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When planning a business you’ll want to be sure that earnings are higher than outgoings. Earnings are also referred to as revenue, turnover or income and this should be a greater figure than outgoings, overheads or costs.
Hiring an accountant can be expensive (normally upwards of £60 per hour). When starting out it can be a good idea to do your own accounts and this can also be a great learning curve. Once you’ve learnt the basics you can still continue to do them yourself but we would advise that you have them looked over by someone who is trained before submitting them to HM Revenue & Customs.