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What Does a Bookkeeper Actually Do? And Why Every Small Business Needs One

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What Does a Bookkeeper Actually Do? And Why Every Small Business Needs One

For many small business owners in Burton on Trent, managing the books feels like a never-ending chore. From tracking expenses to reconciling bank statements, it’s easy to feel overwhelmed – or unsure if you’re doing it correctly. That’s where professional bookkeeping comes in.

Bookkeeping in Burton on Trent isn’t just data entry; it’s the foundation of good business decisions. Yet, many local business owners underestimate the value a skilled bookkeeper can bring until it’s too late. In this post, we’ll explore exactly what a bookkeeper does, why it’s vital for your business, and how local expertise makes all the difference.

Why Bookkeeping Matters for Small Businesses in Burton on Trent

As a small business owner in Burton on Trent, you wear many hats – sales, marketing, and operations. But bookkeeping? It’s one of those tasks that’s easy to put off until it becomes urgent. That delay often leads to:

  • Missed tax deadlines
  • Inaccurate records
  • Unclaimed expenses
  • Cash flow surprises

Burton on Trent has a thriving community of small and medium-sized enterprises, from independent retailers to local trades and professional services. For these businesses, accurate, up-to-date bookkeeping ensures you’re not just compliant with HMRC, but confident in your numbers.

Good bookkeeping provides the clarity needed to plan, grow, and make smarter financial decisions. With Making Tax Digital now mandatory for many, having your financials in order is no longer optional.

What Does a Bookkeeper Actually Do?

A bookkeeper handles the nuts and bolts of your business’s financial admin. Here’s what that really looks like:

Record Transactions Accurately

Every sale, expense, invoice, or bank deposit is recorded in your accounting system. This ensures you always know your true financial position.

Reconcile Bank Accounts

Matching your records to bank statements ensures no errors or duplicates. Regular reconciliation is key to accuracy.

Manage Invoices and Payments

A bookkeeper will issue customer invoices, track who owes you money, and ensure your bills are paid on time, maintaining healthy cash flow.

Prepare VAT Returns

If you’re VAT-registered, a bookkeeper makes sure your returns are submitted correctly and on time, avoiding penalties.

Produce Financial Reports

From profit and loss statements to cash flow forecasts, these reports provide insights into your business performance.

Maintain Compliance

Bookkeepers help ensure your financial records meet HMRC requirements, including digital submissions under Making Tax Digital.

Common Misconceptions About Bookkeeping

“I can just do it myself.”
You can, but is it the best use of your time? DIY bookkeeping often leads to errors, missed deadlines, and stress.

“My accountant does the same thing.”
Not quite. An accountant focuses on tax strategy and reporting, while a bookkeeper handles daily records. You need both for a complete picture.

“It’s too expensive.”
In reality, bookkeeping saves money by preventing errors, reducing late fees, and giving you data to make informed decisions.

How Woodville Accounting & Payroll Supports Local Businesses

At Woodville Accounting & Payroll, we specialise in helping small businesses across Burton on Trent manage their finances with confidence. Our bookkeeping services are:

  • Cloud-based for real-time access
  • Fully HMRC-compliant
  • Integrated with your VAT and tax submissions
  • Backed by over 20 years of industry experience

Clients work directly with Tracy for trusted, personal support from someone who understands the challenges local businesses face.

Explore Our Bookkeeping Services Now

Get in touch with Woodville Accounting & Payroll today.

Whether you’re looking to streamline your bookkeeping, improve cash flow, or stay ahead of HMRC compliance, we’re here to help.

Tel: 01283 819385 | Email: [email protected] 

Bretby Business Park, Ashby Road Bretby Burton On Trent DE15 0YZ

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Understanding Making Tax Digital for Income Tax (MTD for IT): What You Need to Know Ahead of April 2026

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Understanding Making Tax Digital for Income Tax (MTD for IT): What You Need to Know Ahead of April 2026

In April 2026, the UK government is set to expand its Making Tax Digital (MTD) initiative to include Income Tax Self-Assessment for sole traders and landlords. This marks a significant shift in the way businesses and individuals report their tax information to HM Revenue & Customs (HMRC). Here’s everything you need to know about the new regulations and how you can ensure compliance ahead of the change.

What is Making Tax Digital for Income Tax (MTD for IT)?

MTD for IT is part of the government’s broader initiative to digitalise the tax system. Originally launched for VAT in 2019, MTD will extend to Income Tax Self-Assessment from April 2026. This new phase aims to simplify the tax process, reduce errors, and improve overall efficiency by moving tax reporting to an online platform.

Who Will Be Affected?

Starting in 2026, MTD for IT will apply to:

  • Self-employed individuals: Those with business income exceeding £50,000 annually.

  • Landlords: Property owners who earn rental income over £50,000 annually.

