Foreign.

And welcome to the Pat Accounting Podcast with me, your host, Vicky Clark.

I'm going to help you get to grips with your finances, save you lots of money and take the stress out of doing your tax return.

So let's get going.

Welcome, everyone.

We've got the lovely Tegan with us today.

Welcome to the Live.

These always get turned into podcasts every Monday, so if you are a podcast listener, then please go and check out the aptly named Pet Accountant Podcast and make sure that you subscribe so that you get all of our lovely podcast updates.

We sometimes have guests on.

We.

Sometimes it's just me and Lee.

Sometimes we have staff on like we do today, the lovely Tegan.

And generally, if you're new to this, we talk about tax topics.

Sometimes we had guests on like we had Rachel being on the other day talking about dog first aid.

So sometimes they're not tax related just to mix it up.

And we've had 20,000 downloads on the podcast.

So thank you everyone for watching.

As you can see, lovely Lee isn't here because he has been training some new staff members up.

So the pet accountant is on the recruitment drive again.

We have taken on a new accountant, Catherine, and we've taken on a lovely new apprentice, Charlie, who's only three days in, bless him, but he's going to be doing his bookkeeping qualifications and we're going to be taking them through those.

So there's some new faces to the team.

I think that makes like 15 or 16.

So plenty of stuff to go around.

But we'll keep you updated on Charlie's progress.

And we found out weirdly that they don't teach kids how to use a Microsoft Excel, which absolutely blows my mind.

But I don't think I was medical school.

You didn't know how to even be cc.

All right, we're not getting to that.

Honestly, like, one of the.

It honestly baffled me all week that the schools don't teach kids how to use Microsoft Office.

Yeah.

But we'll teach you how to work out the angle of an ISOs, because you need that every day.

But yeah, bizarre.

So not only is he learning how to do accounts, he's also learning how to use Excel.

But he did call it, he said.

Did he say yesterday?

If I may say so, it's been quite fun.

Yes, accounting is fun.

So if anyone is looking to go into accounting, then let me know because we are on the hunt for more apprentices and we're always on the lookout for good accountants.

So there we go.

Bit of an equipment drive.

Update for the Pet Accountant.

The Expo is still going ahead 15th of November.

We are going to be closing the doors to that at the end of August, so.

So if you do want a ticket, please grab them.

There's only a few left.

That's why I've decided to close the doors.

And also we've got to get things organized like your goodie bags etc, so we need to know the numbers.

So hopefully they'll all get snapped up in the next couple of weeks and then we will see you all for a fun day in November.

And like I said, the plan is to do it every year.

It is going to be a business conference, so it's aimed at learning and improving your business and ultimately your profit level.

So make sure you do come along to that because it's going to be a really, really good day and you get free breakfast and lunch.

So business expense or even better.

Yeah, right.

So quickly you can.

It's okay, I'm not going to surprise you.

The sounds are awful and he's getting.

No.

So about two weeks ago we set up a Tick Tock.

I know you mentioned in the last live.

So it's been doing really well.

Like we're nearly.

I think we're coming to like 900 Mabel's video's blown up.

Like he's got a thousand likes.

And you know, I think it just keeps getting more and more but.

And there's gonna be lots of information on Tick Tock, funny videos, you know, videos about us, our services, get to know us, that type of stuff.

So if you haven't checked us out on Tick Tock, please do.

Yeah, everything's called the Pet Accountant except who we are, this podcast.

But, but yeah, your signal's gone a bit.

Like I say the electricity might be a bit dodgy because I say we've had power cuts.

I'm not sure how long we've.

Well, if we get cut off, we apologize.

No, I think it's the electricity because mine's gone down.

If Lee can let us know if it's.

If we're still on, that would be fab.

Hopefully it doesn't go off mid mid chat, but today on the lovely Friday 1st August, we thought we'd come on and talk about our all in one package.

I.

The reason, Lee, the reason that we're going to talk about this is just to let you know that it exists, what it is, why we put it together and why it might be even more important in the coming months with making Tax Digital and, and the reason that I've got.

Thanks Fiona.

