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Tax Returns, Invoicing + Money Matters with UK Small Business Accountant Mary O'Brien

Episode Summary

How comfortable are you with doing your accounts? My guest on the show this week is the fabulous Mary O’Brien, a qualified UK accountant who specialises in helping small businesses and self employed people feel empowered by their numbers instead of intimated.

Episode Notes

After 17 years working in corporate, freelancing and running a creative business, she started Pink Opal to reach people who feel that their finances are frightening, and accountants are judgemental, boring men in suits who talk in another language! Mary is also a lecturer and teacher, and this experience comes through when working with her accountancy clients.

Uniquely, Mary isn’t an accountant who takes on clients who are looking to hand off their entire financial portfolio to her and focuses on education, reassurance and empowerment.

Mary and I had a detailed chat about the nitty gritty elements of business finance, including:

💲How and when to register as self employed

✨When you need to hire an accountant (and when you don’t)

💲Your tax-free allowance in the UK

✨What a trading allowance is and how it works

💲The importance of getting a contract with payment terms in place

✨How to format an invoice

💲How to manage payment terms so you get paid on time

✨What payment terms to use for your business/products

💲How to get paid at the end of projects

✨IR35: what is it and what you need to know

💲Payment on account – what this means and how it works