TeamBass

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!

07/01/2026

New year but you have the same admin or accounting concerns?

A few small steps can help you start a good routine for the rest of the year.

1. Clear your inbox of email clutter
2. Make a note of key deadlines - 31st January being a key one for sole traders and self assessment returns
2. Check what money came in and what went out over the Christmas period
3. Find those missing receipts! 🧾

If you want support getting financially organised for the year ahead, get in touch and let us guide you through the essentials.

30/11/2025

Are you aware of the Companies House identity verification changes ?

Identity verification is a legal requirement for all directors and people with significant control (PSC).

Get verified now by visiting
https://www.gov.uk/guidance/verify-your-identity-for-companies-house

or contact us to help!

Use this service to verify your identity for Companies House.

29/11/2025

Do you want to understand your business and feel confident about planning for the future?

Let Team Bass help - we will bring a human touch to your finances, whether it’s setting up your bookkeeping processes, producing your monthly and annual accounts or helping you budget for what’s next, we will enable you to focus on what you do best and not worry about the numbers!

Get in touch today to find out what we can do for you!

30/09/2025

Always a pleasure to catch up with clients such as The Community Cupboard!

If you’re looking for a new accountant get in touch today!

29/07/2025

Not had time to sort out your accounts? Still overwhelmed by numbers and admin?

Team Bass can help you get back on track

- helping you improve your organisation and planning
- provide your business with additional skills and expertise cheaper than an employee
- offering remote or onsite support
- only charge for the hours you need, when you need them

With over 20 years of finance and management experience across a range of businesses and industries you can have peace of mind that your tasks will be completed professionally and on time.

Services including but not limited to:

Bookkeeping and Accountancy
- Bank reconciliations
- Purchase/Sales invoices
- Credit Control
- Expenses
- Payments
- Accounts preparation, review and filing
- Companies house filing
- Independent scrutineer

Administration Services
- Diary Management
- Inbox Management
- Event Planning
- Data entry
- Electronic Filing
- Document editing, proofreading and filing

Operations
- resourcing
- systems support

Plus lots more…

To discuss your business needs don’t delay call today!

04/07/2025

Confused with bookkeeping or need to change your accountant?

Team Bass Limited will combine financial advice with a friendly, down-to-earth approach.

Whether you’re a small business owner, a contractor, or just looking to get your personal finances in order — we can help you make sense of the numbers and the managing of your finances stress-free.

Get in touch today!
📞07748 655887