We give you the tools to manage your accounting. From collaborating with your accountant to tips straight from our UK accountant guest writer, you’ll find them here.


The different types of accounting

If you’ve recently started a business, you may be surprised to learn that there is more than one type of accounting. In fact, there are a variety of different accounting methods, terms, and systems available that each analyse different aspects of your business.

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This article outlines the top 4 accounting types that your business should be aware of. We’ll explain how each of them works, in which cases you should use them, and which accounting documents are required.

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Construction Accounting: The Basics

Construction accounting can be complex, especially due to the many schemes and regulations introduced by the UK Government. Taking control of your finances is essential for the stability and long-term growth of a construction business.

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This article explains how to do construction accounting, how it differs from accounting in other sectors, and important considerations.


Postponed VAT accounting for imported goods

As of January 1st 2021, VAT registered businesses that import goods into the UK can use a new system called postponed VAT accounting. This allows businesses to account for the import VAT on their VAT Return instead of paying it immediately upon entry to the UK.

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Now that the UK has left the EU, VAT is due on imports from anywhere in the world if the value of the goods is over £135 (commercial goods threshold). This article outlines what postponed VAT accounting is, who can use it, and how it will look on your VAT Return.

Steve Bicknell

Domestic VAT reverse charge for construction services

From March 1st 2021, the domestic reverse charge VAT procedure will be introduced for the construction sector. You should start preparing for this change as soon as possible to avoid mistakes and fines.

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The main change will be that the buyer will account for VAT for certain construction services rather than the supplier. This article outlines who is affected by this change and how to prepare.


How long do I need to keep invoices?

So you’ve started a business and things are going well. But now you have several invoices and don’t know what to do with them. Do you need to keep them or can they be thrown away once you’ve received payment? In this article, I’ll explain how long you need to keep a record of your invoices and why it’s important.

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In the UK, invoices are accounting documents and need to be kept for 6 years from the end of the financial year it relates to. This includes both sales invoices you issue to customers as well as purchase invoices you receive from suppliers.


Year end accounting for limited companies

Year end accounting can be a daunting task for new limited companies. But after reading this article, you will feel much more prepared to take on the task!

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UK limited companies are legally required to submit their year end reports to HMRC and Companies House. In this article, I will explain what information you will need to report, the reporting deadlines, and a simple year end checklist.


How to record payroll with your invoicing software

If you have employees at your business, you will handle payroll on a regular basis. You will also need to record your payroll expenses in your invoicing software to balance your accounting records. In this article, I will describe how payroll works, and how to accurately record it with HMRC, and Debitoor invoicing software.

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How to record import VAT for your business

If your business receives imported goods from outside of the EU, it can be complicated to figure out how and where you can record import VAT on your invoicing software and accounting reports. In this article, I will explain how this works for both UK and Irish businesses, and if you are able to reclaim some of the VAT.

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Import VAT is a tax charged on goods purchased from outside the European Union. You may have to pay a customs duty along with the import VAT if the imported goods exceed a certain amount.

Steve Bicknell

Home Office: allowable expenses and tax implications

Amid the COVID-19 pandemic, many people are encouraged to work from home and self-isolate. Whether you work from home permanently, or only temporarily during this crisis, there are certain tax issues and benefits that can present themselves when in a home office environment. Some topics I’ll cover are VAT, expenses, capital gains tax, and insurance.

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Using invoicing software when working from home

As the COVID-19 virus spreads, many employees are encouraged to work from home and self-isolate. Invoicing software like Debitoor makes it easy to send invoices and collect payment from your clients during this trying time. In this post, I’ll help you get the most out of your invoicing software when away from your clients and colleagues.

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As the novel coronavirus pandemic sweeps through the globe, countries are in lockdown, shops and restaurants are closing, public transport is halted, and many business owners and employees are now working remotely from home. We understand that business can not come to a complete stop, so here are some tips to get the most out of your invoicing software and keep your business running.


Allowable expenses at Christmas

Traditionally, Christmas and New Year are all about spending time with friends and family. But for many businesses, the holidays are also an ideal time to celebrate with colleagues, employees, and clients – which can often lead to a number of additional costs.

Fortunately, some of these costs count as allowable expenses, and this blog post takes a look at which of your Christmas expenses can be deducted from your taxable profits.

Find out which Christmas costs might be considered allowable expenses, as well as how to record expenses with Debitoor invoicing software


Asset vs. expense: what’s the difference?

