Bookkeeping & Records

Business Structure Review

The 123 Way

What is included as standard for a fixed fee of £65.00 + vat per month:

Full Contracting health check - is your business performing as best it could - we'll ensure it is.

If you're new to freelance contracting, we'll ensure you start trading in the right way.

Then you can sit back and relax, your ongoing HMRC & Companies House compliance will be taken care of.

The 123 Way - simple & stress-free.

As a Sole Trader you will need to keep up-to-date books showing your businesses financial position. These can be inspected by HMRC through their usual investigation checks but they are usually kept just to prepare the end of year trading accounts.

We recommend you keep your books up-to-date monthly, this ensures that you have all the information needed fresh in your mind. It also helps you to understand how your freelancing is progressing and if you need to make any changes, what these changes should be.

The 123 Way includes bookkeeping software which is based in Microsoft Excel - it's easy to use and gives you lots of important information on what you tax liability will be along with what your main expenses are so you can look to cut costs.

Records i.e. all of your sales invoices and expense receipts need to be kept for a minimum of 7 years. There are fines and penalties in place if you destroy your records before this time.

Running a Limited Company

Being a Sole Trader

Responsibilities

Business Bank Account

Drawings

Bookkeeping & Records

Trading Accounts

Business Tax

VAT - The Basics

VAT - The Choices

123 Income Illustrator

The 123 Income Illustrator shows you what you can expect to take home from a given contract.

It also compares the differences between freelance contracting through your own Limited Company, through an Umbrella Company, as a Sole Trader or if you were to return to full time employment.

The123 Income Illustrator

Invoicing

Expenses

Expenses - Detailed Guide P1

Expenses - Detailed Guide P2

Personal Tax/Self Assessment

Importance of Information

Important Dates

Calculators

123 Referral

We run a simple referral programme where for every client you refer to The 123 Way we will give you £123.00

For more information check out the link below:

123 Referral

FAQs

Disclaimer:
This information is for general information only. No responsibility is taken for any action taken or refrained from in consequence of its contents. Always seek professional advice before acting.