The reason that I've got Tegan on is because obviously anyone that wants to join the pet accountant as a client will always go through Tegan first.

And Tegan knows sort of why people go for the package, who's gone for the package and and the plus and minuses of it.

So firstly the all in one package, just to give you guys an idea, is basically what it says on the tin.

It's everything all in one.

And the reason that we built it was because we used to do everything separately.

So we do the bookkeeping which was charged at an hourly rate.

Then you'd add on zero or free agent, then you'd add on your self assessment and then you'd add on something else and then you'd add on something else.

And it's separate invoices as well.

Yeah, so it's separate invoices and you know, we got some feedback from clients to say that it was getting a bit muddly and it was hard to follow what was what.

So from that we decided to do the all in one package which means you get everything contained in one invoice with one price and it just makes things a lot easier, it helps you manage your cash flow because you know know what's coming out every month and you know that everything's being covered.

So for example, for the sole trader side everything that would be included would be your self assessment unlimited bookkeeping.

So it doesn't matter whether we do one hour or 10 hours, the price stays the same.

Your Xero and Hubdoc app so that we can do your bookkeeping on.

And you also get a performance pack every three months from your bookkeeper that will tell you how your business has gone in that three month period.

And the performance pack which we've put in the group before basically is your figures in the form of a pie chart, number graphs to make it easier for you to digest.

And then you can check in with your bookkeeper or accountant throughout the year as well if you've got any questions or concerns or anything that you want to go through.

Have I missed anything?

No, you can and obviously like the calls and emails on the package you have that included that support where you can have the request requestable calls every quarter to go through your performance pack.

Whereas if you want hourly that would all go towards like the hourly bookkeeping.

So is this a poor element as well in the package?

So basically you get all, all of that in one go with one price.

Now obviously the price is going to fluctuate in some areas.

And the only way that the package price is going to change up or down, as if you change turnover brackets.

Yeah.

To make it fairer for everyone.

Lee, because he's a wizard in Excel, because he got taught Excel at school, has put together like a calculator on how we price the packages.

So obviously someone with a turnover of half a million is going to pay more than someone the turnover of 40 grand.

So if your turnover was to go up a bracket, that's when the price will increase slightly.

And likewise, if it was to go down the bracket, it would decrease slightly.

The other area where it might fluctuate the price is the number of bank accounts.

Because for the bookkeeper's perspective, if they have one bank account, that's going to be a lot easier and quicker than if you had 10 bank accounts.

And some businesses do have a lot.

Of banks if they use the personal bank account for business.

A lot more time consuming for the bookkeepers having to figure out what's what.

So that can affect the price as well.

Yeah.

So they're the only two things that will shift the price.

Obviously the, the turnover brackets are quite large, so it's not as if like he went up a grand and we're suddenly going to change the price.

They're quite large brackets.

And again, we can help you with regards to the bank accounts and stuff to, to whittle those down and to.

Get that more, I would say manageable.

The turnover brackets are like, they're about like 40, between 20 to 40, 000 per bracket.

So there is a lot of room for movement.

And what I say to.

I was speaking to a lady today who's just gone into a bracket.

I said, well, that means that that fee will remain the same for the next 30 grand turnover that you earn.

So it's not like it changes because you're taking an extra couple grand.

There is the quite chunky, as I call them.

So we tend to monitor that every couple of months just to make sure that you are on the right packet price.

But like I say, it'll be you go up or down that bracket and you get everything included.

So from a client's perspective, it's easier because you're not having to worry about what's being done.

You know, everything's being covered, you know that that one invoice every month is going to cover it all and then you can plan accordingly.

So Lee's question of what do I need to do for my client on the all in one package?

The answer is not a lot.

You'll be getting given a Hub Doc app which comes with Xero.

And basically all it is is like you click on it, say you've got a receipt and haven't got one and you went out to the shop, you went to pets at home, you bought, you know, a bundle of poo bags.

You just snap the receipt using Hub Doc, put the receipt in the bin and your bookkeeper will deal with that receipt.

If you have online receipts, that's to say, or invoices from Amazon or Christie's, again, you get given a dedicated email address and you will just ping that invoice across to that email address.

