Running a small business in the United Kingdom means having a lot to take care of, but keeping your financial records correct is one of the most important jobs. From managing income and expenses to filing your tax return , even a minor oversight can create major setbacks. Understanding and avoiding small business accounting mistakes is key to ensuring your business remains compliant, profitable, and sustainable. In this guide, we’ll point out the most common accounting mistakes UK entrepreneurs make, share useful accounting tips for new businesses, and explain how getting help from experts or taking professional courses can make your finances better. 1. Mixing Personal and Business Finances The most common small business accounting mistake among new owners is failing to separate personal and business financial transactions . When you mix personal spending with business activities, it becomes hard to keep track of costs or know how much money your company is really making. Why You Mu...