It’s important to note that from April 2027, the £50,000 threshold will be lowered to £30,000, potentially bringing more taxpayers into the fold. Those who fall into these categories will need to keep digital records and submit quarterly updates to HMRC.

Key Requirements for Compliance

To comply with MTD for IT, taxpayers must meet several requirements:

  1. Maintain Digital Records: Traditional paper-based systems will no longer suffice. Businesses must maintain their financial records digitally using compatible software.

  2. Quarterly Updates: Taxpayers must submit updates to HMRC every three months, outlining their income and expenses.

  3. End-of-Period Statement (EOPS): At the end of the tax year, you must provide a final declaration that confirms the accuracy of the quarterly updates.

Use of Compatible Software: To comply with MTD, businesses must use MTD-compatible accounting software. These tools will automate record-keeping, reduce human error, and streamline the submission process.

Benefits of MTD for IT

MTD for IT promises several benefits for those who comply:

  • Improved Accuracy: By automating processes and providing real-time data, the chances of errors in tax submissions are reduced.

  • Time Savings: The digital system simplifies record-keeping and tax submissions, freeing up time for business owners to focus on their operations.

  • Better Financial Management: With real-time access to financial data, businesses can make informed decisions and track their finances more efficiently.

  • Reduced Paperwork: Digital submissions reduce the need for paper-based records, making the entire process more streamlined.

Challenges and Considerations

While MTD for IT brings many advantages, it’s important to consider the potential challenges:

  • Initial Setup Costs: Switching to digital record-keeping and adopting the right software can incur upfront costs.

  • Learning Curve: The transition to digital tools might require some learning and adjustment, especially for those accustomed to paper-based methods.

  • Ongoing Compliance Costs: Businesses will need to factor in the cost of MTD-compatible software and ongoing maintenance.

  • Data Security: The transition to digital record-keeping places greater emphasis on securing sensitive financial data.

Preparing for MTD for IT

To ensure you’re ready for MTD for IT, here are some actionable steps:

  1. Evaluate Your Current Practices: Review how you currently keep records and identify gaps in your system. If you rely on paper-based records, now is the time to consider switching to digital.

  2. Select MTD-Compatible Software: Research different software solutions that align with MTD regulations. Consider factors such as ease of use, cost, features, and customer support when selecting a solution.

  3. Training and Support: Take advantage of training resources offered by your chosen software provider. Proper training will help you familiarise yourself with the new system, ensuring a smooth transition.

  4. Stay Up to Date: Keep an eye on government updates related to MTD for IT. HMRC regularly releases new guidance that may impact how you prepare for the changes.

Final Thoughts…

MTD for IT is set to bring substantial changes to how businesses and landlords report income tax, starting in April 2026. While the transition to digital tax reporting may present some challenges, the long-term benefits—including better accuracy, efficiency, and financial transparency—are undeniable. By preparing ahead of time, selecting the right software, and familiarising yourself with the process, you can ensure compliance and take full advantage of the changes that MTD for IT will bring.

For expert advice on preparing for MTD for IT or assistance with selecting the right accounting software, get in touch with Woodville Accounting & Payroll Ltd today.

 

Tel: 01283 819385 | Email: [email protected] 

Bretby Business Park, Ashby Road Bretby Burton On Trent DE15 0YZ

Understanding Making Tax Digital for Income Tax (MTD for IT): What You Need to Know Ahead of April 2026 Read More »

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Making Tax Digital for Income Tax – What You Need to Know

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From April 2026, a major change is coming to how many people report their income tax. Known as Making Tax Digital (MTD), the new system is designed to move tax reporting online. If you’re a sole trader or landlord in Burton-on-Trent or Swadlincote, it’s time to get prepared.

At Woodville Accounting & Payroll, we’re already helping local clients make the switch to digital, so they’re ready well before the deadline.

What Is Making Tax Digital?

Making Tax Digital is part of HMRC’s plan to modernise the UK tax system. It’s already in place for VAT-registered businesses and will soon apply to Income Tax too.

From April 2026, anyone earning over £50,000 from self-employment or property income will need to follow MTD rules. This means:

  • Keeping digital financial records
  • Submitting quarterly updates to HMRC using approved software
  • Filing a final annual declaration

By April 2027, the threshold will drop to £30,000, affecting even more taxpayers.

How Will It Affect You?

If you currently track your income and expenses on paper or a spreadsheet, you’ll need to switch to MTD-compliant software. You’ll also need to start reporting to HMRC more frequently – every three months instead of just once a year.

It’s a new way of working, but with the right support, it can actually make managing your tax simpler.

Getting the Right Software

There are lots of software options out there, from basic tools for small businesses to more comprehensive systems. The right one for you will depend on how complex your finances are and how comfortable you are with technology.

At Woodville Accounting & Payroll, we’ll help you:

✔Choose software that meets MTD requirements

✔Set it up properly

✔Learn how to use it with confidence

✔Stay on track with your deadlines

Why Start Preparing Now?