It is as simple as that.

So you could be a person that doesn't want to get involved whatsoever in the accounting side of the bookkeeping side.

You just take a picture receipt and you don't care what else goes on.

You could be one of those clients that really want to look at their figures and you'll look at the performance pack and speak to your bookkeeper about it.

Or you want to be a bit more involved in the zero and you can ask where your profit and loss is and ask your bookkeeper to show you where various different things are.

So you can be as hands on or as hands off really as you want it to be.

Lee keeps bloody sending mess about questions and it's putting me up.

I'm going to get to it.

Right, but one more question, Lena, wait till the end.

So Lee's put on here, what is the benefit of having qualified bookkeeper categorizing my transactions compared to doing yourself?

You just know that they're doing it correctly.

This is what I say to people when I speak to them on the phone that often it's that peace of mind, knowing that somebody's doing it who's qualified is getting done properly.

We can sometimes see when you come to do tax returns and somebody's been on free agent doing themselves, then you're going to have a lot of corrections to do and that can then be billed for the bookkeeping work that you're doing.

And a common one is people tend to put their drawings down as an expense on free agents.

So if you're doing it yourself and you're labeling your wages as net salary expense, for example, and then you're looking at your profit levels and you base how much tax you're going to pay off that profit level, it's going to be wrong because your categorizing is wrong.

So it's going to give you a bit of a skewed version of how much tax you're going to pay.

And with the performance pack, which is another question from Lee, the performance.

Can you stop.

Ignore these comments.

Right, I'm covering all that in a minute.

Performance pack.

Let me comment does have on the back how much tax you will be due to pay.

So again, the performance pack isn't just an informative bit of information on how your business is doing, a snapshot at that time.

It will also give you an idea of your tax payments.

So he has, he has asked all the questions that we had.

So we'll just ignore them now for ladies and gents, until we come to it.

But yes.

So in a nutshell, and I'll let Tegan take over in a sec.

It is does what it says in the tin.

It's an all in one package.

So everything is included under one price.

Like I said, we're very open and honest about the price on the front end and we tell you why it changes and when it would change.

And again, we're very open and honest about that.

There's no hidden costs.

We're not going to then suddenly slap you with another bill like some lady I was chatting to the other day.

She was paying a set amount per month for her accountant and then she's just had a four grand bill.

She wasn't expecting that.

She didn't factor in.

So there'll be none of that.

We'll give you the price on the phone.

That is the price that you'll pay.

And like I said, the only time that will ever change is if you go up a turnover bracket, down a turnover bracket or whether you have multiple bank accounts.

Oh God, it's coming on.

I'm not even gonna get a chance at all.

He couldn't help himself.

Ladies and gentlemen, would you like me.

To go through what you asked me to come on the live for before you kind of, kind of go into the depth.

I didn't want to be censored.

Tell us from a, from a client.

She said this live is going to be 20 minutes.

And then I'm like, I'm not sat here for once and spoke.

I'm thinking, I know you wanted me to come on and talk about why people go for the package and what the benefits are as you speak to the forefront.

And I will ask them what they're looking for in the business.

How much do you want to outsource, how much do you want to do, how much support are you looking for?

And they're all the questions I'll ask to gauge you know, what kind of service they'll go for.

But a lot of people will say to me, I don't know what I'm doing, I'm not confident with it.

Numbers aren't my strong point.

And in that case, straight away I'm thinking, well, the all in one package is perfect.

Other people will say, I want more support in my business and I want to start understanding my figures.

And as you've mentioned, the performance pack is breaking down your business's performance in such a digestible way because it's done for visual learners, the way you've created it, with pie charts and graphs.

So people look at it and about amazing responses from clients to say, it helps me understand that performance.

Whereas if they just looked at zero, you know, people, most of these aren't number people.

Like, I'm not a number person.

That's why I deal with the clients and the words.

So it's a lot of the time for support.

And also the future changes of making tax digital.

