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Monday 9am - 5pm Tuesday 9am - 5pm Wednesday 9am - 5pm Thursday 9am - 5pm Friday 9am - 5pm

Lady D Accounts, Bootle (2026)

Lady D Accounts is a finance, accounting and administration specialist consultancy for sole traders and small to medium-size businesses. Here below is a none-exhaustive list of our achievements working with various sole traders and small to medium-size for-profit and not-for-profit companies operating in different industries:

● Designing and implementing financial and administrative systems and p

rocesses including purchasing, sales, inventory, cash, etc. to prevent errors and fraud while ensuring the efficiency of the financial and administrative duties and safeguard the business assets.
● Initiating and leading the implementation of new Information and Communication Technology systems to improve the efficiency of the existing ones.
● Applying relevant accounting principles including the UK GAAP and the charity SORP to record and maintain accurately day-to-day accounting transactions on different accounting software including Xero, QuickBooks, Sage, and ERP systems, to allow the company’s stakeholders to have a constant clear understanding of the business financial situations.
● Managing period-end financial duties including monthly reconciliation of the bank accounts and other accounts, and posting adjustments’ entries for depreciations, amortisations, accruals, prepayments, and intercompany transfers and cross-charges.
● Applying relevant financial reporting standards including the FRS 102 and IFRS to design and compile period-end financial reports including the profit and loss account, balance sheet and statement of cash flow to allow the business stakeholders to make informed financial decisions and evaluate risks about their business.
● Managing the business finance and accounting processes and duties including payroll processes, VAT returns and credit control.
● Providing management and financial planning information as per managers’ requests including profit and loss accounts, budget and cash flow forecasts, reviews, and analyses.
● Developing KPIs to track the business performance and providing advice for potential discrepancies to ensure that the business is constantly monitored and that potential issues are resolved in timely manners.
● Liaising efficiently with the business internal and external contacts such as suppliers, customers, external accountants, auditors, HMRC, and banks to resolve any issues with accounting and finance and providing documentation and explanations.

09/04/2024

Three key points about the UK charity Standards of Recommended Practices (SORP)

1- SORP set out how charities are expected to apply the accounting standards (FRS 102) to their particular activities and transactions.

2- SORP include charity-specific requirements that are additional to those of the accounting standards. In particular, the requirements relating to the trustees' annual report, fund accounting, the format of the statement of financial activities and additional disclosures aimed at providing a high level of accountability and transparency to donors, funders, financial supporters, and other stakeholders.

3- SORP has requirement for additional disclosures which are not specifically required by the accounting standards.

29/03/2024

All about being a Limited Company

A limited company is a form of business that separates the people that own and run a business from the business itself, making it its own entity.

With a limited company, shares are held by the individuals and profits are owned by the company itself after the company pays corporation tax.
These profits are then shared out with the shareholders. Shares in the company can be bought and sold.

The term limited comes from the idea that the company is “limited” by its shares. At formation, a company might issue 100 shares at £1 each and these shares are paid for in full by four shareholders at 25 shares each.
However, if these 25 shares each aren’t paid for in full and the company goes bust, the company directors are only responsible for paying the value of its remaining unpaid shares.

Usually, directors own shares in a limited company but this isn’t necessary. Directors are responsible for running a limited company and this can be anyone.

Providing the law has not been broken, company directors aren’t made responsible for the business debts if the company makes a loss.

The limited company must register itself at Companies House and give HMRC a date for when the business officially starts running.

If the company expects to take more than £85,000 per year as (£90,000 from April 1, 2024) it must also register for VAT.

Every year the company must also provide statutory accounts to HMRC that comply with either UK Generally Accepted Accounting Practice or International Financial Reporting Standards.

An annual return must be sent to Companies House and HMRC must receive a Company Tax Return.

Directors must fill in a self-assessment tax return and, if a salary is paid, pay NI and tax through PAYE.

26/03/2024

All about being a Sole Trader

A sole trader is a straightforward self-employment.

It can mean some extra risk to the business because you are personally responsible for all your business debts if it fails. It can also make you more personally accountable in the event of a lawsuit. As a limited company, it is the company which is being sued but, as a sole trader, you yourself could be in the dock.

However, if it’s a low-cost business that is unlikely to incur any debts or cause any personal or financial damage to another party, then a sole trader might be the right choice for you. But if you’re likely to incur any significant debts or legal risks, the financial protection offered by becoming incorporated and forming a limited company would be advisable.

Sole traders get to keep all their business profits after tax has been paid on them.

Setting up as a sole trader is relatively straightforward. Go ahead and register for self-assessment with HMRC. To become a sole trader, you must register using the government portal within three months of founding your business.

Technically speaking, you don’t need to register as a sole trader unless the income you earn from self-employment is more than the tax-free allowance, which currently stands at £1,000. For example, if you’re in full-time employment, but do paid-for gardening on the side, you won’t need to tell HMRC, providing your self-employed earnings are less than £1,000.

If you think you’ll earn more than this, the deadline to register for self-assessment is October 5 in your second tax year of trading.

Your personal allowance for tax-free income in 2023/24 and 2024/25 is £12,570. Anything above this will be subject to corporation tax (19 per cent on anything between £12,570 and £50,000).

If you’re a sole trader in self-employment, you must also pay National Insurance (NI) contributions if you have profits above £12,570 or more a year.

They’ve been reformed in the Autumn Statement 2023 and the Spring Budget 2024. Class 2 National Insurance Contributions will no longer be compulsory from April 6, 2024. Class 4 NI contributions, meanwhile, will be paid at 6 per cent of the profits you make up to £50,270 (and a further 2 per cent on any more profits over that).

15/03/2024

I’m Haissata, I can develop and maintain accurate accounting records, clean-up books and produce reliable and understandable financial statements. Please drop me a DM if you’re interested.

Address

Bootle

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

https://www.lady-d-accounts.com/

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