Busy Bee Accountancy

02/02/2025

How Pension Contributions Work for the Self-Employed

27/01/2025

📢 Simplify VAT Accounting with the Flat Rate Scheme (FRS)!

Being VAT registered can feel like a hassle, especially for small business owners. But did you know there’s a way to make it simpler? The Flat Rate Scheme (FRS) is designed for businesses with a turnover of £150,000 or less (excluding VAT), offering a straightforward way to calculate VAT.

But here’s the catch: if you don’t use it correctly, it could cost you money instead of saving it.

🎥 In my latest video, I’ll explain:
✅ How the Flat Rate Scheme works and how it differs from the standard VAT scheme.
✅ Who should (and shouldn’t) use it.
✅ What being a "limited cost trader" means and why it matters.
✅ When you can’t use the scheme—and what to do instead.

If VAT feels like a headache, let’s simplify it together. Whether you’re just starting out or need help reviewing your current setup, get in touch today for expert guidance.

📩 Message us now and let us take the stress out of managing your VAT!

19/01/2025

📢 What’s the Best Salary for Limited Company Directors in 2025-26? 🤔

From April 2025, big tax changes are coming that will impact how limited company directors pay themselves. To stay tax-efficient, you’ll need to carefully balance salary and dividends.

Here are the key changes to be aware of:

• The secondary threshold drops to £5,000.
• Employer’s Allowance rises to £10,500.
• Employer’s NI contributions increase to 15%.

If you’re a director of a limited company, now’s the time to review your remuneration strategy. Whether you’re paying yourself a salary, dividends, or a mix of both, the choices you make could significantly affect how much tax you pay.

In my latest video, I break down all the new rules step by step, with simple examples to show you how to make the most of your hard-earned profits. 💡

👉 Click here to watch: https://youtu.be/dddWYJM4tQk?si=Do7OEIX8_PXCYorK

Got questions about your director’s pay? Let’s chat!

As the new financial year approaches in April 2025, significant tax changes are set to impact how limited company directors decide their remuneration strateg...

17/01/2025

Check if you need to declare income from selling personal possessions, goods or services online, creating online content or renting out property using digital platforms.

10/01/2025

🚀 Why Every Business Owner MUST Understand Their Numbers! 📊💼
Your Profit & Loss statement and Balance Sheet aren’t just boring paperwork—they’re your business’s story in numbers. 🧾✨
Here’s why they matter:
👉 Know if you’re making money or losing it
👉 Spot issues before they become big problems
👉 Make smart decisions about growth and spending
👉 Show banks or investors you’re worth backing
Think of them like your business’s health check. 🩺 Ignoring them is like driving a car without checking the fuel gauge—dangerous and unpredictable! 🚗💥
Ready to take control of your numbers and unlock your business’s full potential? 💪 DM us to learn how we can help you make sense of your finances! 🐝
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08/01/2025

💼✨ What Taxes Do Limited Companies Pay in the UK? ✨💼

Are you a UK business owner trying to get your head around the taxes your limited company needs to pay? Understanding these taxes isn’t just about compliance—it’s about protecting your profits and planning for growth! 🧾

Here’s a quick breakdown of the key taxes your business needs to know:

👉 Corporation Tax – What is it, and how is it calculated?
👉 VAT – The thresholds, when you need to register, and how to stay on top of it.
👉 Employers’ NICs – What they mean for your company and your team.
👉 Time-Saving Tips – Practical advice to simplify tax compliance and save money.

Swipe through to get the full picture! 👇

💡 Feeling overwhelmed? Don’t go it alone. Message us today or click the link in our bio for a free consultation. Let’s take the stress out of taxes so you can focus on growing your business!

06/01/2025

💡 Massive Tax Saving Opportunity for Company Directors! 💡

Did you know that pensions can do more than just prepare you for retirement? They’re also a powerful tool for saving tax! If you’re a director of a limited company, this could be a game-changer. 🚀

Here’s how it works:
✅ Your company can contribute up to £60,000 per year to your pension.
✅ These contributions are treated as a business expense, reducing your company’s profits and, in turn, its Corporation Tax bill.

Example:
Let’s say your company makes £50,000 in profit before tax:
💼 Without Pension Contribution: Pay Corporation Tax on the full £50,000.
💼 With a £10,000 Pension Contribution: Pay Corporation Tax on £40,000 instead, saving £1,900 in tax (19% of £10,000).