I think we're getting very, very popular with the bookkeeping and with the packages because people know that MTD is on the horizon and there's going to be change and they're going to have to get on software and now's the time to do it, to smooth the transition and prepare yourself rather than waiting, you know, till April or the following year, depending on when it's happening, and then you can have a bookkeeper just do.

It all for you.

And I think the main thing is peace of mind.

Like people go for the package because it is just peace of mind.

Then it's been done, it's been done properly and there's one less thing for that business owner to worry about when they're doing so much more.

You know, they've got the social media, the bookings and everything else that comes with the business.

So, yeah, they're the main, main reasons why people go for the package.

Not so much questions.

I think, you know, from, from a client's perspective, somebody that is adverse to using software or having to do these things that HMRC are rolling out, what this package offers is the ability to offload any of the responsibility in preparing your records.

So we have the team in place there that as long as you can respond on email and you're able to take a photograph, then everything else is done for you.

So all of that stress, the worry is taken off of your plate and it's at a price point that is extremely favorable as well.

When you look at the number of hours that you'll spend compiling those records to give you the same information back that we are able to give you because it's very different sitting there at the end of the year with a pile of records just put into a spreadsheet to send it to your accountant because you're not understanding any of that.

You're just, you're just piling up figures.

And it's too late by that point.

And it's too late.

Absolutely.

Spreadsheets, I speak to a lot of people where I say you're filling that spreadsheet.

It's very time consuming.

You're copying what's in your bank, you're copying your receipts and invoices, you're manually writing it all down.

And software is just so much more efficient and especially on the all in one package when all you've got to do is take a photo of that receipt and send your invoices over.

That's it.

And then your, your self assessments as well then are given priority at the end of the year because technically we should have all the records there.

So we start working through those from the 6th of April so we can start getting those processed out.

So there's, there's lots of benefits of this all in one package.

In terms of the performance packs, obviously they have been a work in progress.

We first introduced the graphs, they tell you how much per pound you physically make earlier on in this year.

Then we introduced the sole trader where you are with your tax bill.

So it estimates your tax bill as we progress through the year.

So the four performance packs that you get uses that data and then estimates what you're going to be paying come April, we're going to be taking that one step further as well.

So I'm looking at some automation software, some AI software that's going to give you much more detailed metrics, but we're going to include that in the back of the performance pack.

So over the next sort of month or so more changes are coming in that, so that depending on your style of learning, how you like to read that report, you can go for the nice easy graphs at the beginning.

Just have a look at how much per pound you're making, check out where your tax is.

And then if you want more drill down metrics with, with, with charts and graphs and figures, there's going to be a few more pages in the back of that package as well.

So it's it, it really is.

We, we're trying to mold this package to kind of fit everybody and you take away what you want from it.

If you don't read it, absolutely fine, it's not a problem.

The important thing is, is that your, your account's being done correctly.

And one of the questions I asked earlier is, is, does it give you an additional layer of protection from hmrc?

And the answer is yes, because we will only put in your accounts what we know we can physically put through without them causing you any issues.

If something is questionable, ultimately it's your responsibility and you could tell us, yeah, look, I want to put it in, it's business related.

But we'll say to you, well, look, if they come knocking, we don't think we could successfully argue it as an allowable expense.

But if you're willing to take that risk, then we'll put it in for you.

Unless we know that it's a definite no.

No.

But what will happen is that you will have a set of accounts produced by a qualified individual, categorized correctly so your accounts become comparable.

So you can see year on year whether your income's gone up, what categories have gone up and down in your spending.

And then when you need to make changes, such as maybe you're looking for a mortgage and you need to know how you can increase your profits, we do it the right way.

Rather than not putting expenses through, you know, we can look at tweaking your prices.

We can look at, are you overspending in some areas that you're not using within the business?

You know, are you paying for software that you haven't used in months?

Are you paying consultancy fees to somebody that you're just simply not using anymore?

These are the type of meaningful conversations that you get when you're on that all in one package.

I think so many people, like, at the forefront when I'm speaking to people at all different stages of the journey in the business.

Some people set up and just say, I want to treat business like a business from the beginning.

Others I've been speaking to that have been trading 10 years and they say, you know what, I came into it to wing it and see how it goes, but now I want to grow.

