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.

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 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.

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

Now that businesses are starting to reopen after the lockdown, they should try to find ways to not only gain new customers but also retain their existing customers long-term.

Completing your Self Assessment tax return isn’t the most enjoyable part of running a business, but it needs to be done. Luckily, Debitoor makes it simple for you to find the data you need to make the process straightforward and effortless.

The past year has been a whirlwind and anything but normal. Most businesses have taken a hit from the pandemic, and many are even shutting their doors for good. This hasn’t been an easy year, but hopefully, we can help you make your taxes a little bit simpler.

If you use Debitoor as a freelancer or self-employed person, you can track your expenses, record your income, access accounting reports, export your data, and invite your accountant. This article explores the different ways that Debitoor invoicing software can help you complete your Self Assessment.

Every April, the UK enters a new tax year, and most of us will be happy to put 2020 (finally) behind us. Over the coming weeks or months, you’ll likely start preparing your financial documents to submit your Self Assessment or Company Tax Return. There are also some upcoming changes that you should be aware of.

Unlike previous years, the coronavirus pandemic has delayed many of the scheduled changes that were supposed to take place.

This article looks ahead to the new tax year, including tax breaks, VAT changes, new regulations, and wage changes being introduced.

At Debitoor, we record every feature request we receive from our users. We recently released a date filter for your customer account statements and are pleased to announce that we have now added an additional filter for outstanding invoices!

With this small but powerful update, you can filter your customer account statement even further by only including unpaid invoices from a time period of your choosing.

Due to popular demand, we have added filters to your customer account statements! We received several requests for this feature and are pleased to announce that it is now available on your Debitoor account.

Previously, the account statements would include all invoices linked to the customer, both paid and unpaid, from the time the customer was saved to your account. Now, you can add a date filter to only include invoices from a time period of your choosing.

A common question in the freelance world is whether you should charge your customers by the hour or by the project. Both have pros and cons and depend on many factors including the type of services you provide. This article explores both pricing methods and will help you identify which solution will work best for your freelance business.

Setting your prices can be tricky, especially if you’re just starting out as a freelancer. There is no right or wrong way to set your rates, and your pricing method may change throughout your career as you gain more expertise and customers. Ultimately, it is up to you to decide which pricing method would work best for your business.

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.

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.

A lot has happened in 2020 and I think we’re all excited to get back to normal life in 2021. We’ve had a busy year at Debitoor, and we’re ready to celebrate! Let’s take a look at what has changed with your invoicing software in 2020, and what to look forward to in 2021.

2020 has been a crazy year, and with most of the Debitoor team working from home, we also had to make some changes to how we operate. Nonetheless, we had one of our most productive years and implemented some amazing new changes.

Here are just a few things that we’ve updated or added to Debitoor in 2020...

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.

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.

The new year is approaching fast and so far, no agreement has been made between the EU and the UK. If no deal is reached, then on January 1st 2021, the UK will leave the European single market and customs union.

In this article, I will explain what this means for EU businesses with regards to UK customers, imports, exports, and VAT.

With less than 2 months until the transition period ends, there has yet to be a deal between the EU and the UK. It is becoming increasingly possible that we will be leaving the EU without a deal. In this article, I will explain what this means for UK businesses in terms of EU customers, suppliers, imports, exports, and VAT.

Although January 1st 2021 is approaching fast, Brexit talks are nowhere near completed. Even if a deal is agreed upon in the coming weeks, there will still be talks and negotiations for months, and maybe even years to come.

England is heading into a second national lockdown on November 5th lasting for 4 weeks. The government has ordered all non-essential businesses to close and issued a stay at home order that can only be broken for specific reasons.

In this article, I will outline what businesses need to know about this lockdown, and what support is available to them and their employees.

On Monday, the Welsh government announced a fire-break lockdown lasting from October 23rd to November 9th 2020. This strict national lockdown will affect all aspects of our daily lives from travel, work, education and exercise. Due to the nature of this lockdown, the government has announced new schemes to support businesses that are forced to close their doors.

At Debitoor, we get a lot of questions about proforma invoices. Most businesses are aware of the term but are not entirely sure of how they fit into the sales process. In this article, I will describe when you should issue a proforma invoice instead of a quote or completed invoice.

A proforma invoice is essentially a ‘draft invoice’ that is issued when a customer has confirmed that a sale will occur but has yet to finalise the details.

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!

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.

Do you work as a taxi driver and safely transport fellow humans from A to B? You can be proud of that, because with you in the car, your passengers can relax and quickly get to their destinations.

But then the paperwork comes, which let’s be honest, is not the most enjoyable part of your day. In this article, I'll explain how to correctly and efficiently manage invoices and accounting for your taxi business.

