What is an Asset?

The deadline for self-assessment was January 31, 2025, with immediate attention to the forthcoming implementation of Making Tax Digital (MTD). In this podcast episode, we, Vicky and Lee, elucidate the significance of MTD and its implications for pet business proprietors across the United Kingdom. With MTD set to commence in April 2026 for those with a turnover exceeding £50,000, all stakeholders must comprehend the requisite adjustments to their reporting practices. Our discussion encompasses essential strategies for seamless compliance, including the selection of appropriate accounting software to facilitate accurate quarterly submissions. We aim to equip our listeners with the knowledge and tools necessary to navigate this transition effectively, ensuring that they meet regulatory expectations and mitigate potential penalties.Takeaways: The deadline for self-assessment submissions has passed, January 31, 2025. Making Tax Digital (MTD) will require quarterly submissions from those with over £50,000 in income. Utilizing compliant accounting software is essential for accurate and timely submissions under MTD. It is imperative to declare all sources of income on tax returns to avoid penalties from HMRC. If you earned over £1,000 last year, you must prepare for the first payment on account. Understanding your financials through accounting software can significantly enhance business decision-making. To find out more about The Pet Accountant visit our website:www.petaccountant.co.uk

Join Vicky Clark and Lee as they dive into the details of the all-in-one accounting package designed specifically for pet professionals. This episode highlights the importance of understanding your financial metrics, such as gross and net profit, and how these figures can guide your business decisions. Vicky and Lee discuss their recent experiences preparing for Crufts, emphasizing the value of being well-organized and proactive in business operations. They also address common misconceptions about the cost of accounting services, showcasing how affordable their packages can be compared to the potential benefits for your business growth. Tune in for insights on improving your financial literacy and making informed choices that can boost your bottom line.To find out more about The Pet Accountant visit our website:www.petaccountant.co.uk

Vicki and Lee, the dynamic duo behind The Pet Accountant, dive into the essential role of specialized accountants in the pet industry. They emphasize the importance of understanding what to look for in an accountant to avoid pitfalls with unqualified professionals. The conversation sheds light on pet professionals' unique challenges, including navigating tax returns and managing expenses related to their businesses. Vicki shares her journey from a police officer to a successful accountant, highlighting the growth of The Pet Accountant and the tailored services they offer. Lee also discusses the significance of keeping up with financial trends and the tools available to help pet professionals maximize their profits while ensuring compliance with tax regulations.Takeaways: Vicki and Lee emphasize the importance of understanding your accounting and finances to avoid unnecessary stress during tax season. They explain the difference between expenses claimable as an employee versus those as a self-employed individual, highlighting key distinctions. The podcast discusses the benefits of using specialized accounting tools like Dext and Free Agent to manage pet business finances. A significant takeaway is the importance of regularly reviewing and adjusting pricing strategies in response to market changes. Vicki and Lee share their experiences of building the Pet Accountant from scratch, emphasizing the challenges and learning curves involved. They encourage pet professionals to reach out for clarity and support regarding their financial management and tax returns. To find out more about The Pet Accountant visit our website:www.petaccountant.co.uk

As the 31st of January deadline for Self Assessment approaches, Vicky and Lee, the pet accountants, provide essential guidance to help listeners navigate their tax returns with confidence. They clarify critical dates and rules, especially for those who began their businesses after April 2020, and emphasize the importance of understanding what expenses are allowable. The discussion highlights common misconceptions surrounding business expenses, such as clothing and footwear, and the strict guidelines set by HMRC. Listeners will also learn about the importance of accurate record-keeping and not falling into the trap of claiming expenses that could lead to penalties. With a mix of practical advice and humor, Vicky and Lee aim to alleviate the stress around tax season and encourage their audience to seek help if needed.Takeaways: The self-assessment deadline for the 2023-2024 tax year is January 31st, 2024, so ensure your tax return is submitted on time. If you started your business after April 2024, you don't need to file a tax return yet, so don't panic. Everyday clothing expenses are not allowable for tax deductions unless they are branded uniforms. When claiming for expenses, you must ensure they are wholly and exclusively for business purposes. Conversely, if you have incurred costs due to a work injury, those medical expenses may be claimable. For dog walkers and groomers, wearing branded clothing can convert personal clothing into allowable business expenses. Need our help with your finances, visit our website:www.petaccountant.co.uk