I want to employ member of staff or buy that new van, and I don't know if I can afford to do it.

And I just say, like, understanding your cash flow and like your figures is crucial.

And I learned that from you too.

Like, you know, I hear you all the time talking about your pots, your savings, money's going here, this, that pot tax lot.

And I always say, like, I think.

Like, YouTube don't get that confused.

Yeah, but how important?

Not, yeah, like savings pots in your bank.

Because I can hear Vicky going, oh, he's beat me to the pots.

But that's like you built the pet account over three years to where you have 16 members of staff, is that right?

Sixteen, yeah.

And I know it's cliche and I say this to people on the phone because you're accountants, but you've done it because you know your numbers and it's so crucial to build in any business.

How can you make informed decisions about how to better your business and grow it without understanding?

And the performance packs are brilliant because I then speak to hundreds of people a year that go, I hate numbers, I hate it.

I bury my head in the sand, I avoid doing them.

So that's why they're done in this.

You've done it in a visual way, haven't you, where they can, people can understand them.

It answers those questions that they have, which is, how much do I save for my tax?

With that performance pack and these figures that we give you, you can visually see at a glance exactly how much you needed to have saved at that point in time to cover your tax bill, what that allows us to do.

And like Tegan said that we use pots.

Honest to God, I've got like 15 pots on the go and the only way that I know that by the end of the month we've got enough of that, staff wages, you know, the, the HMRCS paye, our corporation tax.

And each of these has like an element of every time money gets dropped into the account, we transfer things into these pots.

If I was keeping that all in one large account, I simply wouldn't know how much I've got saved for what.

And I, I would, honest to God, I think if we run the business like that, we would have no control over our cash flow whatsoever.

You would, because you think, oh, there's this Lord said.

But without you realizing what it's been allocated for and separated out from your day to day spends, it's so, so easy to go, yeah, I'll just dip into that pot and I'll, you know, I'll just take a chunk of money.

So.

So the separation helps with the mindset about things as well.

Once it goes in that pot, it's not yours to spend, that belongs elsewhere.

And then when that tax bill comes around or when that VAT bill's there every quarter, there's enough money there to pay it.

And I mean, we get clients saying, oh, you know, I can't afford the VAT bill.

And that can be quite scary.

And to give you, you know, when me and Mickey first went back registered, we were talking, you know, three or four thousand pound VAT bills.

Our VAT bills now are 30,000 pound plus a quarter.

So it's a hell of a lot of money to try and find.

I cry every single day, every single time and call them Robin bastards.

Yeah.

All that money off you.

And like I say, if we didn't have the parts would be, we'd be.

All over the place.

Me and Lee would go, oh, shiny thing, let me buy some more things.

And then we'd be like, we haven't got the money for the tax bill or the wage bill or the HMRC bill.

So by doing the package, it just gives you that control over what you're doing.

And you've got someone there from the outside looking in going, right, you know, we've noticed this, maybe if you change this.

And we had a client that, you know, was on the, on the front of it making a lot of money, but actually wasn't making any profit at all.

And until we drilled down into what was selling, what wasn't and we changed it up a little bit, she made the most profit she had by the next month.

So it does help having those people on the outside going, right, you need to do this, this and this and having that control over the finances rather than just winging it.

It's so easily done though, because I know I always talk about it, but my background, having the dog green business and I always talk about this moment when my mom, who was a dog groomer and she was, you know, she used you guys and that's how I found you, because she sang your praises and like I was, I don't need an accountant doing, because I'm a home based groom and I'm smaller and all this.

And she rang me up once and she was like, you need to buy this dryer.

And it was a Simpsons dry, it was 600 quid.

And I was like, I can't afford it.

He said, how much are you taking?

Last week said, I made over a grand last week.

She's like, you can't afford this dryer.

You're not saving for stuff, you're not saving free tax.

And it was literally that moment where I got into my business to win.

I just see how it goes, you know, I was just like, I'll see how it goes.

And four or five years in, I still felt like, you know, I was leaving my tax return till January.

I wasn't keeping on top of my records.

