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Interior designers are very busy. There is a lot involved in running your interior design business. When you are juggling client orders, completing projects and dealing with deliveries of products, goods and materials, the last thing you want to think about is things like business taxes, business expenses and accounting in general. That is why many start searching for accountants for interior designers. Perhaps you have googled that today and that’s what brought you here.
Whatever brought you to the Tax Bite website, we’re glad it did. When you are a business owner, with all of the above already on your plate and that desire to just create for your clients, you may be tempted to handle the accounting yourself. Perhaps you think it will save you money in the long run.
It won’t. It will only create bigger problems for you, which is why we encourage you to take a look at why you should be interested in hiring one of our interior designer accountants here at Tax Bite.
There are many accountants out there that can perform the most basic of tasks, such as bookkeeping and can even help with simple tax return filing. They may be able to help you with some tax planning but, you may find that they lack appreciation for the unique quirks and standards of the interior design industry. General accountants can only help you with general aspects of your business. They are not experienced in the industry you operate in and do not understand the different challenges you face as an interior designer. If you want the best for your interior design business, you should look to accountants for interior designers.
Whereas specialist interior designer accountants know the ins and outs of your industry. At Tax Bite, we have individuals like that, that know all about the type of work you do, the expenses and the different red tape you need to deal with. They are better positioned and qualified to help make your business as tax efficient as it can be while ensuring you stay on the right side of the taxman.
If you would like to find out more about how Tax Bite accountants for interior designers can help with your business finances, please don’t hesitate to contact us. You can do this by giving us a call, wrapping us an email, or using the online form on the contact us page.
Okay, so hopefully we have convinced you to look for specialist chartered certified accountants for your interior design business. You may be looking at the diverse selection of names that come up when you run a search for “agencies offering accounting for interior designers”. You may be wondering why you should choose Tax Bite over one of our competitors. Rather than badmouthing the competition, we thought we would take the opportunity to highlight some of the reasons we believe we are among the best-qualified accountants. They have experience working for interior designers.
Many firms that offer accounting services to interior designers, as they do with any other individuals, offer general support and guidance to their clients from their team. It’s often the case that you could phone up several times in one week or fortnight and speak to a different accountant about your business accounts. While this may not sound immediately like such a bad thing, think about it for a moment.
Each time you contact your interior design accountants, hoping to find a resolution to a problem. You are put in touch with an individual that has not worked for your company before and has extremely limited knowledge of your business, your clients, your cash flow, profits, and various other information. So, when you contact them, they need to bring themselves up to speed so they can best help you, or just offer very non-specific advice and assistance. Imagine if, each time you contacted them, the same thing happened. It would be frustrating, wouldn’t it?
Is that going to help your interior design firm thrive? Is this the best way to achieve business growth? Not likely. For your interior design business to have real success, you need to know when you contact your accountants for interior designers that the individual you eventually speak to will know about you as the business owner, and your business and at least have an active knowledge of what’s happening with your business accounts.
At Tax Bite, that’s exactly what you get, because rather than just leaving your account to the pool of highly trained and certified accountants we have in our team, you will be assigned your accountant. This will speed up the process of dealing with queries, issues, and anything else because they will be familiar with your accounts. It is likely to also make the experience more enjoyable.
To find out more about our accounting for interior designers, and how we can help you, speak to one of the team here at Tax Bite today.
It doesn’t matter whether your small business has been incorporated and become a limited company or you are still operating on a self-employed basis, your business taxes are hugely important. Legally, there are no rules that say you need to hire accountants for interior designers, not even to deal with your VAT, tax and other HMRC and Companies House-related aspects of your business.
It may be in your best interest, though, if you do. Business taxes can be a highly complicated aspect of your interior design firm. What would you rather do? Spend aimless hours trying to figure out how you should fill out tax returns, what business expenses you can claim for and liaising with HMRC directly when necessary? That would potentially take up a lot of your time and even if you were looking to save money, there’s no chance it would ever be completely right anyway. Not without experience.
