Abbey Bookkeeping Solutions

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Abbey Bookkeeping Solutions

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Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Abbey Bookkeeping Solutions, Tax preparation service, Chorley.

Making bookkeeping smooth, simple and stress-free.

🔵All aspects of bookkeeping
🔵Accounts Payable and Receivable
🔵VAT returns
🔵Computerised Accounting Software

🟥AATQB & MICB
🟥AAT Licensed Bookkeeper
🟥Xero Partner
🟥FreeAgent Partner

19/10/2026

My kids have circled EVERYTHING in the Smyths catalogue, so apparently we’re close enough to mention the C word…

Christmas! 🎄

With under ten weeks to go, festive spending has already started for many businesses.

Shops and makers are buying stock now, while service businesses need to remember that payments often slow down over Christmas.

An invoice sent in December could still be unpaid when January’s wages, rent and 31 January tax bill are due.

This week, add these to your cash-flow forecast:
✔️ Stock or materials
✔️ Extra staff costs
✔️ Christmas closing dates
✔️ Customers who usually pay slowly

And invoice everything you can before the end of November.

A little planning now could make January feel much less stressful.

16/10/2026

A customer pays you £1,200. How much is actually available to spend?

If the payment includes 20% VAT:

£1,000 is your sale
£200 is VAT collected for HMRC

There may still be tax to pay on your profit too.

The problem is your bank balance shows the full £1,200, making it easy to spend money that needs to be kept aside.

A simple solution? Use a separate savings account and move money across whenever a customer pays you.

The right amount will depend on your business and VAT position, but regular bookkeeping makes it much easier to plan.

If you’d like help working out a realistic amount to save, please get in touch. 😊

14/10/2026

The second MTD for Income Tax quarter runs to 5 October, with the update due by 7 November.

This applies to sole traders and landlords who joined MTD in April because their qualifying income was over £50,000.

The update is straightforward when your bookkeeping is current. Before the deadline:

✔️ Reconcile the bank
✔️ Clear any queries
✔️ Check personal spending

Qualifying income over £30,000? MTD starts for you in April 2027 so now is a good time to build the right habits.

If you’d like help keeping your records ready for each quarterly update, please get in touch. 😊

12/10/2026

Two invoices. Same customer. Same amount.

One says: “Payment terms: 30 days.”

The other says: “Due Friday 13 November,” with the bank details underneath.

The second is easier to understand and easier to pay.

To help reduce late payments:
✔️ Invoice as soon as the work is finished
✔️ Include a clear payment date
✔️ Make your bank details easy to find
✔️ Check overdue invoices every week
✔️ Automate your first reminder

Small changes can make a big difference to your cash flow.

If chasing invoices is becoming another job on your list, please get in touch. 😊

09/10/2026

A useful Friday job that only needs 15 minutes and one spreadsheet…

Create one column for each week between now and early January.

Start with what’s currently in the bank, then add the money you expect to receive each week. Be realistic, if a customer normally takes 45 days to pay, don’t assume this invoice will suddenly arrive in 30.

Next, add everything due to leave the bank:
✔️ Wages
✔️ Rent
✔️ Supplier payments
✔️ Loan repayments
✔️ VAT and PAYE
✔️ Insurance renewals
✔️ Christmas bonuses or other seasonal costs

Your closing balance will show what should be left at the end of each week.

Look along the figures for any weeks where the balance becomes uncomfortably low. It’s often when several large payments (such as payroll and VAT) fall close together.

Spotting that dip early gives you time to chase unpaid invoices, review payment dates or make a plan. Finding it on the day gives you far fewer options.

If you’d like help creating a simple cash-flow forecast for your business, please get in touch. 😊

07/10/2026

Imagine a joiner completes a £12,000 kitchen on 30 September and sends the invoice that afternoon.

The September figures may show the full £12,000 sale, so the business looks profitable.

But the bank balance tells a different story.

The timber was paid for in August, wages were paid throughout September, and the customer has 30 days to pay. That means the money may not arrive until the end of October or even later if payment is delayed.

For several weeks, the business can be profitable on paper while still being short of cash.

Now imagine having four jobs running at the same time. Materials and wages must be paid before all the customer payments arrive, which can quickly put pressure on the bank balance.

Neither figure is wrong. One shows what the business has earned; the other shows the money that has actually arrived.

That’s why it’s important to keep an eye on both.

Could your business be profitable on paper but short of cash in the bank?

05/10/2026

Today is one of those deadlines many people do not know about until it has already passed.

If you started working for yourself between 6 April 2025 and 5 April 2026, you may need to register for Self Assessment with HMRC by today, 5 October.

This could apply if you:
• Started a new business or went freelance
• Earned more than £1,000 from a side income
• Began receiving income from renting out a property
• Received other income that has not already been taxed

It often catches people who did not necessarily think of themselves as starting a business. Maybe a hobby began bringing in regular money, weekend orders became more frequent, or occasional freelance work turned into something bigger.

Registering late does not automatically mean you will receive a penalty. However, penalties may apply if the delay leads to your tax being paid late so it is much better to deal with it now.

Not sure whether your income means you need to register? Send me a message and I’ll help you understand what you need to do.

01/10/2026

“If I made a profit, where has the money gone?”

It’s a common question and it doesn’t mean your accounts or bank balance are wrong. They simply show different things.

Your money may be tied up in unpaid invoices, stock, tax, equipment or money you’ve taken from the business.

My latest blog explains where your profit might be hiding and how a simple 13-week cash-flow forecast can help you plan ahead:

Profitable on Paper, but Short of Cash: A Small Business Guide to Cash Flow

https://www.abbeybookkeeping.co.uk/post/profitable-on-paper-but-short-of-cash-a-small-business-guide-to-cash-flow

Take a look at your latest profit figure alongside your bank balance. If they don’t seem to belong to the same business, it may be time to look a little closer.

24/09/2026

Profit doesn’t always disappear because of one large expense. Sometimes it’s lost through small pieces of extra work that never get added to the invoice.

If you charge for projects or monthly packages, make sure your clients understand:
✔️ Exactly what is included in the agreed price
✔️ What would be treated as additional work
✔️ That any extra costs will be agreed before the work begins

Providing a great service doesn’t automatically mean a job will be profitable, especially if the amount of work keeps growing while the price stays the same.

Regular bookkeeping can help you compare the income you receive with the costs and time involved, making it easier to spot work that may not be as profitable as you thought.

23/09/2026

Good bookkeeping isn’t just about keeping everything tidy. It should give you clear, up-to-date information that helps you make better decisions.

As your business grows, that means:
✔️ Reconciling the bank regularly
✔️ Using consistent categories for repeat spending
✔️ Completing your bookkeeping by a set date each month

If your figures are always out of date, it becomes much harder to understand how the business is performing and you can end up making important decisions based on guesswork.

Your bookkeeping should make running your business easier, not leave you with more questions.

If your books feel behind, confusing or difficult to use, please get in touch. 😊

Address

Chorley

Telephone

+447352454764

Website

https://linktr.ee/abbeybookkeeping, https://www.abbeybookkeeping.co.uk/

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