As a plasterer, you can claim specific business expenses in relation to your profession. Some examples include:

• Materials: Any materials you purchase for your plastering jobs, including plaster, tools, and other necessary supplies.
• Vehicle expenses: If you use a vehicle for work-related travels between clients or job sites, you can claim the costs related to that vehicle. This could include fuel, insurance, repairs, and even interest on a car loan.
• Home office expenses: If you use part of your home as a dedicated office or workspace, you may be able to claim a portion of your home expenses like rent or mortgage interest, utilities, property taxes, and home insurance.
• Professional fees: Fees paid for professional services, such as accounting or legal fees, related to your plastering business.
• Advertising and marketing costs: Any costs associated with promoting your business or finding new customers.

Please note, this list is not exhaustive and other expenses might be deductible based on your unique business circumstances. We highly recommend that you consult with a qualified tax professional to understand what specific deductions apply to your business.

Managing bookkeeping for both residential and commercial plastering projects can seem complex due to the difference in scale and budget between the two. Here are some key strategies to help you:

• Maintain Separate Accounts: It can be beneficial to keep separate books for your residential and commercial projects to allow for easier tracking and control.
• Use a Good Accounting Software: Invest in a comprehensive accounting system that can manage multiple accounts and operations. This will help in streamlining your financial data and making it easier for you to manage.
• Hire a Bookkeeper: If managing the books is not your forte, you may consider hiring a professional bookkeeper familiar with construction industries. This will not only ensure accuracy but will also save your time so you can focus on the core aspects of your business.

At Bench Accounting, we can provide you with expert bookkeepers who specialize in different industries, including construction. They will ensure that your accounts are always up to date, and you have accurate financial information at your fingertips, making management a breeze.

As a self-employed plasterer, you need to be aware of several tax responsibilities. Some of them include:

• Sending a Self Assessment tax return every year.
• Paying Income Tax on your profits and National Insurance.
• Registering for VAT if your turnover is over £85,000.
• Keeping records of your business's sales and expenses.
• Setting money aside for your tax bill.

Ensure you keep up-to-date with all tax deadlines and regulations which, if neglected, can lead to penalties from the tax office. We at Bench Accounting understand these responsibilities can be overwhelming, so we're here to assist along the way with our bookkeeping services.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.