One of the most important aspects of accounting for interior designers is bookkeeping. In the past, this laborious and painstaking task was completed by hand. Fortunately, like many things that were once written out paper, there are various bookkeeping and accounting software programs available that make the entire process a lot easier. While these are often designed to be used by just about anyone, if you want to get the most out of some of these sophisticated software suites, you are best looking for a professional.
At Tax Bite, our team of chartered certified accountants is well-versed in using most of the leading accounting software platforms. So, regardless of whether you are already using one or want to move to another one or are indeed starting from scratch, we can help you.
Our accounting software expertise and certification cover the following:
To find out more about our bookkeeping software management and support services, contact Tax Bite today either by phone, email or using the contact form on the relevant page.
When running your own business, it can feel like you are constantly in a battle between increasing your profits and reducing your expenses. It matters, therefore, how much certain things cost, including accounting fees. We know there is a lot of distrust, especially among online-based always trying to get more money from their clients. Extra charges end up added to the bill once the contract has been signed.
At Tax Bite, we try hard to distance ourselves from that kind of business that gives accountants a bad name. To help make sure that is clear, you have our guarantee that you will only ever be charged for the services you want, and the prices will be made clear in the quote and then the contract we supply to you. So that all parties are clear about what all the costs are in the contract, we will discuss this at the time when you are choosing to accept or quote or not and in writing when it comes to the actual contract.
We will not charge you for services you don’t use. If you do want to upgrade your services, you can, and we will adjust things for you. If you are interested in finding out more about our prices and how much our services are likely to cost you, please contact Tax Bite today either by phone, email or using the online contact form.
Hopefully, we’ve convinced you that you not only need accountants but accountants for interior designers and that Tax Bite is who you should hire. If you do decide to hire one of our team as your accountant, you will likely want to know the kind of services you will get the benefit of.
Even within the same industry, all businesses are different from one another and unique. That is why although we use the same accounting methods and approaches, we use with other clients, we will tailor it specifically to your business. We also guarantee that we will provide consistency and clarity to your business finances, as this is especially important when working in the interior design industry. Some potential pitfalls and issues are specific to the industry.
There are several ways you may charge clients. For instance, you may charge consultancy or design fees, commissions or another type of project management fee, depending on the circumstances of the work at hand. In addition to those fees, you may also charge for sourcing or procurement or a smaller mark-up margin if you used trade discounts to get products and materials.
Regardless of how you choose to charge your clients and what you charge, there are things you need to be aware of, that only chartered certified accountants know. This includes things like the VAT registration threshold (at the moment this is an annual turnover of £85,000). We can check your accounts closely if hired and inform you when you reach the threshold if you don’t already and provide assistance with VAT registration.
You also need to be aware of Making Tax Digital and the rules related to that new initiative. At Tax Bite, we can help figure out how much of an impact the new rules will have on your business and cash flow. We can also figure out whether the goods your interior design firm purchases for clients count as recharges or disbursements. This could have a significant impact on your position about VAT registration.
This area of interior design accounting is so important that we will discuss the terms in more detail below.
If you would like to hire one of our team here at Tax Bite as your accountant, please get in touch today by emailing, phoning or using the form on the contact us page.
One of the arrangements you may be in place with clients is where you buy materials on their behalf. This will be the course of action you take if the client does not know what items, products or materials have been bought and has provided a general budget to cover your work on the project.
When using this arrangement, unless you choose to make the transaction transparent without gaining profit from it, there will be a margin or mark-up applied to the bill for your client.
To help make this aspect of interior design accounting as clear as possible we have highlighted features specific to recharged expenses.
Another arrangement many interior designers use is that they buy all the materials like fittings, fixtures and furniture for the client and operate in a middle man role between client and supplier. If you choose to go down this route you will need to create a special disbursement invoice so you can charge your client for the full cost of the supplies. Although this is a common choice for many in the business, it can still be problematic if there is no clear understanding of how to treat accounting, particularly when VAT is involved.
Disbursement arrangements, therefore, must include the following features:
One of the most complicated and potentially confusing aspects of interior designer accounting is bookkeeping. To help keep things simple and easier to understand, that is why we would encourage all our clients to use accounting software. If you have not already switched over to accounting software, we have already noted that we have expertise in this area. We can set up the relevant accounting software on your behalf.