As a freelancer or entrepreneur, you’ll regularly spend money on your business, and if you manage your business’s bookkeeping and accounting, it’s important to know how to account for the purchases you make – which involves distinguishing between assets and expenses.

Debitoor invoicing software makes it easy to manage your assets and expense. Find out more or try it free for 7 days.

In this blog post, we explain how an asset differs from an expense, how to account for assets and expenses, and how to record both in your accounting and invoicing software.


Accounting software or invoicing software?

For anyone running a small business, it’s important to have the right tools for creating invoices, sending quotes, and keeping track of your company finances. When looking for software to help you do this, you’ll come across many different options for invoicing and accounting, but, rather than having one program for your invoices and one program for your accounts, why not choose software that combines the two?

Debitoor invoicing software makes it easy for small businesses to manage their bookkeeping and accounting

Depsite the name, Debitoor invoicing software isn't only designed for creating and sending invoices; with a range of features for bookkeeping and accounting, Debitoor can help small business owners take control of their finances. So here’s 5 ways you can use your invoicing software to manage your company’s accounts.


4 accounting habits small business owners should pick up

Everyone has habits. Some of us bite our nails, others drink too much coffee. But not all habits are bad, and getting into a routine of good accounting practices can make it easier to manage your company finances. Here’s four good accounting habits that can benefit every freelancer and small business owner.

A photo of an entrepreneur with a computer and phone, with text that says good habits for your finances


Bookkeeping and accounting: what's the difference?

When most people talk about bookkeeping and accounting, they often treat them as one and the same. While they’re closely related, there are some important differences.

Understanding what's involved in bookkeeping and accounting is particularly important for small businesses - it helps you break down which tasks can be handled within the company and which require help from a professional, plus it makes it easier to identify what you should be doing on a regular basis.

Bookkeeping and accounting with Debitoor invoicing software


Accountant vs accounting software

Whether you are a small business, freelancer, sole trader, or self-employed, it can be quite tough sometimes taking care of both your business and personal life.

Put the calculator away. An accounting software like Debitoor can help you track your business activity automatically and instantly

When it comes down to it, your finances lay the path ahead for your business activity and growth, which is why it’s not a bad idea to turn elsewhere for some help or advice.

As a small business, you have many options for how to manage your accounting system, and you don’t have to do it alone. A common topic of discussion is whether you should use an accountant, or accounting software. In order to help you make this decision, we are going to discuss some vital points you should first consider.


Provisions for small businesses and freelancers

As a freelancer or small business owner, one of your main responsibilities will be planning (and sticking to!) a budget. But how do you budget for an upcoming expense if you aren’t entirely sure when it will occur, or how much it will cost? The answer: you would create a provision.

Create a provision with Debitoor invoicing software, designed for sole traders, freelancers and small businesses

A provision in accounting is a liability without a fixed timing or amount. When you create a provision, you are setting aside a certain amount to cover anticipated future expenses, before knowing exactly how much it will cost, or exactly when it would occur.

According to the matching principle, revenue generated in a specific accounting period must be matched against the expenses occurred within the same period. By creating a provision, you are ensuring that the cost will be expensed and recognised in the correct accounting period.

Steve Bicknell

What your accountant should do daily

Your interaction with your customers and your suppliers has changed dramatically over the past decade or so. With the constant introduction of new technology, combined with new channels for communication and interaction, it’s no wonder these relationships have shifted to suit the times.

How you work with your accountant is no different. The myriad methods for recording, communicating, and assessing financial data, whether personal or for a business, have changed the way you interact with your accountant.

Optimizing the relationship with your accountant

It's always been our aim to turn Debitoor into a simple and professional accounting application. And improving a relationship between you and your accountant is another step towards this vision.


Until recently you had to physically keep the copies of all your invoices and receipts in a box or an envelope so you could take it to your accountant at the end of the month and let them sort through this one-by-one to make sense of your accounts.

But thanks to the age of cloud software that we're living in it's really unnecessary to do this double work. Not to mention that the overuse of physical documents affects the environment.

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Debitoor is now SumUp!

The Debitoor application has been shut down, but if you're searching for an all-in-one invoicing software, SumUp has everything you need. SumUp is more than just invoicing software. We offer a range of integrated tools to help you run your business easily and efficiently. Open a Business Account with a free Mastercard, set up an online store, accept a variety of in-person and remote payments and much more. Start streamlining your invoices, payments and accounts today!

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