Vicky Clark interviews Lucy, the founder of Woof Links, an innovative online directory designed to connect dog owners with trusted pet services. The discussion highlights how Woof Links aims to streamline the process of finding local dog services, from groomers to trainers, while ensuring that only ethical businesses are included. Lucy shares her journey of creating the platform, motivated by the need for reliable dog care options, especially during the surge of dog ownership seen during the pandemic. As they explore the features of Woof Links, Vicky and Lucy emphasize the importance of providing a central hub for dog-related services that fosters trust and community. This episode is a valuable resource for pet professionals and dog owners alike, encouraging listeners to join the growing Woof Links community.Takeaways: Vicky discusses the importance of managing finances as a pet business owner to achieve success. Lucy emphasizes that Woof Links is a free directory for ethical dog businesses and owners. The conversation highlights the challenges new dog service providers face in navigating the market. Vicky and Lucy agree on the need for continuous marketing to attract new clients consistently. Listeners learn how Woof Links can help dog owners find reliable services in their area. The podcast addresses the significance of building a reputable online presence for pet businesses.If you'd like to find out more about WoofLinks you can visit their website here: https://wooflinks.co.uk/If you'd like to find out more about the Pet Accountant and how we can help you with your pet-based business finances visit our website here: https://petaccountant.co.uk/

Vicky and Lee, the Pet Accountants, dive into the recent UK Budget and its implications for business owners in the pet industry. A significant change highlighted is the increase in national minimum wage, which will rise to £12.21, impacting employers and their payroll strategies. Additionally, they discuss HMRC's crackdown on late payments and the importance of timely tax return submissions to avoid penalties. The conversation also touches on changes to Making Tax Digital, emphasizing the need for businesses to transition to digital accounting solutions by April 2026. With practical advice and insights, Vicky and Lee equip pet business owners with the knowledge needed to navigate these upcoming financial challenges effectively.Takeaways: The recent budget changes will significantly impact employers, especially in the pet industry. If you're an employer, prepare for increased national insurance contributions starting in April. HMRC is cracking down on late payments, so pay your taxes on time. Budget announcements did not change personal tax thresholds, impacting higher earners significantly. Employers must ensure their staff are paid at least the new national minimum wage. Making Tax Digital regulations are coming into effect, requiring digital accounting practices by 2026. If you would like to speak to us about our Pet Based Financial Services visit our website: https://petaccountant.co.uk/If you've enjoyed the podcast, or found it helpful be sure to subscribe on your podcast platform for more.

In this solo episode, Vicky and Lee talk about the Spanish Retreat! Having time away can help you focus, away from the phone, away from the business and away from the day-to-day activities of family life. Lee and Vicky found this extremely helpful which is why we are having a "Spanish Retreat", listen to the full episode for more details of how you can join us for time away to focus on your business!If you'd like to listen to more episodes around pet-based accounting don't forget to subscribe on your podcast platform.And, if you'd like to find out more about The Pet Accountant visit our website: https://petaccountant.co.uk/

In this episode, Vicky and Lee talk about Tax and Pricing and how these 2 parts of your business finances are critical for a profitable business. If you have enjoyed this episode be sure to subscribe, and if you think we can help your pet-based business with your finances visit our website: https://petaccountant.co.uk/

In this episode of The Pet Accountant, Vicky and Lee discuss VAT schemes that impact the pet industry. This episode also starts with a warning following a bad experience with a client that could have gone bad. VAT is of course vital, we are legally obliged to take VAT so it is important we understand it and do what we need to do. This episode should clear up any VAT-related questions but of course, if you want to ask us the question then reach out to our Facebook Group "The Pet Professional Business & Finance Hub"And for more podcasts, be sure to subscribe on your podcasting provider.If you think we could help your Pet Business with your accounting, take a look at our website: https://petaccountant.co.uk/

In this episode of The Pet Accountant, Vicky and Lee dive into the world of partnerships—a business structure that can offer significant tax benefits for pet business owners in the UK. They explore how a partnership, defined as two or more individuals working together with the shared goal of growing a business, can be a more tax-efficient way to operate in certain circumstances. By discussing the ins and outs of forming a partnership, they provide insights into how this setup might be advantageous for your business, helping you navigate the complexities of tax obligations while fostering business growth. Tune in to learn how a partnership could be the key to optimizing your business's financial health and do not forget to subscribe on your podcast provider for more.And if you think Vicky and Lee (The Pet Accountants) can help you with your business accounts visit: https://petaccountant.co.uk/