Everybody makes mistakes, however, learning from your mistakes and ensuring that they don’t happen again is what sets businesses apart. Let’s face it, the VAT process can be extremely complex with several schemes and rules. In this article, I will outline some common mistakes when submitting your VAT Return to HMRC.

A VAT Return is a document that UK VAT registered businesses submit to HMRC on a quarterly basis. It outlines how much VAT the business needs to pay, or how much should be reimbursed by HMRC based on their transaction history from that accounting period.

It seems rather simple, however, there are multiple schemes and specific rules based on the nature of your business and the products or services you sell.

Have you heard about workplace pensions but unsure of exactly what they are? Don’t worry, pensions can certainly be a confusing topic. In the UK, employers must offer a workplace pension to employees, and automatic enrollment for eligible staff.

In this article, I will explain everything you need to know about workplace pensions both on the employee and employer side.

Everyone appreciates a good discount when they’re shopping. However, if you’re a business owner, you may wonder why on earth you would charge less for your products or services. Obviously, if the customer pays less, you earn less. Here are some tips and ideas on the types of discounts you can provide.

As a business owner, I’m sure you’ve had a customer ask “can you give me a better deal?”. You may already have a discount strategy in place, however, I will explain a variety of different options you can offer to your customers.

It’s August and coronavirus restrictions are slowly being lifted. Restaurants and bars are now allowed to open in the UK, and the Government has set out a scheme to encourage restaurants to open, and the public to eat out to help the businesses most affected by the pandemic.

In this article, I will outline the requirements for registering for the Eat Out to Help Out scheme, how to register, VAT considerations, and how to make a claim.

Do you work in the financial department of a school? If so, you will understand how important it is to keep your books balanced, ensure that all students have paid the correct fees and that teachers are getting the correct salary. Invoicing software can help you will all aspects of your finances.

Whether you work for a university, music school, language school, or kindergarten, it is important to keep detailed financial records. In this article, I will explain how invoicing software can help you with creating and sending invoices, recording expenses, and keeping track of your accounting reports.

So you run your own business and are earning some income. Good for you! But you may be wondering how to pay your income tax and national insurance contributions on self-employed income. Look no further, in this article I will explain how it’s done.

Whether you’re a self-employed musician, graphic designer, or uber driver, you will need to pay tax to your local authorities. In this article, I will discuss taxes related to sole trader businesses in the UK.

When it comes to accounting, there are usually many different ways to do one thing. This also means that there are also a few different ways that you can record your accounting. The one we’ll discuss in this article is accrual accounting.

Happy Wednesday! Today, we wanted to provide you with a design update on our popular feature, ‘Export Data’. This feature allows you to export information, such as a list of invoices or expenses, directly to your computer. Since we feel that this is such an important Debitoor feature, we have made it easier for you to find!

So you’ve set up your business, chosen an invoicing software, and sent your first invoice - great job! But how do you accept payment from a client? Debitoor invoicing software has several ways to accept payment, regardless of if your customer is in front of you or halfway across the world.

Whether you have a card reader, transact in multiple currencies, or want to connect your bank account, Debitoor has got you covered. Here are the many ways in which you can get paid using Debitoor invoicing software.

Invoicing software not only lets you create and send invoices, but it also helps you manage accounting aspects of your business such as the depreciation of assets. In this article, I will explain what depreciation means, and how to record it 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.

Whether you’re starting your own business, or looking for a new way to issue invoices, invoicing software can help you manage your company’s finances. Invoicing software can help you create and send invoices and quotes, keep track of expenses and payments, and create automatic accounting reports.

There are two main categories of invoicing software, online and offline. I’ll explain the differences between them and also explain other types of invoicing software that may suit your business.

Congratulations on taking the first step to become an independent contractor! You are great at what you do and have decided to branch out and start your own business. The first step is doing lots of research to ensure that your business takes off running. In this article, I will describe the steps involved in setting yourself up as a self-employed contractor in the UK.

This is a new chapter in your life, a milestone that you will look back on later in life. Although this is exciting, you will need to understand that this may be a challenge which requires a brand new set of business skills that you have never considered before. Here are some tips to help you get started.

Here at Debitoor, we understand that this is a difficult time for everyone. Businesses are forced to shut, freelancers are out of work, and employees have been laid off due to this global pandemic. The Irish government has issued several loans, grants, and schemes to help you get through the next few months. I have explained them all in detail below.

During these unprecedented times, I’m sure that many freelancers and small businesses have faced some challenges. The UK government has introduced many different schemes to help laid-off employees, businesses, and self-employed persons to get through this difficult period. In this article, I will explain the government aid available for UK freelancers and small businesses during the COVID-19 pandemic.

The UK government and HMRC have introduced financial support for businesses affected by the pandemic which outline several different factors including how to pay your employees, sick pay, tax, business rates, etc. It also outlines specific relief depending on your business type from freelancers to large corporations.

