JB Accounts

17/06/2026

Today I went to the Harbour Hotel Fowey for a Cornwall Business Show exhibitor networking event.

The hotel overlooks the river but the foggy weather meant no nice views. Pictures show what I could see vs what Google Maps says I should have been able to.

16/06/2026

: Sole Trader

This week I am translating a term that comes up constantly, especially if you are just starting out in self-employment.

Sole trader is the legal term for someone who runs a business as an individual. You do not need to register with Companies House or do anything formal to become one. You just need to register as self-employed with HMRC, and in most cases you become a sole trader automatically when you start working for yourself.

The main thing to be aware of is that there is no legal separation between you and your business. If the business has debts, you are personally responsible for them. That is the key difference between a sole trader and a limited company.

It does not limit what you can earn or whether you can take on staff. It is simply a description of how your business is set up legally.

If you are not sure which structure applies to you, feel free to drop a question in the comments.

09/06/2026

6th April. It is not a date that means much to most people, but if you are self-employed it is effectively your new year's day.

: The Tax Year

The tax year does not follow the calendar year. It runs from 6th April one year to 5th April the next. So when HMRC talks about the 2025/26 tax year, they mean 6th April 2025 to 5th April 2026.

This catches a lot of people out when they are new to self-employment. Your tax return covers income earned within that April to April window, not the January to December year you are probably used to thinking in.

The filing and payment deadline is 31st January following the end of the tax year. So for the 2025/26 tax year, that deadline is 31st January 2027.

Once you know the pattern it becomes second nature, but it is one of those things that nobody thinks to explain until the confusion has already set in.

Drop a question in the comments if you want to know more, or let me know what term you would like me to translate next week.

06/06/2026

📢 **Attention traders affected by the Royal Cornwall Show cancellation**

We know how much hard work, preparation, and investment goes into getting ready for an event of this size, so we're incredibly sorry to hear about today's cancellation.

If you have stock ready to sell and are looking for an opportunity to trade this weekend, we'd love to help if we can.

We have a few spaces available tomorrow (**7th June**) at the **Illogan Food & Craft Market**. We can accommodate a couple of traders indoors, and we have plenty of room outside for gazebos.

If you'd like to join us, please get in touch as soon as possible. We'd be delighted to support fellow traders and help you turn a difficult situation into a positive trading day.

📩 Message us directly for details and availability.

🙏 Please share this post with any traders who may have been affected by the Royal Cornwall Show cancellation.

02/06/2026

A lot of people file their Self Assessment in January, breathe a sigh of relief, and then get a shock when HMRC asks for nearly half as much again on top. Here is why that happens.

: Payments on Account

When your tax bill for the year is over £1,000, HMRC does not just collect what you owe. They also ask you to pay towards next year's bill at the same time, based on the assumption that your income will be similar.

This advance payment is split into two instalments. The first is due on 31st January alongside your existing tax bill. The second is due on 31st July.

So in that first January, you could find yourself paying up to 150% of your tax bill in one go. It is not a penalty or a mistake. It is just the way the system works, and it catches a lot of people completely off guard.

If your income drops in the following year, you can apply to reduce your Payments on Account. Worth talking to your accountant about before January comes around.

Drop a question in the comments if you want to know more, or let me know what term you would like me to translate next week.

26/05/2026

: Self Assessment

This week I am translating another term that seems to cause a lot of confusion, especially for people who are new to running their own business.

Self Assessment is the system HMRC uses to collect tax from people whose income is not taxed automatically through an employer. If you are self employed, a sole trader, or a director of a limited company, there is a good chance you need to complete one each year.

Basically, you fill in a tax return telling HMRC what you earned, and they work out what tax you owe. One thing that catches people out is thinking they need to pay as soon as they file. You can submit your return as early as 6th April and the payment deadline is still 31st January. Filing early just means no last-minute rush, not an early bill.

The online filing and payment deadline is 31st January each year, and missing it means an automatic fine.

If you are not sure whether Self Assessment applies to you, feel free to drop a question in the comments.

20/05/2026

"I've got plenty of time before the deadline."

I hear that one quite a lot.

The thing is, deadlines are usually just the final submission date. Before anything can be sent, there can be questions to answer, missing paperwork to find and checks to carry out.

A small delay can quickly become a bigger one without anyone meaning for it to happen.

I've written a new blog post about why getting paperwork organised earlier can save stress and avoid a last-minute panic.

Read it here:

Organising paperwork for your accountant earlier can save stress, avoid last minute panics and help keep your business records on track.

19/05/2026

: Turnover

I know how overwhelming accounting jargon can be. To help clear things up, I am starting a weekly series to translate common terms into plain English.

First up is Turnover.

Put simply, turnover is the total amount of money I have charged my customers. It is my "top line" figure before I have taken away any business expenses or tax.

If I invoice a client for £500, my turnover is £500.

I hope that helps. If there is a specific term you would like me to translate next week, please let me know in the comments.

14/05/2026

Most unusual and coolest swag at Accountex goes to

Never thought I would have my face made of chocolate.

I have had some really useful chats with people here and found some tools that I can use

12/05/2026

On my way to London for Accountex. Looking forward to seeing the latest updates in the industry and finding new ways to make things easier and more efficient for my clients.