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FAQs

VAT, bookkeeping, and accounting

Find guidance on VAT, bookkeeping, records, and the day-to-day finance questions businesses need to stay on top of. This section covers registration points, reporting requirements, record-keeping, and the practical issues that often come up once a business is actively trading.

VAT basics and registration

How do I handle a temporary spike over the VAT registration threshold?

Exceeding the threshold triggers a requirement to register. In 2026, the specific limits are:

Registration Threshold: You must register if your taxable turnover exceeds £90,000 in a rolling 12-month period.

Temporary Spikes: Even if the increase is temporary, you must notify HMRC unless you can prove your turnover will stay below the deregistration threshold (currently £88,000).

Do I need to register for VAT straight away if I expect to cross the threshold soon?

Sometimes, yes. If it is clear that your taxable turnover will exceed the VAT threshold in the near future, you may need to register earlier rather than wait until you actually pass it. This is one of those areas where timing matters, so it is worth checking carefully.

Can I register for VAT even if my turnover is still below the threshold?

Yes, voluntary VAT registration is possible even if your turnover is below the threshold. Some businesses do this because it suits how they trade, helps them reclaim VAT on costs, or gives them a more established image. However, it also brings extra filing responsibilities.

Bookkeeping and records

Can I keep digital copies of receipts instead of paper records?

Yes, in many cases digital copies are fine, as long as the records are clear, complete, and easy to access if needed later. The main point is to keep accurate evidence of income and expenses. Good digital record-keeping can also make bookkeeping and tax filing much easier.

What should I do if I mixed personal and business spending by mistake?

This is common, especially in the early stages. The important thing is to identify the transaction clearly, keep a note of what happened, and make sure your records show the business and personal elements properly. Leaving it unpicked can make bookkeeping and tax treatment more confusing later.

What happens if my bookkeeping falls behind for several months?

Falling behind makes it harder to track cash flow and accurately prepare returns. To get back on track:

Stop Manual Entry: Connect your bank feeds to software like Xero via Sleek to pull in historical data automatically.
Capture Old Receipts: Use Dext to upload any paper or digital receipts from the missing months.

Reconcile Methodically: Bring the records up to date month-by-month rather than trying to do everything at once.

Tools and ongoing accounting

What tools does Sleek use for bookkeeping?

Sleek uses digital tools to help clients manage bookkeeping and financial records more easily. Depending on the service and setup, this can include SleekBooks and Xero. We also use Dext for receipt capture and expense management, which helps keep records organised and reduces manual admin.

Can I manage my own bookkeeping at first and hand it over later?

Yes, many business owners start by handling bookkeeping themselves and bring in support later as things grow. That said, it helps if records are kept clean and consistent from the start. The tidier your bookkeeping is early on, the easier it is to hand over smoothly later.

When does bookkeeping usually become too complex to manage manually?

That usually happens when transaction volume increases, VAT becomes relevant, payroll starts, or the business has multiple income streams and costs to track. At that point, manual methods often become harder to maintain accurately. Bringing in software or professional support can save time and reduce mistakes.

Trying to stay on top of VAT and bookkeeping without getting bogged down in admin?

We can help you keep your records organised, stay compliant, and make the day-to-day finance side of the business easier to manage.