Although the change doesn’t take effect until 2026, starting early means you’ll avoid any last-minute stress. By switching to digital now, you’ll get used to the software and how the system works – well before you’re required to use it.

You’ll also benefit from clearer insights into your finances, fewer tax errors, and less paperwork in the long run.

We’re Here to Help

We’ve already started helping sole traders and landlords across Burton-on-Trent and Swadlincote get ready for MTD. Whether you want full support with everything, or just a little help to get set up, we’re ready when you are.

Our services include software setup, bookkeeping support, tax advice, and quarterly submission management – all personalised to suit your business.

Speak to Your Local Accountant Today

Let’s make the transition to digital tax simple and stress-free. Whether you’re looking for help getting started or want full support throughout the year, we’re here to help.

Tel: 01283 819385 | Email: [email protected] 

Bretby Business Park, Ashby Road Bretby Burton On Trent DE15 0YZ

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New Financial Year, New Opportunities: Is Your Business Ready?

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New Financial Year, New Opportunities: Is Your Business Ready?

For medium-sized and growing limited companies in Burton-on-Trent, the new financial year marks more than just a change in calendar—it’s a crucial opportunity to assess performance, sharpen forecasts, and lay the groundwork for future growth.

If your business is turning over £250k to £1m+, your financial operations need to be more than functional—they need to be strategic. At Woodville Accounting & Payroll Ltd, we work with ambitious local businesses to go beyond compliance and offer real insights into sustainable growth and profitability.

1. Refine Cash Flow for Strategic Growth

At scale, inconsistent cash flow can damage investment opportunities, delay recruitment, or limit reinvestment. Now’s the time to:

  • Tighten debtor controls and credit terms

  • Build cash flow projections aligned with quarterly targets

  • Introduce rolling forecasts to support decision-making

  • Segment cash flow by department or business unit

With businesses in this turnover range, it’s not just about survival—it’s about ensuring capital is available to fund growth.

📌 Tip: Our clients often benefit from three-way forecasting—integrating P&L, balance sheet, and cash flow projections into one dynamic model.

2. Strengthen KPI Frameworks to Drive Performance

Larger businesses need clear financial and operational KPIs to guide strategic decisions. These might include:

  • Gross profit per product or service line

  • Overhead recovery rates

  • Return on capital employed (ROCE)

  • EBITDA margin tracking

Quarterly board-style reviews—whether internal or with your accountant—help drive accountability and improve focus across the business.

3. Conduct a Strategic Tax Review

Mid-sized companies are often overpaying in tax due to inefficient structures or missed reliefs. We recommend reviewing:

  • Director remuneration strategy (salary, dividends, pension mix)

  • Business structure—group setup, VAT schemes, use of SPVs

  • Opportunities for capital allowances or R&D tax reliefs

  • Company car and benefit-in-kind efficiency

🔗 For tax efficiency schemes and reliefs, see GOV.UK – Corporation Tax.

An annual tax planning session can result in four- or five-figure savings—often enough to fund new hires or capital upgrades.

4. Review Payroll, Pensions & HR Compliance

Growing teams bring growing risk. Payroll errors, missed deadlines, or poor pension scheme management can result in fines and reputational damage. Consider:

  • Shifting payroll management to an outsourced specialist

  • Ensuring auto-enrolment staging and re-enrolment duties are met

  • Streamlining bonus and commission schemes with tax-efficiency in mind

  • Auditing HR policies linked to payroll and benefits

📌 A managed payroll service from Woodville ensures full RTI, pension, and payment compliance—with minimal disruption to your operations.

🔗 Learn more at The Pensions Regulator.

5. Prepare for Growth: Funding, M&A or Investment

Many businesses in the £500k–£1m+ range are on the cusp of their next chapter. Whether you’re seeking private investment, bank funding, or acquisition targets, your financials must be ready.

We help clients:

  • Prepare investor-grade management accounts

  • Identify key valuation drivers (recurring revenue, margins, efficiency ratios)

  • Model growth scenarios and funding requirements

  • Strengthen governance and internal reporting

🔗 For SME funding insights, visit British Business Bank – Finance Hub.

Work with a Finance Partner Who Understands Scale

At Woodville Accounting & Payroll Ltd, we don’t just crunch numbers—we help medium and larger businesses in Burton-on-Trent navigate complexity, drive profitability, and unlock future growth.

We specialise in supporting directors who are:

✔ Scaling up and need proactive financial oversight
✔ Frustrated with reactive accountants or disjointed advice
✔ Ready to streamline operations and boost cash flow

Let’s Get You Financially Fit for FY2025

 

Tel: 01283 819385 | Email: [email protected] 

Bretby Business Park, Ashby Road Bretby Burton On Trent DE15 0YZ

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