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5 Bookkeeping Mistakes That Cost UK Small Businesses Money

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Ask most small business owners what keeps them up at night and they'll mention cash flow, late-paying clients, or rising costs. Rarely do they mention bookkeeping, yet messy books quietly drain money from thousands of UK businesses every year through missed deductions, HMRC penalties, and decisions made on unreliable numbers. Here are five of the most common (and costly) mistakes, and how to fix each one. 1. Mixing business and personal spending Paying for stock with a personal debit card, or putting the weekly shop through the business account "just this once," creates a reconciliation nightmare. Worse, it makes it easy to miss legitimate business expenses, which means overpaying tax. The fix: open a dedicated business bank account and run every business transaction through it. Most UK high-street and digital banks offer free or low-cost business accounts, and the hour you spend switching will save you many more at year-end. 2. Reconciling once a year (or never) A ...
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The director's loan account: how to keep it out of HMRC trouble

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HMRC Is Signing Taxpayers Up Itself: What the 7 November MTD Deadline Means for You

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