But it doesn’t stop there! 🕒 You can carry forward unused pension allowances from the past three tax years, provided you were a member of a UK-registered pension scheme. This means you could make a much larger contribution in the current tax year, with no extra tax charges.

Example of Carry Forward:
Let’s say you’ve got unused allowances:

2020/21: £20,000
2021/22: £10,000
2022/23: £30,000
Combine these with this year’s £60,000 allowance, and you could contribute up to a whopping £120,000 into your pension! 💰

🎯 The Benefits:

Boost your retirement savings.
Reduce your Corporation Tax.
Make the most of your hard-earned profits.
This strategy is especially helpful if your business has healthy profits and cash reserves. But to make it work, you’ll need to plan carefully!

👉 Act Now: Don’t miss out on this opportunity to save big! Contact us today for personalised advice and to start making the most of your pension allowance. 💬

📩 Message us or call 📞https://www.busybeeaccountancy.co.uk/ to book a consultation or get a FREE quote!

Your future self will thank you. 💼🌟

06/01/2025

🚨 Missed the Deadline for Your Self-Assessment Tax Return? 🚨
Don’t worry, here’s what you need to know:
💻 You Can File Online!
If it’s for the last 3 tax years, simply log in to your HMRC account and submit your return online.
📄 Older Returns?
If it’s for a tax year older than 3 years, you’ll need to file a paper return. Contact HMRC to get the right form.
⚠️ Late Filing Penalties:
The longer you wait, the more penalties and interest you could face. So get it done as soon as you can!
💡 Top Tip:
If you have a good reason for filing late, like illness, you might be able to appeal against the penalties.
Got questions? Drop them in the comments or send us a DM! 📩

02/01/2025

Is your business running you, or are you running your business?

Many business owners focus on delivering great products or services but overlook the heartbeat of their business: the numbers. Without a clear view of your finances, it’s easy to feel like:

🔄 Every day is "Groundhog Day" – the same problems, no progress.
💸 You’re on a treadmill of paying bills and salaries, with no end in sight.
❓ Your team is working hard, but are they all working in the same direction?

The truth is, your business speaks a different language: the language of numbers. Regular bookkeeping isn’t just an admin task— it’s your roadmap to stability, growth, and peace of mind.

📊 When your books are in order, you:
✅ Understand where your money is going.
✅ Spot potential issues before they become big problems.
✅ Make confident decisions for the future.

Stop leaving your business’s financial health to chance. Let us handle the bookkeeping so you can get back to what you love—running and growing your business.

Contact us today to find out how we can help!

30/12/2024

“Fire Yourself from as Many Roles as You Can”

As a business owner, your goal isn’t to do everything – it’s to build a business that runs without you. That means handing off the tasks you shouldn’t be doing and focusing on what only you can do.

Here’s the truth: if you’re stuck answering emails, doing bookkeeping, or even packing orders, you’re not scaling your business – you’re just busy.

The most successful founders have one thing in common: they know how to let go. They understand that the key to growth is firing themselves from as many roles as possible.
1. Delegate: Bring in people who can do the job better than you. Trust me, they exist.
2. Automate: Use technology to handle repetitive tasks.
3. Prioritise: Save your energy for high-level decisions, strategy, and growth. No one else can drive the vision like you.

Your business isn’t about you doing everything. It’s about building something bigger than yourself. So, be the visionary. Lead the charge. And fire yourself – because your time is the most valuable asset your business has.

What’s the first role you’re going to fire yourself from?

24/12/2024

📌 Consistency: The Secret Sauce to Business Success! 🍔

What’s the first thing that comes to mind when you think of McDonald’s? Maybe it’s their fries, or how you can get the same Big Mac whether you’re in London or Los Angeles. That’s the power of consistency. 💯

As a small business owner, consistency isn’t just nice to have—it’s crucial for your growth. Here’s why:

✅ Build Trust: When your customers know what to expect, they keep coming back.
✅ Boost Efficiency: Consistent processes = smoother operations.
✅ Strengthen Your Brand: A reliable brand is a memorable one.

From the quality of your product or service to your customer interactions and even how often you show up on social media—consistency is key! 🗝️

Remember, every small action you take today builds the foundation for long-term success. So, ask yourself: What can I do more consistently to level up my business?