This does not mean we are going to help you pinpoint the things you are and are not able to do, but rather the limits in place by HMRC. For example, if your annual turnover is £85K, you need to register for VAT. That then means your prices will increase by 20%.
Indeed, you could then recoup any VAT you are charged on supplies, but it’s not as simple a decision to make whether you should wait to reach that turnover level before you become VAT registered. There are various things you need to consider and fully understand.
Fortunately, if you choose to work with Tax Bite as your interior designer accountant, we can help you understand the ins and outs of this area of business finances.
“When I first started my interior design business I was, admittedly, a little naive. I thought my life would be easy as a business owner and that I could save money by handling the accounting side of the business myself. How wrong I was. It all started to pile up quickly. My experience was in creating attractive and functional living and working spaces for my clients. What was the difference between a purchase invoice and a supplier invoice? What should be included in client invoices and what is sales tax? There were so many questions I needed answers to. That is why I turned to the professionals at Tax Bite. Of all the accountants I spoke to before hiring, their company stood out as the best. The team was friendly and replied in a timely manner. I felt confident my finances were safe in their hands” Trent, Derby
“The service I have received from Tax Bite has been nothing short of outstanding. They helped my fledgling interior design business get on track. With their assistance, I was able to plan for the future with confidence. Their support with the accounting side of the business has made my working days more pleasant and I can focus on creating the best living and working spaces for my clients while competing effectively with my competitors in the market. With a team like Tax Bite in control of your business accounts, all your transactions are tracked. They can help you like they helped me to increase the business expenses I could claim, and save time by handling client invoices and VAT returns. They also reply in a timely manner and provide invaluable email support. ” Dereck, Whitby
“I knew it was important for my interior design company to use the services of accounting professionals because there are so many transactions involved in this line of work. The team at Tax Bite will help track all your transactions, and use software to ensure it is all in order when it comes to filing your VAT return. They even helped me to develop business guides when I was trying to gain additional finance and I can say that my overall business income has improved since they have been on my side. Thank you to the team for the wonderful service. I look forward to continuing to work with them in the future. Can’t recommend this firm more.” Angela, Blackburn
It doesn’t matter whether you have just established your interior design business or have been working as an interior designer for some time. If you have yet to work with interior designer accountants, there is no better time than the present. The team here at Tax Bite has extensive experience working with small businesses within the interior design industry. This means that we understand the market and are best equipped to offer back office support for the accounting side of things. Whether you are just looking for professionals to handle the bookkeeping or would like more comprehensive support, we can help.
To find out more about our services, we urge you to contact Tax Bite today for a free consultation appointment where we can discuss your small business and what it needs.
Disbursement arrangements are cash transactions where your client expects you to cover the supplier account payment. The main benefit of choosing these options is that your client may get much better credit terms. Why? The supplier could be lenient with regards to receiving payments from your interior design business, compared to if the client paid directly. It would be the same arrangement if any trade discounts were used.
To ensure the project is running smoothly, your interior design business may want to track the goods and material orders from the supplier to make sure they are delivered on time. All the goods and materials for the project are owned by the client and the contract in place related to them is between the client and supplier.
At Tax Bite, we can manage any bookkeeping through online accounting software. The benefit to your business is that:
Making Tax Digital is an initiative set up by the UK government to bring an end to the tax return and transform the tax system by 2020. The main goal was to create a tax administration system that was simpler, more efficient and more effective for taxpayers. In July 2020, an announcement was made that stated all VAT-registered businesses must file their taxes digitally from April 2022 onwards through Making Tax Digital, regardless of their turnover.
While you are busy using your skills to create wonderful spaces for your clients, bookkeeping can keep your business accounts in order. Your interior design firm will benefit greatly from bookkeeping in the following ways:
When it comes to bookkeeping, there are two basic methods used.
Single-entry bookkeeping is ideal for small businesses with a simple framework of little to no employees and a single business owner. With this method, all your transactions are recorded only once.
The double-entry method, on the other hand, is where all your transactions are tracked, both as debits and credits. This method is more reliable and robust and best suited to larger limited companies.
Our team at TaxBite help various sectors in accounting, such as: