TeamBass

06/10/2026

Is your inbox quietly running your working day?

Try setting aside two short slots to deal with emails, then turn the ones that need action into a clear task list. It can make it easier to see what needs your attention first.

If diary and inbox management are taking time away from your business, Team Bass can provide remote support when you need it, just get in touch.

02/10/2026

📣 New to Self Assessment? Don’t miss the 5 October deadline!

If you started a business, became self-employed or received other income that may need to be declared during the 2025/26 tax year, you may need to tell HMRC by 5 October 2026 that you need to complete a Self Assessment tax return.

This could apply if you’ve recently:

📌 Started working for yourself
📌 Become a sole trader
📌 Started receiving rental income
📌 Received other untaxed income
📌 Had a change in circumstances that means you now need to complete a tax return

Not sure whether you need to register?

Don’t leave it until January to find out! 😊

Team Bass can help you understand what you need to do, get registered where necessary and make sure you’re ready for your first Self Assessment.

📞 Get in touch if you need a hand — we’re always happy to help make sense of the numbers.

28/09/2026

Are your accounts waiting for a “quiet week” that never comes?

A regular bank reconciliation is a simple way to spot missing transactions and keep your records up to date. Even setting aside a little time each week can make the numbers feel more manageable.

If bookkeeping keeps slipping down your list, Team Bass can help you get organised with support for the hours you need. Drop us a message for a chat on what we can do for you!

24/09/2026

23/06/2026

Great to catch up with the team at The Community Cupboard and find out what’s been going on and what they’re planning next!

The end of yet another week and what a way to spend it than time with Trustee Adrian and our accountant Julie. Thank you both for your time ❤️

Thank you to everyone donating this week, helping us to feed our community.

We are back out working today and you will find us at the West Kingsdown summer fair (on the field outside the hub). Do pop along and say hi 😍

22/04/2026

CONFUSED ABOUT FINANCIAL REPORTS?
We are often asked what a business would look at in terms of its Financial statements.

PROFIT AND LOSS ACCOUNT (often called a P&L or income statement) shows how much money a business has made or lost over a specific period whether that’s a month, quarter, or year.

It helps to:
* Spot rising costs or falling sales
* Make decisions (pricing, hiring, cutting expenses)
* Report to HMRC or stakeholders

What does it show?
1. REVENUE (SALES)
This is all the income the business earns from selling goods or services.

2. COST OF SALES (DIRECT COSTS)
Costs directly tied to producing what you sell (e.g. materials, stock, subcontractors).

3. GROSS PROFIT
Revenue minus cost of sales - how profitable your core business is before overheads.

4. OVERHEADS (EXPENSES)
Day-to-day running costs like:
* Salaries/Wages
* Rent
* Utilities
* Marketing
* Software subscriptions
* Motor vehicle costs

5. NET PROFIT / (LOSS)
What’s left after all expenses are deducted.

* Positive = PROFIT
* Negative = LOSS

BALANCE SHEET is a snapshot of a business’s financial position at a specific point in time—what it owns, owes, and what’s left for the owner.

It helps to:
* See how financially stable a business is
* Check if business can pay its debts
* Understand what it owns vs owes
* Support lending or investment decisions

ASSETS – LIABILITIES = EQUITY

1. ASSETS (What the business owns)

These are things of value usually split into:

* Current assets (cash, stock – used within a year, Money owed by customers (debtors))
* Fixed assets (Land, buildings, vehicles, equipment, property – long-term)

2. LIABILITIES (What the business owes)

These are debts and obligations split into:

* Current liabilities (due within a year) Supplier bills (creditors)
* Taxes owed
* VAT due
* Loans

* Long-term liabilities (loans over several years)

3. EQUITY (What’s left for the owner)

This is the owner’s stake in the business:

* Money invested
* Retained profits (from your profit & loss)

So how do they link together?

* The profit from your P&L increases equity
* A loss reduces equity
* The balance sheet shows all the results over time

If you need bookkeeping or accounting support get in touch with us and let us help!

28/02/2026

If you need help with preparing for this change get in touch to see how we can help you.

20/02/2026

Making Tax Digital

You may have seen updates from HM Revenue & Customs about Making Tax Digital (MTD)… but what does it actually mean?

In simple terms, it means keeping digital records and sending tax information to HMRC using approved software like Xero.

So who does it affect and how?

VAT-registered businesses
MTD is already in place - all VAT returns must be submitted using compatible software (no manual copy & paste).

Self-employed & landlords
From April 2026 - if your income is over £50,000
From April 2027 - if your income is over £30,000

You’ll move to quarterly updates instead of one annual tax return.

The good news about the change is that
going digital can actually make things easier:
• Less paperwork
• Fewer mistakes
• Up-to-date figures all year
• No January panic

If you’re unsure how this affects you or whether your software is compliant, now’s a great time to check.

Feel free to message us if you’d like to review your setup.

12/02/2026

If you need help going through the process to verify your ID get in touch!