Making more money from your business with Accountant Bel Turpin

Bel is part of Turpin Accounting Services a business setup by her Mum.
Bel she she fell into accounting. She started in retail management, but when her Mum’s business expanded she needed help. Bel started doing data entry on her days off, and then applied for a role when it became available. So she started on admin, then moved onto bookkeeping, then accounting and did all the training in those areas on the way. Now she works with clients on business development.

Marcus says he doesn’t have an accountant and asks why he should use one as a sole trader. Bel says it’s a lot about having someone to be able to ask the right questions. It’s not that the accounts are often wrong it’s just that as a business owner it’s hard to see the bigger picture from your numbers. So she could help Marcus make more money, make him more tax efficient and things like that.

What is the difference between bookkeeping and accountancy? Bookkeeping is the day to day data entry and organisation. An accountant does more advanced work such as end of year accounts or giving you advice. Sam asks as a photographer is it best to have an accountant or a bookkeeper. Bel says it depends what you want to get out of the business at the end of the day. Look at the time you are spending on accounts, is it worth handing that over to someone else? In terms of accounting it’s a question of whether you want to move the business forward.

Bel thinks there is education needed in terms of what things can be put through business expenses. Things like a home office, internet bills, gas, electricity and a percentage of the mortgage. Equipment can all go through as well as subscriptions like Adobe and CRM packages.
Bel highly recommends using accounting software as it makes life easier. As the government is moving to making tax digital it means that almost all businesses will need to be using the software before too long. It’s likely that will be for all businesses turning over more that £12k a year.

Sam asks if Bel has any thoughts on which accounting software is better for as small business. She thinks Xero gives a bit more analysis than Quick Books. But overall they are all very similar.
Marcus asks the advantages and advantages of being a limited company and being VAT registered. Bel says it’s about what your business wants to achieve. Some large clients will only work limited businesses. As a Limited company you have different ways to get money out of the business which aren’t available as a sole trader.
Being VAT registered is again linked to bigger clients and some may expect you to be VAT registered. It has big effects on buying equipment and claiming VAT back. Sam wonders why more photographers don’t become a limited company. Bel does warn that such a change tends to double your accountants costs.

Bel does free accounting clinics once a month which can be found on Eventbrite
Sam asks what a photographer does if he owns equipment and then starts a business. How you can account for this. Bel says you can, if you are a limited company you can sell the equipment to the business. So the business then owes you that money. Sam talks about equipment depreciating and accounting for that, but Bel says you will probably need an accountant to deal with this.
The discussion also goes onto the fact that accountants need brand photographers and videographers. So make sure you talk to your accountant to see if you can help them with their photography.

You can get in touch with Bel here
https://www.turpinaccounting.co.uk

bel@turpinaccounting.co.uk