Running a business often feels like juggling ten balls while balancing on a tightrope – and that’s before you even think about tax season. As a busy business owner, your time is precious and if dealing with accounting and tax planning leaves you feeling overwhelmed, you’re not alone.

Joanne Slinger, an experienced chartered accountant and founder of Oakdene Accountancy in Sale, understands the challenges that come with managing business finances. After spending over two decades in the finance industry, she established Oakdene to help small and medium-sized business owners and self-employed individuals stay on the right side of the tax man or woman!

Joanne has shared her top accounting hacks for busy business owners, crafted to save you time, reduce stress and help you stay on the right side of HMRC.

1. Separate business and personal finances

If there’s one tip Joanne really wants to share, it’s this: open a separate bank account just for your business. It makes it much easier to keep track of what you’re earning and spending, and it helps you stay organised – which will be really important with upcoming changes to how self-employed people do their taxes.

2. Create separate savings pots

Keep your tax money separate from your general business funds to avoid any surprises down the line. It’s easy to lose track of what’s actually available if it’s all sitting in one account. Set up dedicated savings pots or accounts specifically for your Income Tax, VAT and Corporation Tax. Transfer funds into these regularly – ideally monthly or quarterly – based on your earnings. This way, you’re always prepared when tax deadlines roll around, and your business cash flow remains clear and manageable.

3. Stay organised to avoid penalties

Dealing with HMRC can be frustrating – from long wait times to confusing letters that can quickly escalate into penalties. Joanne's advice is simple: don't ignore correspondence. Address issues promptly, seek clarification if something doesn't make sense and reach out for help if you're unsure.

4. Understand VAT – even if it doesn’t apply yet

If your business isn't VAT-registered yet, don’t disregard VAT entirely. As Joanne points out, understanding how VAT works can help you plan for the future. If you approach the registration threshold, it’s better to prepare now rather than face a rushed decision. It also may be a smart move to voluntarily register for VAT if most of your clients or customers are already VAT-registered. Since they can reclaim the VAT you charge, it won’t impact your pricing or income. At the same time, you’ll be able to reclaim VAT on your own business expenses, effectively reducing your costs and improving your profit margins.

5. Ask for help before it’s too late

Many business owners only seek professional help when a problem arises – missed deadlines, unexpected fines or confusing letters from HMRC. Joanne’s advice? Get support before you need it. As she says, “If my boiler breaks, I call a professional. I don’t waste hours on YouTube trying to fix it myself.” The same logic applies to your finances.

Managing your business finances doesn’t have to be a constant source of stress. With a few proactive steps and the right support, you can stay on top of your accounting without sacrificing time better spent growing your business.

6. Be aware of changes that are due

Over the next few weeks, many people will start receiving letters from HMRC about Making Tax Digital. In simple terms, this means you’ll need to use the right software to keep digital records and submit quarterly updates to HMRC. These changes will affect self-employed individuals and landlords.

Joanne’s advice is to start understanding the requirements now, so you’re not caught off guard when the transition begins.

If you need tailored advice or simply want a friendly expert to help make sense of your numbers, Joanne Slinger at Oakdene Accountancy is here to help. To get in touch with Joanne for a free, no-obligation chat, email joanne@oakdeneaccountancy.co.uk or call 07490 256 703.

Visit oakdeneaccountancy.co.uk to see the full list of services Oakdene Accountancy offers local business owners.

Accounting hacks for busy Sale business owners: because you have better things to do