And I think so many people are in that position and then they ring up and they say, you know, I've been with an accountant that has made me feel like I'm just a number that don't taught my language.

They don't talk to me like a human or I've never had an account before and it's too daunting ringing up and then they get us on the phone, well, probably me, that's that like middle, it's fine, I did all that, but I'll tell you how to do it the right way.

And then.

You'Re human as well.

Like I was having this conversation this morning where I said, like I can promise you to talk to you like people.

Because one lady I chatted to this morning said to me like, you know, the person I've been with has been doing my pay on my accounts.

I don't really understand anything when I speak to them and I don't say that to them.

So I think that actually really works as well that you do all of this additional support in the performance packs, the booklets that they get with the year end accounts that guide the them through it and when I'm.

And the support, the checking calls throughout the year.

And I've never had anyone turn around and say, well the person I've been with previously has done all this.

So it's all that, you know, that you offer to try and help them understand you're not just doing the bare minimum of like going and doing the bookkeeping on the software.

You then reporting it back to them to help them in the business.

Me and Vicky are constantly looking at ways of making things better, making things easier to understand and implementing things.

So like Tegan touched on there with regards to the information that we include inside the account.

So apart from what the account software produces by when we enter all the figures, there's also another little section of that that goes through what is the account, how to read the accounts, what things mean with arrows and diagrams so that you can sit there on your own and read through it without wondering.

Well, I have no ideas what I'm looking at and I, I haven't got that confidence to pick up the phone and have enough chat with somebody.

So there's, there's information in that account booked at the start with to help you understand what you're looking at.

Help you with the terminology as well because that's another, another big one.

You know, some people won't know the.

Difference between gross profit and net profit, but this helps with that.

And then you can start using that going forward as well.

And like I said, because we are constantly trying to evolve things, things, we're trying to do the same along with the self assessments as well.

So I'm in the process of designing another little booklet that will go in the front of your self assessment that will guide you through what it is that you're about to look at and sign to say that it's correct.

And how can you sign something if you don't understand it to start with?

So don't sign your tax returns off without reading them.

And we don't do it because I'll send it off and then within 30 seconds, and I'm like, you can't have read it physically in that time.

They've just gone, yeah, sod it, sign.

Must be right.

Accountants.

Yeah.

Some clients go on the package because they've said, can't be asked to myself.

I didn't want to.

I didn't know if I could say that.

But that's fine.

That's fine.

Everyone does it for different reasons.

If your reasons, you just can't be asked to do it yourself and you'd rather pay someone else to do it.

I love it.

I absolutely love it when people say it.

So the last two weeks especially, I would say 75% of the package inquiries I've had, even people have gone.

I go, like, what are you looking for?

Like, why?

And when I say, we've got this, like, comprehensive package, it covers from all angles, takes the number work completely away from you, like that financial admin for your business, they go, that's what I need.

And my mom went, I can't be asked.

And I was like, love it.

I said, there you go.

And that was.

I said, I'll go through what's included.

She went, you've already sold me at the beginning because I just cannot be bothered.

She went, I've got two children, I've got my home life to deal with, my business to deal with.

I've got employees I've just started, like.

And she said, I just.

It's one less thing for me not to have to worry about.

So I get that as well.

It doesn't matter whether you're new, whether you're 10 years in, whether you've got staff, whether you haven't got staff.

The package works with everybody.

So it really don't sit there and go, I'm just starting out, I can't.

We've had loads of people who have just started out who've gone through the package and just to Answer Chelsea's question about how much is it?

Obviously it's all.

It's personal dependent on you because it's based on turnover.

The package does start at 97 pound and we month, but obviously say plus fat.

But obviously it's going to dependent on your turnover levels and things.

So if you did want a quote, then you can just get through to Tegan, drop her an email and she can have a chat with you and go through the calculator with you to give you a price, whatever you prefer.

Can you have a random question for Abby from Abby saying that she's left, she's been made redundant going self employed.

A husband and her have gone to replace their personal cars with a pickup truck which they'll use for percentage for the business.

Does the V5 need to be in my name to enable me to do that?

Okay, there's a couple of things here that, that stands out to me.