Drop your thoughts below ⬇️, and let’s talk consistency!

12/12/2024

Preparation is Key – in Life and Business

This morning, I overslept and missed my alarm. Rushing to get my daughter ready for nursery and making it to the office on time meant one thing: no time to prepare my keto meals for the day. By lunchtime, I was starving and grabbed a tuna melt from a local bakery. Delicious? Yes. Keto-friendly? Definitely not. Now, my progress is off track because I wasn’t prepared.
It got me thinking: business is no different. Success doesn’t just happen. You need preparation, organisation, and dedication to reach your goals. Without a clear plan or the right tools in place, you risk making impulsive decisions that can derail your progress.
Whether it’s managing your finances, meeting deadlines, or achieving growth, preparation sets you up for success. Take the time to plan and stay organised—because results only come when you’re ready to put in the work.
What steps are you taking today to stay prepared for success? 🌟

11/12/2024

🎁 Did you know? You can give your employees small perks tax-free! 🎁

The trivial benefits exemption lets employers gift small, non-cash items worth £50 or less per person without worrying about Income Tax or National Insurance. Think birthday flowers, a surprise meal, or even a bottle of wine – as long as it’s not cash or a reward for work!

💡 Directors, don’t forget: there’s an annual cap of £300 for you and your family members.

It’s a simple way to show appreciation and boost morale without extra admin. Keep it under £50, and you’re good to go! 🙌

Read full blog here: https://www.busybeeaccountancy.co.uk/post/understanding-the-trivial-benefits-exemption-a-simple-guide

Got questions? Drop us a message – we’re here to help! 💬

05/12/2024

Running a small business, working for yourself, or considering self-employment? 💭

HMRC’s free online guidance and interactive tools can help you understand your tax responsibilities. ✅

Find out more below. 👇

https://www.gov.uk/set-up-as-sole-trader?&utm_source=f.co_hmrcgovuk&utm_medium=social_&utm_campaign=soletrader

04/12/2024

03/12/2024

💰 How Much Is Your Business Worth? 💰

Knowing your business’s value is key—whether you're planning to sell, attract investors, or set growth goals. And it all starts with accurate and timely financial records! 📈

One popular method to value your business is the Multiples Method.

Here’s how it works:

1️⃣ Find a Comparable Business: Look for a business in your industry that’s recently sold. It should be similar in size, structure, and market.

2️⃣ Calculate the Multiple: Divide their sale price by one of their key financial figures—Sales, EBIT, or EBITDA.

3️⃣ Apply to Your Business: Multiply that multiple by your own financial figures to get an estimate.

💡 For Example:
A similar business sold for £500,000, with £1,000,000 in annual sales. That’s a multiple of 0.5.
If your sales are £800,000, your estimated value is £800,000 × 0.5 = £400,000.

Why Does This Matter?

The better your financial records, the more accurate and credible your valuation will be. It’s also a powerful tool for showcasing your growth potential to buyers or investors.

📌 Don’t wait until it’s too late to get your books in order. Start building your business’s value today!

27/11/2024

📊 Mastering Financial Metrics: The Key to Business Success!

Did you know that businesses achieve lasting growth when their leadership understands how financial success is measured? 📈 Knowing your numbers—like cash flow, profit margins, and ROI—gives you the power to make smarter decisions and steer your business toward sustainable success.

💡 Here’s why financial literacy matters:
✔️ Clarity: Understand how each metric impacts your business.
✔️ Control: Make informed decisions that drive growth.
✔️ Confidence: Navigate challenges with ease and precision.

Strong financial knowledge isn’t just for accountants—it’s for every business leader looking to thrive. Ready to level up your financial game? Let’s talk! 💬

16/11/2024

Calling All UK Landlords! 🏡

Are you feeling lost when it comes to managing your property finances or filing your tax return? You're not alone – mortgage interest relief restrictions and tax calculations can be tricky to navigate!

At Busy Bee Accountancy, we take the stress out of property management by:
✅ Helping you understand tax relief and maximise your profits
✅ Accurately managing your rental income and expenses
✅ Filing your tax return on time and stress-free

Whether you have one property or a growing portfolio, our expert team is here to make your life easier.

💬 Message us today or call for a free initial chat to see how we can help you!

Don’t let tax worries hold you back – let us handle the numbers so you can focus on growing your property portfolio.