If you are a contractor in the UK, you have probably heard about the IR35 changes that HMRC are planning to introduce. This article will describe what the IR35 changes are, if your business will be affected, and how to proceed with the changes.

The IR35 changes were supposed to be introduced in April 2020, however, due to the COVID-19 pandemic, there will be a 1 year delay in the changes until April 2021.

The IR35 rules are currently different in the public and private sectors, and your tax status can change from each project or contract you accept. It can be complicated to figure out if you are complying with the rules, so I’ve explained in depth what IR35 is, why it was introduced, how to determine if it applies to you, and the upcoming changes in 2021.

Thinking of creating your first online store? There are several factors to keep in mind, choices to make, and steps to follow to ensure your online business takes off running! To get started, you need a computer, a great idea, some tech skills, and a go-getter attitude.

Creating your first online store takes some time. First thing is to decide what you are going to sell and who your audience is. Second thing is deciding if you will be using a supplier, or if you will be holding your own inventory. Once you have those things figured out, it’s time to get to the nitty-gritty of creating your online shop.

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.

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.

Many travellers dream of opening their own hostel (myself included) but it’s not a simple task! Finding an ideal location, furnishing and decorating, and getting the word out can take a long time. The last thing you want to think about is invoicing software and bookkeeping, but that’s where I come in to help.

I have travelled extensively and stayed in hostels in over 40 countries. I have always dreamed about opening my own hostel & bar, and have worked in hostels around the globe. Once your hostel is all set up, it’s important to get a head start on software that will help you organise your company’s finances.

As a hostel owner, your main task is to keep your guests comfortable and happy, so you probably don’t have time to create personalised invoices for each guest. Invoicing software can make your life easier by helping you send invoices, record expenses, and keep track of your accounting reports.

Whether you own a small business in the trucking industry or are in the finance team of a moving company, it is important to have reliable invoicing software to keep track of your company's finances. Invoicing software can help you create invoices and delivery notes, track expenses, generate income reports, receive payments, and save you tons of time and stress.

Choosing the right invoicing software for your trucking company can be tough when there are so many options out there. This article will help you decide which features your company needs and how to get the most out of invoicing software.

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.

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.

The days of using physical calculators and pens and paper are long gone. We're well into the technology era, and technology that has been used one month may be obsolete the next. Things like Making Tax Digital, or submitting your tax return in a few clicks online are becoming the standard. What does this mean for the future of invoicing software?

Invoicing software like Debitoor are built to help make your life easier. They are simple and intuitive programs that can be used by people with no previous accounting or invoicing experience. Debitoor is constantly evolving to stay on top of all the changes in the business and technology world.

In 2020, we're not quite in the stage of flying cars or hoverboards, like Back to the Future predicted, but it is very apparent that technology is taking over. Software companies are constantly adding, changing, removing, or updating features as needed. An example of this for invoicing software is tax. The tax amount can change every year which is usually a simple update to the software.

At Debitoor, we want you to have a seamless and simple experience using our invoicing software. We have a multinational support team who are always eager to help you out! We receive several questions every day, but this article will outline a few of our frequently asked questions.

Pricing strategies are a simple and effective way of earning a profit. There are many methods available to boost your profits, and many are related to specific sales circumstances. The three main pricing strategies I will discuss in this post are price skimming, competitive-based pricing, and penetration pricing.

Depending on your business model, and the products or services you offer, having a general knowledge of different pricing strategies can greatly increase your sales and profit if used correctly.

Many people do not realise the amount of work it takes to be a musician. Years of perfecting your instrument, days memorising lyrics, hours of practising new songs, and endless competition in cities, can make it difficult for new musicians to get regular gigs, and get their business going. As a musician myself, I hear you, and I’m here to help!

It’s one thing to have a passion for music. It’s another to make a living as a musician! If you are a musician in a new city, or in the early stages of getting started, it can be quite daunting to be in charge of all your bookings and finances, especially if you are a solo musician!

Invoicing and accounting software can make your life a lot easier whether you’re a freelance solo musician who plays weekend gigs or an orchestra playing concerts around the world.

Hi everyone! My name’s Katie and I am the new copywriter & marketeer for the English-speaking markets. I’m very excited to be joining the Debitoor family. 😊

I am originally from Canada but have spent the past several years travelling the world and working in Ireland, Germany and New Zealand. I recently moved to Copenhagen and am loving the Danish life! I have yet to try smørrebrød, nor do I have a bike, but I’m hoping I’ll earn the title of honorary Dane in the future.

Music and travel are my main passions in life. I can play several instruments but mainly perform with my guitar, ukulele, or trumpet. I have visited 39 countries, and I can never decide which one I like the best.