First of all, in answer to your specific question, if you're going self employed, it would be better if the vehicle was in your name if it's.

If it's you as a sole trader.

The second thing is, is that the pickup truck is no longer classed as a car, sorry, as a, as a, as a van, unless it's a single cab pickup, in which case it's then classed as a van.

So because of the way the HMRC does their taxes, the double cab pickups are now classed as cars.

You can only claim 6% of the car's value each year on a diminishing basis.

This is then apportioned for your business personal split.

So it's not as simple and as straightforward as it used to be with pickup trucks.

So you may want to get a little bit of help with your self assessment side so that you don't accidentally over claim on something that you shouldn't be with with regards to a pickup.

And a question like that would be good if you're on the package, because the bookkeepers will do it for.

The bookkeepers will do it for you.

So there we go.

But yeah, just to recap, like, it literally includes everything you're going to need.

And I say you can be involved or not involved as you like.

You know, the bookkeepers will try and work with you as best you can on your preferences and how you work.

And like I said, on the bottom of every one of our emails, there's a link, doesn't matter which staff member is, there's a link on everyone's email to say that if you want to talk to us and you've got like a set time of day that you, you can do, just click the link and book in a call.

It's as easy as that.

You don't have to wait.

You can go and do or you can just ring the office and ask for one of us or email us directly, either or any of those three ways you'll always get hold of someone.

And obviously with Making Tax Digital coming into play, for those that have got a turnover of 50 grand or more from next April, you must be on software and there is going to be quarterly reporting and there'll be a lot more information on that later down the line, hopefully soon because we haven't really seen much out there considering it's starting in April and.

But we will keep you guys up to date with that as and when we get the information.

But if you are one of those people, if you are making 50 grand and that includes any rental property income as well, and you're not on software or you are on software and you just think I don't know what I'm doing, then please, please, please get in touch because it is going to affect you from April next year and it.

To is going compulsory just with regards to that as well.

If you are on software for one business but your rental income is not on software, then you need to get the rental income on different software or a different license of the same software.

It can't be mixed in with your sole trade side.

So again, it's really important that you understand the requirements of mtd.

If your combined income from the rent when your store chain is above 50,000 in the 2425 tax year, so that year's already ended.

Nothing you can do now with those figures.

But once you submit your self assessment, HMRC will know that you're over that bracket.

And then from April the first or sorry from the 6th of April next year for the 2526 tax year, you're going to be automatically enrolled in Making Tax Digital and require quarterly submissions.

It's not optional, it's compulsory.

Compulsory will only be able to do it through the software.

There's going to be no other way around getting that information to hmrc.

It has to be done through the software.

So if you're on any obscure software that isn't Xero, Free Agent, Dex, Shipbooks, you know, Sage, then please, please check that it is MTD compliant because a lot of the weird and wonderful ones aren't.

And again you'll come unstuck if you go to do your first submission and Realize that you can't because the software doesn't allow it.

So just make sure that you double check that you do have the right software that is going to comply with it.

The software we use in the Package.

Zero is MTD compliant.

Yeah, it is.

We'll be doing them.

The quarterly submissions will be an additional service that we're offering, the same as what you'd offer us as, you know, as clipping dog toenails or brushing their teeth.

So it would be something that we would be a separate charge for because it involves us having to go in like a vat, return to check and submit to hmrc.

I don't think this is going to break the bank when we talk about it.

I mean, Vicky's batted some figures around and I'm sure she wouldn't mind me saying at the moment that we are looking around about the 15 pound a month mark for submissions.

So it's not going to break the bank.

I've seen much higher from other accountants that they're.

What they're planning on doing, but that's where we feel more comfortable at because like I said, we're not the cheapest out there there, but we're not the most expensive either.

And for what you get, it's, it's, it's.

I, I see it as value for money.

Yeah.

Especially if you're not sure what it is that you're supposed to be doing and they will bring out fines and things if you don't do it properly.

You don't want to be caught out on that.

So, like I say, for fifth sake of 15 quid, just for that peace of mind that, you know, it's getting done properly.

And like I said, it's going to be an upheaval for all accountants because there's going to be an increase of people want an accountant for that reason.

So it's going to be upheaval with staff.

People are going to get moved about because there's going to be more staff coming in.

So it is going to be a bit of a whirlwind for the accountant side as well.

So I think there's going to be capacity issues I can honestly see against next April and all of those people that have delayed and not got an accountancy package up until that point, they're going to be going out to accountants and accountants just simply aren't going to have the manpower to be able to take this extra work on because of the amount of people that's going to be there.

So what we would do is we'd make a commitment to our clients and says if you are a client before that date on a package, we will commit to saying that we will have room for you when it comes making tax digital.

And obviously then if people come to us after that date wanting to join us as packages and bits and pieces, it would be on a first come, first serve until we're at capacity.

I think, you know, that's a fair way of approaching that as well.

So if you've signed up before April, you're on a package, you've already secured your seat and then we know that we're not going to over commit because that's something that we would never do as an accountancy firm, is take people on over promise under deliver and just not be able to get things done because we don't want you getting fines.

It's not worth it, I stress, and they're not my fines.

Good accountants are hard to come by, so the recruitment process isn't a quick thing.

We're always on the hook for good accountants, good bookkeepers and we like to again train people within, which is why we go down the apprentice route.

You know, this is going to be our third apprentice and it works really well.

They get the training, we get, you know, their help and they get trained through their, their levels of bookkeeping.

So like I say, it's not something that's quick and I think every accountancy firm is going to have that issue.

So like, like Lee said, if you want them to get in first, now would be the time to do it because I have a feeling that there's going to be an influx books of people wanting an accountant and we're only gonna be able to take on so many.

So yeah, get in there quick, peoples.

Right, I think for Friday afternoon, we've been gone a little while.

If you want to get in, contact us about the all in one package and get a price then Tegan's emails on the screen.

Just tegan@copio.co.uk if you're listening to this, it's T G Y N at Colpio.

C U L P E O P. Give her a shout, get booked in.

Or you can go to the website the Pet accountant or pet accountant.co.uk and book in a chat with her via the link in there as well.

So contact us page.

Yeah, just get in contact.

If you prefer picking up the phone, give us a ring.

01228-264-652 and if Tegan's not available, there'll be somebody there that can take your details down so we can arrange a callback.

No issues at all.

Facebook, Instagram, on the website we've been getting a lot of inquiries for TikTok and on the website it's good because some people prefer writing in a callback request.

So you just put your name and number and then I give you a call back that day.

If you want to book a call in my diary for a convenient time, you can do that or there's a bit where you can actually write information email about yourself.

So there's, there's lots of different avenues you can go down many different ways you can get in touch.

So pick your favorite and if you.

Like sharks and trees, you'll be in for a treat.

Again, if you want in a Petro Expo ticket, please secure those soon because I say the doors are closing at the end of the month.

That isn't a. Oh, we'll just pretend we're closing the doors and then keep them open.

They will will physically be closed on the numbers and get all your bits and bobs together.

So we need to know how many pastries we need to buy.

Exactly, you know how many staff we need to sell to cover the pastries.

But yeah, so get them.

Just type in Pet Pro Expo on Facebook or there's an Instagram page or again you can just email myself or Tegan and you can get a ticket direct if you're a client as well.

So 31st of August, the doors will close and we look forward to seeing everyone there in November.

But other than that, have a good weekend.

This will be put onto the podcast on Monday.

Make sure you do subscribe and we will catch you all next week.

Very, very quickly.

Before we go, if you are an accountant or a bookkeeper and you do listen to the podcast because we know you are out there and we know that you do.

And if you do want to work for the pet accountant, send me an email.

Lee.

Fabulous weekend guys.

Stay safe and we will see you all next week.

Lovely.

Take care.

Bye bye, bye bye.

Thanks for listening.

If you've enjoyed my podcast, don't forget to subscribe for me and if you want to speak to me, please visit my website@www.petaccountant.co.uk and if you'd like to join my Facebook group which is full of like minded pet professionals, then search search accounting for pet professionals in Facebook and I will see you there.