UK Bookkeeping for Startups

Name: UK Bookkeeping for Startups
Rating: 4.2 (19 reviews)

Learn how to get started with bookkeeping for your small business - finance basics for freelancers in the UK

Created byZoe Whitman

Last updated 4/2022

English

What you'll learn

The difference between UK business structures
Basic understanding of UK tax regimes and important business dates
Why accounting software is important for bookkeeping
Basic accounting terminology and what that means for you and your business (in plain English)
How to record basic transactions
The different accounting reports and what they show for your business
The role of bookkeepers and accountants for small businesses
When to get extra support

Course content

9 sections • 29 lectures • 1h 32m total length

Introduction1:49
What we'll cover over the next week2:26
Disclaimer1:15
This course has been designed to give you information which will help you to take control of your business finances. It is sold under the express understanding that any decisions or actions you take as a result of taking part in this course must be based on your own commercial judgement and will be at your sole risk. Zoe Whitman will not be held responsible for the consequences of any actions and / or decisions taken as a result of any information given or recommendations made. Please speak to a professional bookkeeper or accountant if you need support with making decisions around the specific challenges in your business.

Introduction to business structures in the UK0:47
The structure which is right for you will depend on your unique needs and challenges. In this section we'll discuss the differences between limited companies and sole traders, namely:
- taxation structures
- reporting requirements
- how you take money out of the business
- legal structures and liabilities
Sole traders4:01
As a sole trader you must:
- register as self employed with HMRC
- submit an annual self assessment tax return (there will soon be a quarterly requirement under Making Tax Digital which will be discussed on a later video)
- pay your income tax bill by 31 January following the end of the tax year - potentially pay a second instalment by 31 July as well
- be aware that you and the business are considered to be the same legal entity
- pay yourself through "drawings"
It is recommended that the business has its own separate bank account.
Limited companies4:48
As a limited company you must:
- register a company with companies house
- submit annual accounts to Companies House in line with your company's year end.
- submit annual corporation tax computations and pay corporation tax to HMRC
- also submit a self assessment tax return as a director of the company
- be aware that you and the business are not the same legal entity. The company is a separate legal entity.
- pay yourself through salary and / or dividends
- pay tax on dividends through your self assessment tax return
The business as a separate legal entity must have its own separate bank account.

Terminology: Bookkeeper vs accountant4:54
Terminology: Reports - Profit and Loss4:10
Terminology: Reports - Balance Sheet3:11
The financial year and key dates4:42
Making Tax Digital for the self employed2:49
Find out more about Making Tax Digital by searching HMRC's website for the latest guidance. If you need support transitioning to the new way of reporting, speak to an accountant or bookkeeper who will be able to support you.

Requirements

No knowledge is needed or assumed

Description

Finances can feel so overwhelming, particularly when you're starting on your journey into the self employed world.

Finances are the key to your success yet so many people bury their heads in the sand, just outsourcing everything to an accountant at the end of the year and just hoping they've saved enough tax.

This course has been designed to help you understand your business finances, so that you can be as successful as you want to be and feel in control.

As somebody who is new to self employment, you are probably most concerned about how to be compliant, set your business up properly, record what you need to record, get paid and pay the right taxes. We'll work through all of that.

You'll also learn how to take control of your bookkeeping so you are prepared for your year end - and so you understand what needs to be done even if you do decide to outsource it. That's where the control comes in, with the knowledge.

You’ll learn:

Why finance can seem overwhelming and how to take the emotion out of it
What to consider when you’re setting up your business
How to deal with transactions in real time so you don't end up with a bag of receipts
How to set up a regular monthly bookkeeping process
How to create useful financial reports and understand them

This short course has been designed to be visited every day over the next seven days so you can take daily actions and can feel in a much better place with your finances in a week's time.

Understanding your finances and taking control is the first step in building a successful business. Let's do that together.

Who this course is for:

UK based freelancers and side-hustlers who are starting out in business and want to ensure they are in control of their finances
You will have started or be thinking about starting your own business

UK Bookkeeping for Startups

What you'll learn

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Course content

Introduction3 lectures • 6min

Day 1: UK business structures3 lectures • 10min

Day 2: The role of accounting software3 lectures • 8min

Day 3: Accounting reports and dates5 lectures • 20min

Day 4: Accounting terminology5 lectures • 16min

Day 5: Recording accounting transactions4 lectures • 17min

Day 6: Checking you haven't missed anything1 lecture • 4min

Day 7: Understanding your business with KPIs3 lectures • 9min

Thank you and next steps2 lectures • 3min

Requirements

Description

Who this course is for: