (except for employed work) which is paying you money then yes - even if it doesn‘t take you over the National Insurance (NI) or tax threshold! The current threshold for 2014-2015 for National Insurance Class 2 contributions = £5,885 and the Personal Allowance for tax = £10,000. Any extra work outside of employment is classed as self employment, these includes things such as creating and selling crafts, being a rep for companies, holding parties/delivering brochures and providing advice for a payable service and there are many more.

If you do any of these, you should be declaring it to HMRC on a Self Assessment annually. You can do a self assessment by yourself online or via paper. The key points are to make sure your accounts are complete and that you have double checked all entries to your bank account(s) and reconciled any online payments such as Paypal. This will give the gross income total to enter and the expenses you can claim for. These together make your net profit (gross – expenses = profit). That net profit determines if you will need to pay NI and/or tax and how much.

It is imperative that you keep your paper or computerised accounts up to date! HMRC can call ANYONE in for a tax investigation should they wish to which means proving everything you have done is correct and legal. If you are missing entries or receipts of transactions, this will prolong the investigation and can cause extra charges.

If you are finding you don't have the time to do your books or perhaps don't fully understand it then it could be worth looking into a bookkeeper. Armed with your bank statements, receipts and all information needed, a bookkeeper can keep these physical records that are vitally needed correct and up to date and ensure your accountant and HMRC are getting the correct information.

Once your accounts are complete and correct, this is where accountants come in. They know all of the information we don‘t. They know what you can/can‘t claim in expenses, how they should be recorded and can even complete your self assessment for you. Having an accountant complete this for you can mean peace of mind and can help towards an easier tax investigation should one ever arise.

If you‘re a large company, or even self employed but have a bigger turnover, you should consult advice as to whether you need to be a registered Business and what implications and bonuses can come of being VAT registered for example.

Below are 5 questions. If you can‘t answer “Yes” to all of these, you should look into having a bookkeeper and/or accountant :-

1) Are your paper/computerised accounts up to date?

2) Are you reconciling bank statements and online payment systems?

3) Are you separating any self employment with employed work?

4) Are you comfortable/happy with the information you are providing to HMRC?

5) Do you think your records prove everything you have done should an investigation happen?

They have knowledge and expertise and many will offer an affordable (or even free) first consultation to fully understand your needs. By using a qualified and experienced bookkeeper and accountant, your books and accounts can be at their best without the stress of doing it yourself.

Speak to Forest of Dean based accountants like Millhall Consultants, Forest Phoenix Accountancy and Sherry‘s Bookkeeping for help and advice today.


Find us on:

the forester business awards 2017 the forester business awards 2016 the growth hub approved partner - forest traders women in business forester awards finalist wyedeantourism

Former Forest of Dean Ambassador For The Gloucestershire Business Show

glos business show

Members of:

cap business club

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