Your Accounts Explained - Authors
As an author your accounting records consist of:
- Several royalty payments a year
- Advances from publishers or agents
- Research costs for each book project
- Some daily / weekly travel expenses
- Mobile and other phone charges
- Monthly salary if a limited company
- Use of home as office
- Annual insurances and / or professional subscriptions
- Bank interest / charges
- Sundries such as stationery, postage, Laptop etc
- Dividends or drawings
- And of course your accountants fee!
So how many individual transactions would this be a year?
Less than 100? Less than 200?
Not a great deal you have to agree?
Tax Saving Tip
If you write as a self-employed person or sole trader you may be able to take advantage of averaging relief. Authors are allowed to average the profits of two consecutive tax years provided certain conditions are met.
This can significantly reduce your tax bill.
Then if you record the transactions on our software, the system then:
- Adds them all up
- Produces the accounts
- Prepares a VAT return (if applicable)
- Provides corporation tax and dividend projections to better enable you to manage your cash flow
At your year end we take the data from the system, do some checks and produce the accounts and corporation tax required to be filed to meet your statutory requirements.
Does that sound easy?
Hopefully by explaining how your accounts are put together we have showed you why we can offer our services, from fully Qualified Accountants, as our highly competitive fees.
Have a look at our fees and what you could save:
Example Savings based on Limited Company Accounts
| Your current fees | Monthly fee | Annual fee | Switch & Save! |
|---|---|---|
| £70 | £840 | £384 |
| £90 | £1080 | £624 |
| £110 | £1320 | £864 |
| £130 | £1560 | £1104 |
| £150 | £1800 | £1344 |